Net Present Value, Mergers and Acquisitions Essay

One financial goal of financial managers is to maximize the shareholders’ wealth. Therefore, merger and acquisition decisions should be consistent with shareholder wealth maximization, and financial characteristics of the targets to consider in the decision-making process. The net present value method is one of the useful methods that help financial managers to maximize shareholders’ wealth. The capital budgeting decision mergers Acquisitions Net Present Value Financial managers are working for the shareholders and their primary goal is profit maximization in order to maximize the wealth of the company and the shareholders. The Capital budgeting decision focuses on the net present value method, the payback period, and the internal rate of return method. This paper has two parts, where the first aspect relates to the capital budgeting decision. This paper will recommend if Goggle should accept a new project by using the net present value method. Next, the paper will discuss Google’s potential acquisition of Groupon and if it will add value to the shareholders of both corporations. Finally, this paper will make a recommendation to Goggle and Groupon on the best course of action for a merger or acquisition. Part I First, a financial manger has to make optimal decisions they will benefit the company. A financial manger has to know how to make money and smart investments in order to raise capital and put the money back into the company. The net present value is an important concept and useful tool to use to help financial managers make informed financial decisions. For instance, the net present value concept works with the capital budgeting decision to make an informed decision on a project and the potential for profits. In addition, net present value compares the value of a dollar today to the value of that same dollar in the future, taking inflation and returns into account because dollar today is worth more than a dollar in the future. The time value of money concept takes into considerations that money has a different buying power in the future because of inflation and changes in interest rates. For example, if the net present value of a project is positive, then the company should accept the project, but if the net present value of the project is negative then the company should not accept the project. Calculations 1) Calculate present value (PV) of cash inflow (CF) Initial Cash Outflow PV of CF = CF1 / (1+r)1 + CF2 / (1+r)2 + CF3 / (1+r)3 + CF4 / (1+r)4 + CF5 / (1+r)5 PV of CF= $1,750,000 (1+ 2) Calculate NPV NPV = Total PV of CF – Initial cash outflow -Initial cash outflow + Total PV of CF r = Discount rate (14%) Part II Rumors about potential mergers and acquisitions are often a hot topic in the business press. Mergers and acquisitions can have advantages and disadvantages for a company because it has both rewards and risks. Companies want to have successful and profitable mergers that would have value to their shareholders. â€Å"One of the most common motives for mergers is growth. There are two broad ways a firm can grow. The first is through internal growth. This can be slow and ineffective if a firm is seeking to take advantage of a window of opportunity in which it has a short-term advantage over competitors. The faster alternative is to merge and acquire the necessary resources to achieve competitive goals† ( Google’s potential acquisition of Groupon would add value to the shareholders of both corporations, especially Groupon. The recent price per share for Google is $1,130. 18 and the recent price per share for Groupon is $11. 56. The Groupon company was a new company that made over one billion dollars in sale their first year in business. In 2010, when Groupon first started it was a new idea and a new site that offered daily deals. Google wanted to buy Groupon for six billion dollars but the deal â€Å"the daily-deals site that became the quickest firm to rack up $1 billion in sales and the second-quickest, behind video behemoth YouTube, to hit a $1 billion valuation. Online acquisitions didn’t get any bigger than this† (Sennett, 2012). The impact on Google shareholders would be a negative impact on their stock. For example, â€Å"there is also a perception in the market that Google would not acquire Groupon as it will have a negative impact on Google’s stock. This might be true for the shorter-term but not for the longer-term period as Groupon grows and delivers better performance† (Seeking Alpha, 2012). In addition, if Google was to acquire Groupon then Google will face tax losses. The impact on Groupon shareholders would add value to the company because Google would back it and the company could come up with more innovative ways to keep and attract new customers. The business concept for Groupon could lead to duplications by other businesses. Groupon stock would increase and the company could have made millions of dollars off a merger with Google, since Google is already a profitable company. The financial conditions of both corporations prior to the merger were outstanding. For example, Groupon had an annual revenue of more than $500 million and the company was estimated at $1. 4 billion. On the other hand, Google was already a successful company with shares of over $600. â€Å"Google Investors, however, seemed focused on Groupon’s valuation, which was estimated at 1. 4 billion during its last fund-raising round in April. Shares in Google fell 4. 5 percent, to $555. 71; the stock was battered by news that European regulators had opened an antitrust investigation† (Rusli, Worthham, 2010). Google and the Groupon Company would be more profitable if they remain separate companies because Google was already very successful. For instance, Groupon business model could be easily copied. In addition, Groupon expanded to fast, and their stock sold for over $20 then dropped to $13 in less than a year. For example, the leaders at Grouon wanted to grow the company as fast as possible, and then cash out on the company. â€Å"This was an outrageous offer for a company that had reported just $30 million in revenue for all of 2009, and any ordinary startup would have taken it. But Groupon’s growth in 2010 was off the charts, and bankers from Morgan Stanley and Goldman Sachs were salivating at the prospect of leading its public offering. Goldman chief Lloyd Blankfein made the trip to Chicago personally to woo Groupon. â€Å"The bankers broke out all these charts,† said a source familiar with the meetings. â€Å"They showed Eric a growth matrix that projected Groupon would be worth $25 billion in a few years. When he saw that, Google was toast† (Popper, 2013). Finally, a merger between Groupon and Google could take years because of the antitrust laws. An acquisition is successful when the company has a clear plan with specific objectives and a timeline to complete the deal. In addition, successful acquisitions also include a way to finance the acquisition whether it is equity financing, cash reserves, or debt financing. A merger is successful when there is effective communication, effective leadership, and clear objectives and planning. In addition, successful mergers also involves the elimination of power struggles and Potential pitfalls – might the combined entity actually be less profitable than either company operating independently? What are the risk factors with this potential acquisition? Explain and discuss financing options for financing mergers and acquisitions â€Å"Even though bidding firms will pay a premium to acquire resources through mergers, this total cost is not necessarily more expensive than internal growth, in which the firm has to incur all of the costs that the normal trial and error process may impose. While there are exceptions, in the vast majority of cases growth through mergers and acquisitions is significantly faster than through internal means† Apply principles of risk and valuation analysis to mergers and acquisitions

After the Dance

Writing Topic: What point does Leo Tolstoy’s story â€Å"After the Dance† (pgs. 71-75) make about Russian society? What moments or details in the story help to convey this point? Explain in a carefully written essay, supporting your argument with evidence from the text. Tolstoy’s â€Å"After the Dance† is essentially a representation of Russian history and the exposition of a dark side to the seemingly regal atmosphere of the Russian aristocracy first introduced at the ball.Using literary elements such as symbolism and foreshadowing to reveal a hidden meaning, Tolstoy tells the story of Ivan Vasilievich’s first impression of the beautiful Varinka and how this impression changes after watching her father cruelly beat a Tartar for attempting to desert. Varinka is the first character we meet in Ivan’s flashback. Described as â€Å"stately† and an object of much admiration, she entrances Ivan, who dances with her for majority of the ball. After being promised a quadrille dance after supper, Ivan watches her dance with her father, the Colonel.Varinka is almost always associated with her father after being introduced, providing an unquestionable link between the two. Ivan’s first observation of the Colonel was that he was â€Å"that ultra-military type produced by the discipline of Emperor Nicolas I. † The Colonel’s first words, â€Å"Everything must be done according to rule,† also provides valuable insight as to what kind of person he is. He is introduced to the reader as an affable, aging man enjoying the ball with his daughter, Varinka.Upon watching him dance with her, Ivan feels â€Å"a sort of tenderness for him that was almost rapture,† which is a misled impression. Later on, he sees the procession in which a Tartar is being punished for attempting to desert. Not only does the Colonel walk beside the Tartar as he is receiving his punishment, but he also demands that the soldier strike him harder with the whip. In seeing this, Ivan’s whole view of him is changed from the friendly old man that offered to let him dance with his daughter into a cruel and unforgiving man that called for harsher punishment even when the Tartar was obviously already suffering.Varinka represents the envisioned goodness the Russian government uses to appeal to and garner support from the people. The object that initially seems to show the benefits of following the regime is really a cover for the militaristic way the government runs Russia. The same suede-gloved hand that held Varinka’s hand dancing the mazurka was the hand that struck the soldier for not whipping the Tartar to his satisfaction. They belonged to the Colonel, whose character is ultimately revealed to be militaristic and uncaring. With this event, Ivan also ties the Colonel and Varinka together.However, instead of being united through dancing, they are linked through the paternalism, power, and brutali ty of the Colonel. Ivan’s love for Varinka then began to wane and whenever he saw her, he would feel â€Å"awkward and uncomfortable†, leading him to see her less frequently, and eventually not at all. After beholding this public whipping, Ivan’s repulsion for the aristocratic attitude awakens and he rejects both the woman he loves, Varinka, and military service in Russia. In a similar manner, the harshness of the Russian government is shown to its citizens after the initial appeal.

Ch 10 Boeing Case Study Example | Topics and Well Written Essays - 500 words

Ch 10 Boeing - Case Study Example Various factors both internal and external lead to this downfall of Boeing in late 90’s and early this decade. Boeing has now managed to strike gold again with Dreamliner while Airbus stumbled. But both were troubled by poor outsourcing strategies. This essay tries to address factors during this phase. One of the main reasons for Boeing’s downfall was the financial problems in Asia which lead numerous orders being cancelled and postponed. Boeing took a very long time to anticipate the impact of economic conditions in Asia. If Boeing had anticipated the negative impact of Asian economy sooner, it could have prevented some of the problems that it confronted. It could have been well prepared and managed its production more intelligently which would help in avoiding losses. Boeing’s top management messed up big time and made disastrous calculations in the late 1990’s which caused huge losses to the company. They were too blind to look beyond their traditional strategy and were adamant to maintain the 60% market share. After their poor show the top management should have been fired and new management that would bring in fresh ideas should have been hired. This would help the company to attack the problem in a different way and come up with a better strategy. â€Å"Management worries too much about Airbus, and to hell with the stockholders†.

Effects of eating too much junk food Essay Example | Topics and Well Written Essays - 500 words

Effects of eating too much junk food - Essay Example Junk food affects children’s diet. This is evidenced by the fact that children who consume many snacks loose appetite for meals. In relation to this assertion, it is evident that improper diet results in nutritional imbalance for children, which has the potential to retard their growth and development. For instance, Jia (95) claims that imbalance of nutrition affects the development of a child’s brain and body. Also, children who consume lots of junk food such as chips, candy and burgers become overweight. Majority of the heart diseases, unfortunately, are as a result of adding up extra weight. Unfortunately, overweight children tend not to like exercising. Such children not only become clumsy, but also lose confidence in themselves. Additionally, it is evident that obesity may result in shortness of breath as well as enhance the development of asthma in addition to sleep apnea. Consumption of high amounts of fast food also affects the formation of skin and bones. This is evidenced by the fact that food rich in carbohydrates increase blood sugar levels triggering acne. Additionally, the consumptions of foods rich in carbs and sugar make the bacteria residing inside the mouth to produce acid that destroy tooth enamel, one of the contributing factors in dental cavities. Consumption of junk foods also hampers with the health of adults. According to Jia (94), the food rich in calories results in the accumulation of fat in the body, especially in elderly people. Too much fat in the body can lead to the occurrence of diabetes, especially when the disease is genetic. Since junk food contains large amounts of calories, consuming junk food is one of the causes of serious diseases in adults (Jia 95). For instance, junk food clogs arteries, which means it affects the flow of blood around the body. Unfortunately, this complication can kill a person

A Public Place That Has Been Changed by Time Essay

A Public Place That Has Been Changed by Time - Essay Example Some have completely changed with others following the same trend. Some of the changes experienced are at time positive with others being completely negative. Among the public place that have experienced some of the most positive changes include the Bryant Park, a recreational facility located in New York. Bryant Park is a 39, 000 m2 public park that is privately managed and that is situated between the Fifth and the Sixth Avenues in the New York City. The main entrance of the green is along the Sixth Avenue and the facility is managed by a non-profit organization. The good management of the park marks a good and effective partnership between the private and public sector. The park is directly above an underground building that houses New York Public Library. A few years ago, the park experienced one of the major changes that completely changed its appearance and public image. Initially there used to be no buildings around the park, but as time went by new buildings were built around the park to a point that the investors were scrambling for the available spaces for commercial developments including the park’s space. This was due to the rising demand for space since the population in the city was rapidly growing due to immigration and the search for job opportunities in the cit y. In 1980, the park had to be closed temporarily to give room for the construction of the current structure that houses the library. The building is found below the ground level what is commonly referred to as basement with the park being on the ground level as it used to be. This was a prudent idea that the management can only be celebrated for. The public need these two facilities despite the fact that there was no adequate space in the city to have them at different places. Before this significant change had occurred in the area, the park used to be a very unsafe place for recreational activities as it had been dominated by prostitutes, homeless individuals, and drug dealers.

Factors affecting mortgage interest rates Essay

Factors affecting mortgage interest rates - Essay Example As far as the business world is concerned, people have ventured into many different ways of acquiring capital as well as property. They have gone as far as borrowing money from financing institutions as loans which they commit their real property as security. Mortgage financing institutions as a capital market has since.Mortgage is money borrowed as loan from mortgage institutions to finance real property acquisition. It is usually paid back in specified periods, installments and interest rates. There are several factors that affect these mortgage interest rates in any given transaction and they vary from one financial institution to another. Us government debt is whereby the government raises funds from the public through issuing of debt instruments to finance its projects and debts. Treasury bill rates are defined as a short-term debt instrument of one year or less issued by the government to raise money from the public. After the maturity period, the government will pay back to th e bill holder by selling him or her at a discount as matter of fact when the treasury bill interest rate increase, the mortgage interest also increases because the debt instrument encourages buying more security for the benefit of the prevailing rates. Money in circulation will hence reduce due to its demand and so fewer funds are available to facilitate property acquisition, this therefore forces the financial institution to raise mortgage interest as they are in high demand.... reases the public will invest more on the debt instrument and consequentially the mortgage interest rates increases since there will be high demand for funds for property purchasing Treasury bonds are long term debt instrument issued by the government to the public. They are issued to a period of 30 years with interest being paid quarterly to the bondholder. If the interest rate is low the public will be mean to invest on them and hence mortgage interest rate due to the fact that demand for money to finance mortgage is low. Factors arising from Federal Reserve board. Federal reserve board is a government run board to oversee the banking system in US. Federal fund rates affect the mortgage interest rate. These are rate charged on loans that are given by depository institutions overnight These interest rates lead to increase in mortgage interest rates in that for example if a depository institution lends money to another, it has to charge a certain interest. Then the receiving institution has to raise its interest rates when lending money to the public so as to offset the interest charged by the other financial institution. To effect this, the New York foundation development governs all these transactions. Federal discount rates are interest rates charged to commercial banks as well as other depository institutions for money they receive from other financial institutions operating within the Federal Reserve. These rates are usually above the prevailing market interest rates. The mortgage financial institutions, which in this case are the commercia banks, and the depository institutions will have to increase the interest rates to their clients due to the fact that they have to recover the Federal

Dementia ,sexaula relationships in restidental care homes for the Essay

Dementia ,sexaula relationships in restidental care homes for the eldery - Essay Example The role of social and ethical expectations laid down by the society is a safety net in many instances, but can also be akin to thinking in the box. Various issues in the society have been so marred by negative thinking and opinionated views that now merely discussing them is considered taboo. This may have helped keep some negative issues at bay, but it does not eliminate them, and the importance of looking into the various issues that are affected negatively by such â€Å"norms† is an essential need in any civilized society (Sewell, 2001, p. 1). Issues such as sexuality are considered a very private and personal issue, which is frowned upon should it be discussed more openly. While ethical approach and mannerisms may be an adequate explanation to avoid discussion in these topics, it on the other hand has led to many myths, confusions, and negative ideas about the various issues that pertain to sexuality. This approach towards sexuality and its various issues is very limiting and negative in its effect, for sexuality is among the four primary drives of the human. This drive remains through out life, and the negative reaction displayed against an elder person showing these emotions is another social stigma that has complicated matters greatly (Sewell, 2001, p. 1). More than 90% cases of dementia exhibit behavior problems including sexual inappropriate behavior in the course of their illnesses. Dementia has become more prevalent in the recent years (Srinivasan and Weinberg, 2001, p. 20). Almost 5% of the patients develop dementia in the ages 65-69 years of age, where as 20% of the patients develop dementia in ages above 85 (Srinivasan and Weinberg, 2001, p. 20). Despite the growing prevalence of dementia, there is still very little awareness in the general population about its challenges and issues, and how to respond to them. Even if dementia is not present, the population is anaware

Smoking Tobacco Essay Example | Topics and Well Written Essays - 500 words

Smoking Tobacco - Essay Example Furthermore, the research paper intends to discuss on the adverse effects of tobacco smoking to the body and the various measures that would help on how to discourage smoking: information drive on the diseases that can be acquired from smoking tobacco, the government intervention to lower down the number of cases of teenage smoking, and policies that would help reduce the consumption of tobacco products among others. Teenage smoking in the UAE is constantly alarming the government with more teens engaging into tobacco smoking. A recent report divulges that one out of five teenage boys in UAE smokes (Bell n.p.). Basically, this number is high posing 20% rate on the teenage smoking case in the country. The researcher contemplates on the potential reasons that contribute to the easy access that allows teenage boys to smoke. If the level of accessibility can be lowered down to an extent that their consumption of tobacco products can be controlled, then the numbers would obviously go down. In a recent article written by Jennifer Bell for The National, she wrote that experts consider the cheap price of tobacco products and inadequate education about the health risks associated with tobacco smoking as main causes for the increasing number of teenagers engaging into tobacco smoking. This paper seeks to contribute to the ongoing discussion of this topic by posing questions that are significantly relevant to the causes of teenage smoking: can changes in policies concerning the distribution of tobacco products help in reducing the number of teenagers engaging in tobacco smoking? How do we ensure that teenage kids are well-educated about the adverse effects of tobacco smoking to their health? The target audiences of this research are the government and the teenage smokers. First, the government because they have to initiate ways on how to lower down cases of teenage smoking; second, teenagers

Does Marketing Cost Too Much Term Paper Example | Topics and Well Written Essays - 250 words

Does Marketing Cost Too Much - Term Paper Example This is Micromarketing, because it pertains to choices affecting market segments that the restaurant will cater to. Micromarketing is ‘one-to-one’ marketing (Donovan, 2005); essentially, marketing techniques regarding market segments and individual customers. Here, his marketing style will cost the restaurateur; he will lose a large market segment that enjoys wine with food. Furthermore, he will lose sales volumes and consequent profits. Profits will dip sans high profit margin alcohol sale. A sole tourist is launched into orbit for a fee of $20 million dollars. The flight is not conducted solely for the benefit of the tourist as scientific research takes place. Furthermore, the $20 million fee can be used to fund future research or to help underwrite the cost of future flights. This is Macro marketing, it looks at the effect marketing has on society and vice versa by research. (Mick, Bateman and Lutz, 2009). In this case marketing is not ‘costing too much’ because it will reap future benefits, also the money spent can be utilized in the future to fund further scientific research and cover other costs in the process. A retailer has to mark the price down below cost to unload inventory. Does this suggest that the initial pricing wasn’t competitive, and/or that the marketing mix as a whole was ineffective? Perhaps failure in part is due to the purchase of a poorly designed product or a product that doesn’t meet the clienteles’ needs. Alternately, it may be that the store’s advertising didn’t reach or influence the appropriate target market. Finally, failure may have resulted from the retailer’s inattention to the competitive environment. These are Micromarketing issues relating to the marketing mix and other micro issues such as product design, advertising, targeting market segments, ineffective competitive measures etc. Former mix and strategy would have cost the retailer

Globalization Essay Example for Free

Globalization Essay Effects of Globalization As Candied said (a character created by Voltaire), we must cultivate our garden. Globalization causes diversity between cultures because unfortunately thanks to globalization, the world changes negatively day by day and also cultures are shaped according to this change. In todays world we have to cultivate ourselves In order to exist in society, Cooperation in cultures helps to follow this change and creates new identities. According to Tyler Cowmen, globalization has a cultural benefits for society but in contrast Dry. Stranger argues that globalization creates a monotone identities which people want to attain It. Thus, this change which we call cross-culture has both negative and positive side and from my point of view, Its true that cross-culture has positive effects for creating diversity in cultures but by a majority, globalization has a negative side on us as Dry. Stranger claims. Societys perspective determine women and men roles in society. Before the period of globalization there was a definitive gap between genders. Thus, thanks to globalization, societys point of view changes on man and women positively. Before, women have to look beautiful, made-up and have specific body size which makes them all seem bland and plastic like Barry dolls. They dont have right to work because they are fragile, naive and emotional but In contrast, man has to be a bread winner because they are strong, not sensitive and independent. Therefore Simons De Behavior (French philosopher) used Hedges description of the master-slave dialectic. She compared the terms master and slave with subject and other. She claims The subject Is the absolute. The other Is the inessential. (Stanford Encyclopedia of Philosophy, 2010) Therefore she argues hat there is a huge inequality between genders and this inequality put women into the background. However, after the French revolution, the world started to change. The absolute monarchy that had ruled France was over; people became aware of what they were and what they can do. Thus, this revolution caused a big change in Europe, After this revolution, Europe had entered into three revolutions and the most effective one was is the industrial revolution. Thanks to the industrial revolution, society perspective was shaped differently because states started to cooperate between each other. As a conclusion, society needs more labor and this event caused a change in gender roles. Women may also place in the work place which reduces the inequality between man and women. Also this is a revolution of new identities because we act our social roles how society wants. This revolution causes a change in social perspective, culture, so peoples view Is also change which creates new identities. After all. People developed themselves. As Tyler Cowmen claims Look at a book and ask yourself, where does paper come from, where does printing come from, where do the ideas in the book come from? Whats the religious background of the author? (Really Creative Destination August,2003) Thanks to revolution, Europe made a trade between each other which caused a diversity in cultures. They changed all their view in every subject especially in gender roles. Thus, this interaction caused a change in whole world. People became more open-minded and they cultivate Off Cowmen affirms, these discoveries created more comfortable lives. Consequently, Im agree with the idea that interaction l ead to the development of personality. Its true that globalization has a positive side as has been illustrated, but in my opinion, costly, it has a negative side. For instance, the inequality between rich and poor increases. The Rich get richer and poor get poorer. Economic power causes this difference which influences the culture. Its indispensable that people should protect their own traditions but globalization cause a loss of cultural identities. Most of the world tries to act according to American lifestyle because America has all the economic, politic power. Therefore, globalization can lift people out of poverty but the inequalities between groups get stronger. People wear same clothes; same shoes and eat same foods such as fast food. They follow same trends and same dream so as Dry. Stranger claims As humans we naturally measure ourselves to those around us, but now we live in a global village we are comparing ourselves with the most significant people in the world and finding ourselves wanting. (Bates, 2011). Accordingly, this global village which Dry. Stranger mentions causes a loss of cultural identities because we act and try to be like a dominant culture. In fact, we dont want to be like a dominant culture. They force us to be like them, they manipulate our brains so they make pressure on us that we should act according to their rules. For example; George Orwell explains this situation in one of them his books which is 1984. In 1984, he creates a character which he entitles Big Brother who is a dictator of his own state and he forces his people to obey them. He manipulates their brains and he gives a role to play for existing in society. Thus these people loss their identity also their personality as we do. The another example is sasss Turkey which we experienced the period of wrong westernizes due to media and literary influence. In sasss all of Turkish people try to live like Europe. However, their lifestyle is not laid for our culture so in time family values changed and were mostly lost. Also our language started to get lost their value which is a another negative side of globalization. Languages lost their value day by day and its a big cultural loss because language is the most important element of identity. As Tyler Cowmen approved the cross-culture, he also add In terms of culture, there is a loss. For instance, its absolutely true that a lot of languages are dying. (Really Creative Destination August,2003). Therefore in sasss Turkey people migrate to Europe and if e read the books of this time we will observe that writers use French in order to use Turkish. Also if we regard todays world everyone use English in order to use their tongue. In this manner, I may say that, globalization creates diversity but this diversity also creates a chaos in culture because people start to take someone as a roll-model and try to live like that. In this case, we observe a loss in cultural traditions which makes a negative effects on society. Again Taylor Cowmen argues The Julian Simon point that the gains are much larger than the costs is certainly true. Really Creative Destination August,2003). Im totally disagree with this claim so from my point of view, in this situation, the costs are much larger than the gains because when we lost cultural values there will defends that globalization has a positive effect on cultures because thanks to diversity people make change in their perspective especially, th ey start to know many cultures which help to develop themselves. However Im disagree with this idea like Dry. Stranger. Globalization damages cultural values. Its true that thanks to globalization people are not stay shallow but constantly, it causes a loss in cultural identities. Therefore, I assert the idea of protectionism. Everyone should protect their cultural values and be aware of what they are. Otherwise; in the future, there will be a monotone people as Dry. Stranger asserted. Eventually, this cultural interaction causes a shape in society negatively to the contrary of the claim of Taylor Cowmen. Works Cited Ibuprofen, Debra. Stanford Encyclopedia of Philosophy 2010. Simons De Behavior. Cowmen, Tyler. Really Creative Destruction August September, 2003. Interviewed by Nick Gillespie of Reason Magazine. Bates, Claire. The Daily Mail.

Development of Controlled Drug Delivery for Animals

Development of Controlled Drug Delivery for Animals INDUDTRIAL CHALLENGES : The production of, controlled release drug delivery technologies are same, both in, humans and animals, but, the reasons for developing them are not same. In humans and animals, the controlled drug delivery permits safe, effective and easy handling for the user. In humans, to develop a drug into long acting one, the reasons to be considered are, less dose frequency, more patient compliance and to improve the well being of the patient. However, in animals to develop a drug into long acting one, the reasons to be considered are, minimum animal handling, low cost of treatment and small time for the administration of the drug. In human field, main focus is on the health of the patient, but, in animal arena, main focus is on the low cost of treatment, easy administration by the farmer and minimum animal handling. In veterinary industry, these reasons challenge the production of controlled drug delivery technologies. (1). The challenges in a veterinary drug industry, for the development of controlled drug delivery for animals are small commercial market, low profits and money spent on the research is less. The price of the finished product depends on the selection and price of the excipients, polymers, methods used for manufacturing and marketing team responsibilities (1). The major challenge is cost of the finished product and it depends on the method of design, type of excipient and polymer used and how many excipients used during the formulation (1). Marketing team responsibilities is another challenge. Poor marketing is responsible for decreased efforts to develop a new product (1). Another challenge is farmed animals. There are, large number of physiological differences between the species and within the species. One example for physiological difference is body weights, Beef cattle weighs 266-641kg, dairy cows weighs 600-700 kg and sheep weighs 54-66 kg. Animals, throughout their life cycle shows different weights. Due to these differences, dosage forms should be developed with different strengths and volumes. Due to this challenge scientist faces a problem, whether dosage is to be developed per animal or weight of the animal. If the dosing per animal is considered, the challenges are measures of drug safety. If the dosing is as per the body weight, the challenge is design is design of a flexible delivery technology that covers wide range of animals and the animals that are growing. An example is, CIDRÂ ® intra vaginal inserts for sheep, pigs and cattle. The intra vaginal inserts for sheep and cattle are having same shape, but, different in size. These inserts for pigs are different in shape compared to sheep and cattle. Basically, same technology is used for the preparation of these three inserts. (1). Another challenge is, drug or residues exist in the food. To overcome this challenge wide absorption, distribution, metabolism and excretion (ADME) studies are conducted and also characterization techniques are developed. These studies, depends on the cost of the final product. In veterinary industry, new polymers and excipients for controlled release are rarely used. (1). Another challenge in the veterinary industry, is administration of dose. In animal field, the dose should be administered manually, for this suitable applicators are to be designed. The designed applicators should facilitate easy use by the end user (1). The challenges faced by the veterinary industry are many. The developed products must have safety, stability and efficacy. These profiles are built into each product and additional challenges are also to be addressed i.e. the presence of residual drug at the site of administration. Safety profiles are applicable to both animals and users. For efficacy profiles different breeds, different seasons and different geographical locations are considered. Chemical stability of drugs is major challenge. Farms lack areas for the storage of pharmaceuticals. Physical stability of the drug is another challenge. Farmers show less interest towards efficacy profile, how to use, method of administration, residual drug in the tissue etc. scientists should improve the features like method of administration, acceptable safety and efficacy profiles and during the storage drug should not be altered. (1). Another challenge is influence of delivery technique on the environment. The new delivery technology should not show any impact on the ecosystems. (1). Major challenge in the near future is reduction of carbon compounds for the development of drug delivery technologies, because, carbon dioxide and methane are considered as green house gases. In the future, specialized controlled release dosage forms will be developed (1). Another challenge is market. Identification of need is one and another is identified need that can bring profits that are spent on research. For the well being of animal health, several products are used, they are, feed additives, pharmaceuticals, vaccines and nutraceuticals. The challenges associated with these products are different physicochemical properties and different formulation approaches. In the last decade, less money is spent on the research. In UK, 1986, 70% of veterinary products are introduced into the market for live stock, but, 45% of sales were reported in 2008. However, companion sector had grown to 52% in UK, due to increased use of vaccines and novel medicines. The companion animal industry is employing formulation scientists, those are having experience in human product development rather than formulation scientists, who is a farmed animal specialist (1). Regulatory needs is the future challenge. Manufacturing GMP requirements are same for the final products, both in, animal and human arenas. (1). In recent times, the curious challenge is seen in farms of certain species like swine and chickens. If these farms do not buy the new products developed by the pharmaceutical companies, they are showing less interest for the investment. This type of challenge is seen in USA (1). INDUSTRIAL OPPURTUNITIES :- Now a days, several opportunities are there for veterinary pharmaceutical industry. Compared to market of the human pharmaceuticals, veterinary pharmaceutical products is shorter. By taking this advantage, employing an experience team, quickly complete the development activities. Due to the short time for the market, income comes quicker, more profits can be achieved before patent expires (1). Availability of animals for research, rather than humans is another opportunity. In food producing animals, ADME studies are conducted at early stages, which help in the formulation development. This kind of opportunity favours the experimentation on target species (1). Human drugs are first tested on animals ( dogs ), this creates an opportunity for veterinary industry. Due to this, pharmacological data of a particular drug is available. In companion animal market, this data is useful in reformulation of human serotonin selective reuptake inhibitors and monoamine oxidase-B for anxiety and cognitive disorders for dogs (1). The clinical trials, that are done on animals also provides data of environmental assessment, for the development of formulation. This data helps in understanding of degradation process of the drug due to temperature, pH and light (1). At present, veterinary market lacks new APIs, however, some reports are showing that new compounds are reaching the market. The existing drugs life can be increased by developing controlled release drug delivery technologies (1). Reference (1) Rathbone M, Brayden D. Controlled release drug delivery in farmed animals: commercial challenges and academic opportunities. Current drug delivery 2009;6 (4):383-390.

Sense and Sensibility :: Literary Analysis, Jane Austen

Benevolent, willing, and knowledgeable—are all characteristics of Elinor Dashwood. Authors often use characteristics of characters to portray them as imperative pieces of the plot. In Jane Austen’s Sense and Sensibility, Elinor is shown as an important character through her compassion towards others and her willingness to help her family through difficult situations. Readers first see Elinor’s importance to the novel through her compassion towards Colonel Brandon, John Willoughby, and Edward Ferrars. When Colonel Brandon came into her life she treated him with very little compassion but as time went on â€Å"Elinor’s compassion for him increased† (47). Her compassion radiates through her determination to always engage in a conversation with him: â€Å"and talk to Elinor, who often derived more satisfaction from conversing with him than from any other daily occurrence† (145). Throughout the novel the readers see that Elinor dislikes Willoughby but after he breaks Marianne’s dislike turns into abhor. However, when Willoughby comes to Cleveland to apologize and explain, â€Å"Elinor’s heart, which had undergone many changes in the course of this extraordinary conversation, was now softened again† (292). Elinor has to deal with her own pain and hurt from her rejection. When they return home from Cleve land Edward arrives and asks for forgiveness. Elinor bestows compassion upon Edward in the form of accepting his marriage proposal and then marrying him: â€Å"The first month after [Edward and Elinor’s] marriage† (336). Through her compassion towards these three characters readers see the importance of her presence in the novel. Next the readers see how Elinor willingly helps her sister get through adversities in her life. â€Å"Elinor was to be the comforter of others in her own distresses, no less than in theirs; and all the comfort that could be given by assurances of her own composure of mind† (228). So therefore, Elinor unselfishly puts aside her emotions to comfort Marianne after Willoughby rejects her and breaks her heart: â€Å"What!—while attending me in all my misery, has this been your heart?† (229). Marianne realizes that Elinor has known about Edward’s engagement to Lucy, but she chose to put it behind her in order to comfort her. This pain has been weighing Elinor’s heart for four months, which makes it even harder for Marianne to understand. â€Å"Four months!—cried Marianne again—so calm!—so cheerful!—how have you been supported?† (229). Elinor’s answer to this inquiry shows clearly why she chose to be selfless and conceal her pain: â€Å"and I owed it to my family and friends, not to create in them a solicitude about me† (229).

A Plead for Weed :: Legal Issues, Drugs, Marijuana

â€Å"All Mexicans are crazy and this stuff [marijuana] is what makes them crazy,† (Anonymous, 1927). While marijuana has been seen as a malignant substance that causes insanity, the specific reason marijuana became illegal still remains unknown. Most Americans assumed marijuana was illegal due to the process involving scientific, medical, and government hearings that it was to protect citizens from the dangerous drug (Guither, 2011). However, the United States should completely legalize marijuana because it has its own benefits to improve the society. The debate over the legalization of marijuana is not a new phenomenon as it has been an ongoing controversy in the United States. In 7000 – 8000 B.C., marijuana was legal and used in woven fabric, food, incense, cloth, and rope (Guither, 2011). Marijuana remained legal until the Mexican-Americans smoked it and brought the plant with them during the Mexican Revolution in 1910. California then initiated the first marijuana state law outlawing the preparations of hemp (Guither, 2011). In addition, Latin Americans and black jazz musicians were also involved with marijuana, which played an essential part in the music scene. A newspaper in 1934 also editorialized that â€Å"marijuana influences Negroes to look at white people in the eye, step on white men’s shadows and look at a white women twice,† (Guither, 2011). Based on history, racism became the charge against marijuana. The history of marijuana has influenced the United States’ decision not to legalize marijuana completely today. Legalizing marijuana is still a concern because the United States has failed to recognize the potential benefits of marijuana. Some states have recently legalized a small portion of marijuana only for medical purposes. The people who oppose to the legalization of marijuana have never given a chance to understand the benefits of marijuana. They should take into consideration that legalizing marijuana could create major changes to the world. The current interest of legalizing the use of marijuana has led to two arguments: The entrance of people into the field of drug abuse, and the insistence that people believe marijuana is not a detrimental drug compared to alcohol and tobacco (Bloomquist, 1967). With the strict laws prohibiting the use of marijuana, individuals have decided to use their own methods to obtain marijuana illegally. This type of criminal behavior causes the police to arrest individuals for marijuana violation (Bloomquist, 1967). This convinces proponents to believe that the current laws have restricted and violated people’s constitutional rights to smoke marijuana instead of tobacco or instead of drinking alcohol (Bloomquist, 1967).

Social Attitudes Toward Vietnam Veterans Essay -- Exploratory Essays R

Social Attitudes Toward Vietnam Veterans I have always been interested in the Vietnam War and the results of â€Å"the longest war in America.† Therefore, I have decided to examine the social attitudes toward Vietnam veterans. Since I feel so passionately about the way that Vietnam veterans are viewed, the purpose of my paper is to inform others about the way that the veterans have been criticized and misrepresented. Personally, I hope to gain a further understanding of the attitudes and views towards Vietnam veterans, especially since my father is a veteran. After reading my paper, I hope that my audience will walk away with more respect and reverence for those that fought in the Vietnam War and gave their lives for their country. My audience will consist of my peers, my professor, and any other person interested in learning more about the sentiment towards Vietnam veterans. My research has involved searching the Internet, going to the University Library and looking through books, and even interviewing my father, who fought in the Vietnam War. I have also examined the lyrics to Billy Joel’s ballad, â€Å"Goodnight Saigon.† Thus far, the most valuable sources have been a few books I took out from the library. These books include information about the history of the Vietnam War as well as about the aftermath. In addition, several of these books include powerful pictures and images from wartime to the present time. After examining the lyrics to Billy Joel’s song, â€Å"Goodnight Saigon,† I realized that it does not directly relate to my topic about the sentiment towards Vietnam veterans. However, it does provide a clear insight into the way the soldiers felt while they were fighting in Vietnam. At first I was unsure about the lyrics sin... ...port my beliefs about the changing social attitudes toward Vietnam veterans. As the writing process continues, I plan to gather more research materials such as new books and articles. The social attitudes towards Vietnam veterans has proven to be an extremely interesting subject to me and I hope that through my discussion of these views, my audience will gain a new understanding of some of the bravest and most heroic men of the century. Works Cited Doyle, Edward, et al. The Aftermath. The Vietnam Experience. Boston: Boston Publishing Co., 1985. Greene, Bob. Homecoming. New York: G.P. Putnam’s Sons, 1989. Gustainis, J. Justin. American Rhetoric and the Vietnam War. Westport: Praeger Publishers, 1993. Joel, Billy. â€Å"Goodnight Saigon. â€Å" The Nylon Curtain. 1982. Katakis, Michael. The Vietnam Veterans Memorial. New York: Crown Publishers, Inc., 1988.

My favorite painting Essay

The experience of epiphany is an important part of character development for the protagonists in A Good Man is Hard to Find (1953) and the Good Country People (1955) short stories. Both stories take place in the South and involved around the good country people, and their religion, mistrust, salvation, and battle between good and evil. On the end of both stories the main characters experience a sudden flash of recognition a deep epiphany, after being challenged by the darker side of human nature. The main character of A Good Man is Hard to Find stories is the grandmother who is a good Christian, but a selfish woman. The story is based on a family car trip on which they meet an escaped criminal and his gang while trying to fulfill the grandmothers wish by trying to find the way to a house from her childhood. This results in the familys death at the end of the story. If the grandmother had not insisted they detour to see the old house, which, she realized later that was in Tennessee, n ot in the part of Georgia where they were, the family would have avoided the disaster. The grandmother naively hopes that her insistence that the criminal is a, good man who must come from nice people will somehow change the fact that he is a murderer. The writer demonstrates her strong belief in the salvation of religion during her final pleas for her life to the criminal. OConnor says, His voice seemed about to crack and the grandmothers head cleared for an instant. She saw the mans face twisted close to her own as if he were going to cry and she murmured, Why youre one of my babies. Youre one of my own children(260). The grandmother reaches her epiphany when she realizes that finally she is putting someone before herself , and she become not only saved but also the savior by showing the Misfit that he can also be loved, accepted, and redeemed when his time comes. In Good Country People the main character Hulga is an educated and crippled middle aged woman who lives with her mom. She sees people either as good country people who are invisible, simple-minded liars, or smart, intellectual like herself who believe in science, philosophy, and not in religion. When Hulga meets Manley Pointer the Bible salesman she believes that he is one of the good country people who not like her at all. During they date in the hayloft when Manley takes her fake leg and refuses to give it back to her she experiences her epiphany. She says, Give me my leg Youre a Christian Youre a fine Christian Youre just like them all say one thing and do another (273).

Management, Personal Relationship and Decision Making Essay

The concept of interpersonal relationships and management involves ideas, taught, and beliefs that are related with social association and affiliations which are employed as approached to marketing, operations, training, management and executive decision (Giddens, 2001). These taught and perceptions constitute different philosophies used by various organizations that create a harmonious place for members and personnel. These beliefs allow the organization’s business to improve. Business improves since personnel performances are able to maximize their potential because people are working perfectly as a team. It is no secret that in order for business to be successful, management plays a very important role (Virine, 2007). Thus, for business to prosper, philosophy in management should be carefully taken into consideration (Virine, 2007).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     In order to successfully manage an activity or personnel it is important that a manager is strong-willed, determined and possessed the â€Å"drive† needed to achieve the desired goal.   It is significant that a person should do a specific thing really well. In order to achieve this, a fine plan should be accomplished and when the plan is executed it is necessary that the plan is strictly followed. It is also important that the existing plan can adapt to changes that when problems are encountered, it can easily be resolved. Also in managing, it will be fitting to add that it is not enough that a person would know how to do things correctly, but it would be a welcome addition to recognize that a person knows how to things better.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A person should understand and put into his mind that there are occasions when great just isn’t good enough. He should not settle for less instead strive and work harder to deliver and perform things way beyond what people have expected. He should not be satisfied by saying â€Å"this will already do† and â€Å"this is alright†. He should always work to be the best. Being the best should not be the endpoint that will mark the conclusion of a venture, but it should be a starting point of something that is great. Through sheer innovation one should take something that works, it could be ideas, or various products such as electric appliances, glassware or simple things like papers and plastics, then transform them and improve them to something that is really unexpected. A person should always try to work to achieve excellence.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   However, in order to properly manage things there are other factors that should be taken into account. One major factor is inter-personal relationship. Relationship with others influences the way we manage things our everyday life (Kahneman, 2000). It is because of our relationship to our love ones that we strive to make things better. It is because of these people who are close to us and we hold dearly in our hearts that we struggle in order to create a better living condition. Because of them we â€Å"shoot for the stars† and aim for the best. Furthermore, our relationship in our workplace with fellow personnel and with the manager dictates the success or the failure of an activity. As mentioned before, it is important to achieve a working area that is surrounded by people which are friendly and are always prepared in lending help. Somehow, they can be your family that during the most challenging times in the work one would have somebody to lean on (Lauria, 1964). They would provide you support and the much needed boost during office hours. With someone to call on, personnel can fully utilize their skills and maximize their talents. Workers do not need to be worry of accidents that may happen, since a sense of security and protection is given to them, as a result they become more focused. Also, in return workers and personnel would work doubly harder to showcase their affection to the people who have helped them in work and their gratitude to the organization and their bosses. Another essential issue that arises from the proper managing of things is decision making. Making a sound decision is hard and when at one point an organization has arrived to a decision, it is always certain that not everyone would be pleased, there would always be contentions. Generally, there are no rules that would make a person a good decision –maker (Plous, 1993). There are always risks that are involved and often times these risks impose immense problems that lead to the downfall of what seems a fair decision at the beginning. There are, however things that can help a person in making decision. Information should first be gathered and accumulated about the issue at hand. Careful study and precautions must be done to properly weigh things. In making a decision it is important to first ask who will be affected once the decision is handed out. Then, we should also understand who will benefit and to whom the decision is detrimental. In making a decision, one should decide for the good of majority and sacrifice his own self interest. To be a good decision maker one needs to be self-less. It is a noble act, a supreme sacrifice. A situation that recently took place in my office is the grudge that happens between two of my colleagues. The conflict occurs because of a misunderstanding for the division of labor in the office. Due to the misunderstanding, a part of the job was left undone. When the deadline arrives and portion of their proposal was still incomplete, pressure started to build up and emotions run high. As a result, a dispute between them existed. For a period of one month or so they started not to talk with each other after their proposal was dumped. Since, both are my friends and I am the one who is being caught from their fight I decided to talk to them and invite them to be part of a project that was assigned to me. Although they were hesitant to work with each other, I convinced them telling they are the most trusted person I knew that could help me and the only person which fitted the job. Professional as they are, they put aside their differences, and worked as a real team. With me calling the shots, and making sure everything is carefully attended and no single detail taken for granted we finished an astonishing job with lots of time to spare. We can infer that by setting aside their argument and their pride for a better cause, and giving each other another chance to work a fine output is achieved. They decided to be selfless and put the organization on top of their priority. References Giddens, A. (2001). Sociology. Cambridge: Polity. Kahneman, D. (2000). Choice, Values, Frames. Cambridge: The Unviersity Press. Lauria, A. (1964). Respeto, Relajo and Inter-Personal Relations in Puerto Rico Anthropological Quarterly, Vol. 3 (No. 2). Plous, S. (1993). The Psychology of Judgement and Decision Making New York: McGraw-Hill. Virine, L. (2007). Management Concepts: Vienna.   

Diffrenece Between Hypothesis and Theory

TOK essay Difference between scientific law, theory and hypothesis 551 words In the world were living in nowadays people, groups or even some nations each has a different way of thinking. That’s why opinions were created and people could have different prospectives and different ideas were developed all over the past centuries. That variation of ideas, prospective and ways of thinking had lead into the creation for methods for proving something as an idea an experiment a suggestion, and others.This essay would be discussing those ways and their differences. Firstly, the first thing that leads into an opinion or way of seeing something is setting up your hypothesis, hypothesis is an educated guess based upon observation for a certain matter. It is an explanation of a single event or something based on what is observed not deeply observed but just observed, and it also has not been proved yet. Most hypotheses can be supported or disproved by experiment or a deep observation.Some examples of hypothesis are, when an apple is put in the wind and sun it will rot, this is a simple example it’s based on what’s observed as when an apple is put in the sun it would rot but no further scientific explanation is given. After a hypothesis is set based on really weak and shallow observations it must be tested for that opinion or idea to be true it must be tested and observed scientifically and not only once it must be tried and observed a number of times, that what develops a theory and obeys scientific laws, a scientific law is a statement of fact that explains a certain matter or different action or habits.It is generally accepted to be true and universal and can be proved and tested widely and sometimes they could be written as mathematical equations. Scientific laws must be simple, true and universal. Going back to a theory it is noted as more like a scientific law than a hypothesis. It is an explanation and prove for your hypothesis and sets of relate d observations or events based upon proven hypotheses and verified multiple times. A theory could hold on a definition as it is the way people could know this certain idea or issue is true by repeated xperiments whom tern a hypothesis into a theory or it just keeps it a hypothesis untested. Some examples of scientific laws are some physics and maths rules as Newton's laws of motion, law of gravity, the laws of thermodynamics and other physics laws whom are proved and tested that’s why they turn into a scientific law. Sometimes some laws can turn to theories as the law of gravity and gravitational forces, as it could go more general to be turned into a theory.The biggest difference between a law and a theory is that a theory is much more complex and dynamic. A law runs a single action, whereas a theory explains an entire group of related matters and phenomenas. That’s what differs an experimented hypothesis whether it turns into a theory or it is more specified so it tu rns to be a law, an example of a theory is automobiles Components of it can be changed or improved upon and more things invented in it, without changing the overall truth of the theory as a whole that it is an automobile.

The Ethics of Micro Finance

Christopher Martin ‘Micro-finance programmes are aimed at reducing poverty. What ethical challenges are raised by the operation of micro-finance and which ethical theory can best be applied to assess how Grameen Bank addresses these challenges? ’ Introduction: The essay seeks to examine the ethical issues raised by the operation of microfinance. In the first section, an overview will be offered. In the second section the ethical challenges posed by operation of micro-finance will be examined. In the third section, an overview of Grameen Bank will be given.Finally, in the fourth section, the ethical theories of Kant, Bentham and Aristotle will be applied to the ethical issues raised by the operation of Grameen Bank to see which theory best applies. 1. What is micro-finance? Conventional banks like we in the west know are not as widespread in the developing world. Even in places where there ‘mainstream’ banks do have operations, large numbers of people will no t be in a position to utilise their services. Such people have been termed the ‘unbankable poor’. The World Bank estimates that there are 2. billion people (nearly 40% of world’s population) who do not have access to formal financial services. Microfinance has emerged in the last few decades in response to the needs of such people for savings and loans facilities. It is an alternative to them have to use the services of what are colloquially termed ‘loan sharks’, who charge high rates so high that borrowers struggle to pay off the principal sum borrowed. Micro-finance is the provision of savings facilities and small value loans to typically to poor people in the Third World.Such people have a need for financial services, particularly as there is a lack of in rural areas where there is a lack of banking facilities. This makes it harder to makes deposits and so build up any sort of savings. For instance 1 †if you live in a straw hut in a village, finding a safe place to store savings is not easy. † People need sums for 2 â€Å"life-cycle events such as births, marriages & emergency situations. † Stuart Rutherford in ‘The Poor and Their Money' outlines the 3 â€Å" Three common ways of raising large sums i) selling assets they already own (or expect to, e. g. dvance sale of crops) ii) mortgaging or ‘pawning' those assets. iii) finding a way of turning their finding a way of turning their small savings into large lump sums. It is important to note that there is not any ‘one-size fits all' definition of poverty . Muhammed Yunnus asks the rhetorical question 4 â€Å"Who on the list below is poor and who is not: -a jobless person, -an illiterate person, -a homeless person, -a person who does not produce enough food to feed his or her family year round, -a person with a thatched house that lets in rain? -person suffering from malnutrition, -person who does not send his or her children to school? s treet vendor? Micro-finance may increase someone's income but that may just be spent on everyday consumption and not on addressing any of the different facets of poverty on Yunnu's list. For instance, using an increase in income to send a child to school. Savings The very poorest may be too risk averse to take out a loan as they may have an erratic income, for instance due to crop failure. Hence the need for savings. In micro-finance schemes there are two types of savings schemes: I) Locked in: not available for withdrawal until a member a customer left the bank.Used as loan collateral The use of this method was based on the 5 â€Å"Powerful perception tha that the ‘poor cannot save. † ii. Open-access savings which can, it is argued, 6 â€Å"generate much more net savings per client per year (and thus greater capital for the MFI) than compulsory, locked in savings schemes†¦ and provide a useful and well used facility for clients while doing so. † Fundamental to the repayment of micro-finance loans is the group dynamic principle. Peer pressure plays an important part in binding members together.Trust is built up and the commitment to repay is increased via mutually reinforcing behaviour. It can be described as a case of ‘one for all one and all for one' in terms of repaying the loan. -However, there are potential problems as it depends on the co-operation of members. However, 7 â€Å"if it goes badly, then they are all in trouble. † A benefit of individual loans is that 8 â€Å"the lending institution knows who exactly is responsible for the repayment of the loan, and does not get lost in a maze of group members referring to or blaming one another. ’’Section 2 ethical challenges Doubts have been cast on the overall utility of micro-finance programmes in reducing poverty. Some critics argue that 9 â€Å"that micro-finance programmes fail to reach the poorest, generally have a limited effect on income, address the symptom rather than the social cause of poverty†. The 10 â€Å"focus on income poverty† being reduced by 11 â€Å"the provision of credit for income-generation through self-employment. † Neglects to address the deep rooted causes of poverty such as lack of education and poor transport infrastructure.Micro-finance is concentrated on the ‘bankable poor' as they are seen as more able to take advantage of a loan to e. g. buy more equipment and so 12 â€Å" can take more risk than the poorest households without threatening their minimum needs for survival. † It is ironic that a program aimed at reducing poverty excludes the very poorest from participating. However micro-finance programs obviously the motive of reducing poverty. There are 13 ‘’MF premised on the notion that credit is a human right it can improve the lives of the poorest . †But as the very poorest are excluded the application of credit as a ‘human right' is not universal. If something is a ‘human right' is supposed to apply to all humans. In this case it doesn't so it would fail Immanuel Kant's Categorical Imperative†¦.. It could be argued that Yunnus is instead focussing micro-finance on those people who are in the position to benefit most from it. 14 â€Å"Although Yunus frames his vision of MF in the language of human rights, his ideas are in fact concerned with entrepreneurial rather than redistribution. † Thus he is a social businessman rather than a philanthropist.Micro-finance institutions are self-sustaining businesses rather than charities and so 15 â€Å"poverty reduction becomes an externality and not a goal as such†. Thus Yunnus and others could be charged as potentially using borrowers as means rather than ends. Section 3 Grameen Bank Economics professor Muhammad Yunnus was motivated to set up Grameen after being disheartened at the level of poverty he witnessed in rural villages in his native Banglad esh in the early 1970's. A catalysing experience was when he met 16 â€Å" Sufiya Begum, a woman from a village called Jobra.Like many others in her village, she relied on the local moneylender for the cash she needed to buy the bamboo for the stools she crafted. † That loan was only granted on the condition that she sold to him (the money lender) all of her output at a price determined by him. 17 â€Å" Thus, though hard working, she was trapped in poverty. † Furthermore the villagers were cut off from borrowing from 18 â€Å"conventional bankers since they had no credit histories and no collateral to offer, and could not even fill out the necessary paperwork because they were illiterate†. 1.Muhammed Yunnus's was focused on providing the loans to the landless as he saw them as being more entrepreneurial than tradition bound farmers. He was very much of the view that micro-finance could help the poor to help themselves through becoming self reliant. Grameen mean s village in Bengali. Muhummad Yunnus wanted the bank to be the antithesis of a faceless bureaucratic bank headquarted in a large city (even though it is now). He aimed at recruiting banking staff who would build up an understanding of the everyday lives of villagers and the challenges they faced.This would make it easier to identify which people would benefit most. Crucially this helped to engender the building up of levels of trust between the borrowers in village who took out the collateral free and contract free loans. Vitally the development of the level of trust necessary to ensure repayment collateral free loans without any contract was the process of group dynamic in binding borrowers together with mutually reinforcing behaviour. What helped make the repayment process be manageable for borrowers was that loans were paid in small weekly instalments rather than one lump sum to worry about at the end of the loan period. )Application of ethical theory: Grameen Bank's focus on bo rrowers becoming self reliant relates to them developing virtues of self reliance and not being burdensome to others. Yunnus argued 19 †On the recipient side, charity can have devastating effects. It robs the recipient of dignity, and it removes the incentive of having to generate income. It makes the recipient passive and satisfied with thinking ‘all I have to do is sit her with my hand out and I will earn a living† Instead, borrowers will developing a sense of ownership by coming 20 â€Å"With their own ideas† for business generation.In this respect Yunnus is treating borrowers as ends and not means as he leaving it up to them how they behave. The programme develops members sense of self-discipline of saving regularly as they had to 21 â€Å"save for several months before they were eligible for to borrow. The requirement to save first also results in an investment in the institution that will lend to them – thus the loans they receive are financed not just by an outside faceless agency, but also by their own savings and those of their friends and neighbours. The borrowers are much more likely to be committed and conscientious about repaying. ’. Yunnus challenges the assumptions on human nature made by conventional banking paradigms by issuing collateral free loans without any contracts. 22 â€Å"Grameen assumes that every borrower is basically honest. We may be accused of being naive, but it saves us having to fill in all those endless documents And in 99 per cent of the cases our trust turns out to be vindicated. Bad loans of 0. 5 per cent is the cost of doing business, and it also represents a constant reminder of what we need to improve in order to succeed. † Micro-finance proponents can't be completely 3 â€Å" ethical claiming to reduce poverty while pursuing other objectives. This is particularly so because other people’s money is involved†. The intentions of institutions should be transparen t, e. g. through a mission statement and should not be cloaked in language that hides agendas of e. g. making a profit for shareholders, by only stressing social objectives. 24 â€Å"Furthermore the imbalance of power between the lender and the borrower. † surely makes it harder for borrowers to pursue their own interests as they have to be reconciled with the banks financial interest.Within the framework of the ethics of Immanuel Kant, Professor Yunnus succeeds ethically as is acting from the altruistic motive of reducing poverty. Kant agreeed that 25 â€Å"to act from a good will is to act from duty. † Aristotle takes a stricter approach by arguing that acts are ethical if agents go beyond just doing so from a sense of duty. For instance, someone only went to visit an elderly relative out of a sense of duty, and not from any greater concern for the relatives welfare.Muhammad Yunnus's focus on helping the poor maintain their sense of dignity by becoming more self reli ant is consistent with Kant's approach as Kant argues 26 â€Å"â€Å"Our free will is what gives us our dignity and unconditioned worth† This of course relates to Kant maintaining that people should be considered as ends in themselves rather than means to someone else's end. Kant's stress on the universality of ethical principles is relevant to the potential problem of people stopping viewing promises as binding.The group dynamic principle of micro-finance surely make the promises of members more binding as otherwise it would seem that if one person got away with not paying, then no one would and then the bank would not lend to them.. Additionally, as the borrowers and the bank are both benefitting so 27 †No one (is) used merely as a means in an voluntary economic exchange where both parties benefit. † Jeremy Bentham and John Stuart Mill's Utilitatarianism holds that the ethical utility of actions can be measured by the consequences. This approach is onsistent wi th the cost-benefit analysis adopted by contemporary businessses where the utility being measured is profit. In the case of Grameen Bank the utility can be measure by a) the rate of loan repayment According to Yunnus the default rate was only 28 â€Å"0. 5 per cent†. However, on the other hand many members of Grameen were unhappy with their savings being ‘lockked-in' and 29 â€Å" were leaving the organisation in order to realise their (often substantial) compulsory savings. † Such members went on strike in 1995 to protest at being denied accesss to their savings. 30 â€Å"The financial consequences of the strike were profound.According to an unpublished Grameen Bank internal report (1996), in Tangail District the cumulative un-repaid amount had climbed to over $2 million. † More generally, in terms of consequences for members there have been benefits. The scheme has helped the majority to build up savings that could be used as capital. Additionally it the scheme has helped reduce income poverty 31 â€Å"Grameen bank members had incomes about 28 % higher than the target group of non-participants. † Act utilitarianism seems like the most appropriate branch of Utilitarianism to apply to Grameen bank and Muhammad Yunnus.An act is right' if it maximises utility. A sort of moral s is used to calculate the long term benefits and harm for each actor and then compute the result. But there is the problem of time-framing how long a period eto consider. One is reminded of Keynes quote ‘in the long term we are all dead'. Act utilitarian’s consider themselves equally with others so are not egoist in just assessing whether an act maximises their own individual utility or well being. Yunnus does seem sincere in doing that and is aiming to benefit the members as opposed to just enriching himself.However on the other hand, Utilitarianism could be consistent with the Grameen member group dynamic process discussed earlier. Members r ealise that there will be bad consequences for them and their peers if they don't follow the ‘rule' of repaying' and so are compelled to follow the rule. Robert Solomon, writing in ‘A companion to business ethics' argues that 32 â€Å" â€Å"In business ethics it is generally agreed that three elements, the principles of an action, the action itself, and the action's consequences must be taken into account. However there is another option†: virtue ethics.Grameen's ethos of borrowers using using the loans to become self employed is connected to them developing the character traits consistent with the virtue of self reliance. Aristotle deemed behaviour a virtuous if is it was consistent with a 33 †mean between the extremes† of e. g. being dependent on someone else's act of charity and being selfish. As the 34â€Å"Various virtues reinforce one another†, the principle can be applied to the Grameen member group dynamic of mutually reinforcing behav iour encouraging the repayment of the loan.In this case it is the non relative virtue of trustworthiness that is being reinforced. It could also be argued that different members are motivated by Aristotle's 33 â€Å"Idea of practice- shared cooperative activity with mutually understood goals and ways of doing things. Conclusion Muhammad Yunnus set up Grameen bank with a good motive out of concern for the poor. Yes, this pure motive has been diluted by the pragmatic need for the bank to be financially self sustaining. For instance the previous use of locked in loans would be termed coercive by Kant, so in this aspect the borrowers are being treated as means.How the bank lets members come up with their own ideas for business generation is consistent with Kant’s belief on people’s free will that enables them to be rational and moral. Furthermore as both the bank and the borrowers are benefitting from this economic exchange, then the borrowers are not being treated as mea ns and so this would pass Kant’s test of whether it is ethical. It is difficult to measure the individual benefits and downsides experienced by the individual members, thus making it a less effective ethical yardstick. However the high repayment rate does score well on the Utilitarian scale.But ultimately, Muhammad Yunnus is motivate by concern at the suffering of the rural poor. Crucially he wants to help them help themselves. One is reminded of Bob Geldof’s fishing rod analogy –better to give a man a fishing rod, than a fish. Yunnus and Grameen bank are thus actively promoting the virtue of self reliance. Additionally they are promoting the virtues of co-operation and trust via the group dynamic and by the fact the loans are collateral and contract free. Critics of Yunnus may have attacked him because he isn’t the perfect philanthropist. Rather, he is a socially responsible businessman.Bibliography Wright, Graham, ‘Micro-finance systems' 2000, The University Press, Zed Books, London. Roy, Ananya, ‘Poverty Capital' 2010, Routledge, Oxford. Activities that are unlikely to create indebtedness† Rutherford, Stuart, †The Poor and Their Money', 2000, Oxford University Press, New Delhi Yunnus, Muhammad (with Alan Jolis), ‘Banker to the Poor', 1999, Aurum Press, London Yunus, M, Moingen, B and Lehmann-Ortega, L, ‘Micro Finance- Building social business models: Lessons from the Grameen experiences', article in ‘LONG RANGE PLANNING   Ã‚  Volume: 43   Ã‚  Issue: 2-3   Ã‚  Special Issue: Sp.Iss. SI   Ã‚  Pages: 308-325   Ã‚  Published: APR-JUN 2010 Rutherford, S, ‘The Poor and Their Money' , 2000, Oxford University Press, New Delhi. Frederick, R, ‘Companion to business ethics', 2002, Blackwell Publishing, Oxford Vanroose, A, ‘Is microfinance an ethical way to provide financial services to the poor? Microfinance: Are its promises ethically justified? CEB Working Paper N ° 0 7/014 June 2007 References 1. Wright, G, Microfinance Systems, page 2 2â€Å" â€Å" page 1 3â€Å" â€Å" page 5 3. Yunnus, Banker to the poor, page 10 4.Wright, G, page 71 6. Wright, G, page 69 7. Wright, G, page 139 8 Wright, G, page 139 9. Wright, G, page 6 10. Wright, G, page 8 11. Wright, G, page 8 12. Wright, G, page 11 13. Roy, A, ‘Poverty Capital, page 13 14. Roy, A, page 23 15. Vanroose, A, CEB Working paper, page 11 16. Yunus, M, Moingen, B and Lehmann-Ortega, L, ‘Micro Finance- Building social business models: Lessons from the Grameen experiences', Page 314 17. Ditto 18. Ditto 19. Yunnus, Muhammad (with Alan Jolis), ‘Banker to the Poor', page 22 20. Yunnus, Banker to the poor, page 114 21. Wright, G, Microfinance systems, page 137 2. Yunnus, ‘Banker to the poor’, page 111 23 Vanroose, A, ‘Is microfinance an ethical way to provide financial services to the poor? , page 4 24. Ditto 25. Frederick, R, ‘Companion to Business Ethi cs, Chapter 1 by Solomon, R, page 3 26. â€Å" â€Å" page 4 27. Frederik, R, page 7 28. Yunnus, M, ‘Banker to the poor’ page 111 29. Wright, G, page 78 30. Wright, G page 78 31. Yunnus, & Lehman-Ortega, page 12 32. Frederick, R, page 30 33. Frederick, R, page 30 34. Frederick,R page 32

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Green Eyed Monster Essay Example for Free

Green Eyed Monster Essay As I got closer to the massive, muddy, mysterious green eyed monster, his one eye took the whole of his face. In the jungle of Africa where the atmosphere was silent, I heard a loud growl in the silent, small, smelly jungle. I never reacted to the loud growl. I thought it was a lorry or something but as I got closer to the monster, it had his gigantic mouth opened, as if it was a part of the jungle and it was camouflaged, so it would blend in with the trees of the jungle. This is a very famous place. People from all around the world have visited this mysterious jungle in Africa. I have read about this place, it is in the south of Africa, which has lots of gold, so many countries are linked to this continent. Why is it called the green eyed monster? My opinion on ‘’why is it called a green eyed monster’’ is that It’s green and it only has one eye, which is very spooky, so it makes people who have not seen a one eyed monster before so it makes them want to see the green eyed monster. That is my opinion on why it is called a green eyed monster. The green eyed monster is about 5ft wide and 4ft long it has massive feet which are about 1.5ft wide and 1ft long and his one eye covers  ¾ of his face which is a lot of space. His huge eyes are filled with blood, which is dripping every second to the ground and it makes a really loud dripping noise. I could smell the sweat and the horrible smell of the green eyed monster I could also taste a horrible taste in my mouth which reminds me of a monster which has lived there for many years and hasn’t had a bath or a shower. I have read about the green eyed monster and the history of it is really interesting. It was used to carry 500 tonnes of gold in Africa many years ago. It was also used for public transport. It could carry 700 people to one place and back within 5 minutes, which normally, on a lorry or bus, it would take around 45 minutes. It would probably take the space of 20 football pitches but as we now know it would only take around 4 pitches due there being very less people ; the green eyed monster would have probably killed them or eaten them so I have read there are no people in the space of 400 miles. I have also read that there was a blue eyed monster and there are many rumours going around such as (the green eyed monster is the blue eyed monster but It hasn’t had anything to eat for 6 months so it turned blue due to the starvation.) I have also heard that green eyed monster had a son and it was called the blue eyed monster. As we can see the green eyed monster has only one eye therefore it has to be related to the blue eyed monster. As we got closer to the green eyed monster it had developed and made his growl louder and his mouth was shining so bright you could go blind looking at it for more than 5minutes. It was like seeing green stars and suddenly it collapsed and it was not breathing or growling, but I got closer and I couldn’t hear anything so there is no green eyed monster.