Major Causes Of The Global Financial Crisis Economics Essay

Major Causes Of The Global Financial Crisis Economics Essay This is what this paper tries to do. It proceeds in three steps. The first reviews what do we mean by the term Financial Crisis or Credit Crunch and also a brief description on global financial crises. The second identifies what is the Causes of Global financial crisis (2008onwords). The third, and the most tentative of the three, takes a first pass at the contours of different macroeconomic policy i.e. U.S Government Macro-economic Policy measures. Financial Crisis or Credit Crunch A credit crunch (also known as a credit squeeze or credit crisis) is: A sudden reduction in the general availability of loans (or credit), or a sudden increase in the cost of obtaining loans from banks Bernanke and Lown (1991) define a credit crunch as a decline in the supply of credit that is abnormally large for a given stage of the business cycle. Credit normally contracts during a recession, but an unusually large contraction could be seen as a credit crunch. When point comes to a financial crisis, it means a poorly functioning financial markets this inadequate performance of financial markets can lead to the limited entry of new firms, low production in the firms on hand, and greater financial constraints form small and medium enterprises. (Anna and Robert, 2005) There are several reasons why banks may suddenly increase the costs of borrowing or make borrowing more difficult. It can be used, because the expected drop in the value of collateral when granting loans to banks, or even to a greater awareness of the risks associated with the solvency of other banks in the banking system. It may be a change in monetary conditions (for example, when the central bank suddenly raising interest rates), or because the central government introduced direct instruction credit checks or banks do not engage more in loans additional. The negative effects of trade losses considerably, while the slowdown in growth, worsening of macroeconomic balances and huge inflationary pressures, etc. It is now clear that the current turmoil is more than simply a liquidity event, reflecting deep seated balance sheet fragilities and weak capital bases stated the International Monetary Fund. Global Financial Crisis The world economy experienced a severe economic downturn. Global financial crisis has caused economic activity, stop and dimmed the outlook for global growth. Although the severity and duration of the crisis are still unclear, the major industrialized countries have already or close to recession and global slowdown should lead to deeper and far more than previously thought. As the deepening financial crisis intensifies its grip on the global economy, Asian economies have begun to feel its effects. (James, William E. et al. 2008). According to Mohan, (2007) Taylor, (2008) the proximate cause of the current financial turbulence is attributed to the sub-prime mortgage sector in the USA. At a fundamental level, however, the crisis could be ascribed to the persistence of large global imbalances, which, in turn, were the outcome of long periods of excessively loose monetary policy in the major advanced economies during the early part of this decade. DeBoer (2008) believes that it was series of events which caused the crisis; it begins with the collapse of currencies in East Asia in 1997 and became edgy due to the financial crisis of Russia in 1998. Next, in USA was the dot-com stock collapse in 2001, and the final stroke was again in USA, when after a swift decline in housing prices and rapid contraction in credit, it fell into recession. Rasmus (2008) has the same thoughts; he, while discussing the reasons of economic recession of U.S said The real ailments afflicting the US economy for more than a quarter-century now include sharply rising income inequality, a decades-long real pay freeze for 91 million non-supervisory workers, the accelerating collapse of the US postwar retirement and healthcare systems, the export of the US economys manufacturing base, the near-demise of its labor unions, the lack of full time permanent employment for 40 per cent of the workforce, the diversion of massive amounts of tax revenues to offshore shelters, the growing ineffectiveness of traditional monetary and fiscal policy, and the progressive decline of the US dollar in international markets. Facts behind the Crisis According to Friedrich-Ebert-Stiftung the current economic difficulties have a United States origin. The original underlying assets were houses whose prices were falling. The collapse of the securitized US mortgage market And its related derivative products amplified the weakness of the US housing sector, sending a contraction shock through the US economy and to the rest of the world. Causes of Global financial crisis As Nikolson (2008) acknowledged that financial crisis which instigated from USA has now become a global phenomenon. At present, not only in U.S but across Asia and Europe, stock exchanges crashed; collective losses of the London, Paris and Frankfurt markets alone amounted to more than 350 billion Dollars. Stock Exchange 100 index closed more than 323 points down in January 2008 (Times online 2008). There are some positive factors present in the circumstances. A rapid decline in prices of raw materials and energy caused by falling demand is temporarily tamed the inflation pressure. The proposed response to the Asian Development Bank, the Global Financial Crisis (2009), several countries have tried, the impact on the global economic slowdown and financial crisis of monetary policy (liquidity injections and rate cuts), the fiscal policies (tax benefits packages and revenue expenditure) and fiscal policy (deposit insurance and rescue). About the cause of current crisis Bartlett (2008) said that crisis was started with the downfall of US sub-prime mortgage industry , the intensity of this collapse was significant; Mark-to-market losses on mortgage-backed securities, collateralized debt obligations, and related assets through March 2008 were approximate $945 billion. He further stated that it is The largest financial loss in history. Global Macroeconomic Imbalances According to Portes (2009), global macroeconomic imbalances were the major underlying cause of the crisis. The savings-investment imbalance, which provide much of the transnational flow of capital too much weight to the funding process to produce global imbalances and the interaction with the defects of financial instruments to specific features of the crisis. This view is, however, provides only a partial analysis of the recent global economy. The deep and lingering crisis in global financial markets, the extreme level of risk aversion, the mounting losses of banks and financial institutions, the elevated level of commodity prices (until the third quarter of 2008) and their subsequent collapse, and the sharp correction in a range of asset prices, all combined, have suddenly led to a sharp slowdown in growth momentum in the major advanced economies Subprime Mortgage Crisis YÄÂ ±lmaz (2008) charged U.S subprime mortgage industry to be the major reason of current global financial crisis, he also stated that the total loses estimated initially up to $300 to $600 billion are now considered to be around $1 trillion. Sub-prime crisis is the housing crisis and the financial crisis, triggered by the sharp rise in defaults and foreclosures in the United States, the main negative impact on banks and financial markets through the world. The crisis of the late 20 Century appeared in 2007 and is disclosed stem constantly weaknesses in the regulation of the financial sector and the global financial system. Khatiwada and McGirr (2008) stated that many of these subprime mortgage loans in the balance sheet of banks they never have been born, and they are to attract foreign banks, which are high investment rating, with subprime borrowers to repay their s mortgages, originating institution closure of his own money to finance its assets back to the balance sheet. There was a lot of banks in the sustainability of public finances, uncontrollable relatively short calendar. Global Trends (2008 onwards) I would like to highlight some Global trends leading to the crisis are: High Commodity Prices: In 2008, the prices of many commodities such as oil and food, so high that it causes real economic damage. In January 2008 the price of oil crossed $ 100 a barrel for the first time, the first step in a series of awards after this year. In July, the oil price was $ 147 per barrel, though prices fell quickly. Trade: In mid-October 2008 Baltic Dry Index, a measure of cargo volume decreased by 50 percent from one week loan crisis, it was difficult to obtain letters of credit for exporters Inflation: In February 2008, Reuters reported that headline inflation to historic levels, and that domestic inflation was 10-20 years a large number of people. Supporting the oversupply of money in the world, growth spurt, a loose monetary policy in Asia, speculation in commodities, years of poor harvests, rising imports from China and the growing demand for products food and raw materials, rapid growth of emerging economies, Possible causes of inflation, as indicated. In mid-2008, IMF data showed that inflation was highest in oil-exporting countries and Asian developing countries, because the price of oil and food prices. Unemployment: The International Labour Organization estimates that are 20 million jobs lost, when he have the end of 2009 because of the crisis particularly construction, real estate, financial and automotive sector unemployment lay in the world more than $ 200 million for the first time. (Muhammad Usman IPRI Journal) US Government and financial crises Barack Obama, the new president of the United States has implemented a comprehensive economic policy in the United States on the economic crisis. Although the United States is facing the financial crisis now, and there is a recession looming economic problems of the United States several were taken to standardize. DeBoer (2008) believe that such bailout programs and other supporting packages from governments is like offering protection from a negative outcome which is more appropriate to be called as moral hazard; this trend could increase the possibility of future bad upshots Governments are providing support and doing what so ever they can to prevent their economical structure; US government injected $800 billion in the economy to support the structure, UK government has announced a package of $692 billion, European Union is about to start an economic recovery plan and IMF has called for minimum financial support of $100 billion (BBC news, 2008). U.S Government Macro-economic Policies and Legislations First, the U.S. policy to contain the infection and deal with the recession that followed. The two main legislative Troubled Asset Relief Program, which is supporting the U.S. economy, and institutions recovery and reinvestment for the year 2009 it aims to give impetus to the economy (Clinton T. Brass et al., 2009). Political proposals Thurs forces of change in the regulations and structure of regulation and supervision of national and international level have been coming through the legislative process, the maintenance of the recommendations of international organizations like the International Monetary Fund (Global Financial Stability Report, 2008), Bank for International Settlements (Walter W. Eubanks CRS report), and Financial Stability Board Forum(Report of the Financial Stability Forum2008). According to Fred Moseley (2009) the federal government has acted fairly vigorously in attempts to prevent a more serious crisis, and has been modestly successful in the short-run, but it remains to be seen how successful it will be in the long run. Federal Reserve. The Federal Reserve has a very accommodative policy (lower interest rates, which was short term and increased lending by commercial banks), and hopes that the banks increase their lending to companies and households. These traditional policies are not effective, because banks are reluctant to their loans are increasing, because they trust the creditworthiness of borrowers and the capital loss they have suffered (and still) that are required to reduce shortages to loans, the to approve loans, to maintain the equity ratio. Most importantly, the Fed loans to investment banks continued first in its history. Investment banks regulated by the Fed, so it has always been of the opinion that the Fed is not the responsibility as lender of last resort act, the investment banks, if they are in difficulties. In September 2008, when the bankruptcy of Lehman Brothers (then as the fourth largest investment bank in the United States), exacerbation of the crisis triggered by the Fed still extraordinar y and unprecedented steps to rescue AIG, the largest insurance company in the world. AIG, the market for credit default swaps, the insurance policy, a government defaults on loans, which represent, including high-risk mortgage-backed securities and form of speculation that dominates the bonds and default However, the commercial banks and investment banks stopped lending have increased. And the Fed cannot solve the fundamental problems of excessive household debt, falling house prices and rising rates of foreclosure. Congress. In February 2008, Congress quickly passed a financial incentive Paper of 168 billion $, which includes tax relief for households and tax cuts for businesses. These tax cuts would have a positive effect on the economy last summer, but their impact was minor and transient. At best, tax relief, even if the pace of consumption, because such reductions can only be used once. In 2008, Congress adopted the anti-sealing operation, which the existing mortgages, the default for new installations, which represent about 85 percent of the fair value of the home refinancing can be verified, and the Federal Housing Administration to ensure, can then end of September, when the crisis worsened, Treasury Secretary Henry Paulson has requested and Congress approved (in the context of the threat, the rapid decline in stock markets), $ to buy 700 billion subprime-backed securities (toxic waste), the U.S. banks. s $ 700 billion a lot of money, it is $ 2,300 for every man, woman and child in the U nited States. Soon the law was passed, Paulson changed his mind and decided to use is 700 billion dollars by capital of banks (rather than buying toxic assets), and hopes that this increase is best way to encourage bank lending. The situation shows that leaving the financial capitalist system, their future, is inherently unstable, and only avoid government crises live at the expense of taxpayers. It is twice in the capitalist financial system is inherently unstable and rescue operations are necessary economically unfair. Conclusion After discussing the most common causes of the global financial crisis, I found that show some predictions that the world from a crisis that is unique in nature is suffering, because the Mortgage Industry in the United States and whether is then spread around the world but there is no general consensus about the same thing. The governments turn when they control their financial research, calculate, and the protection of their economic structure. In order to prevent future financial crises and the allocation of capital occurs at the mania of the monetary authorities would be asset price inflation and deflation, not only the price index (CPI) inflation and deflation because of their political activities, including governance. There is something disturbing about how the central banks have acted in the past: they are relentless commitment to keep inflation low, and revise their refusal, the inflation of resources, manufactured era marked by a combination of slow low wages and persistent economic instability. Regulation of health care should be taken in public funds to the safety and credibility of financial institutions, such as capital adequacy ratios (especially if the assets are weighted and the mark-to-market price increases) or tightened accounting to comply with the standards of booking, when the expected losses also unveiled its distorting effects, because they have led to convictions in honour of and sudden fire sale of assets. This proved to be strongly pro-cyclical, especially when the crisis has already erupted. It is important that the per capita gross domestic product is expected to grow because the new economic policy in the United States. Unemployment and underemployment are reduced, and exports of the products would soon seek U.S. economic policy. .

Essay --

In the essay â€Å"In Praise of Margins,† the author Ian Frazier explains the idea that margins are needed in people’s lives to prevent us from going insane. He believes that as the world gets more jammed up and complicated, that people need margins where they can express themselves how they want and try new things without people judging one another. He states that â€Å"as the world gets more jammed up, we need margins†¦ where you can try out odd ideas that you might be afraid to admit to with people looking on. When Frazier was a child, he would go out in the woods and play with his friends, not worrying about anything and just freeing his mind. His imagination was limitless and he felt like he could do whatever he wanted to do without being afraid of other people’s reaction. Frazier conveys the idea that we need a break from our busy purpose-filled lives, and take a step away from reality. I agree with Frazier and his views on margins because a lot of the time we need a break from the wild day to day routine that people are involved in. If we take place in marginal activities or find our own marginal place, then we will be much more successful at our goals in life. Marginal paces are very valuable in our life and people should somehow incorporate it their daily lives in order to free themselves from their stressful life. As a child, I experienced a world of imagination where I was able to do anything I wanted and take my mind out of the world that I lived in. Whether it was a certain activity I was involved in or a specific place I went to, I got to clear my mind of all the things that were bothering me. Even to this day I still go to my own marginal place. With all the stress that college has like finals... ... all, people need and should have marginal places, activities, and things in order to be successful in their life. Having margins in your life makes it easier to think about difficult decisions and it can be less stressful when dealing with complex situations. I agree with Frazier’s views on marginal places, activities, and things, and think that everyone should have their own marginal place or activity. According to Frazier, â€Å"a book without margins is impossible to read†. This proclamation imposes that attempting to live your life without margins would be ineffective, and you would end up facing more and more problems, causing your life to be more stressful. If people incorporate margins in their life, and escape from reality for a brief period of time, then they can achieve their goals in a less stressful way, and end up feeling better as a person.

Business Decision Mapping Essay

The Shamrock Manufacturing Chicago plant manager, Sean Fitzpatrick is contemplating replacing a large piece of manufacturing equipment. Mr. Fitzpatrick is also inline for a promotion to Shamrocks larger Houston plant within the next year, and is hesitant to make any decisions that will reduce short-run operating income and his performance evaluation. While the prospective replacement equipment promises to reduce cash operating costs, it costs $90,000, as well as the loss on disposal cost of the old equipment, which has not fully depreciated. Prior to making a decision, Mr. Fitzgerald must identify all relevant costs and chose a decision for the best interest of Shamrock (Datar, Rajan, 2013). Analysis The available data to consider in this case is the old machines purchase price ($150,000); the current book value of the old machine ($60,000); the market value of the old machine ($36,000); the cost of the new equipment ($90,000); and the reduction in annual cash operating costs ($32,500). All historical costs are considered irrelevant, as they have already occurred and have no effect on future costs. The only relevant costs that should be considered for this decision are the future cash operating costs, the disposal value of the old machine, and the cost of the new machine that will be deprecated over the next two years. Based on the #1 and #2 worksheets in Appendix A of this document, year one yields an increase in expenditures of $6500, but includes the $24,000 loss of disposal of the old machine, which is irrelevant. The only relevant data is the total two-year costs shown on worksheet #2 that shows a reduction in total relevant cash flow of $11,000. The results of worksheet #1 are not beneficial for Mr. Fitzgerald, but the overall results in year two benefit Shamrock. Based on the #3 worksheet, with a lower new equipment cost ($77,000), year one breaks even, which is irrelevant, and the total two-year reductions in total relevant cash flow are $24,000. Conclusion Based solely on the worksheet information (Appendix A), the company should replace the equipment. All relevant costs located in worksheets #2, and #3 indicate that Shamrock manufacturing will benefit by replacing the machines at either equipment cost. However, worksheet #1 presents a problem for Mr. Fitzgerald as it shows a $6500 increase in the first year expenses, which are irrelevant in the long-run, but may encourage Mr. Fitzgerald not to purchase the new equipment because it may reflect badly on the short-run net operating income of his plant during the evaluation period for his promotion. Worksheet #3 offers a breakeven scenario in the first year and a $24,000 reduction in relevant cash flows in year two, which is the best option for Mr. Fitzgerald and Shamrock, if available. Reference: Datar, S., Rajan, M., (2013). Financial and Managerial accounting, custom edition, Pearson Learning Solutions, Ch. 9 Appendix A Shamrock Manufacturing relevant cash flow analysis Appendix B 5-Step Critical Thinking Decision-Making Process Matrix Step 1: Identify the problem(s) and uncertainties. What exactly is the problem†¦ Sean Fitzpatrick has an opportunity to decrease long-run cash flow by replacing a large piece of plant equipment. The problem is this †¦ Mr. Fitzpatrick is up for a promotion and is concerned that any short-run decreases in operating income will affect his performance evaluation. This is an important problem because†¦ Mr. Fitzpatrick’s decision may be good for the company, but could hurt his career aspirations. The key question(s) that needs to be answered to solve this problem is†¦ What is the best decision for shamrock in the long-run? Step 2: Obtain information. The following information is needed to answer this question†¦ What are the relevant costs that impact the decision to keep or replace the equipment? Based on the #1 and #2 worksheets, what decision would be made in years one and two? Based on the #3 worksheet, would the decision be different for years one and two compared to the initial cost of the new equipment? Some important assumptions I am using in my thinking are†¦ I believe that the best decision for Shamrock is not the best decision for Mr. Fitzpatrick, which creates an ethical dilemma. The points of view relevant to this problem belong to†¦ Sean Fitzpatrick. Note: Remember to view the information you have obtained for potential bias. This is from the perspective of your own bias to the research and the bias of the authors who compiled the data and the research you gathered. In other words, do not discount the importance of other’s data because of your own bias(is). Step 3: Make predictions about the future. If this problem gets solved, some important implications are†¦ Long-run relevant cash flows will be reduced, and operating income will increase. If this problem does not get solved, some important implications are†¦ An opportunity to decrease relevant cash flows will be missed. The potential alternative solutions to solve the problem are†¦ Keep the status quo or make a tough decision that will benefit Shamrock in the long-run. Note: if the problem is one-dimensional, there may be just one correct solution. Step 4: Make decisions by choosing among alternatives. What is the best solution and why†¦ By the new equipment, because it decreases long-run relevant cash flows. Step 5: Implement the decision, evaluate performance, and learn. In business, the fifth step in the decision making process is implementation. In the MBA program, most times you will end with Step 4 since you will not have the opportunity to implement. You may be asked to develop an implementation plan and recommend how you will evaluate performance in some assignments.

Sports Event Management

Sports Event Management Introduction Within the past decade there has been an unprecedented demand to host major sporting events by several of the worlds most prominent cities. This is due to such events fulfilling certain multis of project management endeavors can be seen in the promotion of a particular product utilizing a new branding strategy, the creation of a new product line for a company or actions which focus on creating a greater sense of public awareness of the companys adherence to Corporate Social Responsibility (i.e. charity work or replacing new equipment to comply with environmental regulations). It must also be noted that project management is often constrained by factors related to scope, time and cost and as such it is the goal of all project managers to implement a process that takes these limitations into consideration in order to create a high quality outcome that fits within such constraints.Advertising We will write a custom dissertation sample on Sports Event Management spec ifically for you for only $16.05 $11/page Learn More In summary it can be stated that project management is a step by step procedure utilized in order to accomplish a goal within the scope, time and cost limitations imposed upon the process being implemented by the project manager. Event Management The discipline of event management came about as direct result of the proliferation of large and small events occurring at the local level and the need to implement proper management procedures to ensure their success (Adams and Thomas, 2005: 100). On the other hand Adams and Thomas (2005) note that as a professional discipline events management is still in its infancy and state that there is no overarching process drawing all the different functions or activities of event management together despite the proliferation of text books, trade publications and community programs (Adams and Thomas, 2005: 100). Despite this the event industry is still one of the largest employe rs in the world and actually contributes towards positive economic impacts for local communities. What must be understood is that the way in which an organization chooses to handle a particular event is known as events management and is composed of organizational objectives spanning factors such as: organizing funding, managing staff, assigning roles and responsibilities, marketing and public relations, ticketing, security etc. (Kose, Argan and Argan, 2011: 2) As Kose, Argan and Argan (2011) state The linkages between the various departments within the organization required to handle events and the flow of this information between them is the focus of event management (Kose, Argan and Argan, 2011: 2). It is based on this that the practice of events management can be summarized as a way in which organizations implement guiding practices so as to influence the flow of activities, events and people within a particular venue to ensure smooth methods of operation and a successful climate for socialization, presentation and observation.Advertising Looking for dissertation on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Relations between Project management and Event management As the number, size and complexity of special events have increased within the past three decades it has become increasingly apparent that proper management and planning efforts are needed in order to make such events a success. In fact it is not uncommon for business events, such as professional conferences, to attract 5,000 or more attendees with sporting events drawing in people by the thousands as well. This creates simultaneous problems in the form of crowd and traffic control, proper scheduling, ticketing and overall organization which needs to be addressed otherwise the entire event will descend into chaos. While the discipline of event management has been utilized as of late to address this need the fact still remains that it is still in the process of developing a sufficient body of knowledge to be recognized as a profession. As Adams and Thomas (2005) indicate there is a need for an overarching process in its develo pment and as such this is where the discipline of project management enters the picture. By utilizing the body of knowledge of project management as a guide for development the field of event management has quickly developed into a profession by using the project management model as the basis for its management practices. Adams and Thomas (2005) pursue this particular line of reasoning by indicating that while special events form an industry specific group the fact still remains that they are still projects and function as projects (Adams and Thomas, 2005: 113). In fact Adams and Thomas (2005) compare special event management practices as being derived from project management practices with components currently utilized in event processes being a mixture of both project management and event management disciplines (Adams and Thomas, 2005: 111). Further evidence of this can be seen in a comparison of the Project Management Body of Knowledge (PMBOK) with that of the special events mana gement practices from the work of OToole examined by Adams and Thomas (2005). PMBOK defines an average project life cycle as consisting of the following five processes: an initiation process which authorizes the project or plan, a planning process that defines and refines objectives which allows the best of alternative courses of action to be attained, an executing process involves carrying out the plan using the resources allocated, a controlling process which monitors and measures project progress regularly to ensure appropriate corrective action can be taken when necessary, and a closing process which involves a formal acceptance of project completion and the termination of any contracts† (Adams and Thomas, 2005: 107). In comparison 6 of the 13 special event management processes consisting of: scope, time, communication, human resources, risk and procurement are virtually identical to the project management knowledge areas indicated in PMBOK. Not only that the seven other e vent management processes describe by OToole which were examined by Adams and Thomas (2005) comprising of: finance, design, stakeholder, site choice, sponsorship, marketing and deadline while not identical to PMBOK knowledge areas can actually be found within several existing PMBOK processes (Adams and Thomas, 2004: 112). It is based on this that it can be seen the relationship between project management and event management is a cos of this can be seen in problems that may occur in sufficiently coordinating and controlling the crowd of people going in and out of the venue, the possibility of long lines at the restrooms or even unruly crowds during the event itself (Walker, Heere, Parent, and Drane 2010: 659 680). As such these present numerous risks to the event that need to be dealt with in order to ensure its success. Conceptual understanding about successful management of sport event Based on the various factors presented in can be seen that the successful management of a sport ing event is based on minimizing challenges and risks that occur at the onset and during the event while ensuring that there is a sufficient logistical infrastructure in place in order to ensure proper organizational efficiency (Riggs, Epting, Hanky, and Knowles, 2011: 299 204). It was seen that sports event management is not limited to dealing with creating the event alone but also needs to take into account positive relations with the local community in order to get any major sports event underway. This involves having to implement marketing and media relations in order to portray the positive aspects of a sporting event and how it will not detrimentally impact members of the local community and in fact will be a boon to them. Also, while it may be true that a sporting event does create a distinct positive economic impact with local businesses the fact remains that it should be profitable venture for the organizers as well. Taking this into consideration it is often necessary to create links with local government and private companies to share in the burden of managing and initially funding the event so as to ensure that there is a sufficient monetary and organizational structure behind the event itself. What must also be taken into consideration is the fact that a sports event can be considered as a form of project and as such it is constrained by factors related to scope, time and cost. As such taking such limitations into consideration it is necessary to implement an backbone logistical structure so as to ensure that there is an organized method behind the operations of the sports event management team. This is done by first implementing SMART goals, creating a logistical overlay of what is necessary for each department, separating staff into individual teams and giving each team their own aspect of the event to be responsible for. By ensuring that each team complies with their given instruction this creates an effective means of ensuring that the sporti ng event can become a success. On the other hand it is also equally important to note that managing a sporting event is not limited to creating the event itself but ensuring that it has a positive impact on the participants and spectators as well. This involves implementing positive atmospherics during the event so as to create an effective visual stimulation for players and audiences a like. Reference List Appelbaum, S, Adeland, E and Harris, J, 2005. Management of Sports Facilities: Stress and Terrorism Since 9/11. Management Research Review, 28, 69 82. Chadwick, S, 2009. From outside lane to inside track: sport management research in the twenty-first century. Management Decision, 47, 191 203. Celuch, K and Davidson, R, 2009. Human Resources in the Business Events Industry.  International Perspectives of Festivals and Events, 1, 241 249. Deery, M and Jago, L, 2010. Social impacts of events and the role of anti-social behaviour. International Journal of Event and Festival Mana gement, 1, 8 28. Emery, P, 2009. Past, present, future major sport event management practice: The practitioner perspective. Sport Management Review, 13, 158 170. Farris, J and Van Aken, M, N.I. Longitudinal Analysis of Kaizen Event Effectiveness. Blacksburg, VA 24061: Virginia Tech, Oregon State University. Henderson, J, Foo, K, Lim, H and Yip, S, 2010. Sports events and tourism: the Singapore Formula One Grand Prix. International Journal of Event and Festival  Management, 1, 60 73. Herstein, R and Jaffe, E, 2009. Sport hospitality as a business strategy. 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Pharmacy essays

Pharmacy essays Pharmacists are the most accessible healthcare professional and know more about medications, prescription and over-the-counter, than any other member of the healthcare team. (Health on the Net Foundation). In addition, they have many duties that must be completed on time and correctly because they can easily kill a patient with the wrong medication if they are not paying close attention. Therefore, they monitor medication usage, the interactions and side effects of medications. They also check if the medication is being used correctly. Also, they do rounds with doctors to discuss the patients treatment, and advise both the doctor and the patient about treatments that can be used. Pharmacists are either required to compound certain medications to powders, tablets, capsules, ointments and solutions or the medications come from pharmaceutical companies that sell the medications pre-made. However, all together pharmacists treat illnesses to help patients get well. Furthermore, pharmacists are required thirty hours a month of education of new and old topics that pertain to the medications, at Cedars medical hospital. Afterwards they put together a power point presentation to be presented to the doctors, nurses, and students, so that they are better informed so that they can also inform the patients and their families about their treatment (s). And all together the duties of pharmacists are easily said but seriously completed. According to a study conducted by HHS Health Resources and Services Administration, there is a shortage of pharmacist. There are currently 196,000 licensed pharmacists in the United States, yet there were still 7,000 fulltime jobs available in February of 2000. This is definitely a growing field because of the rapid advancement in medicine. Therefore the job out look beyond 7 years is positive because according to the study there are few students applying in pharmacy schools. In addition as a...

Banking law Essay Example | Topics and Well Written Essays - 2000 words - 1

Banking law - Essay Example For example in Barclays Bank Plc v O’Brien the House of Lords ruled that when the burden shifts to the stronger party to prove that there was no undue influence, the burden can be discharged by proof that the weaker party voluntarily entered into the agreement or the transaction and this can be proven by showing that the weaker party had the benefit of independent legal advice.7 It has been subsequently ruled that where undue influence is presumed, the bank’s security will stand on whether or not the surety had the benefit of independent legal advice.8 It was not altogether clear whether banks had a duty to ensure that vulnerable sureties sought independent legal advice. The courts had merely stated that the burden of proof could be discharged by showing that the vulnerable surety had voluntarily entered into the transaction and this could be shown by proof that the vulnerable surety had the benefit of independent legal advice. The matter was more clearly stated by the House of Lords in Royal Bank of Scotland v Etridge (no.2). In Royal Bank of Scotland v Etridge, the House of Lords ruled that the bank is required to take all reasonable steps to ensure that the vulnerable surety was appropriately apprised of the transaction and what this means is that the bank would require that the vulnerable surety had the benefit of independent legal advice.9 Further guidance was provided by the House of Lords in National Westminster Bank v Amin. In the case, the bank applied to the court for the defendant’s defence of undue influence on the part of her son who was a business man. In this case, the bank had previously required that their solicitors clarify and explain the details and consequences of the transaction to which the defendant would provide...Banks should also want to be sure that vulnerable sureties are exercising free and unimpeded judgement from the onset. Therefore the requirement of independent legal advice should not be an obstacle to ban ks taking on vulnerable securities. It should merely be perceived as a necessary step toward ensuring that vulnerable securities may not be rescinded at a later date. The requirement of independent legal advice is commercial sound and reasonable in that it seeks to safeguard the interests of all parties involved, including the bank. The principle debtor is ensured that he or she will obtain the benefit of a loan on the strength of a promise that the surety will provide security for the loan or discharge the debt in the event he or she is unable to. The bank obtains the necessary security for the loan and the surety is committed to loan. Each of these interests are equally important and it is in each of the party’s best interest to ensure that the vulnerable surety is fully aware of his or her obligations and the consequences of the transaction. Neither the bank nor the principle debtor will benefit from a transaction in which the surety is unaware of the consequences of the transaction is unable to fully understand or appreciate the consequences of the transaction. It makes sense that since the bank wants to ensure the integrity of its secu rities, that it would take the minimal step of requiring that vulnerable sureties seek independent legal advice.

Saguaro National Park Research Paper Example | Topics and Well Written Essays - 1750 words

Saguaro National Park - Research Paper Example The Northern part of the State’s claim to fame is that of the Grand Canyon, the most recognizable Wonder of the World; the White Mountains’ sprawling ranges are peppered with vast stands of Ponderosa Pines, historic Western towns, and ski resorts. Additionally, Monument Valley, which stirs up awe in anyone who crosses it, has appeared in several films; and boating enthusiasts from different parts of the State frequent Arizona’s Lake Powell (Joyce, 2). Moreover, of great significance is Saguaro National Park, formerly Saguaro National Monument, which is the focus of this paper. History of Saguaro National Park Saguaro National Parkis made of 91,327 acres and is made up of two separate sections namely the Rincon Mountain District (Saguaro East) and the Tucson Mountain District (Saguaro West) (Shannontech.com, 1). The significance of this national park lies in the rich Sonoran Desert’s diversity life found within a framework of prehistoric and historic human occupation (Colostate.edu, 13). Historically, Saguaro has evidently had human habitation for as long as twelve thousand years ago. During that time, the region was much wetter as opposed to the way it presently is. It supported habitation by such animals as the bison, mammoth, among other mammals. The Hohokam people settled in Saguaro roughly 2300 years ago and they had learned to carry out agriculture by 700 AD. For many centuries, these people thrived in the Santa Cruz Valley (where Tucson is presently situated) but in the fifteenth century, they vanished (Shannontech.com, 3). Saguaro national park became a national monument in the year 1933 following a presidential proclamation by Herbert Hoover. It became the first monument reserved to protect a plant species. In 1959, there was need for extra effort to prevent people from exploring the opening part of the park's area for copper. Towards the end of the year 1961, President Kennedy signed a bill that expanded the monument by adding Tucson Mountain district’s 15,360 acres to the monument. Later, twenty-one thousand more acres were added to this district. In October 1994, following a bill signed by President Bill Clinton, Saguaro National Park was established as the United States’ 52nd national park (Shannontech.com, 6 & Uhler, 1). Plants Although Saguaro National Park is situated within a desert, there is a profusion of life. The park has magnificent examples of Sonoran Desert ecosystem that include various desert plants, as well as the renowned saguaro cactus, an American Southwest symbol (Shannontech.com, 1). Braun explains that plants foun d in this park vary from desert vegetation such as cacti, creosote and ocotillo in the lower elevations to Douglas-fir oak, and ponderosa pine in Rincon Mountains’ upper elevations (10). Plants that grow in Saguaro National Park are adapted to drought in such a way that they go dormant to conserve their water in periods of long dry seasons. Many plants seem lifeless during these periods but they are capable of coming to life budding new green leaves soon after a rainfall. For instance, a plant called ocotillo transforms from what was seemingly a handful of lifeless sticks into a sunny shrub with its branches tall and green within only forty-eight hours following a rainfall (Nps.gov, 1). Uhler explains that the saguaro cactus has been portrayed as the king of the Sonoran Desert, as a plant with personality, as the supreme symbol of the American Southwest, and as a prickly horror. It is famous for the variety of odd, with the shapes that it assumes inspiring fanciful and wild i maginings and some assuming all too human shapes. At times, giant saguaro cacti attain a height of 50 feet. These plants are unique to the Sonoran Desert.