Essay on Social Policy Development - 1431 Words

It was not until the time of Sigmund Freud that people looked at the psyches of an individual and how that could impact an individual’s life. Before that time, children were viewed as extra farm hands and generally as cheap labor. Families did not consider the possible negative impact this could have on their development. Later, Erikson and Piaget furthered the study of human development and expanded the thought processes that Freud had pioneered. While all consider Freud the father of psychoanalytic thinking, few turn to many of his first theories about human development. Freud created the doorway by which all future developmental researchers were able to walk through to advance the study. While, experts have clearly not agreed on†¦show more content†¦Poverty is a generational issue, and most of the time mothers do not know how to care emotionally for their children. Poverty is one of the risk factors that have additional consequences that accompany it. Povert y brings several things with it that increase the infant’s exposure to physical, emotional, and cognitive harm. Infants and children raised in poverty are less likely to receive basic medical treatment and simple untreated illnesses can have a devastating lifelong effect. Families are more likely to live in substandard conditions that expose the youth to environmental risks such as contaminated drinking water and lead. Underlying stressors associated with poverty are financial stressors and depression among the youth’s caregiver. These issues can lead to ignoring of the infant’s emotional needs and the infant misses the opportunity to create a lifelong bond with another and trust in another being able to meet their needs. Inadequate parenting can occur over a child’s entire life span with different and yet still devastating results. As stated in by Hutchinson in her book Dimensions of Human Behavior, Changing the Life Course (2008): The most pervasive response to inadequate care giving is nonorganic failure to thrive (NOFTT). This diagnosis is used to describe infants, usually between the ages three to twelve months, who show poor development, primarily in terms of weightShow MoreRelatedThe Development Of The Welfare State And Social Policies1563 Words   |  7 PagesThe development of the Welfare State and Social Policies have been based on assumptions about gender, race, ability/disability and age. Discuss this statement with reference to one of the highlighted issues and illustrate your discussion with at least one area of Social Policy Disability is an umbrella term used to cover impairments, activity limitation and participation restrictions. Disability is not just a health problem but a complex phenomenon (WHO 2015). 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Evaluation Of The O Malley And Pierce Reading Essay

Assessment Description: Which form of assessment did you choose? What rubric categories did you use? Explain how this assessment reflects appropriate practices for ELLs? The form of assessment that we chose was the picture cued description test. We also had our student do a self assessment and finally, we gave her time to draw whatever picture she wanted but just had to explain it to us. We started with the self assessment, which was taken from Chapter 4 of the O’Malley and Pierce reading. The self assessment itself asked the student to rate the difficulty level of things that the student could do in English. Some statements included, â€Å"I can speak with native speakers outside of school, I can listen to and understand video and television, and I can describe past events.† We then chose to do a picture cued description test. This included a 6 frame picture story board that was a picture of a boy throwing a ball for his dog, and the dog returning the ball back to the boy. We asked our student to explain what was happening in the picture and to tell us a story of what is going on with the boy and dog. Finally, the last part that we ass essed the student on was her ability to draw a picture but to explain why she wrote it and what the picture meant. We gave the student a whiteboard and marker and gave her about 10 minutes to freely draw. She drew a person sleeping in a bed under the moon and stars. The rubric categories that we used was the SOLOM teacher observation Student Oral

Short History of Mass Comm Free Essays

A Short History of Mass Communication Theory Paradigm results is a theory that summarizes and is consistent with all known facts and this often leads to a paradigm shift a fundamental, even radical, rethinking of what we believe to be true (Kuhn, 1970). Mass communication theory is a particulary open to such a paradigm shifts due to 3 factors : 1. Advances in technology or the introduction of new media. We will write a custom essay sample on Short History of Mass Comm or any similar topic only for you Order Now 2. Calls for control or regulatiin of these new technologies require. 3. As a country commited to protecting democracy and cultural pluralism. These factors produced 4 major eras of mass communication theory A. The era of mass society theory B. The era of scientific perspective C. The era of limited effects of theory D. The era of cultural theory A. THE ERA OF MASS SOCIETY THEORY During the second half of 19th century and the first decades of 20th century mass circulation newspaper and magazines, movies, talkies, and radio all came to prominence at this time. The country’s peaceful rural nature was beginning to slip further into history, Industrialization and urbanization is spread. The media needed to be controlled to protect traditional values and to prevent similar abuses at home. The resulting paradigm was mass society theory, the idea that the media are corrupting influences that undermine the social order and that â€Å"average† people are defenseless against their influence. The fundamental assumption of this paradigm is expressed in the hypodermic needle theory or magic bullet theory. Mass society theory is an example of grand theory, one designed to describe and explain all aspects of a given phenomenon. Media did have effects, often good ones. B. THE ERA OF THE SCIENTIFIC PERSPECTIVE Scientist determined that different factors led some people to be influenced and others not (Lowery DeFleur, 1995) The researcher had benefit of advances in survey research, polling, and other social scientific methods developed and championed by Austrian immigrant Paul Lazarsfeld. How to cite Short History of Mass Comm, Essay examples

Fukuyama the End of History free essay sample

Does the Marxist critique of capitalism still have relevance today? Despite the continuous and exaggerated proclamations toward its diminishing relevance, the theories and critiques originally put forth by Karl Marx toward the economic, political and social order continue to exert enormous intellectual influence and clout throughout human society. The 21st century, thus far, has been defined by utter global dysfunction through widening income inequality, financial crisis and instability, worsening environmental disasters and ongoing disputes in industrial relations[l]. The volatility and growing injustice of the contemporary era has brought about not only a resurgence in Marxist thinking and ideology, but has simultaneously mandated a deeper analysis toward the largely revered ideals of free-markets and capitalism as the global norms. The once widespread notion the fall of the Soviet Union represented the final demise of Marxism proclaimed the end of history by many is increasingly being exposed as short-sighted and negligent toward the ongoing and even growing importance of Marxism in contemporary debate[2]. This essay intends to argue the continuing relevance of Marxist theory in the 21st century. Furthermore, it is clear upon investigation that the ideas and critiques put forth by Marx offer an insightful explanation toward many of the issues which plague the existing political and economic systems throughout the globe. The continuing and even growing significance of Karl Mars works in the 21st century is largely attributable to the ongoing crisis of modern-day capitalism. In his writings, Marx made numerous observations and predictions toward the free-market system and its laws of existence and upon analysis, it is clear that many of the ills and injustices which permeate throughout the modern global economy can be aptly explained by the critiques and theories put forth by Marx over a hundred years ago[3]. First and foremost, he anticipated that capitalism in its nature is a system which concentrates wealth and pits classes against each other. As marketplace competition progressed, he proclaimed that monopolies would occur along with an increasing concentration of capital in the hands of fewer and fewer individuals. Ultimately, this would cause a growing disparity in wealth and would pit and increasingly disparate working class against the capitalists[4]. Furthermore, while he acknowledged that capitalism is a suitable vehicle for economic growth, he also rightfully proclaimed that such growth would ultimately be built upon an unsustainable model. Furthermore, it would be negligent toward the advancement of the greater good and would be at the expense of the working class[5]. Such economic growth, as we can observe in todays global economy, has lead to increased mechanization and productivity, but has merely been used as a vehicle for further unemployment and inequality. Secondly, an ever increasing disparity of wealth would ultimately limit the consumer purchasing power within society and subsequently cause capitalism, even in spite of advancements in productive capacity, to attention as system lacking and constrained tot demand[6 Furthermore, given its unpredictable and static nature, capitalism would always be riddled with imbalances and the levels of production wouldnt be relative to demand, leading to an improper and distorted allocation of resources. This, in totality, would inevitably be responsible for gross and widening inequality, social unrest and an economy prone to meltdowns[7]. The recurring and persistent issues of capitalism alone ought to confirm the ongoing elevate of Mars critique. There is, however, much more that Marx anticipated specifically doing with the environment which hold significant and increasing relevance in contemporary times. Marx astutely made the point that the advancements brought about by capitalism and mass profiteering would not only be detrimental to the working class, but would inevitably lead to large scale degradation of the agricultural and environmental landscape[8]. This clearly is still relevant today as we see degradation of our environment on a mass scale in the name of profit and economic growth. Furthermore, Mars detailed analysis of many of the cultural aspects of capitalism still ring true today. This largely revolves around issues such as colonialism, gender equality and its role in the spread of global capitalism, especially in the developing world[9]. Specifically, one can point to the globalization of capitalism in modern times as a mere meaner of exploiting cheap labor sources whilst simultaneously causing irreparable degradation to the environment, all in the name of profit[10]. Looking back, it is increasingly clear that the observations offered by Marx still hold rue and are in fact increasingly relevant in contemporary times. Ultimately, as Marx anticipated, capitalism has proven to be volatile and self destructive force which contains the seeds of its own demise. With the globalization of capitalism and economic activity in the over the last few decades, one can now witness these flaws permeate on a much grander scale. Events such as the global financial crisis, an issue which alone is testament to the continuing relevance of Marxist critique, are bound to happen in a worldwide capitalist economy built upon widening income inequality and reckless profiteering. Furthermore, the large scale destruction of our natural and environmental resources have been done in the name of capitalism and short term gain over longer term rationality[11]. There are clearly distinct parallels between what Marx put forth and the ongoing issues which we face in the 21st century which signal his continuing relevance in contemporary times. References Google Docs. 2002. Marx, Weber and the Critique of Capitalism. [online] Available at: HTTPS://docs. Google. Com/document/d/l YnelX85nXksuW-a- [Accessed: 10 July 2013]. History of Economic Thought Society of Australia. 2010. Mars Understanding of the Essence of Capitalism. [online] Available at: http://www. Heats. Org. AU/PDF-back/17- 3. P accessed Postpone, M. 1993. Rethinking Mars critique of capitalism. In: Postpone, M. Deeds. 1993. Time, Labor and Social Domination. 1st De. Cambridge: Cambridge University Press, up. 3-42. Rescind, S. And Wolff, R. 2010. The Economic Crisis: A Marxian Interpretation. Rethinking Marxism, 22 (2), up. 171-184. Available at: http:// Allah, R. , Khan, K. And Sails Shah, M. 2012. Steinbeck The Pearl as Marxist Critique of Capitalism. Alienation Journal of Humanities and Social Science, 2 (4), up. 73-278. Available at: http://www. Sunshine. Com/Journals/ Volvo_2_No_4_Special_Issue_February_2012/32. PDF [Accessed: 10 July 2013]. University of Kent. 2008. MARXISM AND THE CRISIS OF CAPITALISM. Cocaine] Available at: http://www. Kent. AC. UK/sell/philosophy/articles/Sayers/Marxism andh20thiscrisispofficapitalismesPDF: 10 Jul 2013].Julyuman rights are a contested concept. Yet this has not prevented them from having impact around the world. Discuss. The concept of and idea of human rights is one which permeates tthroughouthroughouts of international politics. It is routinely invoked by political elites, academics and has been used to both Justify and denounce conflict. Never less, human rights remain a widely contested concept and as a result are subject to various interpretations[12]. Furthermore, while sthrong costrong has been reached globally toward human rights norms, substantive controversies and differences remain over the specific contexts and meanings of human rights. However, this is little doubt the ongoing ideal of human rights has historically been used as an instrument for oppression by the powerful and as a tool for resistance by those whom have been arginaliseReginaldctively employed, the fight for human rights has presented a formidable challenge to authorities and oppressive regimes that are negligent to their plight tor recogntorton. Otten timeOatenman rights are done away in order to manipulate or reaffirm a regimes grip on the social order. In spite of its ongoing contentions, human rights continue to impact the world greatly and are part of an ongoing struggle for recognition by many oppressed groups and people[14]. The 20th and 21st century has beared witbeardo the proliferation of human rights law to the forefront of international politics. Contrary to standard thinking, the United Nations over the course of the last century has been extremely productive through its plethora of declarations, conventions and resolutions in order to deal with a broad range of abuses tthroughouthroughout[1 5]. These abuses centrally focus on racial discrimination, women and cchildrenchildrensequality and the recognition of indigenous groups. This progress has been primarily pushed by non-governmental organizations, faith based groups and social-Justice based initiatives. In totality, there has been sense of substantive and serious progress by the international community o deal with the ongoing issues of human rights tthroughouthroughout[16]. This progress, however, has also been undermined a host of factors which have contested its motives and effectiveness. The logic and theory of liberal human-rights have come under heavy criticism from a host of individuals and groups in academic circles most namely Marxists, Marxistts, authoritarians and cultural relativists[17]. Beyond this, the growing use of human rights as a political practice viewed with apprehension by those in non-western governments, corporate actors and a wide range of political elites who often invoke the competing political mperativesimperativesty, economics and realist ambition as a mearns to meaner basic standards of human rights[18]. Upon deeper analysis, it is clear that there has been a lack of focus toward the true meaning of human rights as seen by a wide range of political and social actors on the global stage. Furthermore, there has also been a lack of understanding toward how the institutioinstitutionalizingrights in international politics has impacted the cultural and social cohesion of political processes and relations, both domestic and internationally[19]. Human rights can only be enforced by states. They are, however, not the primary function of the great majority of states and their application is largely regulated by international bodies and institutions. The increasingly global nature of human rights is caused by the increasing capacity and potential for them to be institutioinstitutionalizeddwide scale. In the contemporary era, the vast majority of states have committed themselves to wide reaching human rights treaties and agreements which has further entrenched international law toward global human rights[20]. Subsequently, states which have yet to ratify to international standards nd norms hNDe faced mounting pressure to bind themselves to an increasingly global consensus. Because of this, one could reasonably assume that the increasingly institutioinstitutionalized human rights could pave the way for unprecedented progress[21]. The recent strides made toward womens rights, especially toward reproductive freedoms and toward same-sex mmarriage marriagements to the evolving definitions of what constitutes human rights. This progress, however, must be tempered wit n the reali ty trealuTTYn rights can largely on be realised trealizedathroughation of the nation-state. While the application of human rights is ncreasinglincreasinglya global issue, the state remains the key actor in the realisatiorealizationrights. Subsequently, while much of the western world marches forward toward greater equality, many third world states still lack the basic respect for fundamental rights and show no signs of development[22]. The global movement toward equality is grounded in a belief in the transformatransformation of our world. Furthermore, global recognition of human rights is contingent on the realisatiorealizationas a civilisaticivilizationgressed forward. The coming together of nation-states in pursuit of human-rights is a pivotal component of the iberal iniIberiae which seeks to institutioinstitutionalizes of individuals. It is a narrative driven by the ongoing conviction that the world is continually emerging from injustice from an unciviliseuncivilized initiative has traditionally emanated from the heart of Europe and has spread to encompass a wider agenda of western- liberalism in the contemporary era. The end of the Cold-war has spawned an era of liberal internationalism as the global norm, which still lacks any ideological equivalent[23]. This, however, doesnt signal an easy and uninterrupted march toward progress. Numerous critiques still exist along with substantive and practical tensions that charactericharacterizehts law.

Discuss R.K. Narayan

The Guide by R.K. Narayan focuses on the theme of guilt and redemption. The main character of the novel, Raju first leads a life of guilt and finally redemption. Raju leads the general public to believe that he is a hero, Sadhu. Raju is an ordinary man who experience changes in the course of his life and earns admiration of the people around him because they never understood him.Advertising We will write a custom essay sample on Discuss R.K. Narayan specifically for you for only $16.05 $11/page Learn More The readers understand Raju’s past in his parents’ home, hut shop, school, as a tourist guide, as a prison and lastly as a homeless seer. The character does not reveal his true self and allows this misunderstanding to continue for his personal gains. Finally, the villagers expose Raju for his acts of deceit. He dies of hunger thinking that it is raining some place. Raju experiences the social environment brought about by colonialism in Mal gudi. The railways truck leads Raju away from the sleepy village of Malgudi to a large city in his consciousness. There is no significant movement involved. Raju becomes an expert in guiding tourists, classical arts and master of dance forms. He learns that in order to survive in the city, one has to wear many hats and adopts sophistication and intellectually of city life. Raju finds these roles easy because of his involvement with Rosie. Raju uses Rosie, her lover to reach the final goal of his life through her art of dancing. Narayan considers Raju a modern man facing a dilemma as a result of colonialism and struggling to live with it (Narayan 10). When the police arrest Raju for attempting to forge Rosie signature in order to sale her jewels, he sentenced to prison. It is the prison, which transform him. When Raju comes out of jail, he settles down near a river. The villagers mistake Raju for a seer, Sadhu. Indians consider Sadhu to be a man who has no desire for worldly things; he is celibate and devotes his life to God. Sadhu depends on offerings from common people for his daily bread. Raju as a Sadhu is not suppose to work, but rather pray to God in order to escape the cycle of life, death and rebirth. The title of the novel portrays Raju both as a tourist and spiritual guide to public. He is the tourist’s guide. Raju is also a fake spiritual guide. In fact, he is not a spiritual leader at all, but a former prisoner. Narayan demonstrates this through the use of irony.Advertising Looking for essay on literature languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More It is the village moron who leads Raju to his trap when he conveys his message of fasting for the rain. Devotees of Raju stay to show their support and admiration for him. They consider this a magnificent sacrifice for the sake of the people. This action attracts large crowd including American news reporter. Fasting leads Raju to (Narayan 220 ). Narayan presents a vague ending. Raju dies while thinking that it is raining at some place. Raju is struggling to fit in the life of past and present with its effects from colonialism. His identity formation removes him from his past life. An ordinary tourists guide, becomes a dancer agent, goes to jail and finally develops to a spiritual guide. Narayan also presents the theme of empowerment of women. He uses Rosie. Emancipation of women has been a social concern since the past century, and Indian writers were not out of the discourse. Rosie shows efforts to come out strongly and prove her identity through art. She has a husband, Marco who has never given her any support. Marco is only interested in his art. He has not time for his younger wife. Marco and Rosie were incompatible. He always snubs her (Narayan 67). Rosie also has no interest on what her husband does. To her, Marco is not a real live husband. Raju takes advantage of this and engages Rosie in extra marital affairs. T his encounter changes her life altogether. Rosie came from a family of professional dancing girls. Dancing as an art is part of their lives. She always craved to dance and express herself. Raju likes the way Rosie dances, and he praises. He notes that Rosie can achieve notable success like a meteor if only Macro had an interest in supporting her. Rosie finds this support from Raju (Narayan 155). Narayan portrays Rosie has a woman who has interests in family life. Though, Rosie had extra-marital affairs she is sorry and begs for forgiveness from her husband. Marco reacts by disowning her, yet it is his fault that led his wife to another man (Narayan 133). This new experience transforms her. She manages to build her dancing career. She gets fame and public attention. Rosie got a new name as Nalini. This marked a new beginning in her life and her past suffering disappeared (Narayan 157). Raju views Rosie as his possession and becomes jealous for fear of losing her to Marco. Unlike in t he past, Rosie began to enjoy herself. Raju says that she would never stop dancing.Advertising We will write a custom essay sample on Discuss R.K. Narayan specifically for you for only $16.05 $11/page Learn More Narayan depicts that liberating women is also a problem. Rosie rises beyond the control of Raju. Raju is not able to stop Rosie. Raju realized that neither he nor Marco had no place in Rosie’s new life. Rosie demonstrate that women it is the economic conditions and lack of expression, which stop women from discovering their position in society. The author shows that male dominance of the society still affects, but they must fight for their emancipation. Works Cited Narayan, Rasipuram. The Guide. New Delhi : Penguin Books, 1988. Print. This essay on Discuss R.K. Narayan was written and submitted by user Gideon to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The Legal Issues Report essays

The Legal Issues Report essays One of the most pressing legal issues that the Florida School for the Deaf and the Blind is facing is issues pertaining to employee hiring, firing and management. Within this area of employment law, the Florida School for the Deaf and the Blind has faced several discrimination claims filed against them by employees. The majority of these discrimination claims were based on a claim that an employment decision was based on the employees disability. Because the Florida School for the Deaf and the Blind is a publicly funded entity, it is considered a body of the government and is thus held to a specific standard for determining whether or not they acted in a discriminatory fashion. The Florida School for the Deaf and the Blind claims that they had an important need for the so-called discrimination in that the employees disabilities prevented them from being able to carry out the important functions required of working with a deaf and blind population. For example, Kevin Nealey, a dormitory instructor, claimed that he was demoted to the status of a part-time employee because of his disability. Nealey is blind and was told he could no longer perform his job due to his blindness. Nealey claims he is able to perform all the required functions of the job. The Florida School for the Deaf and the Blind states that a dormitory employee requires the greatest monitoring of children at all times. The Americans with Disabilities Act covers entities, including private employer, against qualified individuals with a disability. A qualified individual is an individual with a disability who, with or without reasonable accommodation, can perform the essential functions of the employment position that such individual holds or desires. A disability is defines as 1) a physical or mental impairment that substantially limits one or more of the major life activities of such individual; 2) a record of such impairment; or 3) being regar...

From the perspective of an operations manager in a large manufacturing Dissertation

From the perspective of an operations manager in a large manufacturing firm, present a case to the board of directors for adopti - Dissertation Example Elements of Lean Production 9 Figure 2.3.1.1. Six Sigma Implementation: An Overview 24 Executive Summary At present, products that have high levels of quality remains to be a prerequisite for any manufacturing company. Quality is the main focus of both lean manufacturing and Six Sigma as poor quality management often leads to waste and unproductive activities. On the other hand, appropriate management of quality significantly facilitates the manufacturing process, reducing safety buffers and identifying quality issues. Lean production emphasizes awareness of organizational culture, an organized workplace, standardization of work, flexibility in operations, empowerment of employees, control of materials, level production, and error proofing. Six Sigma also involves project definition, collecting measurements, analyzing process, correcting, designing, documenting and training, as well as controlling and verifying final outputs. The incorporation of both systems will allow a firm to ach ieve better outcomes than what either approach may not obtain. The combination of these two approaches can provide more favorable results compared to methods as it can incorporate both the human aspects (e.g. leadership, change in culture, customer focus) and process components (e.g. statistical thinking, process management), hence the need to examine the implementation of both systems. 1. Research Question From the perspective of an operations manager in a large manufacturing firm, present a case to the board of directors for adoption of Lean Production Systems and 6 Sigma Quality Management System. 1.1 Project Aims This current study aims to evaluate and present a business case with regards to the implementation of the lean production system as well as the Six Sigma quality system in an organization. 1.2 Project Objectives As such, the current study aims to address the following objectives: 1. Discuss the lean production system and Six Sigma quality system, and identify their effe cts on the organization; 2. Present case studies to examine and analyze the implementation of lean production and Six Sigma, highlighting their benefits; and 3. Develop a conclusion as well as recommendations based on the analysis and discussion of relevant data. 2. Literature Review 2.1 Introduction In an environment that is intensely competitive, the long-term success and survival of various organizations can depend on their ability to enhance quality and reduce costs in a continual manner (Montes, Moreno, and Molina 2003). Consequently, a higher level of productivity accomplished with fewer expenses has become an important component to become market leaders and sustain competitive advantage. For a number of successful manufacturers, integrating change into their production methods, such as the use of a leaner operation along with low inventory has been recognized as a fundamental practice, compared to traditional mass production that made use of a high inventory (Bai and Lee 2003 ). This suggests a clear message to employees- that goods should be produced with no defects in a timely manner and at an appropriate price. A shift towards lean production, however, can cause conflict that can hamper the implementatio

Flores v. Reno Research Paper Example | Topics and Well Written Essays - 2500 words

Flores v. Reno - Research Paper Example When the law catches up with the parents, however, society has long struggled with what to do with the children, particularly adolescents, while deportation proceedings are pending. Add to this the reality that there are thousands of illegal immigrant juveniles coming to the United States unaccompanied, which creates an even more muddied position where the law is concerned. There is grave disagreement in society over what to do with such immigrants who are found to be here illegally, yet lacking any strong custodial or family presence within the region. This paper deals with the facts of one such case that has caused America to re-think how they treat adolescents in such cases. Examined with be the facts and background of the case, and analysis of what the recent Flores v. Reno decision means for children of illegal immigrants today, and look at some current organisations that are providing assistance and aid to adolescents who find themselves caught in the middle of this fierce batt le. Facts and Background At the time that Flores (an illegal immigrant and juvenile) was detained, prevailing Immigration and Naturalization Service (INS) policy was to hold the individual in a detention center until such time that they could either be deported or otherwise dealt with in a proper and law abiding manner. The issue, however, is that such facilities do not house only juveniles. Both sexes are present, juvenile and adult. The conditions are not conducive to minors, no educational services are provided, and social arrangements are not accommodated. Even thought Flores was an illegal immigrant lacking proper documentation, the argument was that her civil rights were being gravely violated. Interestingly enough, during this time, INS shifted its policy a bit to be more flexible in its provision that an interested adult party, should they be available, could take temporary custody of the juvenile. This was only permitted in special circumstances, however, and rarely acted u pon. The reason was that INS felt the juvenile would not have any reason to turn back up for deportation hearings, so they would be lost inside the system once again. Initially, the courts agreed with Flores, After the government won a series of appeals, however, the Supreme Court did eventually weigh in. In a 7-2 decision, the finding was against Flores and in favor of existing INS policy. While the various courts and Supreme Court Justices certainly wrestled with and sympathized with unaccompanied minor being detained, they did not feel that their rights were being unduly violated. They were to be remanded into INS custody, as deemed appropriate, until proper arrangements could be made for the care and/or return of the immigrants to their own country. The issue remains, of course, whether INS custody in a detention facility is the right place for a scared juvenile from another land. Subsequent to these rulings, the INS has reviewed and modified policies, insisting that they will n o longer subject juveniles to facilities with opposite sex members and an adult population, in exchange for finding them custodians that can more properly care for them. Many critics remain, however, as they have cited cases in at least four different states where the detainment on unaccompanied minors continues to be detrimental to the immigrants emotional and physical well being. Analysis Recent

The effects of the 2008 Global Financial Crisis on the Thai Economy Essay

The effects of the 2008 Global Financial Crisis on the Thai Economy - Essay Example The crisis that the United States experienced that began way back summer of 1987 made way to the pullback to its economy and the world. Economic recession did a domino effect in the global financial crisis. How ever, as the member of the first world country recovers from the crisis, consequences still felt on some of the fast developing countries like Thailand. Economic recovery globally has been a sudden and immediate focus of the countries among Asian nations. The lost of many jobs are expected to happen in the United States and Europe in the coming year and with regard to this, a higher rate of unemployment is very hard to predict globally. Thailand as apart of the Asian nations would also be affected by the crisis as a whole. With the economy that depends on the exportation and importation, Thailand’s economy will be expected to be tumbling down and in effect would be reducing growth and unemployment. Thailand as a part of the global imbalances as it has been manifested in the recent years, will have to double work considering that it has also its own internal difficulties politically in dealing with the policies with the government. In spite the fact that Thailand’s government has been working so hard and ambitiously aiming to build a stronger economy in the middle of the global financial crisis, confusion and disorder among the people are manifested and has become a serious internal problem between the government and the people. Crisis Impact to the Economy of Thailand There are two financial crises that Thailand experiences with in the span of ten years; 1997-1998 and 2007-2008. The first part of the financial crisis was so damaging and required many years to recover. In fact, upon recovering, the country is able to achieve and attain a higher and promising private investment growth in its economy and established good reputation to be a destination of foreign capital. During this time, the country recorded rapid development and sustained th e growth of economy but still, the financial system shows vulnerability to the shocks of global crisis and became unstable (Ahmed & Islam 2010 ,p.66). The recent crisis which is the 2008 is merely different from the first one. Although in this crisis, Thailand is not much involve in debts compared to last time. Facing the reality that the country cannot escape from the issue of global crisis, in what way does the issue impacts the economy of Thailand? As it has being known that Thailand after the last crisis increasingly depends on the global economy. When the global crisis burst and the damage is felt and seen among some major institutions in the United States and European countries, credit-default is experienced, shocked the financial market, it is expected that that the real and deep effect of the crisis be seen and felt in the industrialized countries. Thailand has not seen and felt the direct effect of the global crisis during the first wave. The second wave of the crisis broug ht panic globally which resulted to freezing in the credit market and the global stock market meltdown. This time, Thailand economy was not able to escape as the stock market index fluctuated where billions of dollars were lost in few months time (Chirathivat 2011). The weakening of the economy transcends business programs between the bank of Thailand and the business firms all over the country during 2008. A serious

Understanding Organisational Behaviour And Leadership Management Essay

Understanding Organisational Behaviour And Leadership Management Essay Leadership is a vital and pivotal role in any organisation, regardless of size. It can be in the form of a single person in a small sole-trader like business, or in the complex structure of a multinational corporation. Leadership is essential for organisations to achieve their goals, and to manage their employees in the process. I will be looking into the theories of leadership and assessing how they affect the work performance of employees, in terms of motivation and efficiency. In particular, I will discuss the path-goal theory, and how it links into the different styles of management affecting employee work performance, as well as the benefits and criticisms of the model, and finishing with a conclusion as to what my stance is on the subject of leadership affecting work performance and to what extent performance is affected by leadership and theories such as this. From preliminary reading and understanding of this area in the subject of organisational behaviour, my viewpoint can come to assume that leadership does have an effect on an employees performance, and that the style and method of leadership does have a positive correlation on the mentioned relationship. The Path-Goal Theory The performance of employees in an organisation is much dependant on the leadership they have. Leadership has to be effective and tailored to the particular situation to ensure that the optimum efficiency is achieved. The path-goal theory of leadership effectiveness, developed by Robert House in 1976, is a transactional leadership theory that explains how leadership should be carried out in a manner that brings out the best in the employees abilities and is dependent on the efficiency, motivation and satisfaction of the employees in an organisation. The theory outlines how leadership behaviour and the employees abilities will lead to a particular path that will achieve the outcome, the goal (House, 1996). This goal would be a mutual goal of the worker and the organisation. Different leadership styles are needed, in terms of leadership behaviour, depending on the demands and circumstance of the particular state of affairs (House, 1971). Looking at the theory in more detail, this situational leadership theory explains how an individuals attitudes and their behaviour are in ­fluenced by the link between their effort and performance, the goal paths, and the attractiveness of the rewards, which is the goal attractiveness, being it the leaders job for this direction (Strebel, 1994). Therefore, these individuals would be productive, and their desires fulfilled when they see a strong connection between their effort and performance and when this results in highly appreciated rewards. House argues that the most successful leaders are those who assist their subordinates go down the path to receiving valued rewards (Indvik, 1986). The theory states that leader behaviour must be motivating and gratifying to the level that it clarifies the aims and the paths to the goals and as a result increases goal attainment, hence success, thus increasing the work performance of the employees (Evans, 1970). From this, we can gain the basic idea behind the path-goal theory as being the following shown in Figure 1.1 (Northouse, 2007): The path-goal theory is a very complex concept, as you look further into it. An array of factors and characteristics, such as leadership behaviour, subordinate characteristics and task characteristics are evident when looking at this concept of path-goal theory (Northouse, 2007). Even though there are potentially many different leadership styles, this theory approach has broken down these styles into four distinct leadership styles (House Mitchell, 1974). Directive Leadership: this style is where the leader would tell the workers what to do and what is expected and provide detailed guidance, standards of work, and schedules of work to assist performance Supportive Leadership: in this style, the leader treats its subordinates as an equal member of the organisation, and would go out of their way to ensure the well being, personal needs and status of the employees are maintained pleasantly. In addition to this, there would be interpersonal relationships developed as a result of this leadership style. Participative Leadership: this is a more democratic leadership style, whereby the subordinates are involved in the decision-making process of the organisation. The leader would consult the employees and take into account their opinions when making decision on how the group will tackle the task. Achievement-orientated Leadership: leaders set high targets and challenging goals for the subordinate to achieve, and therefore expects them to perform at their highest standard. However, achievement-orientated leaders show large amounts of confidence in their workers to achieve the goals set out. In comparison to Fiedlers Contingency Theory (Fiedler, 1967), which advocates that leadership style is resistant to change, the path-goal theory is one where the same manager can execute the four different styles of leadership behaviour during different situations at different times. However, it must be taken into consideration that although path-goal model fails to explain how to identify the most appropriate leadership style, the theory does give a series of situational factors that need to be taken into account when making the decision on the style of leadership. From this, we can see, in Figure 1.2, the major components of the path-goal theory, putting everything discussed so far into a visual model (Northouse, 2007). Strengths and Weaknesses of the Path-Goal Theory The path goal theory has both strengths and weaknesses. One key positive of this model is the fact that it is the first attempt to provide an expanded framework which brings together the previous works of contingent and situational leadership as well as the expectancy theory (Jermier, 1996). Furthermore, the path-goal theory is one where attempts have been made to incorporate motivation principles from the expectancy theory into the theory of leadership, and from my further reading, this seems to be a unique characteristic, as no other leadership theory has this relationship with the principles of motivation. In addition to all of this, the path-goal theory has a clear direction, and a path, so to speak. It definitive as to what the managers need to do with their subordinates and it defines very practical and clear roles for a leader. It ensures that questions are constantly being asked of improvements in work performance to reach the mutual objectives of all. On the other hand, there are also many criticisms that are to be addressed. This model is regarded to be a very complex theory since it considers many parameters and therefore requires extensive analysis of those parameters to effectively choose the correct leadership style for the situation at hand. Additionally, another limitation has come about from the relationships detailed by the path-goal model. These have been the subjects of a number of empirical studies to test the validity of the theory (Schriesheim Kerr, 1997; Schriesheim Schriesheim, 1980; Schriesheim Von Glinow, 1977; Stinson Johnson, 1975; Wofford Liska, 1993). In some of this research, it is apparent that leader direction is strongly related to the workers satisfaction when tasks are ambiguous, however other pieces of research fail to agree on this. Another factor to be noted as a criticism of this theory is element that not all aspects of the theory have been given the same amount of attention and detail in the creation of the model, as well as much of the research to date only involving partial aspects of the model (Faulk Wendler, 1982), it is evident that a good level of detail has gone into the aspects of directive and supportive leadership, unlike the other two styles, participated and achievement-orientated, have fewer studies addressing them. It is therefore that the claims of this model will remain tentative due to the lack of a full picture in the research findings and not being able to have consistent corollaries of path-goal theory (Evans, 1996; Jermier, 1996; Schriesheim Neider, 1996). This extent research has tested the theorys predictions regarding the moderators of lead ­ership effectiveness, and how to assess as to whether the situational variables interrelate with the leadership styles in the predicted approach. It can be verified that the model is successful in predicting how the situational variables and leadership styles come together to influence individual satisfaction. However, the model seems not be a good predictor of a group or even and individual performance. The final criticism that can be made of the path-goal theory concerns an indirect outcome as a result of implementing such a theory. The model greatly relies on leaders to give full direction, coaching and guidance to their subordinates and it is the leaders who define the goals and assist them in their path to success and achieving these objectives. This therefore means that there is an enormous reliance on the leaders from the workforce, disregarding independence. As a result subordinates are dependent and reliant on the leaders and managers to get through the obstacles during the path to the goal, and hence, this theory fails to recognise and utilise the full abilities and skills of the subordinates, asking questions of the subordinates in the firm rather than the leaders, and originally mentioned in the original theory (Green, 1979). In some ways we can see that the major disadvantage in trying to authenticate the model empirically, is the fact that the model contains too many variables and simply tries to explain too much, making it very complex. Therefore, conducting an experiment examining the full path-goal theory of leadership will be difficult because of the numerous variables. Nonetheless, the studies that are available tend to support the model, even though they suggest that it understates the intricacy of the situation. Adding to this, the research mentioned recommend that other variables, such as structure and conflict, also need to be integrated into it. Conclusion The path-goal theory was developed for leaders to help and assist them in motivating subordinates to be productive, efficient and increase job satisfaction. Due to it being a theory that is based upon the task, the behaviour of the leader as well as the contributions of the subordinates, it can be classed as a contingency theory, one of which has been derived and created from the expectancy theory. An expectancy theory is one about the mental processes regarding choosing or making a choice. It explains the processes that an individual undergoes to make choices. On the other hand a contingency theory can be defined as the theory that explains how different management styles will be more effective in different situations. Looking at the four different leadership styles, it gives the leader room for change and provides a more dynamic approach to this aspect of business. It is certain to say that leadership does affect and employees work performance. As to what extent by which it is affected, that is something that is subject to a matter of individual opinion. Referring back to my stance, it can be believed that there is a strong positive relation between a good leader and subsequently increased work performance by the subordinates. Theories and models such as this, the path-goal model, provide a great guidance to leaders and manager as to how they can be effective themselves, in order for this to be passed down the hierarchy in the firm. This model gives some structure an despite the fact that it does have many criticisms and drawbacks it is one that offers a large et of predictions and assumptions as to how leaders interact with their subordinates, and the idea of steering them down the right path in order to achieve this common goal and objective with a reward that motivates them, achieving goal attractiveness is a great one, and perfectly sums up this theory and its objectives. Being one of the first models to provide an expanded framework, which brings together the previous works of contingent and situational leadership, it is far more complex than what one would initially think. It proves that leadership is effective and useful, especially when tasks are unclear and/or the subordinates are autonomous, and choosing the right leadership style is essential in motivating employees and increasing their work performance. It is therefore that I believe that leadership does greatly affect and influence employee work per formance, looking at it through the analysis of the path-goal theory of leader effectiveness.

United NAtions :: essays research papers

United Nations â€Å"5 W’s† What: The political organization established 1945 by the allied powers who were later joined by other nations Who: Today there are 191 nations in the United Nations but It was originally started by those who were fighting against the axis powers. Where: It was decided to have it located in the Eastern United States, they bought land with money given by John D. Rockefeller Jr. along the East River in NYC. When: The United Nations was officially coined such in 1941 by President Franklin D. Roosevelt. The term was not used officially until Jan. 1, 1942, when 26 states joined in the Declaration by the United Nations. Why: The war effort needed to be joined so that they didn’t make peace separately. The need for an international organization to replace the League of Nations was not stated until Oct. 30, 1943. Six Bodies: General Assembly: It meets in regular yearly sessions under a president elected from among the representatives. The regular session usually begins on the third Tuesday in September and ends in mid-December. Special sessions can be convened at the request of the Security Council, of a majority of UN members, or, if the majority concurs, of a single member Security Council: It is charged with maintaining peace and security between nations. While other organs of the UN only make recommendations to member governments, the Security Council has the power to make decisions which member governments must carry out under the United Nations Charter. Economic and Social Council: It assists the General Assembly in promoting international economic and social cooperation and development. Trusteeship Council: It was established to help ensure that non-self-governing territories were administered in the best interests of the inhabitants and of international peace and security. They suspended operation in 1994. Secretariat: It provides studies, information, and facilities needed by United Nations bodies for their meetings.

Allport’s Motivation, Functional Autonomy and Study of the Individual Essay

VI. Motivation To Allport, an adequate theory of motivation must consider the notion that motives change as people mature and also that people are motivated by present drives and wants. Allport believed that most people are motivated by present drives rather than by past events and are aware of what they are doing and have some understanding of why they are doing it. A. Reactive and Proactive Theories of Motivation Adult behavior is both reactive and proactive, and an adequate theory of motivation must be able to explain both. An adequate theory of personality, Allport contended ,must allow for proactive behavior. It must view people as consciously acting on their environment in a manner that it permits growth toward psychological health. A comprehensive theory must not only include an explanation of reactive theories, but must also those proactive theories that stress change and growth. In other words, Allport argued for a psychology that, on one hand, studies behavioral patterns and general laws (the subject matter of traditional psychology) and on the other hand, growth and individuality. Allport insisted that a useful theory of personality rests on the assumption that people not only react to their environment but also shape their environment and cause it to react to them. He criticized psychoanalysis and animal-based learning theories as being reactive because they saw people as being motivated by needs to reduce tension and to react to their environment. Personality is a growing system, allowing new elements to constantly enter into and change the person. B. Functional Autonomy Allport’s most distinctive and controversial concept is his theory of functional autonomy, it is Allport’s explanation for the myriad human motives that seemingly are not accounted for by hedonistic or drive reduction principles, which holds that some (but not all) human motives are functionally independent from the original motive responsible for a particular behavior. Motives that are not functionally autonomous include those that are responsible for reflex actions, basic drives, and pathological behaviors. If a motive is functionally autonomous, it is the explanation for behavior, and one need not to look beyond it for hidden or primary causes. Functional autonomy represents a theory of changing rather than unchanging motives and is the capstone of Allport’s idea on motivation. 1. Perseverative Functional Autonomy Allport recognized two levels of functional autonomy. Perseverative functional autonomy is the tendency of certain basic behaviors to continue in the absence of reinforcement. Allport borrowed the word â€Å"perseveration† which is the tendency of an impression to leave an influence on subsequent experiences. Perseverative functional autonomy is found in animals as well as humans and is based on simple neurological principles. Addictive behaviors are examples of perseverative functional autonomy. 2. Propriate Functional Autonomy The other level is propriate functional autonomy; it is the master system of motivation that confers unity on personality, which refers to self-sustaining motives that are related to the proprium. Examples of propriate functionally autonomous behaviors include pursuing interests that one holds dear and important. 3. Criterion for Functional Autonomy Present motives are functionally autonomous to the extent that they seek new goals. That is, functionally autonomous behaviors will continue even after the motivation behind those behaviors change. 4. Processes That Are Not Functionally Autonomous Allport listed eight processes that are not functionally autonomous: (1) Biological drives, (eating, breathing and sleeping) (2) Motives directly linked to the reduction of basic drives, (3) Reflexes actions (eye blink) (4) Constitutional equipment (physique, intelligence, and temperament) (5) Habits in the process of being formed,   (6) Patterns of behavior that require primary reinforcement, (7) Sublimations that are linked to unpleasant childhood experiences, and (8) Certain neurotic or pathological symptoms. Allport suggested a criterion for differentiating between a functionally autonomous compulsion and one that is not. For example, compulsions that can be eliminated through therapy or behavior modification are not functionally autonomous, whereas those that are extremely resistant to therapy are self- sustaining and thus functionally autonomous. C. Conscious and Unconscious Motivation Although Allport emphasized conscious motivation more than any other personality theorist, he did not completely overlook the possible influence of unconscious motives. Pathological behaviors are often motivated by unconscious drives, but healthy individuals are ordinarily consciously in control of their behavior. VIII. The Study of the Individual Because psychology has historically dealt with general laws and characteristics that people have in common, Allport strongly felt that psychology should develop and use research methods that study the individual rather than groups. To balance the predominant normative or group approach, he suggested that psychologists employ methods that study the motivational and stylistic behaviors of one person. A. Morphogenic Science Allport distinguished between two scientific approaches; Traditional psychology relies on nomothetic science, which seeks general laws from a study of groups of people, and idiographic which refers to that which is peculiar to the single case or study patterns of traits within the single case, but Allport used morphogenic procedures because the term â€Å"idiographic† was so often misused, misunderstood and misspelled. Morphogenic procedures refer to patterned properties of the whole organism and allows for intraperson comparisons Allport accepted self-reports, such as diaries, at face value. B. The Diaries of Marion Taylor During the late 1930’s, Allport and his wife became acquainted with personal documents, including diaries, of a woman they called Marion Taylor. Although the Allports analyzed much of this information, they never published an account of Marion Taylor’s story. Their work with Marion Taylor probably helped them organize and publish a second case- the story of Jenny Gove Masterson, another pseudonym. C. Letters from Jenny A short time later, the Allports analyzed and published a series of letters they had received from an older women named Jenny. These letters constitute Allport’s best-known example of morphogenic science in that they reveal one person’s pattern of behavior. Two of Allport’s students, Alfred Baldwin and Jeffrey Paige, used a personal structure analysis and factor analysis, respectively, whereas Allport used a commonsense approach to discern Jenny’s personality structure as revealed by her letters. All three approaches yielded similar results, suggesting that morphogenic studies may be reliable. IX. Related Research Allport believed that a deep religious commitment was a mark of a mature person, but he also saw that many regular churchgoers did not have a mature religious orientation and were capable of deep racial and social prejudice. In other words, he saw a curvilinear relationship between church attendance and prejudice. A. The Religious Orientation Scale This insight led Allport to develop and use the Religious Orientation Scale to assess both an intrinsic orientation and an extrinsic orientation toward religion. Allport and Ross (1967) found that people with an extrinsic orientation toward religion tend to be quite prejudiced, whereas those with an intrinsic orientation tend to be low on racial and social prejudice. A review of later studies (Trimble, 1997) found that prejudice is positively related to an extrinsic religious orientation but unrelated to an intrinsic religious orientation. INTRINSIC RELIGIOUS ORIENTATION – refers to motivation arising from goals set forth by the religious tradition itself, and is assumed to have an â€Å"otherly,† nonmundane, even self- denying quality: religion is regarded as a master motive whereas other needs, strong as they may be, are regarded as of less ultimate significance. EXTRINSIC RELIGIOUS ORIENTATION – refers to a flagrantly utilitarian motivation underlying religious behaviors: the individual endorses religious beliefs and attitudes or engages in religious acts only to the extent that they might aid in achieving mundane goals such as feeling comforted and protected or acquiring social status and approval. B. Religious Orientation and Psychological Health Research by Ralph Hood (1970) and others (Hansen, Vandenberg, & Patterson, 1995; Kosek, 1999; Maltby, 1999) has found that people who score high on the Intrinsic scale of the ROS tend to have overall better personal functioning than those who score high on the Extrinsic scale. In general, these studies have found that some highly religious people have strong psychological health, whereas others suffer from a variety of psychological disorders. The principal difference between the two groups is one of intrinsic or extrinsic religious orientation; that is, people with an intrinsic orientation tend to be psychologically healthy, but those with an extrinsic orientation suffer from poor psychological health.

Safety glasses analysis Essay Example

Safety glasses analysis Essay Example Safety glasses analysis Essay Safety glasses analysis Essay The surface finish of the glasses and texture is smooth and polished and the shape of the glasses is suitable to the task. However the overall style and image is unattractive and the aesthetic qualities could be greatly improved. This product is well suited to its purpose as the product is made of a hard material that is not easily broken or shattered. The safety glasses can be adjusted to suit the wearer and are adaptable to all environments in the workshop. This set of goggles are very attractive and aesthetically pleasing, also they are very well constructed and impact resistant therefore they fit their purpose very well. The head strap is adjustable and made of a flexible comfortable material that moulds to the contours of the wearers head. The design of these goggles is very modern and streamlined. They are nicely shaped and very colourful. The lens is tinted and looks nice as well as helping youre the view of the wearer when underwater The Freedo race Swimming Goggles have an angled lens which is designed to reduce the head movement of the swimmer. These swimming goggles have a split silicone strap with a self adjusting nose bridge, to enable the swimmer to fit their swimming goggles properly. Welding lenses are an essential safety feature in the welding industry, where sudden flares and intense light can cause eye damage and irritation. It is important for any welder to learn how to select, maintain and equip welding lenses. This lens is easily the most effective because of it protection range and its ability to be easily replaced and maintained.

The Articles of Confederation Investigation essays

The Articles of Confederation Investigation essays Throughout the history of civilizations, many constitutions have been used. In America, the present day constitution is law and is used to govern the United States of America yet this was not the first constitution of the United States. That would be the Articles of Confederation. This constitution was in effect from 1781-1789, and it had its ups and downs. Overall the "Articles of Confederation" were good in many cases and bad in economic problems. The Articles of Confederation were a group of documents written by John Dickinson in the late 1700s. It was in favor of the small government and big state power. People were the first part of their states and then part of the country. As seen in Document B, from the years of 1770-1775 the market value of United States exports to Great Britain was greatly increased over the years. Then theirs a break in the chart, this is most likely the time of the American Revolution and the countries overall post-war recollection. Then in 1784, the chart begins again, and the number of market value exports with England has dropped down by about 20 percent. This number then begins to waver up and down as the years go by. Although it is safe to assume that the loss of trade is due to anger between the British and United States yet it is also safe to assume that since the Articles of Confederation does not give the national government the ability to impose taxes, and tariffs, on products, thus subst antially lowering its profit value. People in other countries, especially Great Britain knew that the U.S.' government could not impose taxes and tariffs and a state wouldn't impose a tax on its people because they can just move to another state and rebel on the state. So according to Document B, the Market value of the United States good had substantially lowered during the use of the Articles of Confederation. Admittedly, under the "Articles of Confederation," many good things did happen. The Treaty of Pa...

Expected and Unexpected Impact of Sarbanes-Oxley Legislation on IT and Research Paper

Expected and Unexpected Impact of Sarbanes-Oxley Legislation on IT and Business - Research Paper Example After the enactment of this legislation, the collapse of major corporations was imminent as a series of restatements began to emerge from major companies. The presence of this legislation has led to a decrease of restatements and securities class actions that have been filed. However, according to SOX, the number is still high. This paper will examine the impact the legislation had on businesses, and what the future holds for companies that do not comply with the regulations the Act has in place. The most crucial aspect of the legislation was section 404, which focuses on the monitoring of internal controls in the organization. Presently, public companies are required to include reports of internal control reports, which are then monitored by the Public Company Accounting Oversight Board (PCAOB). This board works directly with the SEC to conduct reviews. In light of the above operations, accounting firms are now liable for any, and all their audits. This is what has probably pushed f or some reforms in public companies that are present in most parts of the region. Some of the major impacts that have rocked companies expected to comply with Sarbanes-Oxley legislation include; additional costs, additional liability, and even the purchase of internal control software (Harwood & Simmons, 2012). ... The purchase of internal control software has increased the costs that companies, small and large, incur during their annual reviews (Brodkin, 2007). In order to build a control system that works, companies are required to hire skilled personnel to handle these issues. This, ultimately, comes at a price. The cost of planning, tracking, and reviewing internal controls in no easy task, and the outside assistance requires capital. All these factors contribute to the high prices, but it is tantamount for companies to do this. The labor workforce and human resource that is present in most companies was also a factor to consider with the Sarbanes-Oxley legislation. These groups of individuals were at the forefront in pointing out the shortcomings of corporate governance. The issues were that management in most of the financial and accounting institutions were benefitting at the expense of the labor workforce present in their organizations (U.S. SEC, 2009). To most of the individuals in thi s group, the Sarbanes-Oxley legislation was a means of bringing management to account for all their conducts in their organizations. Some of the aspects of the labor workforce that were expected to be addressed by the SOX legislation included; the protection of whistleblowers, proper procedure of handling and tackling complaints (privately), and even the issue of executive pay and compensation. Unexpected impact of SOX After the implementation of SOX, some fields were first to be hit by the waves of transformation. One of the major fields to be hit was the IT field, which experienced some unexpected turns. The rapid implementation of internal controls saw the use of technologies in almost every company that needed the

Depression Research Paper Essay Example | Topics and Well Written Essays - 4250 words

Depression Research Paper - Essay Example As a mood or affect or emotional state, depression is part of normal human experience. Feelings of sadness and disappointment are within the vicissitudes of the normal human condition. The distinction between normal mood and abnormal depression is not always clear, although considerable research on diagnostic criteria is underway, and neither psychiatrists nor other clinicians agree on the precise line between normal and psychopathological affective phenomena. Diagnosis is especially difficult for the large number of patients with episodes of mood change in which a recent precipitating event appears significant, especially since clinicians tend to credit depressive reactions to such stressful events when they are apparent. As a pathological symptom, depression often occurs in association with other psychiatric and medical illnesses, which makes precise diagnosis even harder. For example, in elderly people the differential diagnosis between early senile dementia and depression may be difficult. The term "secondary depression" has been proposed to encompass these symptomatic depression states. In clinical psychiatric practice, however, most depressive symptoms are "primary," that is, without apparent association with preexistent or concomitant illness. Each year, between 4 and 8 percent of the population experiences a clinical depressive syndrome, a constellation of symptoms in which the mood disturbance is accompanied by sleep difficulty, change in appetite, retardation of thinking, and attitudes of hopelessness, helplessness, pessimism, and even suicidal tendencies. Moreover, since these symptoms often persist, the diagnostic criteria embodied in the third edition of the American Psychiatric Association's Diagnostic and Statistical Manual, known as DSM-III, require at least two weeks' duration of such symptoms, plus evidence that their intensity and pervasiveness have impaired the individual's usual social role performance and personal activities. (Brett Silverstein, Emily Blumenthal, 1997). THE BIOLOGY OF DEPRESSION The human brain is extremely sophisticated; indeed, it is far more complicated and versatile than even the most powerful modern computer. It contains in excess of 100 billion brain cells, known as neurones, each of which is connected to many other neurones. If you look at them under a microscope, neurones appear as thin wires connecting little blobs of brain tissue. However, even with strong magnification the neurone-to-neurone connections, known as synapses, are not apparent. Synapses can be electrical but the majority are chemical. A signal from one part of the brain travels to another-as a series of electrical impulses-along neurones. Where two neurones meet, the signal is carried across the synapse by the release of a tiny balloon-like packet of 'neurotransmitter', in which a message-carrying chemical is carefully packaged. Once released into the synapse this balloon immediately ruptures, releasing its chemical contents, which are then free to quickly migrate across the synapse

Ethical dilemma about the same sex marriage Research Paper

Ethical dilemma about the same sex marriage - Research Paper Example text, the â€Å"Firm Balk at Gay Wedding† can be viewed as demonstrative of both ethical dilemmas raised by gay marriages and the way it can make interests of people clash. To start with, the gist of the article is a controversy concerning the human rights and religious views of a person as far as gay marriages often make these considerations collide. For instance, as it was explained in the article â€Å"Firms Balk on Gay Weddings† by Nathan Koppel and Ashby Johnes, people refused to serve wedding ceremonies of gay couples as it would insult their religious convictions. (Koppel & Johnes) Subsequently, there raises the dilemma of whether it is ethically right to deny gay couples services due to personal views. Obviously, there could be various opinions on this question, depending on the approach one uses. From the duty-based ethics, a person who denies services to a gay couple is right as far as he/she does it due to believing in immorality of such relationships. The basics of the given theory are found in the works of Immanuel Kant, one of the most influential proponents of deontology. According to it, a person is morally obliged to act accordingly to a set of principle and rules, regardless of whether an outcome would be good or bad. (Shakil) Putting it in other words, the only criterion to evaluate the ethics or morality of a decision or action is this action or decision itself. Subsequently, applying this theory to the situation described in the article, it is right to allow people to deny serving a gay couple if they act in accordance with their religious beliefs. In contrast, the given situation can be regarded as wrong when appealing to the outcome-based ethics that obliges to evaluate the degree of morality of an action or intention on the basis of the consequences it will bring. ("Consequentialism," 2014) Subsequently, the fact that business owners denied gay people an access to the services, such as â€Å"baking cakes for the ceremonies† is wrong

The concept of Trinity Essay Example for Free

The concept of Trinity Essay The concept of Trinity describes that God exists as a single being yet lives as three persons, consisting of the Father, the Son and the Holy Spirit. The three persons are believed to be discrete and eternal persons, all belong to one Divine being. The doctrine that supports the concept of Trinity is Trinitarianism. This doctrine also describes that the Son, the second person of the Trinity, is comprised of two well-defined characters, the fully divine and the fully human characters. The concept of the Trinity is the consequence of incessant investigations conducted by the church on the information contained in the bible, as well as debates held with regards to the bible, and expositions on the concept. The dogma of a universal trinity was instituted in 325 AD, which then received enormous denials from religious sects. The most accepted theory of the Trinity is found in the Gospel of John in the Bible. Hence the Trinity explains the nature of God, as well as the spiritual circumstance of man (McGrath, 1990). This concept also rationalizes God’s design for grace and salvation, and the principle of the church. The Trinity also explains through the concept of the Trinity other issues such as evangelism, Christian education, social interactions, religious freedom and the family. The concept of Trinity describes that the existing creeds were produced as a result of heresies to their beliefs. This happened during the era of the apostles, which used the events of heresy as an optimal time to respond through the creation the creeds to attest to their beliefs. Reference McGrath AE (1990): Understanding the Trinity. Zondervan, ISBN 0310296811.

Analysis of Indias Mutual Fund Industry

Analysis of Indias Mutual Fund Industry Executive Summary The report titled â€Å"Mutual Fund† has been prepared to give an in-depth analysis of mutual fund industry in India and also a brief study of Mutual fund structure outside India. The report starts with the introduction of Mutual Fund, giving details about what Mutual Fund is all about. This has been done so to make even a layman understand what a mutual fund is. After the introduction part, there is a mention of the parties involved in mutual fund business, namely the AMC, Fund Managers, Dealers of Mutual Fund, Distributors, Investors of Mutual Fund, and the Regulators and so on. Later on, in the report, the inclusion of types of Mutual fund, gives a good knowledge of different categories of mutual fund. The categorization has been made on different measures. Almost all the measures have been included in this report. This part of report has great details of the types of mutual funds. Later part of the report contains the Mutual Fund history in India. The developments that have taken place since the start of Mutual Fund in India have been discussed in this part of the report. The history of Mutual Fund has been discussed in here under different phases. After the history part, the report discusses about the different fund performance. One of the important parts of the part is the NAV part. In this section of report, a detailed study has been done on Net Asset Value (NAV) of Mutual Fund. How the NAV is calculated, its misconception in the minds of investors, how important it is for the parties of Mutual Fund has been explained in this section of the report. Just after this section, there is a mention of Taxation in Mutual Fund. How Mutual Funds are taxed and what are the tax-free Mutual Funds available in the market has been discussed. This part has been discussed with examples, so as to make the investors understand, how they can be benefited with the buying of Mutual Funds. The different terminologies in Mutual Fund namely, SIP, SWP, ARP, AWP, etc has been discussed in this report. The last section of the report discussed about the risks involved in the mutual fund. The different methods through which the risks involved in mutual fund, has been discussed in this section. Also discussed are the advantages and disadvantages of buying a mutual fund. There has also been a comparison made between the returns that can be earned from mutual fund as compared with fixed deposit in banks, in post offices and investment in stock markets. MUTUAL FUNDS What is a Mutual Fund? A mutual fund is a vehicle to pool money from investors with a promise that the money would be invested in a particular manner, by professional managers who are expected to owner the promise. In India mutual funds are governed by the regulations of the Securities and Exchange Board of India (SEBI). The basic idea behind a mutual fund is that individual investors generally lack the time, the inclination or the skills to manage their own investments. Thus, mutual funds hire professional managers to manage the investment for the benefit of their investors in return for a management fee. Then Mutual Funds came as a solution to benefit investors who had little or no idea about the working of stock market but were eager to create some money out of it. It was created for the benefit of investors who were not able to understand the complicated functioning of the stock market but had money to invest in it. The basic purpose of any mutual fund is to put the money of the investors into various scrip in the stock market by creating a portfolio (a collection of various shares) and making investors understand the benefits and drawbacks of each and every scheme. The benefit to the customers is that they can invest in various stocks, can get help from professional people and that their money is being managed by professional who have clear understanding of the market. The organization that manages the investment is the Asset Management Company (AMC). Employees of the AMC who perform this role of managing investments are the fund managers. Professional Managements Main idea behind mutual fund is that individual investors lack time and technical skills to research their choice of stock and invest in them so mutual fund hire skilled professional to manage investment of investors in return of management fee. The organization which mange this mutual funds are called Asset Management Company (AMC) And employees who perform this task are called Fund Mangers SCHEMES Portfolio Management Schemes Investors have their own preference on how they want to invest their money and how much risk they want to take. Personal treatment with which an individual investor manages their investment and how much risk they want to be decided is done by professional managers is referred as Portfolio Managements Schemes (PMS). This is normally done for investment under Rs 10 lakhs. Money in trust A mutual fund manages investment of the schemes for the benefits of the investors. Every schemes has an Investment Portfolio (portfolio statement) Account of income and expenditure (revenue Account) Account of asset and liabilities (Balance Sheet) To insure fairness in investment, SEBI regulates the expenditure that can be charged to a scheme. Who are the Parties Involved? Investors Every investor according to their financial position takes risk that is called risk profile or risk appetite. So hypothesis tells that by taking risk of loosing whole or partial money it is possible that investor would gain profit out of investment. Trustees These are the people within the mutual fund organization who are responsible ensuring that investors interest in a scheme is taken care properly. Asset Management Company AMCs manages the investment portfolio of schemes. An AMCs income come from the management fee it charges for the schemes it manages. Every AMC asset under management because cost can not be reduced below some fixed level after that it becomes viable. Distributors Distributors bring investors in mutual fund and it earns commission on each investors. It is AMC decision whether to bear cost fully on distributors or partially. On financial and physical resources distributors could be: Tier 1 who have their own franchised network reaching out to the investors all across the country. Tier 2- who are generally regional players with some reach within their region. Tier3 who are small and marginal players with limited reach. Registrar An investors holding in mutual fund schemes is typically tracked by schemes Registrar and Transfer agent. Some manages it own house and some appoint it outside. Request to invest more money or to redeem money against existing investment is done by RT. Custodian/Depository The custodian maintain the securities in which the scheme invest this ensure an outgoing independent record of the investment of the schemes Schemes and units:- Investment in company is normally represented by certain number of shares People invest in a company by acquiring its share and disinvest by selling its shares. The total outstanding shares of a company multiplied by the face value of each share, Constitute the share capital of a company. Shares are represented in a company and units are represented in a mutual fund scheme. Types of schemes Mutual fund schemes can be offered with any of a range of investment objectives each corresponding to a certain point in the risk return matrix. It can be categorized based on tenor, asset, class, position philosophy geography. Open End Schemes These are the schemes which do not have the fixed maturity. The mutual fund ensures the liquidity by announcing sale and repurchases prices for the units of an open end schemes on an ongoing basis. Investors who wish to exit from an open end scheme can offer their unit to the mutual for redemption, generally called repurchase. Similarly mutual fund can sell new units to investors who want to participate in schemes generally called sale. Additionally a mutual fund can choose to provide liquidity by listing in stock exchange, in that case investor can either trade schemes or opt for above mentioned route. Closed End Schemes These are schemes which have fixed maturity Liquidity in such case is available through listing in stock market. Trade alters change in ownership but dont change in schemes unit capital. Occasionally closed end schemes provide a re purchase option to investors. Either by a specified period or after a specified period normally up to a total limit for all investors together, or limit per investors. Such repurchase would reduce the unit capital of the schemes. Asset Class Equity schemes invest in shares. Depending upon the schemes objective investment could be, Growth stock where earning growth is expected to be attractive Momentum stock that can go up and down with line market Value stock where the fund manager is of the view that current valuation in the stock market does not reflect intrinsic value Income stock that can earn high returns through dividends. Debt or income schemes GILT schemes These invest in government securities. Apart from being the most liquid schemes in the debt market, government securities are eligible for liquidity support. Bond Schemes These schemes invest in bond securities issued by the government or any other issuer. BondSchemes can help people overcome some of the barriers to private renting posed by the requirement to pay a bond to a landlord. Bondschemes are usually set up by the local authority, a voluntary organization or by the Probation Service. All BondSchemes have the same goal: to help people who could not otherwise do so to access private rented accommodation. In achieving this goal a successful scheme will be contributing to the confidence and efficiency of the private rented sector and helping to combat homelessness by assisting homeless and potentially homeless people. Features of the 8% Savings (Taxable) Bond Scheme 2003 Junk Bond Schemes Junk bond schemes in securities that are below investment grade. High yield bonds are politically correct way of referring to junk bonds. Junk bonds can be identified through the lower grades assigned by rating services (e.g., BBB instead of AAA for the highest quality bonds). Because the possibility of default is great, junk bonds are usually considered too risky for investment by the large institutional investors (mutual funds) that provide U.S. corporations with much of their investment capital. Junk bonds are often issued by smaller, newer companies. Money Market and Liquid Schemes These schemes invest in short term debt instrument. Money Markets Instruments include: Commercial papers Commercial bills Treasury bills Government securities having an unexpired maturity up to one year Call or notice money Certificate of deposit Usance bills Permitted securities under a repo / reverse repo agreement Any other like instruments as may be permitted by RBI / SEBI from time to time. Liquid/Money market schemes: These are designed for corporate and small businessmen to use for cash or treasury management. These schemes allow them to park short-term surplus funds in the money market, so that they earn some return before they find end uses. They invest in money market instruments like call money, inter-corporate deposits and commercial paper. Their returns range from 8 to 11 per cent, depending on money market conditions. Even salaried individuals can use them in the short term, since they offer better returns than savings accounts. Some funds even offer cheque-writing facilities. Risk comes from money market volatility which also creates the possibility of gain due to a sudden increase in rates. Balanced Schemes Balanced schemes invest in both equity and debt. The debt investment ensures a basic interest income. Which fund managers hope to top up with capital gains on the investment portfolio. However loses can eat into the basic interest and the income. Big advantage of these schemes is that market risk is more palatable Capital Protected Schemes It is a kind of balanced schemes, where a part of the initial issue proceeds is invested in gilts that would mature to a value equivalent to the unit capital of the schemes. Thus the investors capital is protected. Physical Asset Technically said that mutual fund can invest in any asset whether it can be real asset, precious metals, other metals (aluminium, steel) oil and commodities. In India regulatory framework does permit investment in real asset. Schemes by Position Philosophy. Sector Funds Regulator equity funds invest in a mix of equities that are spread across different sectors so they are called diversified equity funds. Sectors funds on other hands invest in a particular sector, Like energy funds. Index Funds These funds create and replicate according to the specified index such as BSE, NSE, etc. and such position can be created by two methods It can be done by maintaining an investment portfolio that replicates the composition of a chosen index. Weight is same according to the index weight. This replicating style is called the passive investing. Investment fund are called passive funds. And funds that are not passive are called managed funds. Index schemes are also called as unmanaged schemes(since they are passive) or tracker schemes(since they track index) Another is by doing research and identifying a basket of securities and derivatives whose movement is similar to that of index. Schemes that invest in such basket are called as active index funds. Enhanced Index Funds This is a managed index funds that can beat the performance of a bench mark index by at least 0.1 % but no more than the 2% if it crosses 2.5 it is called equity mutual fund. Exchange Traded Funds (ETF) These are open end funds that trade on the exchange. ETF different from index funds in following respect A single NAV in case of open end and in case of ETF is traded in the market place. so its price keeps changing during day The AMC of an ETF does not offer sale and re purchase price of the units. Unique feature is that beside secondary market it also has primary market. Fixed Maturity Plans This eliminates the risk of capital loss by investing in a pre specified debt securities. When a series of FMP are issued for different maturities they are called serial funds. These funds can chose exclusively to invest in government securities and called Serial gilts, alternatively they can invest in non government securities in which case they become Serial Bond Schemes. Non government securities have risk of default (credit risk) which does not exist in case government securities. Schemes by Geography Country or region funds These invest in securities from a specified country or region. This is based on the fact that a particular country or region will show a higher growth or returns on the equity market. Offshore funds- these mobilize the money from investors for investment outside their country. The principle of time diversification has given rise to the concept of Systematic Investment Plan (SIP) Systematic Withdrawal Plan (SWP) Systematic Transfer Plan (STP) Systematic Investment Plan (SIP) It refers of investing constant fund regularly generally every month. When market goes up then the money invested in that period gets translated into fewer numbers units for investors and vise versa. Thus it is clear that SIP tempers with the gain or loss from the investment SIP does not offer protection from losses. If the market turns adverse then you can lose money even in SIP. SIP ensures that your acquisition cost approximate the average NAV. Therefore this investment style is also called rupee cost averaging. Value averaging ensures that investors book profit in rising market and invest in loosing market. For e.g. for ICICI bank (Open ended equity fund), monthly: Minimum Rs. 1000 + 5 post-dated cheques for a minimum of Rs. 1000 each. Systematic Withdrawal Plan (SWP) It is mirror image of SIP, under SWP investor would withdrawal constant amount periodically. The benefits are the same namely that through SWP the investor can temper gains though it does not prevent losses. For e.g . in case of ICICI bank (Open ended equity fund) SWP is a Minimum of Rs.500/- and Multiples thereof. Systematic Transfer Plan (STP) Investors exposure to different type of securities whether debt or equity should flow from their risk profile or appetite which the function of their financial position and personal disposition. It occurs in two situations On investment or disinvestment (here SIP and SWP is useful) On change in value of securities in market. In case of mutual funds such rebalancing can be achieved by systematically moving money between schemes. Mid-Cap Fund Mid cap funds are those mutual funds, which invest in small / medium sized companies. As there is no standard definition classifying companies as small or medium, each mutual fund has its own classification for small and medium sized companies. Generally, companies with a market capitalization of up to Rs 500 crore are classified as small. Those companies that have a market capitalization between Rs 500 crore and Rs 1,000 crore are classified as medium sized. Big investors like mutual funds and Foreign Institutional Investors are increasingly investing in mid caps now a day because the price of large caps has increased substantially. Small / mid sized companies tend to be under researched thus they present an opportunity to invest in a company that is yet to be identified by the market. Such companies offer higher growth potential going forward and therefore an opportunity to benefit from higher than average valuations. But mid cap funds are very volatile and tend to fall like a pack of cards in bad times. So, caution should be exercised while investing in mid cap mutual funds. Growth Option The Scheme will not declare any dividends under this option. The income earned by the scheme will remain invested in the scheme and will be reflected in the NAV. This option is suitable for investors who are not looking for current income (but who have invested with the intention of capital appreciation). Moreover, if units under this option are held as capital asset for a period of at least one year, from the date of acquisition, unit holders should get the benefit of long term capital gains tax. Dividend Option This option is suited for investors seeking income through dividend declared by the scheme. Only unit holders opting for the dividend option will receive dividends. An investor on record for the purpose of dividend distributions is an investor who is an unit holder, as of the record date. In order to be a unit holder, an investor has to be allocated units representing receipt of clear funds by the scheme. The scheme may be at the discretion of the trustee, declare annual dividends in its dividend plan subject to availability of distributable profits. Dividends will be declared on the last business day of March. If March 31st is a non business day, the previous business day will serve as the record date. Interim dividends may be declared at the discretion of the trustee. Unit holders also have the option to reinvest their dividend at the ex-dividend NAV. The trustee, in its sole discretion, may also declare interim dividends. It should be noted that actual distribution of dividends and the frequency of distribution indicated above, are provisional and will be entirely at the discretion of the trustee and depend, inter alia on the availability of distributable surplus to the extent the entire net income and realized gains are not distributed, the same will remain invested in the scheme and be reflected in the NAV. Payout Dividend As per the regulations, the fund shall dispatch to the unit holders, the dividend proceeds within 30 days of declaration of the dividend. Dividends will be payable to those unit holders whose names appear in the register of the unit holders on the date (record date). Dividends will be paid by cheque; net of taxes may be applicable. Unit holders will also have the option of direct payment of dividend to the bank account. The cheques will be drawn in the name of the sole/first holder and will be posted to the registered address of the sole/first holder as indicated in the original application form. The fund will endeavor to dispatch the dividend cheques within 30 days of the record date. To safeguard the interest of the unit holders from loss or theft of dividend cheques, investor should provide the name of their bank, branch and account number in the application form. Dividend cheques will be sent to the unit holder after incorporating such information. Reinvest Dividend Under this sub-option, unit holders may chose to reinvest all of their dividends by way of additional units of the scheme instead of receiving dividends in cash. Such additional units by way of reinvestment of dividends will be at the applicable NAV on the next day (excluding Saturday) after the record date. The dividend so reinvested shall be constructive payment of dividend to unit holders and constructive receipt of the same amount from each unit holder for reinvestment in units. Any such investment will be made by indicating in the investors original application or by providing the fund with written notice signed by all the registered holder(s) of the units and also sent to the registrar. Revocation of any such decision also must be made in writing and signed by all the registered holder(s) of the units and also sent to the registrar. The additional units issued under the sub-option â€Å"Reinvest Dividend† under option B and held as capital asset would get benefit of long-term capital gains tax if sold after being held for one year. For this purpose one year will be computed from the date when such additional units are issued. Effect of Dividend: The NAV of the unit holders in dividend option will stand reduced by the amount of dividend declared. The NAV of the growth option will remain unaffected. Mutual fund industry in India The origin of mutual fund industry in India is with the introduction of the concept of mutual fund by UTI in the year 1963. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered the industry. In the past decade, Indian mutual fund industry had seen a dramatic improvement, both qualities wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase; the Assets under Management (AUM) were Rs. 67bn. The private sector entry to the fund family raised the AUM to Rs. 470 bn in March 1993 and till April 2004; it reached the height of 1,540 bn. Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less than the deposits of SBI alone, constitute less than 11% of the total deposits held by the Indian banking industry. The main reason of its poor growth is that the mutual fund industry in India is new in the country. Large sections of Indian investors are yet to be intellectuated with the concept. Hence, it is the prime responsibility of all mutual fund companies, to market the product correctly abreast of selling. The mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under. First Phase -1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. Second phase1987_1993 (Entry of Public Sector Funds) Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Canara bank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47, 004 as assets under management. Third Phase- 1993-2003 (Entry of Private Sector Funds) With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of other mutual funds. Fourth Phase- since February 2003 This phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29, 835 crores (as on January 2003). The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000 crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes. Performance of Mutual Funds in India Let us start the discussion of the performance of mutual funds in India from the day the concept of mutual fund took birth in India. The year was 1963. Unit Trust of India invited investors or rather to those who believed in savings, to park their money in UTI Mutual Fund. For 30 years it goaled without a single second player. Though the 1988 year saw some new mutual fund companies, but UTI remained in a monopoly position. The performance of mutual funds in India in the initial phase was not even closer to satisfactory level. People rarely understood, and of course investing was out of question. But yes, some 24 million shareholders were accustomed with guaranteed high returns by the beginning of liberalization of the industry in 1992. This good record of UTI became marketing tool for new entrants. The expectations of investors touched the sky in profitability factor. However, people were miles away from the preparedness of risks factor after the liberalization. The Assets under Management of UTI was Rs. 67bn. by the end of 1987. Let me concentrate about the performance of mutual funds in India through figures. From Rs. 67bn. the Assets Under Management rose to Rs. 470 bn. in March 1993 and the figure had a three times higher performance by April 2004. It rose as high as Rs. 1,540bn. The net asset value (NAV) of mutual funds in India declined when stock prices started falling in the year 1992. Those days, the market regulations did not allow portfolio shifts into alternative investments. There were rather no choices apart from holding the cash or to further continue investing in shares. One more thing to be noted, since only closed-end funds were floated in the market, the investors disinvested by selling at a loss in the secondary market. The performance of mutual funds in India suffered qualitatively. The 1992 stock market scandal, the losses by disinvestments and of course the lack of transparent rules in the whereabouts rocked confidence among the investors. Partly owing to a relatively weak stock market performance, mutual funds have not yet recovered, with funds trading at an average discount of 10 ­20 percent of their net asset value. The supervisory authority adopted a set of measures to create a transparent and competitive environment in mutual funds. Some of them were like relaxing investment restrictions into the market, introduction of open-ended funds, and paving the gateway for mutual funds to launch pension schemes. The measure was taken to make mutual funds the key instrument for long-term saving. The more the variety offered, the quantitative will be investors. At last to mention, as long as mutual fund companies are performing with lower risks and higher profitability within a short span of time, more and more people will be inclined to invest until and unless they are fully educated with the dos and donts of mutual funds. Drawbacks of Mutual Funds Mutual funds have their drawbacks and may not be for everyone: No Guarantees: No investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money. Fees and commissions: All funds charge administrative fees to cover their day-to-day expenses. Some funds also charge sales commissions or loads to compensate brokers, financial consultants, or financial planners. Even if you dont use a broker or other financial adviser, you will pay a sales commission if you buy shares in a Load Fund. Taxes: During a typical year, most actively managed mutual funds sell anywhere from 20 to 70 percent of the securities in their portfolios. If your fund makes a profit on its sales, you will pay taxes on the income you receive, even if you reinvest the money you made. Management risk: When you invest in a mutual fund, you depend on the funds manager to make the right decisions regarding the fun