Behind the scenes of how coffee influences a girl, times three

Believe it or not, a good coffee can determine a girl's mood. We wake up in a bad mood until the coffee is in our hands. The first sip of coffee taken influences how girls will act throughout the day. A bad coffee results to a bad-tempered girl and a good one resulting in a more positive way. Girls will be pleasant to be around to say the least. Peoples moods play a huge role In how someone day will go. As well as Impacting the one's surrounding the girl. Needless to say, coffee controls a girls actions. Initially, a portion of caffeine motivates a girl to do many things.Some being; working hard, staying focused, and being able to multicast. The three to five hour span of stimulating the central nervous system, keeping someone focused is very helpful for the time being. One downfall to drinking coffee is the â€Å"caffeine crash. † Girls' look past the negatives, drinking it anyway to get things done in a timely fashion. An equally important reason as to why coffee is such an influential substance in a girls life when it comes to motivating is how it affects their grades. It alps many study and prepare wisely for a test.Motivation is an essential to a girls daily life. Coffee happens to be the key to success In most females eyes. Yet coffee may affect how girls act motivationally speaking and their attitudes towards the universe, the â€Å"look† of having coffee has a significance to girls. Society revolves around the word cool† In this generation. That being said, someone with a coffee In their hand walking down the school hallway or vigorously crossing the city street on the way to work. One feels superior to another that holds reams of power. A sensation of confidence rushes through your body.The one cup of coffee a girl drinks has more meaning than just loading up on caffeine to get a person through the day. It symbolizes confidence and power. On another hand, it can take a turn for the worse. â€Å"Addiction is characterized by the rep eated, compulsive seeking or use of a substance. † A physical dependence on something is what they would call an adaptation to a substance. Not always does the substance have to be something dangerous or Illegal. Coffee for example is not a harmful Item, but the consumption f coffee can advance to worse problems.Too much leads to heart palpitations and the Jitters. Feeling not so powerful or confident and more Like a zombie that TLD get enough sleep. The way people drink coffee can be crucial. Some girls drink It to be What they don't understand is that not receiving the correct amount of nutrients can slow down your metabolism, causing you to actually gain weight. Substituting coffee in for meals can progress into worse diseases. Taking care of your body is important. In today's life outer beauty means a lot more than it should to people.Causing girls to put themselves at risk in many ways. In conclusion, that drink made from coffee grounds has multiple significance's in a gi rls' role. Not only by controlling ones mood, to compel a persons actions and determination, or even indicate a sense of confidence while holding a cup of coffee. Coffee has its positive and negative influences on girls. Some females using coffee as an excuse to be thin or look superior to the world. Maintaining coffee supplements throughout the day is very important. Once you have had it, you can never go without.

Nortel Case Report Essay

The company also used to be affiliated with AT&T/Western Electric until Western was forced to sell its stake in 1949. In 1976, the company changed its name from Northern Electric to Northern Telecom Limited, and shifted its concentration on digital technology. In 1977, Nortel introduced its DMS line of digital central office telephone switches. Nortel ended its long relationship with AT&T in 1984, a year after deregulation named. Bell Canada Enterprises the parent company to Northern Telecom. In 1998, the company acquired Bay Networks and changed its name to Nortel Networks. In the late 90’s, Nortel’s sales of fiber optic network gear was predicted to help their sales, but the market became saturated very quickly. At the height of Nortel’s first 100 years the company amassed for more than a third of the total valuation of all companies listed on the Toronto Stock Exchange (TSX), but once the Internet bubble passed, the company fell into ethical debacle. Nortel Networks Corporation, or formally known as Northern Telecom Limited was one of the largest telecommunications equipment companies in the world prior to its filing for bankruptcy protection on January 14th, 2009. During times of functionality, they specialized in multinational telecommunications equipment manufacturing. The company is based in Canada out of Mississiauga, Ontario, Canada. Their biggest rival always was Global System Mobile (GSM). Through the early 1990s, the company invested heavily in Code Division Multiple Access (CDMA) in attempt to grow in European and Asian markets. This did not pan out so well as Nortel’s losses amounted to $27. 3 billion by 2001—causing them to lay off two-thirds of the workforce. From 2000 through 2003 there was a period of fiscal irresponsibility resulting from the work of the company’s administrators. Initially in 2000, they falsified their fourth-quarter earnings by $1 billion to meet market expectations and selectively reversing certain revenue entries. In 2002, administrators discovered $300 million in excess reserves being carried over and swept it under the rug for future benefit in addition to establishing another $151 million in unnecessary reserves. In 2003, administrators directed the release of at least $490 million of excess reserves to boost earning, fabricate profits, and pay bonuses. Losses turned to profits during this year thanks to the shifty methods taking place. Later in that year, administrators mislead investors as to why Nortel was conducting a purportedly â€Å"comprehensive review† of its assets—attributed by restatement $948 million in liabilities. They said restatement was caused solely by internal control mistakes instead of the truth that there was intentional improper handling of reserves which needed to remain hidden. 2 On October 23rd, 2003, the company announced that Nortel would restate its financials for fiscal years 2000, 2001, and 2002. Shortly after this restatement, the major players of Nortel’s administration that were responsible for all of this were exposed through an independent investigation. In March 2004, The CFO and controller were suspended, in addition to the announcement of further restatements and revisions; they were terminated a month later in April 2004. A restatement in early 2005 showed approximately $3. 4 billion in misstated revenues and another $746 in liabilities. In late 2005, Nortel admitted that restatements were the result of management fraud—beginning the downturn of their stock. The company ended up restating financials four times over four years, replacing senior management, and instituting a comprehensives remediation program designed to ensure proper accounting and reporting practices. Eventually on October 15th, 2007, Nortel agreed to settle by paying a $35 million civil penalty and admitting to violations of the antifraud, reporting, books and records, and internal control provisions of the federal securities laws. 2 On June 25th, 2009, Nortel’s price dropped to 18. 5 cents a share down from a high of $124. 0 in 2000. The company decided that month that they would discontinue operations and sell off all of its business units. Nortel’s CDMA wireless business and LTE access technology were sold to Ericsson, and Avaya purchased Nortels Enterprise business unit. Major Players in the Scandal: The major players in this scandal were the four members of the senior management: CEO Frank Dunn, CFO Douglas Beatty, controller Michael Gollogly, and ass istant controller Maryanne Pahapill. CEO Frank Dunn, who is also a certified management accountant. Dunn was mainly involved in the improper use of reserves from 2000 to 2003. CFO Douglas Beatty, controller Michael Gollogly, and assistant controller Maryanne Pahapill were also involved in this management fraud. 2 The Royal Canadian Mounted Police in Toronto arrested ex-CEO Frank Dunn, ex-CFO Douglas Beatty, and former corporate controller Michael Gollogly on seven counts of fraud. Including charges â€Å"fraud affecting public market; falsification of books and documents; false prospectus, pertaining to allegations of criminal activity within Nortel Networks during 2002 and 2003. Magnitude of the financial issue: Nortel at its peak was one of the best companies that Canada had ever seen. Just like ENRON and other financial frauds at the time, Nortel appeared to be a shining example of success in the corporate world. Again like ENRON, Nortel grew through a strategy of aggressive expansion and purchasing of smaller companies in order to create a massive conglomerate. During the good times Nortel was the largest technology company and the most valuable company in Canada. Nortel accounted for over one third of the entire aluation of the Toronto Stock Exchange. The Toronto Stock Exchange is the Canadian equivalent of the New York Stock Exchange and holds the most influential stock market in Canada. Nortel employed about 95,000 employees worldwide. About 26,000 of those workers based in Canada alone. Nortel at one point had a market capitalization of almost C$400 billion. Nortel had set up pensions and healthcare protection for its employees. All of these were lost to either the restructuring under Frank Dunne which left about 60,000 employees without jobs or the bankruptcy that followed in 2009. Canadian government officials and regulators identified how destructive a full failure of Nortel would be on the Canadian economy. The Canadian government through the Export Development Canada project tried to lend money to the falling giant. However the Canadian government could not cover all of Nortel’s debt obligations. Nortel owed about $107 million and the EDC (Export Development Canada) could only supply about $30 million in short term loans. This $107 million interest payment accounted for about 4% of Nortel’s cash and put the company into bankruptcy. The world financial crisis of 2008 had put too much strain on Nortel and they were forced to begin liquidation. Public auditor: The auditors involved with this case were Deloitte and Touche. In documents from the fraud case, which is still being heard by the Royal court in Canada, Deloitte claims that they were not given proper documentation by Nortel. Deloitte claims that they did not have pertinent information which should have been provided by administrators at Nortel. Deloitte raised concerns to the audit board of Nortel in 2003 when Nortel turned a profit after Frank Dunne’s restructuring of the company. Deloitte raised awareness of potential fraud and did their duty in that respect. However further investigation conducted has implicated Deloitte in the financial reporting irregularities in Nortel which some have claimed dates back to the time of CEO Roth who held office before Dunne. Information coming out of the case states that even if transactions were deemed suspicious, they still signed off on the verity of the financial reports. Frank Dunne and some of his officers are now charged with fraud by both the SEC and the OSC which regulate the American and Canadian markets respectively. The case is currently still under review in the Royal court of Canada and civil charges have been brought in the United States. Fraud Triangle Nortel had experienced tremendous growth throughout the 1990s, allowing it to expand operations worldwide. Nortel’s expansion came during the telecommunication and technology bubble of the 1990s that inflated stock prices of companies in those sectors. Frank Dunn had taken over for the previous CEO, John Roth, in November 2001 during the telecommunication bubble bust. Dunn felt pressured to maintain the high stock price because it accounted for over one third of Nortel’s value2. Nortel management was also incentivized to post profits that produced executive bonuses with over $7. 8million going to Dunn alone. The primary members of the Nortel fraud were able to commit the fraud because, as executive officers and controllers, they were able to go around the internal controls of the company. That allowed them to implement many accounting practices that did not comply with GAAP. Nortel management’s rationalization for these fraudulent practices must have been that they needed to maintain the high stock price in order for the company to continue operating. Moral Breach and Ethical Issues As a publicly traded company, Nortel had the responsibility of fairly reporting the company’s true financial data to stockholders and potential investors. Dunn, Beatty, Gollogly and Pahapill breached this responsibility by establishing earnings management accounting strategies to manipulate Nortel’s revenues. Nortel management also actively sought to inflate earnings to trigger very large bonuses for key members of management. Perhaps, if these incentives did not exist then there would be less motivation to commit the fraud. Finally, Nortel’s auditor for over a century, Deloitte and Touche, has come under scrutiny by the defense lawyers in Dunn, Gollogly and Beatty’s civil trial in Canada this year. The defense claims that Deloitte approved of all major accounting adjustments that Dunn and his team had engaged in. Summary of Legal Actions On April 28th, 2004, Dunn and his fraud partners were fired for financial mismanagement2. On March 12th, 2007 the SEC filed civil charges against Dunn, Beatty, Gollogly and Pahapill for repeatedly engaging in accounting fraud to bridge gaps between Nortel’s true performance, its internal targets, and market expectations. Dunn and Beatty were charged with violating the officer certification agreement that was established by the Sarbanes-Oxley Act. Nortel settled with SEC on October 15, 2007 by consenting to be prescribed from violating the antifraud, reporting, books and records, and internal control provisions of the federal securities laws. Nortel paid $35million to the SEC, and $1million to the Ontario Securities Commission to establish a Fair Fund for affected shareholders. Finally, Canadian authorities arrested and charge Dunn, Beatty and Gollogly with seven counts of fraud. Their trial began on January 16th, 2012. Current Status: Nortel, once known as the largest telecommunications manufacturer in the world, filed for bankruptcy in 2009. Now three years later, the period of bankruptcy continues as the company discloses their every operating report highlighting each cash receipt and disbursement. When Nortel went bankrupt, executives believed that selling all business assets would be the best and easiest way to fight debt. Recently, Nortel has netted $7. 7 billion from selling its patents and businesses. As stated on their website, â€Å"Nortel remains focused on maximizing value for its stakeholders, including the sale of its remaining assets, resolution of claims, the wind-down of its global operations and entities, resolution of allocation matters with respect to the sale proceeds, and other significant restructuring activities toward the conclusion of the creditor protection proceedings. † The case for Nortel executives Dunn (ex CEO), Beatty (ex CFO) and Gollogy (ex controller), who were charged with fraud for affecting the public market and falsifying books and documents to earn larger bonuses, is still in trial. In February, a former Vice President of Nortel testified in court against executives stating that they had asked him to use questionable accounting methods to manipulate the company’s earnings. Although those who committed the crime have been charged, thousands of employees will still be left without pension plans and jobs. Nortel has spent over $20 million on retirement package these past two year, but unfortunately the company will stop the pension plan and disability program payments as it continues to sell away its businesses. By the end of 2011, Nortel was split into regional entities – Nortel Networks Limited in Canada and Nortel Networks Inc in the United States, causing disagreements over how to split $7. 5 billion that was earned by selling many assets and patents other corporations such as Apple and Microsoft Corp. The following charts, graphs and financial statements analyze Nortel’s current status. Case Study Questions and Solutions: 1. Dunn is a certified management accountant. Based on the facts of the case, which provisions of the IMA’s Statement of Ethical Professional Practice that was discussed in chapter 1 have been violated? Dunn violates many of the provisions of the IMA’s statement of Ethical Professional Practice they are as follows: 1. Perform professional duties in accordance with law, regulations and technical standards. 2. Provide decision information that is accurate, clear, concise and timely 3. Retain from engaging in any conduct that would prejudice carrying out any duties ethically. 4. Abstain from engaging in or supporting any activity that might discredit the profession. 5. Communicate information fairly and objectively. 6. Disclose all relevant information, that could reasonably be expected to influence an intended users understanding of the reports analyses or recommendations. 7. Disclose delays or deficiencies in information timeliness processing or internal controls in conformance with organization policy and/or applicable law. He violated these by selective reversal of revenue entries in 2000. Followed by concealing the reserves in 2002, which violated GAAP, and then avoided posting a profit so the company wouldn’t have to pay out bonuses. In 2003 Dunn released the reserves to falsely report a profit, which allowed them to eports a profit a quarter earlier than expected, and to pay out more bonuses to senior management. Also in 2003 he misled the investors about why Nortel had restated its financials in order to avoid uncovering the unethical management techniques him and his team had been using. All of these actions take away Dunn’s integrity and credibility in the field of manageria l accounting, which are two of the standards the IMA sets out. Dunn failed to meet his professional code of conduct and his company suffered because of it. 2. What are the responsibilities of an auditor to detect fraud? How were those responsibilities compromised by the actions of Nortel’s management? It is the auditors responsibility to report fraud if they find it, however in this case the actions of Nortel’s management made it difficult for the auditors to do their job. The false financial statements and hiding of money veiled the problems of the company from the auditors. Once there was a hint of the fraud the auditors found it and perused the trail, taking the ethical route and also following the code of conduct. It was their investigation that brought down the fraudulent executives and forced the company to restate its financials properly. This would eventually lead to the failure of Nortel. Nortel made materially false and misleading statements and omissions in connection with the quarterly reviews and materially misstated annual audits of financial statements. This caused the auditors to not be able to properly do their job, and review the statements. 3. Describe the incentives that created pressure on Nortel to manage earnings. Considering the role of Nortel’s management in this regard, discuss whether it met its corporate governance obligations as discussed in previous chapters. The incentives that drove Nortel to manage its earning where greed of the management team, the pressure to deliver bonuses, the pressure to survive an economic downturn, and the pressure to make the company seem like a good investment to both current and potential investors. In an economic climate of intense competition and corporate greed the management at Nortel fell victim to their vices and allowed the pressure to perform to overwhelm their priorities. This caused them to put their own greed and personal ambition before the well being of the company. Nortel did not meet its corporate governance obligations. It did not follow any internal rules of how to run the business. It ignored any corporate ethics they might have. It lied to stakeholders several times by misstating the financials. They did not follow the professional code of conduct of their careers and also did not follow industry standards. They broke the law. No one inside the company caught the fraud therefore their internal controls where not effective. Each of these immoral acts is a case where corporate governance has failed. 4. The final quote in the case characterizes Nortel’s failure as â€Å"just another casualty of capitalism. Do you agree with this statement? Why or why not? How would you characterize the cause of the failure at Nortel? I would argue that Nortel is not just another casualty of capitalism. Nortel did not function in a system of free market capitalism where the government had absolutely no regulation and let the markets function however they wanted. The capitalism system of North America is more of a mixed economy, which combines public and private ownership of companies, and also provides government regulation and intervention to prevent and deal with fraud. Even in a free market the system is meant to come to an equal balance of supply and demand, which cannot be reached if there is fraud involved since the supply has been inaccurately disclosed by the senior management at Nortel. I would characterize this failure as one of humanity. It was not the economic system that allowed this fraud to take place, but the greed of the people and a social environment that ties success so strongly to wealth. It was the social pressure and the effect of human nature that led to Nortel’s demise. . The case discusses how Nortel’s managers prioritized themselves over the shareholders, which, in part, lead to the company’s failure. What should be a company’s first priority? A company’s first priority should be following their code of ethics. The second priority should be the shareholders, followed by the management and other employees. This hierarchy ensures that all the business that is done with be both moral and legal , meaning there is no room to commit fraud and damage the company. In this way you are putting the shareholders first, because by providing a stable and healthy company the shareholders will see an investment that will be able to reach its highest potential. 6. Was Nortel’s settlement a fair penalty? Should the SEC have imposed harsher or more lenient sanctions? Should these sanctions have been on the managers, on Nortel as a whole, or both? A fair settlement would offer compensation to all those who were hurt by this fraud. Groups that may have been hurt could be shareholders, employees and customers. Deciding what is a fair compensation is a little more difficult, however as much of what these people lost as possible should be returned to them. As for the managers who created the problems and took part in the fraud should face a sentence of termination from their company, loss of license (if applicable) and jail time. The company and the individual managers have both failed stakeholders and should both be held accountable. In the case of Nortel specifically the stockholder settlement goes with these guidelines, as for the managers their trial is still ongoing and therefore no sentenced has been given to them yet.

The Current Crisis Sheds More Light on Macroeconomics than vice-versa Essay

The Current Crisis Sheds More Light on Macroeconomics than vice-versa - Essay Example On a personal stand, it would be said that indeed the current crisis sheds more light on macroeconomics and that the various macroeconomic conditions practiced across the globe could greatly be attributed to why the global economic state has not seen any impressive growth over the few years. Indeed, instead of amassing the overall aim of instituting various macroeconomic policies to alleviate poverty and make the economic conditions of countries and its populaces better, certain critical misplaced priorities and mismanagement on the part of regulators of macroeconomic conditions have led to a total failure of the ambition. Today, the whole world seems to be in a shamble and economists continues to argue on which line of action is the best – whether macroeconomic conditioning or microeconomic conditioning. In the following text, specific macroeconomic condition, the roles they were expected to play in influencing global economic growth, and how they have failed and created cris is will be looked at. Again, specific contributing factors to why dependence on macroeconomics could not help but led to global economic crisis will be discussed. Finally, recommendations shall be made on how to revive the crisis through macroeconomics. Assessing Specific Macroeconomic Conditions and how they relate to Economic Crisis National Output and Income The output and input of a country is a major indication of the performance of the country economically. Given any period of time; mostly over one year, each nation produces certain about of viable product. Some of these viable products are goods whereas others are services. To find the national output of a particular country, the total production of viable products is summed up. The reason for using the national output to determine the macroeconomic performance of a country is the reason that the viable products, be they goods or services are considered to be tradable products that can yield the country economic income and re venue. National output is therefore considered to be an economic value. In light of this, Riley (2006) posits that the national output can be used to determine the value added to the economy of a particular country. He defines value added as â€Å"the increase in the value of a product at each successive stage of the production process.† This is where the need for using the national output to create wealth and thus alleviate a country from economic crisis and hardships come in. This assertion is made against the backdrop that the value added is expected to improve all aspects of a country’s production process and thus make the economic lives of the citizenry at all levels better. It is for this reason that the value added and national output are used to determine the gross domestic product of a nation. Again, the national output is closely related to national income because it is expected that the production rate and production proceeds of a country would determine how much the country will earn on the global economic market. For each sale made, there is an added income to the national economic coffers. This is one reason why the national output is easily used to determine the gross domestic product of a country. According to Riley (2006),†this measure of GDP adds together the value of output produced by each of the productive sectors in the economy using

What Are the Political, Economic and Social Challenges of Women in the Assignment - 1

What Are the Political, Economic and Social Challenges of Women in the Developing World - Assignment Example By allowing women to have a voice with respect to the political process, a whole new range of political perspective is opened up for analysis. Conversely, culture itself oftentimes plays an even more powerful role than does the democratization of a nation. For this reason, in nations where the harsh constraints of a conservative interpretation of religion is the norm, it is likely that even if women have the right to vote, the traditional cultural understanding of gender roles and the female’s place within society will be primarily interpreted through such a cultural lens and therefore work to diminish the overall rights enjoyed by women on aggregate. Such examples of the constricting role of culture within the political sphere can aptly be recognized in multiple regions the world over; oftentimes the result of the prevalence of extreme adherence to a particular form of religious belief. 2. What are the political, economic and social challenges of women in the developing world ? (5pts) Such an impediment strongly reduces the competitiveness of society in terms of the global economy. Furthermore, as previously discussed, the key political challenge that women face within many developing countries is under-representation in the political process; either due to a systemic form of sexism or a cultural tradition that does not put a high level of emphasis on women in positions of authority and/or power. As such, without the requisite representation of women in the political process, it is hard to generate a degree of interest among the female electorate the commit to participation due to the fact that there is little interest in a process that they may otherwise see as completely male-dominated (Adjei et al 234).  

AT&T Essay Example | Topics and Well Written Essays - 250 words

AT&T - Essay Example The core assumption behind this movement of net income is the increasing expected costs and expenses of the company of the forth-coming periods. A little variation is the assets of the company is forecasted and the levels of assets are not expected to increase or decrease significantly. The company plans to reduce the levels of its equity in the future periods with minor deductions. AT&T tries to improve the paid dividends by increasing the value slightly every year, these movements show that the organization is planning and persuading an organic growth for the future periods. The cash flow generation is likely to drop down every year due to increased expected expenses. Due to increased expenses, the profit margins of the company will be affected and expected to fall in the future periods. The retention ratio also signifies the affect of gradual declinations of retained profits over the years and is dropping down following the same trend of Earnings of the company. The asset turnover is expected to increase due to increasing sale and reducing assets, the ratio is expected to improve continuously every year. The financial gearings of the company are assumed to remain stable with little variation that will make the company more predictable to the investors by consistency in the in the operational and financial sustainability of the organization. (Helfert,

MACROECONOMICS Essay Example | Topics and Well Written Essays - 1000 words

MACROECONOMICS - Essay Example has an affect upon the macro economics as it is the tool to attract more consumers towards the banking instruments, not only from the domestic investors but also from the foreign investors. At interest rates r0 and r1, investment levels in (a) will be i0 and i1. To produce equilibrium in the item for consumption market, level of income must be at y0 and y1 respectively. Therefore, interest rate income combines r0, y0 and r1, y1, which are the equilibrium points along the IS schedule, slopes downward towards right. With investment being responsive to alterations in the interest rates, the investment plan i (r) on (a) is moderately flat. A decrease in interest rate will raise investment by a huge amount. Therefore, a large increase in income, y0y2, is necessary to re-establish the product market equilibrium. Consequently, the IS schedule in part (d) will be flat. The level of investments by firms is highly affected through the monetary policy of the government. The raise in the interest rate will force the investment level to increase by firms. To increase the investment level by different firms the monetary policy was implemented by the UK government. When the consumer confidence index falls, there is an increase in the level of savings and many firms decide to reschedule or push back the capital investment spending projects because of uncertainties over a shortcoming of demand and there is a fall in the expected rate of profit on investment. This affect is upturned down through the monetary policy of the government by implementation of the interest rate policy. The increase in the interest rate will increase the confidence index of investment and the expectation level of investing firms will be higher as there is more return through the financial instruments. This rise in the confidence index and investment increases the investment in capital projects that helps the economy to grow. In application with the Fisher’s equation it is know that, as the income

Forrest Gumps and Michael Herrs Depictions of the Vietnam War Essay

Forrest Gumps and Michael Herrs Depictions of the Vietnam War - Essay Example Forrest Grump and Michael Herr depict the Vietnam War in more or less the same way although the former portrays the events more lightly. Michael Herr who was a writer in his twenties was a correspondent for the Esquire Magazine. The two major operations covered in the book are the siege of KheSahn and recapture of Hue that was the old capital of Vietnam. He happens to meet many soldiers and other correspondents in the process of gathering information about their experiences. Herr favors field work over tasks at Saigon that is relatively safer but the reality of the matter is that all Vietnam is unsafe. The enemy dominates the atmosphere with sounds of explosions and mortar attacks and bombs that go off all over the city (Knopf para. 1). The Vietnam War reaches the peak during the Tet offensive that started in January 30th, 1968 and from which it was named. A short time before Tet, the operation of seizing KheSahn begins on 21st January and ends in April 1968. Herr got to Khe Sahn by mode of a helicopter which is the primary transportation mode in the time of war. Here he encounters two marines with whom he shares a bunker. The two are Mayhew and Day Tripper along with others. The author gives a description of how the North Vietnamese Army besieges the base and digs ditches in preparation for a big operation. Everybody expects them to make a huge assault after they probe the fence regularly at night and marines shoot flares that are mortar-fired. The NVA, however, surprises by leaving the area quickly after the airstrikes take a bigger toll than anticipated (Knopf para. 2). Herr tells stories of the marines some of which are bizarre and others very touching. He portrays a deep sense of admiration for the troops that are fighting a dangerous war in a dangerous country. He also portrays the propaganda happening in the country but this time with less admiration.

U.S. vs. Japan Economies Assignment Example | Topics and Well Written Essays - 250 words

U.S. vs. Japan Economies - Assignment Example Unemployment in Japan surpasses that of United States, meaning that Japan does not match U.S.A in employing labor resources in her labor market. The labor market is fundamental in triggering economic growth through employment opportunities (Katzner, 2008). In this respect, both Japan and the United States utilize their relative human resources differently. On the same note, the human resources in Japan are subject to government control, while in the United States these resources function based on demand and supply forces. Investment resources constitute another critical aspect that these two countries differ in their pursuit for economic growth. Major players in the U.S economy are private stakeholders. On the same note, both the public and private sectors coexist and complement each other in inducing economic growth (Katzner, 2008). In Japan, the government plays the primary role in mobilizing investment resources. Although the country has both private and public sectors, the private sector is relatively dominated by the public sector. In a nutshell, differences between the types of resources used by Japan and U.S.A to grow their economies are based on the source of mobilization and the positioning of human resources and the labor market in their relative

Performance Management and HR Budgeting for H2O Essay

Performance Management and HR Budgeting for H2O - Essay Example The purpose of performance management is to create significant performance indicators, so that employees can follow their own performance levels. This method can help them manage their activities, correct their weaknesses and provide a plan for the right processes to maximize their performance. Performance management measurement is about accountability – to the organization and then to one’s self. We can tell that the organization’s performance management system is working well if we notice the following signs: high morale for the members of the team; effective teamwork even across different departments; promotion decisions are well formulated; goals are achieved; people are motivated; appraisals executed effectively; and terminated employees are well informed of their performance. (Horwitz, 2005, p. 5) Performance management philosophies Performance management systems developed by organisations are based on the philosophy which emphasizes employee performance. T his system motivates employees to perform well and work for organizational objectives. Performance management philosophy refers to developing an organized method of evaluation that requires performance expectations, monitors the job of the employees, evaluates their performance, and uses the information from this evaluation for management decisions and also for providing resources. (Bhattacharyya, 2011, p. 11) A management philosophy may start with the hiring process. The initial step is to focus on an applicant’s goals, capabilities, career focus, and so on. As soon as the applicant passes the tests, he/she becomes a member of a high-performing team. The developed performance management system allows the employees to know the company’s performance requirements and incentives, based on job results, and also to acquire new ways how to effectively perform up to the next performance cycle. According to Kandula (2006, p. 11), performance management is the result of utilita rian instrumentalism, which means it encourages hiring human resource at the lowest cost, retaining employees as long as they are useful, and termination of the contract if it is not anymore effective. Organizational culture plays a critical role in the development of performance management in an organization. Organizations with a supportive or collaborative culture have the chance of developing performance management processes that share information about improving employee performance. A reward system may create a desired performance rather than a punitive system which may result in unsatisfactory performance. (Micklitsch & Ryan-Mitlyng, 1996, p. 18) Performance management includes all possible initiatives managers undertake to have high performance among employees. These initiatives focus on giving performance appraisal, rewards and recognition to motivate high performance (Heslin, Carson, & VandeWalle, p. 89). Performance appraisal is almost similar to the principle of performan ce management. Many organizations of today are still applying the traditional method of performance management, i.e. ‘the maintenance-oriented, regulatory and administrative human resource management’ (Kandula, 2006, p. 11). This is a barrier to the application of performance management practices. There is a resistance on the part of the employees, and it can slow down the

Body Theories, Practices and Culture Essay Example | Topics and Well Written Essays - 1500 words

Body Theories, Practices and Culture - Essay Example These enhancements have little to do with individual health. In Western cultures, body enhancement is used to strengthen individual image and personal marketability and celebrate the ability to achieve a better position in the consumer society. Enhancing yourself Humans are social beings, and society causes profound effects on the individual perceptions of self. The mass culture of consumerism, mass media and changing social norms impose new requirements on society members. Different cultures foster different norms of self-enhancement and wellbeing. In the Western society, slender tanned bodies operate as vehicles of marketable self, the drivers of seduction, and the instruments of achieving a strong competitive advantage (Featherstone 1991). When I decided that I wanted to get rid of a few kilos, I did not realize the underlying meaning of self-enhancement practices. One day, I looked into the mirror and felt that the picture in the mirror differed greatly from what I wanted to see. I thought that getting rid of a few kilograms and making my body tanned would give me a sense of huge personal satisfaction. I was never afraid of challenges; moreover, I always sought to accomplish challenging missions. I thought that body enhancement through ex ercise and tanning would improve my physical appearance. I also felt that self-enhancement would strengthen my confidence that I was able to achieve a better result, keep myself fit, and control my appetite. This being said, I went to a fitness club and, three months later, I could not recognize myself. Tanned, slim, and fit, I looked several years younger. Friends and relatives would look surprised and envious at how I looked. Undoubtedly, the strategy I used to enhance my body was more than an instrument of physical improvement. It was just a tiny element of the broader cultural movement, where individuals use their physical attributes to market themselves and acquire a better social position/ status. Understanding self-enhancement For the purpose of this analysis, the concept of self-enhancement should be defined and analyzed. Since the concept of enhancement is difficult to define, it is easier to see what enhancement is not. Enhancement is not used to treat physical illnesses ( DeGrazia 2005). It would be fair to assume that enhancement is a kind of intervention used â€Å"to improve human form or functioning beyond what is necessary to sustain and restore good health† (DeGrazia 2005, p.263). Simply stated, enhancement is never a response to medical needs; it is an instrument of enhancing individual abilities and physical form in the absence of clear medical needs (DeGrazia 2005). My decision to enhance the body had nothing to do with my physiological health. I felt perfect; what I needed was to fit in society’s body expectations. I wanted to exceed those expectations. I wanted to celebrate the cult of the human body. I wanted to make a positive difference and look better than the majority of my friends and peers. I know that body enhancement strategies like training and fitness are considered natural, positive, and virtuous (DeGrazia 2005). Fitness is the model of self-enhancement which, in most cases, lacks artificiality and is rarely conde mned by society (DeGrazia 2005). Thus, self-enhancement lacks medical focus, provides a sense of self-satisfaction, and creates a positive image and public perception of

Evaluating Employees with Ease Essay Example for Free

Evaluating Employees with Ease Essay Performance evaluations are a critical component of human resource management in any organization. In â€Å"Evaluating Employees with Ease† Sharon LaBuke gives useful tips designed to help nursing employers conduct evaluations that translate into a positive experience for their employees. In LaDuke’s view, the first priority is to strategize the process. A good place to start is the examination of the evaluation document that forms â€Å"a common frame of reference for both manager and employee† (LaDuke, n.d., p. 49). It is noteworthy that the author places cultural issues at the top of the list of priorities, suggesting that employers thoroughly evaluate the culture of their facility to see whether the process is consistent with the culture. Relationships with the people evaluated and finding the right language are also at the top of the list, since these issues help set the right kind of atmosphere for the evaluation process, suggesting that people will feel better if they know the employer has the right kind of attitude. The second set of suggestions involves more organizational aspects. For example, LaDuke suggests that people will feel the evaluation is more objective when they know that they are being evaluated on an ongoing basis, with feedback offered throughout the year. To help make assessments more detailed and grounded in facts, employers can log important events and try to address them in a timely fashion. The creation of a personal plan for improvement is also a useful idea. Created with staff input, this plan can serve as a roadmap for individual development, helping the person to focus on the right areas. Constantly following up on the progress with the plan, the manager can create an ongoing dialogue with the employee concerning personal needs. The author effectively captures the most important points in the evaluation process. It is helpful that the focus is on the personal development of the employee, not on evaluation per se. the nurturing nature of such evaluation clearly has the potential to contribute to the employees’ development and foster adequate atmosphere in the organization. Reference LaDuke, S. (n.d.). Evaluating Employees with Ease.

The Comprehensive And Flat Tax System Economics Essay

The Comprehensive And Flat Tax System Economics Essay The comprehensive income tax system in its ideal form enjoys a good reputation due to the structure which is based on the ability to pay principle. In general this principle points out that taxpayers with the same low level of income are taxed at the same rate and the ones with higher income are taxed heavier. 4 What makes this taxation system even more attractive to countries is that due to the equalization of capital and labour income, there is no interest in income shifting. This would be a so called tax arbitrage profit. That means it is more profitable to transform labour income into capital income and pay less taxes due to the different tax burden between labour and capital income. 4 2.1.2 Disadvantages of the comprehensive tax system 4 2.2 Flat Tax 5 2.2.1 Advantages of the flat tax system 5 2.2.2 Disadvantage of the flat tax system 5 Introduction In this Paper I will discuss the so called dual income tax. This system is considered to be one of the most auspicious taxation alternatives to existing taxation systems. This paper is build up in three big chapters. Firstly I will describe the environment of the actual taxation systems. On the one hand there is the system which is used in almost all European countries, the so called comprehensive personal income tax. And on the other hand the flat tax system, which can be found in the Este-European countries. Secondly I will point out more accurately the development of the Dual income tax system with its mayor advantages and disadvantages. Finally I will draw my personal conclusion to the dual income taxation system, its possibilities and future evolution. The major objectives of the taxation system in a country are clearly to earn as much tax affordable to obtain a solid and running state. This aim is collateral with the idea that everybody pays the amount of taxes one has to pay according to the ability to pay principle. Therefore leave as little as possible chances to cheat. Aligned with this aim the system should have two additional targets, fairness and simplicity. Fairness as a basis requires a system to be fair in the way that people with same income should be taxed in the same way. Simplicity should make taxpaying as easy and efficient as possible. This means in an ideal world there would be no exceptions or special tax treatments. Through globalization, easier and faster communication, many people start to find more and more possibilities to optimize their tax expenditures. This, for example is possible by investing in foreign countries causing harm to the own. As a consequence of missing tax income and loosing the possibility to keep up the states standards, a change in form of a reform is unavoidable. There are as many possibilities as there are countries on earth to reform a taxation system, by raising / lowering taxes or changing the whole system to become more attractive again. I will now present 3 exemplary systems. The comprehensive tax system The comprehensive income tax system also known by other synonyms as global income tax, unitary income tax or synthetic income tax is the most used taxation system in western European countries. It has got its name due to the fact that all income types are seen as a one and therefore are added together and taxed as one whole income. In Germany it was installed in the late 1950, and since then has been subjected of many changes from its original form. It was seen as the ideal tax system in Europe because in its original form it could align fully with the ability to pay principle and to both tasks of simplicity and fairness. This method is composed as a system which adds together all the taxpayers income (from labor, capital, rent and business) in a single measure and taxes it with a single progressive tax. Labour income is usually defined as income earned from activities as an employed individual. Capital income can take a variety of forms such as dividends, interests, income from real estate and to add further complications capital income is not always from a single organization, but can come from pension funds, life insurance companies, corporations, banks etc. Business income is income earned out of entrepreneurial activities. Normally the minimum subsistence level remains tax free. Income surpassing this minimum level is typically taxed on a progressive scale. For example in Germany it starts with a tax rate of 15% and ends up as high as 50%. Losses of one income type can be offset with gains from other sources. One tax rate will then be applied on the taxpayers total income (Synthetic taxation system). The idea behind the comprehensive tax scale is the assumption that someone with higher income is able not only in absolute but also in relative numbers to pay a higher share of his earnings to the government. This is by the majority of the most western cultures felt as a fair distribution of the tax burden also called tax fairness. This is the reason why there is a progressive tax table lying behind this structure. 2.1.1 Advantages of the comprehensive tax system The comprehensive income tax system in its ideal form enjoys a good reputation due to the structure which is based on the ability to pay principle. In general this principle points out that taxpayers with the same low level of income are taxed at the same rate and the ones with higher income are taxed heavier. What makes this taxation system even more attractive to countries is that due to the equalization of capital and labour income, there is no interest in income shifting. This would be a so called tax arbitrage profit. That means it is more profitable to transform labour income into capital income and pay less taxes due to the different tax burden between labour and capital income. 2.1.2 Disadvantages of the comprehensive tax system Although this taxation system seems to be clear and easy, when installed and worked with there are always specialties and exceptions. These treatments were implemented during many years and destroyed the purity of the comprehensive system. The special treatments came along with a high amount of administrative costs and a loss of the simplicity. The possibility of the capital income to become negative and be cleared with the labour income is just one example. This even can be seen in the tax declaration. Hardly anybody is capable to hand in a correct tax declaration without concerning a tax accountant. All countries with the comprehensive taxation system implied special tax treatment for a particular type of income (e.g. pensions, capital gains or lottery wins) to grant a tax relieve. But there is no systematic reason that for example lottery wins stay completely income tax free in Germany. Theoretically the State should levy taxes to generate income for funding its public tasks, as production public goods (eg. Schools, streets). It should not use the taxation system to channel the spending and investment behaviour of its citizens and tax payers. By doing so the systematic foundation, the justification and the acceptance of the comprehensive taxation system gets lost. The maximum rate should in no case surpass the 50% level because it is perceived as unfair from the tax payers when more than half of the money earned has to be transferred to the government. Some decades ago Sweden had a maximum tax rate of 90% with the consequence that people had no incentive anymore to generate income and tried to transfer their income stream to foreign countries. This effect is described as a so called Laffer curve. (It is used to illustrate the concept of  Taxable Income Elasticity  (that  taxable income  will change in response to changes in the rate of taxation). The curve is constructed by  thought experiment. First, the amount of tax revenue raised at the extreme tax rates of 0% and 100% is considered. It is clear that a 0% tax rate raises no revenue, but the Laffer curve hypothesis is that a 100% tax rate will also generate no revenue because at such a rate there is no longer any incentive for a rational taxpayer to earn any income, thus the revenue raised will be 100% of nothing. If both a 0% rate and 100% rate of taxation generate no revenue, it follows that  there must exist  a rate in between where tax revenue would be a maximu m. The Laffer curve is typically represented as a stylized graph which starts at 0% tax, zero revenue, rises to a maximum rate of revenue raised at an intermediate rate of taxation and then falls again to zero revenue at a 100% tax rate. One potential result of the Laffer curve is that increasing tax rates beyond a certain point will become counterproductive for raising further tax revenue because of diminishing returns.) 2.2 Flat Tax An alternative to the just described global tax system is the so called flat tax system. Herewith a flat proportional taxation for all net income types, capital, labour and other income is installed. This taxation system does not consider the taxpayers ability to pay taxes but sets a flat level for all income types. Some east European countries (Russia and Slovakia) have installed this taxation system. Russia replaced its progressive taxation system with a single flat tax rate of 13%. (Under a pure flat tax without deductions, companies could simply, every period, make a single payment to the government covering the flat tax liabilities of their employees and the taxes owed on their business income.  For example, suppose that in a given year, ACME earns a profit of 3 million, pays 2 million in salaries, and spends an added 1 million on other expenses the IRS deems to be taxable income, such as stock options, bonuses, and certain executive privileges. Given a flat rate of 15%, ACME would then owe the IRS (3M + 2M + 1M) x0.15 = 900,000. This payment would, in one fell swoop, settle the tax liabilities of ACMEs employees as well as taxes it owed by being a firm. Most employees throughout the economy would never need to interact with the revenue authorities, as all tax owed on wages, interest, dividends, royalties, etc. would be withheld at the source.) 2.2.1 Advantages of the flat tax system Aim of this taxation method is to gain a very simplified and transparent Tax system. Those who perceive the comprehensive taxation system with its progressive effects as unfair often are in favor of a flat tax system and claim it to be fairer to apply the same tax rate to all income sources and amounts. Because there is only one tax rate for all income, the administration costs are definitely lower and there is a balance between lower tax and lower cost. Additionally every taxpayer can easily calculate his taxes due which are usually not the case in the very complex progressive taxation system. After Russia installed the flat tax the real revenues from its Personal Income Tax rose by 25.2%, 24.6% and 15.2% in the first three years. 2.2.2 Disadvantage of the flat tax system Despite all the Pro arguments the problem of the flat taxation system is that hardly any country could keep it as a fully flat income tax system due to too many special tax treatments. Because everybody has to pay the same percentage of his total income the ability of pay performance is not considered or minded. This is the biggest contra argument of the flat tax system. It only seems to be a fair system but leaves only a small to no gap for a fair sharing of the tax burden. For many people it is not convincing why rich people should only pay as much as the poorer. And therefore it can hardly survive. In Addition to fairness another adverse point is the fact of the pure flat tax system that the government loses its power to steer the investing behavior. So if it would be of interest to support the private pension reserves, a deduction of capital income taxes on these payments is not possible. The Dual Income Tax Development of the Dual Income Tax (DIT) system The Dual Income Tax (DIT) is a combination of both of the recent presented tax systems. It is not a plain comprehensive system with a single progressive tax development or a flat tax with only a proportional tax, but a combination of both. It attempts to tax the personal capital income at a uniform (low) proportional tax while maintaining a (higher) progressive rate on the labour income. This taxation system was first introduced in Denmark 1987, other northern countries as Finland, Norway or Sweden followed. Until today the Norwegian system is seen as the most experienced one and is seen as very respected for the consistency with which it was implemented. Until today the system as such had to be subject to changes. Germany introduced the dual income tax system in 2009. Income was taxed according to the global tax system with the progressive taxation method whereas capital income was taxed deducted at source at a rate of 25 %, without exception. A unique aspect of the dual income tax system is the problem of how to distinguish labour from cpital income when the two are mixed together. A typical example is the business man who provides labour and capital with one business. These types of business are tempted to declare their gains of labour as capital income to avoid the higher progressive tax. The Finnish Government countered this problem with a division of dividends paid by unlisted companies into two components. Each half is then treated as either labour or capital income. Advantages of the Dual Income Tax system A country with lower capital income taxation becomes more attractive to foreign investors with a higher local capital income tax. This also has a positive effect on the attractivity of corporate investments. The further positive impact on the economic development is obvious. The generation of capital income tax by collecting it at its source, creates a higher possibility of tax payment in comparison to individual tax declaration. The incentive for capital exports and tax avoidance is reduced by a lower tax rate on capital income. It also diminishes the risk of tax evasion. Neutrality or simplicity means an equal treatment of capital income tax without personalized deductions or any other special handling. The main tax income which is raised for public finance can be brought up alone by the labour income tax. Disadvantages of the Dual Income Tax system Compared to the comprehensive taxation system, the dual income tax system has left the tax arbitrage is theory open. This is the (income shifting between higher-taxed labour income and lower-taxed capital income) to gain the difference between these two tax rates. Nevertheless it can reduce the incentives of capital exports to cheaper capital income neighbor countries. A common mentioned disadvantage of the dual income tax system it the so called problem of the double taxation. This taxation problem does not only exist in this taxation system but is characteristic for this system. Double taxations is a  taxation  principle  referring to income taxes that are paid twice on the same source of earned income. The problem herewith is the question when and how the best way is to tax capital income. The current scheme taxes the first time when earned as labour income. The taxpayer now has got two options, one would be to consume directly and have no further problems. In times of shrinking pension accounts many people prefer to save the money in forms of capital investment eg. shares, bondsà ¢Ã¢â€š ¬Ã‚ ¦ The real dual taxation problem now appears when these capital investments start to pay their interests or dividends. The argument behind this contra argument is that the capital to buy a investment was already taxed. 3.4 The dual income tax system in Germany and its impact In this section I will outline the general impact of the dual income tax system for Germany. In 2009 Germany installed the dual income tax system, keeping its progressive tax for labour income and changing its capital income to a flat taxation rate of 25%. The aim of this change from the comprehensive to the dual income tax system was diverse. First of all the German state wanted to stop the emigration of capital income to abroad countries. By implementing the 25% capital income tax Germany became more attractive to investors from foreign countries like Switzerland due to their higher taxation rate of 35%. As an additional positive effect Germany could hold its own capital income taxes in the country. If Germany would have kept it this way, a major relief of administration on the governmental and in the private sector would have been seen. The taxation on capital income would have been done directly as a deduction at source by the capital organization like banks or pension organizati on, as a standard anonymous fee. This as consequents would have meant a higher and more continuous reliable income flow and a real established flat tax for the capital income tax. But this was not the case, due to a minority, the people whose income tax is below the minimum subsistence level. These people claimed that the taxation of capital income at a rate of 25 % compared to their taxation level from the comprehensive taxation system which is lower than 25 % is unfair and not feasible. This is why the German model of the dual income taxation system could not be installed in its pure way, but with a major amount of adjustments. To give people living at the minimum subsistence level a chance to be taxed by their correct tax rate the capital income tax from banks had to be change from anonymous to personalized. On the one hand this meant a huge effort for banks to change their standard fee to a personalized fee tracing every capital movement on bank accounts. And on the other hand the anticipated administration reduction was not fulfilled. Taxpayers below the minimum subsistence level still have to create a tax declaration with a special request form. The problem with one special treatment is that it never comes alone, and so it is the same in Germany. As one of the few countries left which still has got the church tax as a fixed component of the tax system, the simple neglection as it is foreseen in the flat tax system for capital income was not possible, has to keep the church tax specialties in mind. The church fee in Germany is even dependant the federal state you life in and can vary between 8 9 %. In the old comprehensive system it was an easy task to retain the church taxes, due to the fact that this tax was retained as one tax from the hole income. With the new dual income tax system the labour income part of the church taxation is treated in the same way, by deduction of the entrepreneur. But to keep the principle of being a fair state, of course the capital income part of the church tax hast do be discharged as well. In principle this doesnt seem to be that big of a task but as the capital income is deduced by a capital company as banks even more information exchange is necessary. An aligned problem with the further information exchange is the question if a, lets stay with this example, bank should have the right or need to know ones religious orientation. As a diverse and social alert state Germany added another special treatment to the capital income taxation system. Church tax payers who have capital income then have two options. These would be on the one hand, provide your bank with you religious orientation who then would have to check each capital income payment on the capital income tax 25 % the 5,5 % solidarity surcharge tax and then depending on the Information the 8 9% church taxes. Or on the other hand declare your taxes through the normal tax declaration and being charged retroactively. Especially here you can see how the gap between fair and simple is a thin line which Is hard to meet. Either a taxation system is held flat and small so special tax treatments like church taxes or the regard of the Taxpayers below the minimum subsistence level are not concerned, or the system is tried to be held fair and a huge amount of administrative costs is installed. Another side effect of the dual income tax system is a well known problem that in general equity in personal businesses should be intensified. With the flat tax for capital income in Germany unfortunately the opposite is achieved. If an business owner gives a loan to his own company, his interest incomes are taxed according to the normal progressive tax rate (up to 50%). Giving the money to the bank instead of his own company allows him to make use of the favour of the flat tax rate. This lead to an unforeseen out pulls of money of personal businesses and reinvesting it in the capital market. Here again the question can be asked, which aim is the dual income taxation system following? If the main aim was to ensure a larger capital spend in the local market then the aim was fulfilled, but if a long term effect as supporting the increase of equity in private businesses was targeted then a clearly miss must be admitted. Anyhow the change to the dual income tax system for people with income greater than the minimum subsistence level presented a pleasant relief. As the capital amount of exemption in Germany is currently at 801 euros any capital income higher than 800 euros (20000 euros at an interest rate of 4 %) and a labour income tax higher than 25 % can make a noticeable saving. The problem in the Germany state is that it always tries to care for everybody, this is why a simplified system is hard or even impossible to install in Germany. Conclusion Because the fiscal functionality is not a static system there is in my opinion hardly any tax system which can last all too long. This is also the reason way a change in the German taxation system was needed badly. In my opinion the dual income tax system as it is thought of, in its original form without any special treatments is a very attractive and a realizable taxation system. With its aim to simplify the capital taxation by installing a flat tax which is deducted at the source is a major relief to administrative effort. As a critical discussion Point concerning the dual income tax system, is my question: can a taxation system be seen as fair if a person who owns an X amount of Euros (which is enough for him to live from the interests) should be allowed life a nice and easy life and only having to pay a low capital income Tax. on The contrary the taxpayer working 330 days paying the higher labour tax rate according to a comprehensive tax system? To illustrate this a little more clearly lets make a simple example with numbers. In the one hand we have the rich person with a capital of 5 million Euros who, with a interst rate of 4 %, has got a capital gain of 200.000 Euros. As this is seen as capital income it is only taxed at a low rate of 25 % so, the rich person can keep net 150.000 à ¢Ã¢â‚¬Å¡Ã‚ ¬. He can keep his life standard without working and exaggerated be on holiday the whole year. On the other Hand the person who works hard and has got a labour income of 200.000 Euros, hast to pay the top ta x rate of 50% and can only use the remaining 100.000 Euros. Summary Due to new European taxation systems many countries changed their view on taxation and had no other opportunity than to reform their own system. The dual income tax system, as a so called Scheduler Taxation System, because it has different schedules for the different income types originates from two different taxation models, these are a comprehensive, and flat tax taxation methods. The Main aims of the DIT system is the separation of capital and labour income. The dual income tax system underlays a proportional tax rate on all net income (e.g. Capital, interests, dividends, business income, income from real estate) and a progressive tax rate on labour income. With this background I took a look at the previous described Tax systems. Conclusions of the A major problem of the dual income tax in Germany is the sense of unfairness that is implemented by the general application of this tool. This lead to possible individual tax deductions. A general capital income tax, that is collected right where it is generated from the bank and is discharged anonymously is administrated easily. An advantage of a flat tax rate is ideally a simplification of the existing system. In Germany however in order to avoid unequal treatment individual tax deductions are possible. This counterstrikes the hoped effect. Vereinfachungs effect flat tax vereinfachung. A) keine abzà ¼hge b) depot gebà ¼hrenà ¢Ã¢â€š ¬Ã‚ ¦ etc. Æ’Â   wird einfacher aber immer grà ¶ber (ungerecht)Aufantragà ¢Ã¢â€š ¬Ã‚ ¦. Auch die capitalertrà ¤ge.

Efficient Market Hypothesis and Behavioural Finance

Efficient Market Hypothesis and Behavioural Finance 1.1 Aim of Chapter This chapter aims to give an overview of the dissertation. To start with, general backgrounds concerning the efficient market hypothesis (EMH), behavioral finance and market anomalies are mentioned briefly in order to provide better understanding about the modern area of financial study. Then, two opposed concepts of investment strategies, Contrarian Strategies and Momentum Strategies, are addressed leading to the next section which mention the main purpose and summary of findings of this research. Lastly, the structure of the dissertation has been outlined at the end of the chapter. 1.2 Background of knowledge about efficient market hypothesis (EMH) The theory of market hypothesis (EMH) is one of the most crucial theories in standard finance that have been revised and tested over the past few decades to uncover its imperfection. This theory was introduced by Professor Eugene Fama in 1970. As defined in his article, the efficient market is the market where securities are priced, at any point of time, by accessible information. It is believed that the markets are extremely efficient that individual stocks and stock markets as a whole are fully reflected by all available information. When new information enters the market, stock prices incorporates the news and responds very quickly with our any delays; therefore security prices are the accurate source of data which can be used as signals in trading investment process. By examining the level of how relevant information reflects in security prices, Fama (1970) categorizes the market efficiency into three forms: weak, semi-strong and strong forms of EMH. However, this theory relies o n certain assumptions, for example, there is no transaction cost paid in trading securities and it is costless for all participants to gather information available in the markets. The weak form of EMH is the condition that exists when share prices are fully reflected by trading data such as past price (or return) histories. For that reason, investors cannot exploit mispriced securities and earn excess returns by using historical stock quotations or charts. Semi-strong form of EMH is the condition that exists when share prices incorporates market trading data and publicly available information. The examples of this type of information are announcements of annual earnings, stock splits, annual reports, analyst forecasts, etc. As a consequence, investors cannot exhibit gains by rely only on fundamental and macro-economics data. Strong form of EMH is the condition that exists when market prices of stocks adjusted according to every kind of accessible information. This includes hidden inside information which are known among specific group in the company (e.g. the top executives and group of operational managers) or some individuals that have monopolistic access to information (e.g. managements of mutual funds). Thus, abnormal profits cannot be generated by either using internal or external information of the company. In other words, both individual and professional investors cannot beat the market and earn excess returns in every way due to the perfect efficiency of the stock markets. As claimed by efficient market hypothesis, market will be efficient in weak form if the past and future returns are not correlated, in other words, they are independently and identically distributed. Thus this refers to the idea of the random walk model. However, Fama (1970) affirms in his literature that the test of random walk model leads to the evidence of weak-form EMH, but not vice versa. Burton (2003) identifies the definition of random walk in his paper that it is the state where the flow of information on specific day is incorporated in stock prices on that day only, not for the subsequent period. The news announced in the market is unpredictable, thus stock prices changes are displayed in a random pattern. As a consequence, uninformed investors are able to earn equal rate of returns as what achieved by professional investors if they long position in well-diversified portfolios. In his paper, Burton tries to examine the criticism of the efficient market hypothesis and the idea that stock prices can be predicted based on initial valuation parameters (e.g. price-earnings multiple or dividend yield). He uses time-series analyses of accounting numbers and multiples and comes up with the results revealing that the stocks market are efficient enough, but it is difficult to predict the share prices. Moreover, the findings also reveal that anomalous behavior of stock price s may exist, but investors cannot create portfolio trading opportunity and gains excess risk adjusted returns. Fama (1997) states in his study that there are many literatures concerning behavioral finance and market anomalies challenge the hypothesis of efficient market. The opposed idea suggests that stock prices slowly absorb information available, which can be denoted as the market inefficiency. 1.3 Behavioral Finance and Market Anomalies Behavioral finance is the new area of financial study concentrating on the psychology of market and its participants. This field of study has started to appear in many academic journals from 1990s. Shefrin (2002) publish a book regarding the behavioral finance trying to find and explain reason behind the behavior of investors, both professional and individual. The author suggests that investors, who are sometimes prone to commend mistakes and errors, tend to rely on their emotional and psychological forces, thus this causes many market anomalies, the state where there is inefficiency in stock markets, to take place. Two well-known papers of Berberis, Shleifer, and Vishny (1998) and Daniel, Hirshleifer, and Subramanyam (1997) proposed behavioral models to explain the conflicting theory of efficient market hypothesis. They reject the previous belief with the proposition that the behavioral biases (i.e. judgment bias) of investors cause the anomalies and knock down the old theory behind. They present the concepts of over-reaction and under-reaction which accommodates the existence of long-term excess returns. Berberis, Shleifer, and Vishny (1996) create a model based on cognitive psychology of two judgment biases: the representativeness bias and conservatism. In their study, the empirical findings of investors’ behaviors are divided into two main groups: one perceives that earnings are mean-reverting. Thus, stock prices show a delayed short-term response and under-react to change in earnings. Another group believes that firms’ earnings are trending which leads to the overreaction in stock prices. The earnings follow the random walk process; hence, this leads to reversal of long-term returns. Daniel, Hirshleifer, and Subramanyam (1997) have different views in conducting the behavioral models. They split the sample group of investors into two categories: informed and uninformed investors. They find that judgment biases are not found among the uninformed investors, but detected among the informed ones. Informed investors are the group of people that determine the stock prices. They are exposed to two kinds of behavioral biases: overconfidence and self-attribution biases. Overconfidence causes the overstatement in investors perception of their private stock prices signals, while self-attribution bias causes investors to underweight the public signals about the value of companies. Therefore, the circumstance of overreaction to private information and under-reaction to public information generates continuation of stock returns in the short run. Overreaction leads to the concept of contrarian investing, whereas underreaction induces the theory of momentum investing. 1.4 Investment Strategies 1.4.1 Contrarian Investing Contrarian investing is the strategy that aims to generate profits by investing in the direction that goes against the conventional investors. In normal condition, short-sighted investors, who overweight the recent trends of past stocks prices and use this information to predict future prices, engage in buying stocks with good performance in the past hoping that it will continue to perform well in the near future. However, contrarian investing focuses on the opposite direction. People who employ this strategy tend to buy the shares that others have given up on due to either their poor past performance or their miserable and unclear future prospect. They expect the market to react to the behavior of the crowd, so that they can exploit the mispricing of securities and earn abnormal returns. 1.4.2 Momentum Investing Momentum investing is the strategy that is the opposite of contrarian investing. People who employ this strategy seek for making profits by relying on the continuance of the past stock prices and trends in the market in an attempt to predict prospective prices in the future. It is believed that the good stocks with price increases and strong performance in the past will keep on outperforming and generate gains in the future, and vice versa for the poor stocks. Thus, momentum investing suggests investors to hold stocks that had high returns and sell those that had low returns (buy winners and sell losers). The detailed of these two investment strategies will be discussed in the next chapter which both strategies will be supported by existing empirical evidences from several renowned academic papers. 1.5 Purpose and Findings of the Research The purpose of this research is to examine the profitability of momentum strategies, which is one of the most debated investment strategies in financial study, in the UK stock market. This paper employs the prices and returns data of FTSE 100 composites – the top 100 biggest companies in London Stock Exchange – as a proxy of the whole UK stocks. The observation period lies between July 21, 2000 to July 21, 2010, which gives a total of 10 years period. Thus, the main contribution of this study is to comprehensively revise existing literatures and employ the more up-to-date the data set with the well-known procedure to test the existence of momentum investing and its profitability in the UK market. However, the findings reveal no evidence of momentum profitability in the observed time for UK stock market, which are inconsistent with the prior research conducted using the different sample periods. 1.6 Structure of the Dissertation The rest of the dissertation is organized as follows: Chapter two comments on the review of the literature regarding the momentum strategies and its criticism, including the opposed theory of contrarian investing. Academic papers concerning the momentum strategies are divided into categories regarding the region of data employed. We carefully asserted and analyzed each paper to find the gaps which are necessary to be concerned for further researches in the future. Then, chapter three gives an overview of data and methodology used in this research. Chapter four shows the summary statistics of data, empirical results and interpretations. Finally, last chapter provides a summary of the results, as well as the limitations of the study.

Essay on Lack of Meaning in Catch 22 -- Catch-22

Lack of Meaning in Catch 22 Â   Â   Â  Most of what we say has no meaning. This idea is supported on every page of Joseph Heller’s Catch 22. Almost every scene in the novel contains dialogue where the people speak aimlessly and have no explanation for why they are talking. Â   Colonel Cargill addresses his men by saying, "You're American officers. The officers of no other army in the world can make that statement. Think about it."Â   Even though the remark is true, it has no meaning. These type of random statements and dialogues occur throughout the whole book. Another situation when two people speak without making any sense is when Clevinger is being questioned. "I didn't say you couldn't punish me," said Clevinger. "When?" asked the colonel. "When what, sir?" "Now you're asking me questions again." "I am sorry, sir. I'm afraid I don't understand your question."Â   Later in the interrogation, the colonel is so twisted in his conversation that he no longer wants to know when Clevinger said that he could not be punished. He now wants to know when Clevinger did not say that he could not be punished. Clevinger quickly rebuts and states, "I always didn't say you couldn't punish me, sir." Finally, the colonel is satisfied with that answer even though Clevinge r's statement did not answer the question and has no meaning. Â   Major Major often spoke with a lack of meaning. He simply did not make sense. For instance, he told Sergeant Towser, his assistant, "From now on, I don't want anyone to come in to see me while I'm here."Â   According to this statement, when would anyone be able to see him if they could only go to his office when Major Major was out? When Appleby once went to see Major Major, he started to talk to Sergeant Tows... ...ent wave lengths. This is seen when Clevinger is being questioned. The colonel and Clevinger are thinking so differently at the time, that there is no way they would be able to understand one another. This book definitely makes one realize how difficult it is to communicate, the problems people have trying to understand one another, and realizing that sometimes what we say has no meaning. Â   Works Cited: Â   Frank, Mike. "Enos and Thanatos in Catch-22." Contemporary Literary Criticism. Ed. Roger Matuz. Vol.11. (77-87) Â   Heller, Joseph. Catch-22. Detroit: Gale, 1990. Â   Kennard, Jean E. "Joseph Heller: At War with Absurdity." Contemporary Literary Criticism.(75-87) Ed. Roger Matuz. Detroit:L Gale 1990. Â   Pearson, Carol. "Catch-22 & the Debasement of Language."Contemporary Literary Criticism. (277)Matuz . Detroit: L Gale 1990. Â  

Shakespeares Hamlet - The Ghost Of Hamlet’s Father Essay -- GCSE Engl

The Ghost Of Hamlet’s Father      Ã‚   What would Shakespeare’s tragedy, Hamlet, be like without the character of the Ghost? The drama simple wouldn’t BE! The Ghost, though not a human character in most senses of the word, is crucial for the development of the play. This essay will analyze this interesting character.    Frank Kermode in â€Å"Hamlet† fits the Ghost into the local and national scene:    But meanwhile the ghost – â€Å"this thing† – has appeared. (Horatio as skeptic raises questions as to its status which could have been avoided.) There has been speculation as to its purpose, but one thing seems sure: it has to do with the state of the nation – it   â€Å"bodes some strange eruption to our state† – and with the armaments drive now in progress under the threat from Norway. That it genuinely has to do with the state of the nation – its spiritual rather than its merely political state – we shall learn; and to give us a â€Å"musical’ sense that this is so, there is the unexpected speech about Christmas. (1138)    The Ghost means more than a commentary on the spiritual and political state of the nation. Gunnar Boklund’s   â€Å"Judgment in Hamlet† introduces the Ghost in terms of the dilemma of the protagonist:      It is a commonplace to refer to Hamlet’s â€Å"dilemma† and a critical problem to explain in what this dilemma consists. A natural way to come to terms with the problem is obviously through the character that forces the dilemma upon Hamlet, that is to say, the Ghost. This is a particularly attractive approach, since it promises to bring the findings of modern research into Elizabethan demonology to bear directly upon the question of the nature of the Ghost and its message. It was apparently generally believed, a... .... San Diego: Greenhaven Press, 1999. Rpt. from The Masks of Hamlet. Newark, NJ: University of Delaware Press, 1992.    Shakespeare, William. The Tragedy of Hamlet, Prince of Denmark. Massachusetts Institute of Technology. 1995. http://www.chemicool.com/Shakespeare/hamlet/full.html    Ward & Trent, et al. The Cambridge History of English and American Literature. New York: G.P. Putnam’s Sons, 1907–21; New York: Bartleby.com, 2000 http://www.bartleby.com/215/0816.html    West, Rebecca. â€Å"A Court and World Infected by the Disease of Corruption.† Readings on Hamlet. Ed. Don Nardo. San Diego: Greenhaven Press, 1999. Rpt. from The Court and the Castle. New Haven, CT: Yale University Press, 1957.    Wilkie, Brian and James Hurt. â€Å"Shakespeare.† Literature of the Western World. Ed. Brian Wilkie and James Hurt. New York: Macmillan Publishing Co., 1992.

Impact of Computers on Children :: Exploratory Essays

Impact of Computers on Children Children growing up in this generation are experiencing a greater impact from computers than in the past. In the past, children and adult, could make a life without a computer, as it wasn’t a necessity or found to be all that useful from time to time. A higher level of dependency on these computers has been established, and society only has more to come in the future. The technology that comes with these complex machines is becoming more developed and is making everyday tasks simpler for most. Computers have changed our nation in many ways, from the way we operate to the accessibility of worldwide resources such as the Internet we use frequently today. The purpose of this paper is to discuss the fluctuation of the influence of computers on a child’s education in their early years, as it has been in the past, how it is in the present, and how it might be in the future. First of all, the computer’s role in society has increased significantly throughout recent years. In the past, a computer was mostly used for minor tasks, such as typing a paper or playing a game for leisure. A child could rarely be found sitting in front of a monitor screen, and they usually didn’t even know how to operate the machine. Software games were on the market, but were not very popular for purchase. Usually the more developed households and higher-class families were the ones that contained a computer at home, but mostly adults were found to be the users. Many families found it easy to do without one, as they were mostly used for typing, and typewriters or handwriting took their place. In the past, computers went without the Internet, were extremely slow, and weren’t capable of much of anything.

British Monarchy and comparison with Turkey

The United Kingdom of Great Britain and Northern Ireland is a constitutional and hereditary monarchy. In practice, it is a democracy operating by a parliament system (a system in which supreme authority is held by the legislature) under a figurehead sovereign who â€Å"reigns but does not rule. † The British parliament system, with a head of state who is not the head of government, has been a model for many other countries. Wales and England (excluding Greater London) are divided into counties and metropolitan counties, which are heavily populated areas. All counties are subdivided into districts.Each county and district has an elected council (Coleman, 2006). A government reorganization, effective in 1974, greatly reduced the number of local administrative units and redrew county boundaries. Thesis Statement: This study scrutinizes the differences and similarities between British monarchy and the government system of Turkey; thus, it also figures out the differences between c onstitutional monarchy and republic and gives idea of what absolute monarchy and a constitutional monarchy are. II. Discussion A. Differences and Similarities o British Monarchy Constitution.The British constitution is not to be found in any single written document. It is a body of rules consisting partly of written material and partly of established principles and practices known as conventions. It includes historic documents such as Magna Charta, the Petition of Right 91628), and the Bill of Rights (1689). It includes certain basic statutes (laws). And it includes rules established by common law (Winter, 2003). Rules of the constitution can be changed only by an act of parliament or through establishment of a new convention by usage and general acceptance.Composition of Government. Parliament, although supreme, governs in the name of the Crown (monarch). There are three organs of government—legislature, executive, and judiciary. ? The legislature consists of the two house o f Parliament and the Queen (whose formal assent must be given before a bill becomes a law). ? The executive consists of the cabinet and other ministers (officials) of the Crown; administrative departments staffed by Civil Service employees and usually headed by ministers; local authorities; and boards created by statute to operate various industries and services.The Queen is formally the head of the executive body. The ministry, representing the political party in control of Parliament, is called Her Majesty’s government or the government (Crowl, 2002). ? The judiciary, of which the Queen is nominally the head, is independent of both the legislature and the executive. Crown. The inheritance of the throne goes to the eldest son and his heirs, or if there is no son the eldest daughter and her heirs, or if there are no children to the eldest brother and his heirs. Elizabeth II succeeded her father, George VI, in 1952.The Queen acts in governmental matters only on the advice of h er ministers, and by convention may not refuse to act on such advice. Not only her approval but her participation is required in the conduct of government. She summons and dissolves Parliament, approve bills, and signs state papers. She approves the appointment of all ministers of the Crown and gives her consent to the formation of a cabinet. In doing so, she sometimes has a choice in selecting a new prime minister. In consulting with her ministers she may exercise some influence over policy (Morgan, 2004).Because of the sovereign’s central role in the function of government, British law provides for the appointment of a regent to act in the event that the sovereign is unable to perform the responsibilities of the Crown. As formal head of the British Commonwealth of Nations, the Queen is the symbol of Commonwealth unity. In addition to her roles in government, she is head of the armed forces and temporal head of the Church of England. The Privy Council assist the Queen in iss uing Orders in Council and royal proclamations. It is largely an honorary body that acts on decisions made by ministers or Parliament.It is composed of all cabinet members and more than 300 eminent persons selected, for life, by the Queen upon the recommendation of the prime minister. Parliament. The upper house of Parliament is the House of Lords, in which membership is hereditary or by appointment; the lower is the House of Commons, an elective body. ? The House of Lords has more than 1,000 members, consisting of royal princes (who take no active role), hereditary peers and peeresses, spiritual lords (archbishops and senior bishops of the Church of England), and life by the Queen upon the recommendation of the prime minister).The life peers include Lords of Appeal, jurists who serve as justices when the House functions as a court of appeal (Crowl, 2002). All hereditary Scottish peers are entitled to seats in the house of lords, but Irish peers ate excluded unless they hold peerage s of Great Britain or the United Kingdom. Only about 150 members actually attend. The House of Lords has limited power. It can neither reject nor amend legislation dealing with finances, but can delay other kinds of legislation for one year. The House of Lords thus serves as a check on hasty action by the Commons. Members of the House of Commons, called members of Parliament (M.P. ’s) are elected by universal adult suffrage. Parliament cannot sit indefinitely, but must be dissolved at least once every five years. General elections are called after it is dissolved (Coleman, 2006). The prime minister is responsible for determining when a general election is held and may call for one at any time within the five-year period. One member is elected from each of 635 constituencies (electoral districts determined by population). A member does not have to live in the constituency from which he is elected. A by-election is held within an individual constituency when a vacancy occurs (R andle, 2001).The political party or coalition of parties holding the majority of seats in the House of Commons provides the prime minister, usually the acknowledged party leader. The prime minister chooses the other ministers of the Crown and designates certain ones to be members of the cabinet. A small number of ministers are taken from the House of Lords, the majority from the Commons. The largest minority party in the House of Commons leads the official Opposition. The House of Commons normally adopts the bills proposed by the government and affirms its program.However, if the government follows a course displeasing to the House of Commons, a vote of confidence is taken (Randle, 2001). If it is negative, the government must resign. Generally, Parliament is then dissolved and a general election is held. The Cabinet and the Ministry. Under the leadership of the prime minister, the cabinet and the ministry perform the executive functions in the British government. The cabinet is com posed of the most important ministers, usually not more than 20. The ministry includes all heads of administrative departments.Some are known as secretaries of state, some as ministers, and some by special titles, such as the Chancellor of the Exchequer. There are also ministers who are not department heads. Other members of the ministry are the Lord Chancellor and law officers (Morgan, 2004), deputy ministers known as ministers of state, and junior ministers known as parliamentary secretaries or undersecretaries of state. Judicial System. The House of Lords is the highest court of appeal for civil cases and for certain criminal cases. The Supreme Court of Judicature, composed of the High Court of Justice and the Court of Appeal, deals with important civil cases.Minor cases are tried in county courts. Criminal cases may be appealed to the Court of Criminal Appeal, after being tried in assize courts or magistrates’ courts (Morgan, 2004). Trial by jury is used for all but minor crimes. Administration of the judicial system is shared by the Lord Chancellor and the home secretary, both members of the cabinet. Defense. The three branches of British armed forces are the army, the Royal Air Force, and the Royal Navy (which includes the Royal marines). Civilian control is exercised by the secretaries of state of war and air and the first lord of the admiralty (Randle, 2001).All three are responsible to the minister of defense, a member of the cabinet. o Turkey The Republic of Turkey was proclaimed in 1923, with Kemal Atturk as its first president. Far-reaching political, social, and economic reforms were put into effect. Ataturk abolished the sultanate and later exiled all Ottoman heirs. He did away with old traditions associated with the empire—men could no longer wear the fez (a hat), nor women the veil. Women were given political and civil rights equal to those of men. Church and state were separated (Spencer, 2003) , and the property of the mosques n ationalized.Universal education and a new law code were introduced. When many of these changes were not accepted by the people, Ataturk assumed unlimited dictatorial powers. After his death in 1938, the premier, Ismet Inonu, was elected president. By the Montreux Cinvention of 1936, Turkey was given the right to fortify the Dardanelles and Bosporus straits. Treaties of alliance were signed with Great Britain and France in 1939. During World War II, Turkey remained neutral until 1944, when it broke relations with Germany (Weiker, 2001). The following year, it declared war on Germany and Japan. Government.Turkey has been a republic since 1923 as mentioned earlier. Under the constitution to the Third Republic (1982), executive power is vested in the president, legislative power in the National Assembly, and judicial power in independent course. The president (head of state) is chosen by the national Assembly for a seven-year term. He is assisted by a state advisory council, composed of former presidents and military chiefs of staff. From among the national Assembly (Hale, 2001), the president appoints a prime minister (head of government0, who in turn selects the other ministers to form the Council of Ministers (cabinet).The national Assembly is composed of 450 deputies popularly elected for five-year terms. The president has the power to dissolve the national Assembly and rule under emergency powers. The judicial system consists of civil, administrative, military, and constitutional courts. The regular civil courts include courts of first instance (courts having original jurisdiction), central criminal courts, and commercial courts. The highest tribunal is the court of cassation, which is a court of appeals (Weiker, 2001). Local Government. Turkey is divided into 67 administrative divisions it calls ils, each named for its chief city.An il is subdivided into ilces, and these in turn into bucaks. At the head of each il are a governor, representing the central gov ernment, and an elected council. Military Affairs. Turkey maintains a regular army, navy, and air force. In addition, there is the Jandarma, a rural police force. Military service is compulsory for all men after the age of 20 for a 20-month period. B. Difference of absolute monarchy, constitutional monarchy and republic. Absolute monarchy pertains to the absolute power of the king or queen as the ruler of the country.The power has bestowed in him/her to do the things he/she wishes to do. On the other hand, constitutional monarchy is under the ruling of the king however it’s accompanied with the constitution. The king or queen cannot decide for himself/herself or make any moves which are not written under the constitution (Bogdanor, 1997). Every decision should be in line in the constitution of the said country. When we say republic, it pertains to a country in which both the head of the state and the members of the legislature are elected directly or indirectly by the people. Most of the nations of the world today, including the United States and the Soviet Union, are republics. The rest, in most instances, are monarchies, in which the head of the state (a king, queen, or prince) comes into office through inheritance. III. Conclusion In conclusion, many people are not happy under these kinds of monarchies because they don’t see the function of the royal families anymore. People are all feed up and see that monarchies are a way of showing selfishness to power because only the blood line of the king or queen can inherit the throne and not giving a chance to others.In 1980 in Turkey, after renewed violence between political factions, the armed forces seized control of the government, disbanded parliament, suspended the constitution, and established a ruling junta of military officers. Within two year, the junta achieved political stability and eased some of the coutnry’s economic difficulties. Reference: 1. Bogdanor, Vernon (1997). The Monarch y and the Constitution. Clarendon Press. : Oxford. 2. Coleman, Francis (2006). Great Britain: the Land and Its People (MacDonald). 3. Crowl, P. A. (2002). The Intelligent Traveler’s Guide to Historic Britain (St.Martin’s Press). 4. Hale, William (2001). The Political and Economic Development of Modern Turkey (St. Martin’s Press). 5. Morgan, K. O. (2004). The oxford Illustrated History of Britain (Oxford University). 6. Randle, John. (2001). Understanding Britain: a History of the British People and Their Culture (Basil Blackwell). 7. Spencer, William (2003). The Land and People of Turkey, revised edition (Harper & Row). 8. Weiker, W. F. (2001). The Modernization of Turkey: from Ataturk to the present Day (Holmes & Meier). 9. Winter, Gordon (2003). The Country Life Picture Book of Britain (Norton