Galileo's Interventionist Notion of Cause Essay Example | Topics and Well Written Essays - 750 words

Galileo's Interventionist Notion of Cause - Essay Example In Galileo's Interventionist Notion of "Cause", Steffen Ducheyne has deliberated on Galileo's development of a "new notion of causality" (p.443), which was primarily based on interventionist school. Steffen used respective studies and analyses from past and current researchers and presented his point of view after contrasting it from pro and con views, thus, highlighted his own point of view in an oblique way. Steffan said that Galileo believed that in order to find a causal link, one should be able to manipulate changes and the resultant changes should be reflected as effects of original changes. Thus, if A causes B and changes in A also affect B, causal relationship is established. Galileo, like a seeker, was looking for the hidden and accidental causes of effects. He was more interested in the "root" than in the "how" of a cause.Analysts have been divided by the question of whether Galileo really presented causal inquiries in his explanations of nature's phenomena as causal explan ations are more easily found in Galileo's earlier works than later ones. An analysis by Ernan supported Galileo by reinterpreting this absence of "cause" in Galileo's later works as an increasing focus on kinematics, which was a precursor of dynamics, since only after properties of motion were described fully, can the respective causal explanations follow. Peter Machammer, however, believed that Galileo's unconcern for causes was reflected by the fact that he was not concerned with extrinsic causes but with "formal and final causes, and sometimes material causes" (Ducheyne, p.446). Galileo in his earliest work De Motu explicitly stated his quest not to seek for apparent causes of observable facts. Galileo's usage of causal language may be analogous to Aristotelian reflection of causes as laid down in Aristotle's Posterior Analysis, and typified by a procedure involving analysis and deduction from observed effect to possible cause and reverse composition from cause to the effect. According to Encyclopedia of Philosophy, Galileo had achieved a remarkable feat of breaking away from traditional stereotyped Aristotelian concepts to scientific concepts that were used as a basis of "new sciences" and the foundation stone of new philosophy. (Peter Machamer, Encyclopedia of Philosophy). It is how Galileo used causal explanation, Steffan believed, would help unravel Galileo's reasoning thread and allow the novel features, the interventionist element, in Galileo's causal explanations to come through. True causes, according to Galileo, should be closest or most efficacious in producing the effects. If an effect is not produced then the concerned element is not the true cause. Discussion Julian Reiss in Causal Instrumental Variables and Interventions argued against taking causal inferences on the basis of causal claims as reliable if these were based on instrumental variables. He said that taking a set of assumptions to fulfill an instrument analogous to James Woodward's intervention and causal inference might be permissible. However, he argued that for the relationship to hold, the set of assumptions might have to be very strong (Julian Reiss, Causal Instrumental Variables and Interventions). Galileo on the other hand is shown to be quite eager to proclaim his universal causality theory for all true causes. Galileo's explanations seem to have improved over his predecessors (Aristotle), however in hindsight specific lacunas or flaws can now be identified. However it goes to Galileo's credit to have improved thinking from set compartmentalized way into what he believed to better and truer explanation. Galileo believed that the phenomenon of tides was the principle proof that the Earth moved. He set out to prove his theory by postulating that an appropriate model could largely reproduce the effect of the tides, whereas other causes (of the tides) that were promulgated at that time could not produce the desired effect. Galileo can be credited with laying seeds of scientific analysis and being able to study

Central business district investigation Essay Example for Free

Central business district investigation Essay Introduction: The inner city is the zone between the central business district (CBD) and the suburban housing areas. In British cities the inner city grew during the industrial revolution. Factories were built on the edge of the historic towns, now the CBD. Many people view inner city areas as rather dull and depressing as they tend to be overcrowded and polluted. Unfortunately even though the problems of inner city areas are apparent the local councils and business and invested a greater proportion of money in CBD rather then inner cities, which has lead to an escalating problems. The Diagram illustrates the burgess conurbation model, which highlights the various areas of a conurbation settlement: The burgess model of urban land consists of five concentric circles arranged around a CBD inner core. All conurbation models initiates with the central business district (CBD), which forms the heart of a settlement. Large businesses exist here since they are the only ones able to afford the high land values and rents. The inner city is the 2nd zone in the burgess model. This zone represents old industry established at the birth of the city. The third zone is known as the Low-class residential which is located in the inner city close to the old industries. This was because the poor who worked in these industries had to be local. The medium class residential represents the penultimate zone. This is more expensive housing catering for the moderately wealthy populace. The final zone is the high class residential located in the rural urban fringe. This is the most affluent area and caters for the wealthiest element in the population. According to this model, cities grow outwards from the original site; therefore properties are younger on the outskirts of the city. The Burgess Urban Land Use Model In 1925, E. W. Burgess presented an urban land use model, which divided cities in a set of concentric circles expanding from the downtown to the suburbs. This representation was built from Burgesss observations of a number of American cities, notably Chicago. The main characteristic of the inner city was for the industries to build factories to maximise production. The land was cheap and there was room for expansion for the industries. Houses were constructed local to the factories so that workers would not need.

The Significance of Music in Arthur Millers Death of a Salesman Essays

The Significance of Music in Arthur Miller's Death of a Salesman     Ã‚   Human emotions are something that we seldom find a way to express clearly: from simple hand gestures, to a disgusted face. To understand his novel more thoroughly, Arthur Miller uses the most understandable method of comprehension, music, to express the emotions of the characters in his play, "Death of a Salesman". The characters, Willy, Linda, Biff, Happy, and Ben, have a certain style of music and instruments portraying them to show the reader what type of emotional person they are. The beginning of the play starts with a soft, sweet, flute medley that announces Willy’s gradual trek home from Yonkers. This slow tune of confusion ends abruptly as Willy comes home and tells of his troubles in Yonkers. This sentimental sound is heard once more during Ben’s first visit to Willy’s house. His story of father and his flute-making business sets a warm tone only to be wrecked by Ben’s action of throwing Biff, a young, curious boy, to the ground, helplessly. The final performance of this tune is heard at Willy’s sad funeral, where Linda pays her respects to her well-liked husband. Ending on a sad note, the flute appears in time of odd emotions. In the beginning of the play, a state of confu... ...illy’s funeral. Starting out a bit cheerful, the tune fades from a major key to a minor key, hence going from a merry sound to one of sadness and desperation, yet a good sound for a well-deserved tribute. Willy was a mislead salesman. He wanted the best for his boys. Joyous songs always backed up these times. But when his craving for the best turned into the worst, an unpleasant song backed it up. When Willy was confused, a medley of the two was heard. Human emotions are something we all take for granted because they are not properly understood. Music is just one of the many ways that will make these emotions understandable. The Significance of Music in Arthur Miller's Death of a Salesman Essays The Significance of Music in Arthur Miller's Death of a Salesman     Ã‚   Human emotions are something that we seldom find a way to express clearly: from simple hand gestures, to a disgusted face. To understand his novel more thoroughly, Arthur Miller uses the most understandable method of comprehension, music, to express the emotions of the characters in his play, "Death of a Salesman". The characters, Willy, Linda, Biff, Happy, and Ben, have a certain style of music and instruments portraying them to show the reader what type of emotional person they are. The beginning of the play starts with a soft, sweet, flute medley that announces Willy’s gradual trek home from Yonkers. This slow tune of confusion ends abruptly as Willy comes home and tells of his troubles in Yonkers. This sentimental sound is heard once more during Ben’s first visit to Willy’s house. His story of father and his flute-making business sets a warm tone only to be wrecked by Ben’s action of throwing Biff, a young, curious boy, to the ground, helplessly. The final performance of this tune is heard at Willy’s sad funeral, where Linda pays her respects to her well-liked husband. Ending on a sad note, the flute appears in time of odd emotions. In the beginning of the play, a state of confu... ...illy’s funeral. Starting out a bit cheerful, the tune fades from a major key to a minor key, hence going from a merry sound to one of sadness and desperation, yet a good sound for a well-deserved tribute. Willy was a mislead salesman. He wanted the best for his boys. Joyous songs always backed up these times. But when his craving for the best turned into the worst, an unpleasant song backed it up. When Willy was confused, a medley of the two was heard. Human emotions are something we all take for granted because they are not properly understood. Music is just one of the many ways that will make these emotions understandable.

Juanita Plateros Chees Daughter: Characters Environment Reveals A Gr

Juanita Platero's "Chee's Daughter": Character's Environment Reveals A Great Deal About Personality A characters environment reveals a great deal about his personality. In Chee's Daughter by Juanita Platero and Siyowin Miller this theory is displayed. In this story a young Navajo Indian girl is taken from her home by her deceased mother's parents. Two different environments which reflect values and personalities are conflicting. A young traditional Navajo,Chee , and a non- traditional Navajo businessman, Old Man Fat , fight over Chee's daughter, Little One. The two distinctly different settings in this story reflect the personalities of the protagonist,Chee , and the antagonist Old Man Fat.   Ã‚  Ã‚  Ã‚  Ã‚  Chee's setting reflects his caring nature. He shows this by caring for the la...

Liberty and Equality Essay

The principles of liberty and equality are what led America to be the great country it is today. Those terms would not be as meaningful if Thomas Jefferson, George Washington, Abraham Lincoln, and many other founders of our country did not embrace those ideas and adopt them from the Europeans. The strong belief in liberty and equality led this nation to adhere to those standards set by the great leaders above. Without liberty, equality, and those who fought for the pursuit of these ideals, life in America would not be the same. The great leaders who helped bring liberty and equality to America did not create these concepts; they were adopted from the European countries that were also fighting for equality and liberty. William Russell claims that the idea was not formed in America. He states, â€Å"The climate of America did not breed liberty, nor did its geography foster equality† (Russell 55). Even though the idea might not have come from Thomas Jefferson himself, he was stil l instrumental in the formation of American values and the implementation of democratic ideals in America. Jefferson strongly believed that every citizen deserved to be equal. He did not like the fact that some people had more rights than others, because this implied that not everyone in America was the same. Jefferson had the perfect opportunity to express his feeling and he did; when he helped draft the Declaration of Independence, Jefferson wanted to make sure that no group’s rights were limited. Jefferson also highlighted the importance of everyone’s ability to pursue their own ambitions, by stating that we all possess â€Å"unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness† (The Declaration 7). This statement has become iconic because of its message—anyone can and should be able to follow their dreams. This step was crucial in the formation of America’s democracy. Similarly, George Washington upheld the values of liberty and equality by citing views comparable to Jefferson’s. Washington strengthened his argument when he included the notion of God’s involvement in the success and the happiness of  the people in America. In his First Inaugural Address, he expresses to the people that the Almighty Being has the power and the will to heal all defected humans and to bring happiness to every human being in this country. Washington asks that God’s â€Å"Benediction may consecrate to the liberties and happiness of the people in the United States a government instituted by themselves for these essential purposes† (First Inauguration 44). Washington believed in the importance of God in guiding citizens toward a thriving government and nation, which he believed would lead to the happiness of the American people. He states the significance of sticking to rules placed by the Almighty, because the nation that follows the rules of Heaven will receive smiles. Like Washington, Abraham Lincoln also felt that God was an influential Almighty Being, who could help America meet its longtime goals of Liberty and Equality. Lincoln wanted everyone—from the slaves to the slave owners—to be in an equal nation under God. He expressed these thoughts in the â€Å"The Gettysburg Address.† In this speech, he explains that the current Civil War was being fought to preserve the idea of total equality, and to abolish the institution of slavery. Lincoln states that the nation under God â€Å"Shall have a new birth of freedom† (Gettysburg 93). The war’s purpose, to settle a longstanding dispute between the North and the South, evolved from Lincoln’s desire to rid the nation of slavery. Both Washington and Lincoln believed everyone—including African Americans, women, and any other marginalized group—had the right to freedom. Likewise, Henry David Thoreau’s essay â€Å"Civil Disobedience† exp resses his thoughts and feelings about laws set by the government. Thoreau explains the role of liberty and equality in America differently than Washington and Lincoln. He decides against using God as a persuasive tool. Instead, he encourages people to stand up to the government and disobey the laws they feel are denying justice to certain people. Thoreau believed that to fight a law in a â€Å"civil† way, you must â€Å"Cast your whole vote, not a stripe of paper merely, but your whole influence† (Civil Disobedience 9). He suggests that if one person expresses his or her idea of justice, more people may speak up and fight back. He believed this would lead to the government’s forced compliance with more just acts of liberty and equality. Martin Luther King Jr. took Thoreau’s ideas to heart. He very famously stood up to laws he believed were unjust during the Civil Rights movement. He fought a very long  time to bring a greater level of equality to Ameri ca, especially for African American people. King felt that liberty and equality had been denied too long for African Americans. He expresses that thought in a letter from his jail cell in Birmingham. King writes, â€Å"We have waited for more than 340 years for our constitutional and God given rights† (King Web). King’s frustration led him to believe that his best option was what Thoreau describes: civil disobedience. Ultimately, King’s pursuit of liberty and equality proved incredibly worthwhile; his acts of civil disobedience changed the landscape of American culture. Throughout history, America has had great leaders of all backgrounds and religions. This diversity has strengthened our desire and pursuit of equality and liberty for all. Each great leader, writer, and thinker has contributed to the molding of America as a democratic land. Each person encouraged others to contribute to their cause, resulting in a country where liberty and equality have truly become a group effort. Works Cited Jefferson, Thomas. â€Å"Declaration Of Independence.† The Declaration of Independence and Other Great Documents of American History, 1775-1865. Ed. John Grafton. Mineola, NY: Dover Publications, 2000. 5-9. Print. King, Martin L., Jr. â€Å"Letter from a Birmingham Jail [King, Jr.].† Letter. 16 Apr. 1963.Letter from a Birmingham Jail [King, Jr.]. University of Pennsylvania, n.d. Web. 31 Mar. 2014. . Lincoln, Abraham. â€Å"The Gettysburg Address.† 1863. The Declaration of Independence and Other Great Documents of American History, 1775-1865. Ed. John Grafton. Mineola, NY: Dover Publications, 2000. 92-93. Print. Thoreau, H. D. â€Å"Civil disobedience.† Civil disobedience, and other essays (pp. 1-18). New York: Dover Publications. Print. (Original work published 1849) Russell, William Fletcher. Liberty vs. Equality. New York: Macmillan, 1936. 54-55. Print. Washington, George. â€Å"George Washington: First Inauguration Address.† The Declaration of In dependence and Other Great Documents of American History, 1775-1865. Mineola, NY: Dover Publications, 2000. 43-46. Print.

Pip Pirrup and Great Expectations essays

Pip Pirrup and Great Expectations essays Great Expectations is a novel of growth, understanding and life. Throughout the novel we see Pip Pirrup develop from a lonely young boy, to an ambitious boy, to an idle teen and finally a mature adult. Pip goes through a variety of events that help him develop the qualities that lead to him acquiring those of a mature, responsible and kind adult but more important than the events throughout his life are the people that convey these traits and cultivate them within Pip. From Joes unconditional love, to Wemmicks out of office kindness and general optimism and Herberts ambition for practical means, even Miss Havishams need for forgiveness and Estellas rejection provide Pip with the experiences he needs to become the adult he is. Pip was orphaned at an extremely young age, which would be traumatic for anyone but Pip is sent to live with his mean aunt Ms. Joe. Pip who is in need of love, guidance and friendship finds none within Ms. Joe, but luckily her husband Joe becomes a father figure for Pip and tries to instill values within him. Pip loves Joe back as he explains, But I loved Joeperhaps for no better reason than because the dear fellow let me love him (40 Dickens). Joe cares deeply for Pip and tries to do everything in his power to provide for him. Joe swells with pride as a father would when watching Pip read and write and tries to learn because he knows that is what Pip would want. Aside from Joes unconditional love and kindness, Joe also tries to teach Pip the skill of blacksmithing despite Pips disinterest. When offered the premium from Miss Havisham, Joe cannot decline it but is persistent in making sure that they both understand that he is teaching Pip out of love and not for money. Pip eventuall y has higher aspirations that Joe cannot provide or help with and Pip begins to resent Joe for his lack of class and intelligence. Pip at this point means no harm to those around hi...

Power of one essay Essays

Power of one essay Essays Power of one essay Essay Power of one essay Essay Power of one essay BY addenda In the film, The Power of One directed by John Pavilions in 1992, many difficulties are faced by individuals resisting conformity. Pavilions uses many techniques to show how these unfortunate individuals deal with their difficulties. Racism is one of the mall difficulties faced by the individuals when resisting conformity. This Is evident when PC is in boarding school. PC is constantly bullied being the only English boy in the school. Pas voice over during his first lesson explains how the Afrikaners tried to overthrow the English government UT the English army were too strong, they locked the women and children In concentration camps where many died As the only English boy In the school, I took the blame for all those deaths. This use of voice over gives the audience information on why he was being bullied. While In the same lesson the camera pans across all the students to show all the boys, the camera stops at PC and Happy Burble who Is the bully. Wh ile the camera zooms Into a close up shot Happy Spits on PC. The close up shot depicts the look of disgust on the bullys face and how PC accepts being spat on because he Is too small as an Individual In a conformed group of Afrikaners. Racism is also shown as a main difficulty in the jail. This is evident when Gill Pieta, PC and Doc are talking. The sergeant comes from behind and hits Gill Pieta because the sergeant thinks Gill Pieta is up to something. When the sergeant hits Gill Pieta a sound effect of hit is used. This is used to make the hit sound more painful. Also a low angle shot is used on the sergeant to show his dominance and superiority and a high angle shot on Gill Pieta to show his inferiority. People with authority will enforce conformity upon the individual. This is greatly evident when the sergeant calls Gill Pieta a sit eater the sergeant puts manure on his shoe, forcing Gill Pieta to eat it. Shallow focus is used to show Gill Pieta who is in focus and PC and Doc in the background, out of focus. This shows the sergeant can make the sit eaters do whatever he wants because he has authority. The use of hallow focus allows us to see how emotional PC and doc are and how they are unable to assist Gill Pieta through his struggles as an individual. Maria is also forced to conform because of her fathers authority. While eating dinner Maria tells her father that she believes what he is doing to the black South Africans shouldnt apply to anyone. This makes her father furious; he slaps her across the face. A sound effect off slap is used when he does so. Deep focus is used to show them at the dinner table when Maria is told she is grounded by her father because she was coming an individual. The deep focus shows the father out of focus while disciplining Maria who is in focus. As you can see the power of one conveys all of these struggles that individuals face when resisting conformity. Main difficulties faced by the individuals when resisting conformity. This is evident the women and children in concentration camps where many died As the only English boy in the school, I took the blame for all those deaths. This use of voice over gives the audience information on why he was being bullied. While in the same at PC and Happy Burble who is the bully. While the camera zooms into a close up shot Happy Spits on PC. The close up shot depicts the look of disgust on the bullys face and how PC accepts being spat on because he is too small as an individual in a conformed group of Afrikaners. Racism is also shown as a main difficulty in the Jail. Father that she believes what he is doing to the black South Africans shouldnt apply effect of a slap is used when he does so.

Foreign Marriage Customs essays

Foreign Marriage Customs essays In the Bosnian culture it is very common to see new couples moving in with the husbands parents after they marry. Usually the husband is already living with his parents because its rare that any of them move out until after they marry. The reason many couples make these choices is because of respect for their families, shortage of money, and the need for emotional support. New couples move in with the husbands parents because it shows a sign of respect for the husbands parents from the brides position. It is common that the parents have to give approval of marriage, so to thank tem the bride moves in to their home. At that point the bride completes most of the work around the house and starts learning to cook unless she already learned it at home. This shows the parents that she is ready to take are of their son and after that usually the husbands parents help them out monetarily to building a home of their own. Another reason the new couple moves in with the husbands parents is the shortage of money. Since you rarely see any students work while they are going to school, logically once they graduate from a university they dont have much saved up. Most couples marry soon after graduation. The easiest decision seems to be just to move in with the husbands parents and try to save up as much as possible. Usually the couple lives about two to three years with their parents before moving out. At that point they have a decent amount saved up and in most cases the family helps them out financially as well. While the respect and lack of money are good enough reasons to move in with them, the main reason is for emotional support. Many say that the first few months and years are the toughest in marriage. This way there is family for you to point you in the right direction, teach you the basic values of marriage and to help you solve any problems that you might encounter ...

Carr assignment Essay Example | Topics and Well Written Essays - 250 words

Carr assignment - Essay Example Applying this principle on successful companies like Boeing, Toyota, Pfizer etc., they have established their name not by magically injecting efficiency in their system, but by providing better products (capturing market share, non-IT competitive edges, price strategies etc.). Workers must constantly learn new skills to keep up to date with changing technology (Morley 296). IT gadgets have been transformed from strategic resource to commodity products. At one time a company is proud of a IT innovation, and after a few time, it found being ruined by lower middle class of the society, meaning it is no longer expensive unique or unavailable. Technology is always taken up by firms. A lot of investment is ready for a new technology. Industries acquire technology but there is very little research as to how technology actually provided a competitive advantage to a certain firm. The argument that technology gives a competitive edge to a firm is valid. Electricity is a classic example. However the fact ignored is indefinite reliability on a piece of technology is fatal for the corporate

Beckett's prose Term Paper Example | Topics and Well Written Essays - 2000 words

Beckett's prose - Term Paper Example Considering the times, it makes sense that much of Samuel Beckett’s works—his plays, poetry, and novels—focus on the theme of madness. This reaches back very early in Beckett’s career, even in his first novel, Murphy, published in 1938. It explains why many consider Beckett an existentialist, although as Ackerley and Gontarski state, Beckett’s views are far removed from Sartre’s existentialism (501). Much of Beckett’s works, especially his plays written after the war, have existential themes, although it is incorrect to pigeonhole him as an existentialist. It seems that as Beckett progressed in his career, he became both more existential and minimalist. Beckett is often mislabeled as an existentialist because of his connection with Theatre of the Absurd as described by Martin Esslin (n.p.), who coined the phrase and used Beckett and Waiting for Godot as his main examples. Plays in the Theatre of the Absurd genre have been strongly influenced by existentialism. Esslin saw them as the fulfillment of the existential thinker Albert Camus’ concept of â€Å"the absurd.† By placing Beckett’s plays within the genre and connecting them with Camus, Beckett was subsequently wrongly closely associated with the existentialists. It cannot be denied, however, that Beckett’s works, even his earlier ones like Murphy, have existential themes. Esslin describes these themes as â€Å"the sense of metaphysical anguish at the absurdity of the human condition† and the â€Å"sense of the senselessness of life, of the inevitable devaluation of ideals, purity, and purpose† (n.p.). Beckett’s works, including Murphy, can be placed squarely within this tradition of writing. Murphy is Beckett’s second work of prose, and his first novel. Unlike most of his works, which were composed in French, it was written in his

A story Essay Example | Topics and Well Written Essays - 750 words

A story - Essay Example They always treat me in a way, as if I still belong to the diaper class. After all that, some answers began screwing up, I heard a tone at the back of my ears, â€Å"come on honey, relax, everything will be okay, I believe it will not end up in a fight but this time, your mother especially, will be the first to understand that you are now big enough to be made for choices and followed around so that no mistakes are made. Take it easy because such days are over, do you not just get it? You are an adult by this time in twenty.† Supper was approaching, and the words gave me more than enough strength. This is all what I needed. â€Å"Honey, honey,† all this time was in my room pretending to do some homework when I heard my nanny voice calling, â€Å"it is supper time, food is ready and we all waiting for you in the dining, come over men.† I stayed up and grabbed a chair, after some minutes of prayer, some force came in me, and â€Å"this is probably the perfect chance to begin your conviction, because everyone will be spending some precious time with their food.† â€Å"Okay, mum, da†¦dad,† I then went mute. â€Å"Yes, they were ready to hear from me. Speak out dear.† It was so sweet to hear both of my parents eager to what I would say. These gave me some courage; I cleared my throat, and both parents stared at each other, and the words flowed through my mouth. â€Å"Was hoping you as my parents would allow me go on a trip, this time all by myself, mum, dad.† The immediate response I was given was a heavy stare, from my dad, he seem shocked, and, on the other hand, my mum was uttering words to me of which my mind went blank, and I managed to grab a few. â€Å"Tell us this is not happening? What has come over you? You very well know how the world is, full of vices, and you tell us you need permission to do some travelling alone? How the hell are we supposed to make

The State of Working America Assignment Example | Topics and Well Written Essays - 1500 words

The State of Working America - Assignment Example Tax rates were also drastically cut for all income sectors. The national debt was cut by one third, as quoted by one economic historian, â€Å"Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supplies around and fight the contraction.† Therefore, by the summer of 1921 visible signs of recovery began to show. Unemployment was back to 6.7 percent and down to 2.4 percent by 1923. (Mataconis, 2009). According to Slichter high wage practices were adopted in the 1920s due to the threat of labor trouble, employers being unwilling to reduce wages in comparison to wholesale pricing, and realizing how important moral and efficiency had become to labor. (Slichter, 2005). Labor trouble threats began to peak in 1920, and the six-years prior saw a double of membership in trade unions. Unionism had established itself in the Chicago Packing Plants, the US Steel Corporation and the Pennsylvania Railroad as well. Employers seemed to have the beli ef that labor was in danger of becoming radical. (Slitter, 2005). New methods were used in industry to attempt to make workers more efficient and contented. 1. Helping employees acquire property, 2. Helping employees acquire a â€Å"stake† in the companies which employed them. 3. Protecting them from arbitrary treatment. 4. Rewarding continuous service with the company. 5. Giving them advancement opportunities and more responsibility. 6. Offering them security. These things resulted in a rise of around 11 percent in hourly wages for factory workers between 1920 and 1925. Thus, wage earners began to save money, which was encouraged by businessmen. (Slichter, 2005). The 1920s known as the â€Å"roaring twenties† gained its name from being pictured as a time of American prosperity and optimism. However, it is also seen as a time of cultural change, a decade of the Model T, $5 work days, airplanes, movies, and provocative dress. The nation shifted from urbanism to commerci alism and brought with its prohibition, the Ku Klux Klan, strict immigration laws, and gangsters. Quoted by Jerrie Cheek from the Kennesaw University, â€Å"The powerful economy might of America from 1920 to October 1929 is frequently overlooked†¦the strength of America was generated and driven by its vast economic power.† (Cheek, 2005). The happening on October 1929 on a Tuesday, know as â€Å"black Tuesday† became the beginning of the Great Depression. Two months after the stock market crash stockholders had lost more than $40 billion dollars in investments. Economists and historians both believe that the economic downturn that showed up in early 1929 lead to the crash. The market did improve somewhat by the end of 1930; however, it was not enough to keep America from entering the Great Depression. (Kelley, 2012). By 1933 11,000 of America’s 25,000 banks had failed, and because deposits were uninsured, funds were simply lost. Banks, being unsure of the ec onomy, stopped issuing new loans, which contributed to the situation. (The Great Depression, 2012).  

Strategic analysis of Acer Essay Example | Topics and Well Written Essays - 2500 words

Strategic analysis of Acer - Essay Example Acer has since been the third largest computer manufacturing company in the world holding 9.5% of the market share, with its growth being experienced outside USA mature market, largely in emerging nations. The peripherals and PC industry is very competitive and Acer has maintained growth since 1999 with significant growth in revenues. The key competitors in the market include Dell, HP and Lenovo; however there is a fragmentation of the market with 46% of it owned by brands which have market share of less than 4% each. Acer seeks to increase its market share through release of premium PCs under Ferrari brand and expansion in LCD TVs with BenQ brand (Unruh & Ettenson, 2010). This paper seeks to give a detailed report of strategic analysis of Acer Inc. The paper will analyze the environment in which Acer functions and identify the opportunities and threats to which it might expect to have to respond. This will be done through environmental analysis (PESTLE, Porter’s Five Forces, and SWOT). The report will also make analyses of the resources and key capabilities of the company plus the factors that give the company its competitive advantage. This will be done through assessing the Industry Critical Success Factors, analyzing resources and capabilities and link the generic strategy. Finally the paper will assess the extent to which Acer’s existing strategies match its environment and suggest improvements where there is a justification. This will be done through looking at the company’s strategy within its environment and use of the J and S three tests (suitability, acceptability, feasibility and suggested improvements. There will be a final management summary, conclusion and recommendations to the company and sample diagrams of the models of market and environment analysis. Acer is the third largest manufacturer of electronics (PC) in the world using a transnational strategy for procuring its components in order to maintain cost leadership.

The State of Working America Assignment Example | Topics and Well Written Essays - 1500 words

The State of Working America - Assignment Example Tax rates were also drastically cut for all income sectors. The national debt was cut by one third, as quoted by one economic historian, â€Å"Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supplies around and fight the contraction.† Therefore, by the summer of 1921 visible signs of recovery began to show. Unemployment was back to 6.7 percent and down to 2.4 percent by 1923. (Mataconis, 2009). According to Slichter high wage practices were adopted in the 1920s due to the threat of labor trouble, employers being unwilling to reduce wages in comparison to wholesale pricing, and realizing how important moral and efficiency had become to labor. (Slichter, 2005). Labor trouble threats began to peak in 1920, and the six-years prior saw a double of membership in trade unions. Unionism had established itself in the Chicago Packing Plants, the US Steel Corporation and the Pennsylvania Railroad as well. Employers seemed to have the beli ef that labor was in danger of becoming radical. (Slitter, 2005). New methods were used in industry to attempt to make workers more efficient and contented. 1. Helping employees acquire property, 2. Helping employees acquire a â€Å"stake† in the companies which employed them. 3. Protecting them from arbitrary treatment. 4. Rewarding continuous service with the company. 5. Giving them advancement opportunities and more responsibility. 6. Offering them security. These things resulted in a rise of around 11 percent in hourly wages for factory workers between 1920 and 1925. Thus, wage earners began to save money, which was encouraged by businessmen. (Slichter, 2005). The 1920s known as the â€Å"roaring twenties† gained its name from being pictured as a time of American prosperity and optimism. However, it is also seen as a time of cultural change, a decade of the Model T, $5 work days, airplanes, movies, and provocative dress. The nation shifted from urbanism to commerci alism and brought with its prohibition, the Ku Klux Klan, strict immigration laws, and gangsters. Quoted by Jerrie Cheek from the Kennesaw University, â€Å"The powerful economy might of America from 1920 to October 1929 is frequently overlooked†¦the strength of America was generated and driven by its vast economic power.† (Cheek, 2005). The happening on October 1929 on a Tuesday, know as â€Å"black Tuesday† became the beginning of the Great Depression. Two months after the stock market crash stockholders had lost more than $40 billion dollars in investments. Economists and historians both believe that the economic downturn that showed up in early 1929 lead to the crash. The market did improve somewhat by the end of 1930; however, it was not enough to keep America from entering the Great Depression. (Kelley, 2012). By 1933 11,000 of America’s 25,000 banks had failed, and because deposits were uninsured, funds were simply lost. Banks, being unsure of the ec onomy, stopped issuing new loans, which contributed to the situation. (The Great Depression, 2012).  

Human Resource issues at Amazon Coursework Example | Topics and Well Written Essays - 4500 words

Human Resource issues at Amazon - Coursework Example Within the warehouses the houses a mix of 1600 full-time part-time and temporary workers. Most of the temporary workers are hired by the company before the holiday season and fired after that period. The task designed to most of the labours inside the warehouse is to pack boxes. The warehouse is located over an area of 600,000 square foot. Inside these warehouses, the workers are required to pack boxes at the rate of 240-250 boxes per hour if the size of the shipment is large and up to 500 boxes per hour are the size of the shipment is small. In comparison to other companies in the same industry, this rate is excessively high. Amazon, as it is found, sets the rates higher than can be performed by the employees. It is expected even by Amazon that people won’t be able to attain the high productivity rates for which there are paid between $9 and $14 an hour. The workers are expected to work for 10 hours a day for four days in a week. In the holiday season when the shopping spree of the customers increases Amazon recruits temporary workers who have to work for 11 hours per day for four days in a week along with the regular staffs. The overtime in the holiday period is mandatory for the workers. The workers are given a 30-minute lunch break for which they are not paid. In addition, they are given two paid breaks each of the duration of 15 minutes. During the break, every minute is counted and the workers have to take a break at the ring of the bell and have to be back at their work at the ring of another bell.

Sorry for Disturbing You Essay Example for Free

Sorry for Disturbing You Essay Life is about many things. Some would say friendship is gold, others that money talks. But one main thing that many people isnt listing that high, is communication. We have the ability to talk and express what we feel. That can be the key to loving relationships and a happy life, if handled correctly. But if one is not able to express those feelings, and not able to obtain intimacy with someone else it will lead to loneliness. The short story â€Å"Sorry for Disturbing You† is written by Richard Knight and is dealing with the importance of communication. It is about a meeting between two men that seem different but really may not be that different after all. The story begins with the main character, Ian, reflecting and looking back upon his meeting with Michael Phelps. After that the story is chronologically built and is stretching across a couple of hours. The story is told by a third person narrator with a view inside of Ians head. There is no outer description of Ian and our portrait of Michael is painted by Ians view of him and how he appears to be through the dialogue. Ian sees Michael as a helpless and possibly an alcoholic person: â€Å"He seemed lost, hanging on to the doorframe for support† (l. 4) â€Å"He looked ill. Or very drunk. † (l. 11) Michael is also compared to â€Å"a sobbing child† (l. 55) and â€Å"a helpless foal† (l. 87) to emphasize the state he is in. There is something inside of Ian, reaching out for Michael. He really didnt want to let him in but still he did, because of his instincts telling him to. The same with starting a conversation with him. He still have some reluctance against Michael being in his house, so he finds him a chair that is â€Å"not too comfortable† (l. 6) It seems, through the dialogue, that Ian is not the best of communicators. For example: â€Å"What the hell am I supposed to talk about for ten minutes? † (l. 52) He dont know what to do about Michael and even less what to talk to him about. Michael is a mysterious man. There are hints that Michael may have an alcohol problem, since he seems drunk, he has a social worker and the fact that the taxi driver refuses to drive him home. He is rejected from society and he is not on good terms with his daughter. â€Å"Twenty-two years. The answer came immediately, like a time tables answer. (l. 73) The reason for his relationship to his daughter is suggested in this sentence. The reason might have been an event, something he was responsible of. Michael is a lonely man filled with so much regret it spills out in the form of tears. He is looking a lot at the photograph of Karen and Corinne, while hes probably thinking about his daughter and his family he no longer is in contact with. Karen and Corinne is not take up much space in the story but their absence are taking up a lot of space in Ians mind. When he think about Karen he gets a bit confused and ignorant. He is wondering how she would react to the whole thing but is not sure. He wants Karen to be there but he doesnt call her until the very end, as the very last way of getting Michael out of the house. In that way its because of Michael that Ian contacts his wife. What starts out as being a disturbance of Ians evening ends up being a help to him, because the communication between Ian and his wife was in a very bad condition. Suddenly the title of the short story has a different meaning than before. The meeting with Michael have definitely changed something inside Ian. When opening the door for Michael in the beginning of the story, the first thing he sees is the â€Å"icy rain running in beads down the mans face† (l. 1). But when he is looking back on the whole thing he is â€Å"no longer sure if it had been rain or tears† (l. 2) and the fact that he is now looking differently at the situation than he first did is showing that he have changed. When he met Michael it gave him a chance to reach out to Karen and to reflect on his own life. He realizes just how important family is and that he have to make an effort communicating with his wife and daughter. A physical example of Michaels great impact on Ian is when he grips Ians hand in the end, and holds it for a long time. The very last sentence of the short story: â€Å"He switched the television off, made two cups of tea and a glass of warm milk, and took the first careful steps up the stairs† (l. 171) shows that he is now quitting his former passiveness and is taking action so he wont lose the people he loves. Unfortunately, Michael is an example of many people across the world. It is sad, but you can only learn from this short story. It have a very strong morale: communicating is important.

Public Debt And Its Political Implications Economics Essay

Public Debt And Its Political Implications Economics Essay The debt limit or so called debt ceiling is the total sum of money that the US government is allowed to borrow in order to cover the existing expenditures: national defense, interest on the national debt, Medicaid and Medicare benefits and other expenditures. The debt limit enables the government to cover the spending that was negotiated between Congresses and Presidents in the past. Nevertheless, it does not apply for new, unbudgeted expenditures. If the debt ceiling limits the government to pay for expenditures that are legal obligations (e.g. interest on the national debt, government employee wages, etc.), the debt ceiling can lead to the default of the US (US Department of the Treasury, 2012). The U.S. Debt-Ceiling Crisis and the Budget Control Act of 2011 In May 2011, the Treasury declared that the debt ceiling of US $14.29 trillion had been reached, but that extraordinary measures could prevent a default and keep government operational. For several months after this announcement, the debt ceiling was in the center of a political battle between the Republicans, who controlled the House of Representatives since the 2010 elections, and President Obama and the Democrats who controlled the Senate. The Republicans insisted on revenue increases and spending cuts as condition for their approval of an increase in the debt ceiling. Both parties could not come to a compromise and by the end of July, the countrys default approached. Finally, an agreement between President Obama and Congressional leaders was reached by the night of July 31, 2011 (Eells, 2013). On August 2, 2011, President Obama signed the Budget Control Act (BCA) that raised the debt ceiling and thus averted the looming, first-ever US government default. The Budget Control Act authorized the increase of the debt limit in three installments. First, the President can require the immediate increase of the debt limit by US $400 billion. Second, the debt limit can be increased by additional US $500 billion, if a joint resolution of disapproval is not enacted. Thirdly, the President can require an additional amount between US$1.2 trillion and US $1.5 trillion that is also the subject to congressional disapproval (Heniff et al., 2011). The first two debt increases, totaling US $900 billion, should be compensated by reductions in future federal spending. The BCA also determined caps on annual expenditures over the following ten years. Estimates on federal spending reductions by the Congressional Budget Office (CBO) totaled US$917 billion. For the years 2012 and 2013, the limits on security and non-security spending are separate. For the eight years thereafter, the spending cap will be effective on a single discretionary category (Heniff et al., 2011). Another part of the BCA was the establishment of a Joint Select Committee on Deficit Reduction. This Committee is tasked with proposing means to reduce the federal deficit by at least US $1.5 trillion over the next ten years. As a result, the BCA provides at least one dollar of spending cuts for one dollar in debt ceiling raise (Heniff et al., 2011). However, if the Joint Committee fails to produce spending cuts of at least US $1.2 trillion, then the President will be authorized to increase the debt ceiling by US $1.2 trillion that need to be compensated by a combination of the spending cuts nevertheless produced by the Joint Committee and across-the-board spending cuts, including military expenditures, education, transportation, Medicare etc. (GAO, 2012). The political battle between Republicans and Democrats had several negative consequences. The delays in raising the debt limit in 2011 resulted in additional borrowing costs for the Treasury of about US $1.3 billion only in the fiscal year 2011, which do not include the multiyear effects on potentially increased interest expenses for Treasury securities of future issues. Other challenges for the Treasury in managing the federal debt under the effects of these delays were the complexity, the time spent and the technical issues that arose before the staff. Moreover, the Treasurys employees had to focus on extraordinary actions instead of focusing on its important debt and cash management responsibilities and staff development (GAO, 2012). The US debt passed the 100%-of-GDP mark after the governments debt ceiling was increased. The new borrowing enlarged the US debt to US$14.58 trillion, surpassing the US $14.53 trillion size of the U.S. economy in the year 2010 and moving the USA into a fiscal situation similar to countries whose public debt is higher than their annual gross domestic product: Japan (229%), Greece (152%), Italy (120%), Ireland (114%) and Iceland (103%). The last time the U.S. debt exceeded GDP was in 1947 after World War II and the deficit was due to extraordinary war spending (Money News, 2011). As a result of the debt increase, Standard Poors (SP) downgraded its USA long-term sovereign credit rating from AAA to AA+ on August 5, 2011. The lowering of the long-term sovereign credit rating by SP reflects the rating agencys believe that the the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than was envisioned when agency assigned a negative outlook to the rating on April 18, 2011 (Swann et al., 2011). SP believed that the fiscal consolidation plan that was agreed by Congress and the President was not sufficient to stabilize the general government debt burden by 2015. Additionally, the political positions of Republicans and Democrats were still far apart and the two parties only agreed on minor savings in discretionary expenditures. The Select Committee had to provide more comprehensive solutions. The political disputes diminished the governments capability to manage public finances and distracted attention from the ultimate goals of a more balanced budget and improvement in economic growth. SPs prospect on the long-term rating is unfavorable. The agency can even decrease the long-term rating to AA, if, for instance, the US government cuts its spending less than was negotiated or the new arising fiscal burdens over the next two year period. The other two major rating agencies, Moodys and Fitch, kept their top credit ratings, although they pointed out that downgrades could follow if the US government fails to implement debt reduction measures or an economic slowdown happened (Detrixhe, 2011). After raising the debt limit to US $15.2 trillion in August 2011, Congress increased the debt limit to US $16.394 trillion in January 2012. By the end of August 2012, the amount of debt reached US $15.977 trillion, which is approximately US $417 billion below the debt limit. As the government borrows roughly between US $100 billion and US $125 billion a month, the debt was estimated to hit the limit in December 2012 (Sahadi, 2012). By December 31, 2012, the USA reached its debt ceiling, but the Treasury declared that it can pay outstanding debt obligations and other bills for the next two months. This means that a new political battle, between Congress and the White House, for another increase in the debt ceiling will start in the near future. Effects of the US government shutdowns in 1995-1996 In 2011, the US government was close to defaulting on its public debt. The potential negative consequences of a default are more severe than that of a shutdown. Nevertheless, recent shutdowns can give an example of potential harmful effects of such fiscal issues on the public and economy. In history, the US government has experienced several shutdowns (Figure XY) that occurred when Congress fails to adjust funding for the current fiscal obligations. In this situation the government can no longer borrow funds, but the federal government can continue to operate, given the Treasury has the opportunity to generate additional revenues or to implement special measures. Nevertheless, the continuing incapability to borrow would result in a default (Masters, 2013). Figure XY. Appropriations Funding Gaps: Fiscal Years 1977-1998 Fiscal Year Date gap Commenced   Full day(s)   of gaps Date gap terminated   1977 Thursday 09-30-76 10 Monday 10-11-76 1978 Friday 09-30-77 12 Thursday 10-13-17 Monday 10-31-77 8 Wednesday 11-09-77 Wednesday 11-30-77 8 Friday 12-09-77 1979 Saturday 09-30-78 17 Wednesday 10-18-78 1980 Sunday 09-30-79 11 Friday 10-12-79 1982 Friday 11-20-81 2 Monday 11-23-81 1983 Thursday 9-30-82 1 Saturday 10-2-82 Friday 12-17-82 3 Tuesday 12-21-82 1984 Thursday 11-10-83 3 Monday 11-14-83 1985 Sunday 9-30-84 2 Wednesday 10-3-84 Wednesday 10-3-84 1 Friday 10-5-84 1987 Thursday 10-16-86 1 Saturday 10-18-86 1988 Friday 12-18-87 1 Sunday 12-20-87 1991 Friday 10-5-90 3 Tuesday 10-9-90 1996 Monday 11-13-95 5 Sunday 11-19-95 Friday 12-15-95 21 Saturday 1-6-96 Figure : Appropriations Funding Gaps (Source: U.S. Library of Congress, Congressional Research Service) The longest US government shutdown was a shutdown in the years 1995-1996. The U.S. government was shut down for 21 days between the December 16, 1995 and January 6th, 1996 due to the budgetary mismatches between Democratic President Bill Clinton and Republican Speaker of the House Newt Gingrich. In 1995, Clinton denied to cut steeply Medicaid, Medicare and other non-defense expenditures for the 1996 budget. Gingrich responded with the threat that Congress would not approve the increase in the debt ceiling. This would lead the USA to default on its outstanding debt. The first shutdown lasted five days from November 13 until 19 when both parties made an agreement to balance the budget in seven years period. However, the White House and Congress could not agree how this procedure would be accomplished resulting in the second US shutdown for 21 days. Negotiations between the President and Congress over the next 21 days resulted in the agreed seven-year balanced budget plan. The plan cons isted of the tax increases and the little spending cuts (Fiscal Politics Policy from 1970s to the Present). Gressle (1999) showed the effects of the US government shutdown on the public and economy. The first and the second shutdowns in 1995-1996 years resulted in the furlough of an estimated 800000 and 284000 federal employees respectively. The second shutdown had vast effects on all sectors of the economy. A good example is the health care sector where new patients were not accepted into National Institute of Health (HIN) Clinical Center and the hotline calls to HIN regarding health problems were not answered. Around 20000-30000 applicants for US visa were not served each day resulting in million dollar losses for airlines and tourist industries. The closure of 368 National Parks led to the loss of 7 million visitors and US$14.2 million per day in tourism income by locals. After the 1995-1996 shutdowns, President Clinton improved his image (Lader, 2008). The majority of Americans understood that both shutdowns were due to the Republican obstinacy. Nevertheless, the shutdowns in 1995-1996 showed the aftermaths of divided government and the shift of the political policy to the rightwing. Fiscal Cliff There are a lot of expressions for the issue often called fiscal cliff: fiscal slope, austerity crisis or fiscal obstacle course. However, all of them describe the same process, particularly, the automatic tax increases and spending cuts that take effect on January 1, 2013. However, the first person who popularized the term fiscal cliff was the chairman of the Federal Reserve, Ben Bernanke. The chairman used this expression in a speech to a congressional committee in February 2012 in reference to a combination of spending cuts and tax increases set for January 1, 2013. Afterwards, the phrase was used widespread (Geoghegan, 2012). The majority of analysts predict that the implementation of the tax and spending cuts on January 1, 2013 will have no significant influence on the economy as a whole in the short run. At the same time, the long-term effects of these measures would be tremendous. If a deal can not be reached by the White House and Congress, it might have uncertain effects on the economy such as a market panic, a drop in consumer spending, a decrease in business investments, etc. The Congressional Budget Office calculated that the budget deficit would decrease by US $0.5 trillion from 2012 to 2013 and the economy would slow down due to a resulting recession. Almost all Americans would experience a rise of their tax bills with the estimated increase at US $3500 and an after-tax income decline by 6.2% for the average family (Lowrey, 2012). On Tuesday January 1, 2013, Congress approved a deal to end the long partisan dispute over the fiscal cliff. The main changes that were set were the end of last years temporary payroll tax cuts (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, a rollback of the Bush tax cuts from 2001-2003, and the beginning of taxes related to President Obamas health care law. At the same time, the spending cuts agreed upon as part of the debt ceiling deal of 2011 will begin to go into effect (Kenny, 2013). The agreement leads to the increase of the tax rate from 35% to 39.6 % for single persons who earn US $400000 and for couples with an income above US $450000 per year. Americans should also pay higher taxes on dividends and capital gains with the tax rate rising from 15% to 20%. Also, the tax for estates with a value above US$5 million will be taxed by 40% (previous rate 35%), but Republicans succeeded in indexing the threshold of US $5 million to inflation and thus smoothing the effects of the estate tax for wealthy Americans (Ungar, 2013). Among other changes were the extension of an additional year of unemployment benefits for nearly 2 million Americans, the doctor fix related to Medicare and tax credits for college tuition that were extended for another five years (Ungar, 2013). The agreement prevents a significant increase of income tax for around 100 million American families that earn less than US $250000 annually. However, the 2% payroll tax cut, that was originally part of the 2009 stimulus package, will expire (Montgomery and Helderman, 2013). The above measures will prevent the severe economic downturn that could happen in case of going over the fiscal cliff. President Obama pointed out in his brief statement that the new measures would produce US $620 billion in new tax revenues (Montgomery and Helderman, 2013). In conclusion, the new measures that were set to avoid the fiscal cliff were not the ultimate goal of neither Republicans nor Democrats. Republicans are not satisfied with the tax increases and the lack of spending reductions, while Democrats complain about the provisions regarding estates. It seems that the political dispute will continue in the near future and the agreement signed on December 31, 2012 was just a short-term fix to avoid the fiscal cliff. Foreign Holdings of US Public Debt and its Political Implications A crucial point in analyzing the current situation of US public debt and its political implications is the detailed understanding of foreign holdings. As of July 2012 (most recent data), foreign countries owned a total of US dollar 5.4 trillion of U.S. debt, which is approximately 34% of total debt outstanding of US dollar 15.9 trillion. The three largest single foreign holders are the central banks of China, Japan and Brazil. Comparing the situation in July 2012 with the state in July 2002, one can see that the proportion of foreign holdings in US public debt outstanding has grown from approximately 19% to 34% (Treasury Direct, 2012). Figure XY shows that as of July 2012, China is the largest single holder of US public debt with a share of approximately 7.2% followed by Japan with a corresponding share of about 7.0% (US Department of the Treasury, 2012). Figure : Foreign Holdings of US Public Debt (Source: Treasury Direct, 2012 U.S. Department of the Treasury, 2012) Given its low savings rate, the US economy is strongly dependent on foreign capital inflows from countries with high savings rates (for example China  [1]  ) to meet its domestic investment needs and to fund the federal budget deficit. Important to understand is that the willingness of foreign countries to invest in the US economy and to purchase US public debt has helped to keep US real interest rates relatively low in the past, which until recently, contributed to a great extent to a fast US economic growth and enabled the country to consume more that it produces for a long time. Some renowned economists also argue that the US dependency on foreign savings was a contributing factor to the US subprime crisis and the subsequent global financial crisis. However, the size and the recent growth of US public debt have raised concerns about the willingness of foreign countries to continue to invest in US public debt securities. For example, some Chinese analysts claimed that the gover nment should diversify its reserves away from US dollar assets into assets of other currencies. An important short-term political implication of Chinas large holdings in US public debt is that, if China might suddenly decide to sell a large share of its holdings, this would induce other foreign investors to sell off their holdings as well, which could dramatically destabilize the US economy. Possible consequences can be the depreciation of the US dollar as its supply on foreign exchange markets increased and a large increase in US interest rates as a crucial source of funding for investments and the budget deficit is withdrawn from financial markets (Morrison and Labonte, 2012). Therefore, China seems currently able to destabilize the US economy through the sale of a large share of its US debt holdings, which can be seen as a financial weapon (Sandbrook, 2012). In addition, in the long run, if China reduces its US securities, the US would need to replace it with other foreign or domestic investors to fill in the gap. Those investors would probably have to be acquired through higher interest rates compared to those of today. Increased interest rates would cause a fall in all kinds of interest-sensitive spending. The reducing of Chinese Treasury holdings would all else equal cause the foreign demand for US assets do decline, which would then lead to a dollar depreciation (Morrison and Labonte, 2012). All in all, given a large reduction in Chinas holdings of US public debt, the impact on the US economy would still be dependent on whether this reduction takes place gradually or suddenly. Some US policymakers also argue that Chinas large holdings of US public debt give it leverage over the United States on economic and noneconomic issues. An illustrative example of this concern is Ding Gang, an editor of Chinas Peoples Daily  [2]  , who wrote in an editorial in August 2011 that the Peoples Republic of China should create a direct link between the amount of US Treasury holdings with the US arms sales to Taiwan. Gang states Now is the time for China to use its financial weapon to teach the United States a lesson if it moves forward with a plan to sale arms to Taiwan. In fact, China has never wanted to use its holdings of U.S. debt as a weapon. It is the United States that is forcing it to do so. [à ¢Ã¢â€š ¬Ã‚ ¦] China has no choice but to use it as a weapon to defend itself when facing threats to Chinas sovereignty (Gang, 2011). Altogether, Chinas holdings in US public debt can be seen as a strong instrument to put pressure on the United States with regards to poli tical disputes between the two countries. As a result, the growing dependency of the US on China to purchase US Treasury securities to fund the countrys budget deficit has become a major concern to many US policymakers (Morrison and Labonte, 2012). However, the probability that China would suddenly reduce its holdings of US public debt is highly questionable because of the fact that doing so could potentially have a significant negative impact on the Chinese economy as well. The important causality which takes away Chinas incentive to sell is the fact that any Chinese attempt to sell a large portion of its US debt holdings could, on the one hand, dramatically reduce the value of its remaining holdings in international markets. On the other hand, a negative demand shock in the United States would also dramatically reduce US demand for Chinese exports, either through an appreciation of the Chinese Yuan against the US Dollar or a reduction in the US economic growth (especially if other foreign investors sell their US asset holdings as well and the United States are forced to raise interest rates in response) (Morrison and Labonte, 2012). This is especially severe because of the fact that China was the United States largest supplie r of goods imports in 2011. US goods imports from China totaled U.S. dollar 399 billion in 2011, a 9.4% increase from 2010 and up 299% since 2000. Imports from China into the United States accounted for 18% of overall US imports in 2010 (Office of the United State Trade Representative, 2012). A sharp reduction of US imports from China could therefore have a significant negative impact on Chinas economy, which heavily depends on exports into the United States for its economic growth. Moreover, in the case of China, economic growth is also seen as a vital source of political stability and therefore in the interest of the government. Consequently, it can be argued that the US and Chinese economies are mutually dependent  [3]  on each other, which, as a matter of fact, gives China very little leverage over US policy (Morrison and Labonte, 2012). The former US Treasury Secretary Lawrence Summers called the mutual damage which would occur to the US and Chinese economies the balance of financial terror (Dorn, 2008). For some time, this balance of financial terror as well as the global financial system has kept China off from exploiting their power position (Dorn, 2008). Nonetheless, regardless of the balance of financial terror, growing bilateral tensions over the US public debt between the United States and China can clearly be observed. For example, the government-controlled Chinese newspaper Xinhua News Agency expressed a lot of criticism on US economic policies regarding the US public debt situation: With its debt approximating its annual economic output, it is time for Washington to revisit the time-tested common sense that one should live within ones means (Xinhua News Agency, July 2011). The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered as its triple A-credit rating was slashed by Standard Poors (SP) for the first time on Friday. China, the largest creditor of the worlds sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of Chinas dollar assets (Xinhua News Agency, August 2011). To relieve further bilateral tensions between the two countries, China should pursue a more market-liberal path and the United States should abstain from implementing protectionist measures. Doing this, the US-China relationship should develop peacefully and global prosperity will continue. Consequently, the balance of financial terror would collapse and give way to free trade and capital freedom (Dorn, 2008). In conclusion, the main political issue from the perspective of the United States is not Chinas large holdings of US public debt per se, but rather the high US reliance on foreign capital in general and whether this reliance is sustainable in the future (Morrison and Labonte, 2012). Policymakers in the United States should therefore think about the medium- and long-run implications of the countrys high amount of public debt held by foreigners. To do that in an appropriate way, they have to take into account and to understand the economic and political relationships between the United States and its debt holders, with China leading the way. A first step to mitigate the problem is to launch political measures so that the United States increases its level of savings in the long-term in order to reduce the vulnerability to a possible shift away from US assets by foreign investors (Morrison and Labonte, 2012). The Role of U.S. Public Debt in the Global Economy Undoubtedly, the United States still plays an exceptional role in the global economy. First of all, the country is the largest economy in the world. Secondly, it clearly dominates the global monetary system: The United States capital markets are among the most liquid ones (Schuman, 2011) and the special status of the dollar as the worlds reserve currency has become an crucial aspect of Americas power, allowing the country to borrow effortlessly and maintain an assertive foreign policy (Warnock, 2010). In addition, the US dollar is the primary currency used in foreign exchange transactions and trade. Also, as already mentioned in the chapter before, countries such as China and Japan store their national wealth to a large extent in US public debt. The perception has always been that the United States has a safe haven status, meaning that when investors get nervous, they increase dollar-based assets, and especially also US public debt (Schuman, 2011). Having said all this, given the exc eptional status of the United States in the world economy, the global economic and political consequences of the development of US public debt are substantial. Increasing US public debt bears the risk of a fundamental change in the perception of the safe haven status of the United States. Schuman (2011) speculates on what would happen if this change in perception comes true  [4]  : US Treasury securities would be seen as riskier than before and would consequently lose their attractiveness. As a result, interest rates would increase in the United States, raising borrowing costs in the economy and making it more difficult for the US government to finance debt and budget deficits. This can potentially lead to a significant decrease in investments and consumption. The US dollar will presumably depreciate, which will devaluate currency reserves around the globe. All those effects taken together will have negative consequences on the growth of the US economy, lowering living standards for Americans and eventually leading to a slower growth of the world economy. To put it simple, a loss of confidence in the United States as a safe haven results in higher interest rates, which will automatically have negative consequences on the world economy (International Monetary Fund, 2012). Therefore, the exceptional role of the United States makes its public debt situation dangerous for the shape of the global economy due to the fact that overwhelming debt amounts can cause effects that potentially destabilize the world economy. In addition, the ten-year US Treasury bond has the status of the worlds risk-free asset, meaning that the United States is the basic standard by which risk in financial markets is assessed (Warnock, 2010). This is sometimes referred to as the risk-free standard and is a basic convention regularly used in all different kinds of valuations in the daily business world. In particular, the risk-free standard is an important measure in the context of corporate and asset valuation (Damodaran, 2008). Loosing the safe haven status of the United States as a possible consequence of the above-described developments means loosing the risk-free standard convention, resulting in global efficiency losses and higher risks of economic and financial fragmentation (Schuman, 2011). Although the United States exceptional status in the world economy makes its debt situation risky, that status obviously gives the country particular protection as well. A meaningful example of this protection is the warning of Standard Poors to downgrade the United States from its traditional prized AAA credit rating in April 2011 (Schuman, 2011): This warning was a strong signal that Standard Poors was not concerned about the special status of the US in the global economy, meaning that if the country is not able to get its debt situation under control, it will be confronted with a downgrade similar to those of Greece, Spain or Japan. However, financial market participants acted against what economic intuition and theory tells us. US Treasuries weakened immediately after Standard Poors announcement, a clear indication that investors were selling them. Nevertheless, they returned to their old strength shortly afterwards, suggesting that investors even bought US public debt after S tandard Poors warning instead of selling them to a large extent (Schuman, 2011). Moreover, some reactions of major US bondholders indicated that they are not concerned about the countrys financial condition. For example, at the time Japanese Finance Minister Yoshihiko Noda mentioned: [à ¢Ã¢â€š ¬Ã‚ ¦] basically we continue to believe that US Treasuries are an attractive product for us (Channel NewsAsia, 2011). A further crucial point in the context of the role of US public debt in the global economy is the argument that US policymakers have been relying probably subconsciously on the exceptional status of the United States (Schuman, 2011).  [5]  The particular role of the US in the global economy leads to the outcome that the country does not have to face dangers other nations could never avoid. A political implication of this behavior is presumably that according to some critical authors and journalists the United States are one of the few heavily indebted developed economies that does not have a credible plan to control deficits and debt  [6]  (Schuman, 2011). To put it in simple words, US policymakers have possibly been banking on being like American International Group (AIG) or General Motors (GM) in America or UBS in Switzerland, acting as if the country is too big to fail  [7]  . In conclusion, one can state that a debt crisis in Portugal for example can potentially create uncertainty through world financial markets, and if a larger country such as Spain fell into crisis, this uncertainty could have destabilizing effects. But US public debt bears the risk of crashing the entire operating system of the global economy. Hen

Free Essays: Faith and the Other Works of Emily Dickinson :: Biography Biographies Essays

Faith and the Other Works of Emily Dickinson Many of Emily Dickinson's poems are short. Similar to Faith, they are full of delightful surprises and thought provoking twists. Faith is more provocative than usual. The words are plain. Literally, it says that the gentlemen only believe what he can see; for those are hard to see by the naked eye, they rely on science which is symbolized by "Microscopes." "Faith" is a fine invention when Gentlemen can see -- But Microscopes are prudent In an Emergency. -- by Emily Dickinson As in all poems, the true meaning is always deeper than the meaning of the words. I try to grasp the poet's intention by study the images conjured by the words. Every time I read this poem, I see a picture of a girl in her cheerful voice reading the words. The voice reminds me of her own words -- "The old -- old sophistries of June." I carefully listen to every word and wrestle with every sound, but they all puzzle me. Is the "faith" an invention of man? Someone must have invented the word "faith" and associated a meaning to it. The Webster dictionary defines "faith" as a "firm belief in something for which there is no proof." Did man invent the belief? Did he invent the objects of his belief? ... I have many questions, where to look for answers? Following Dr. Johnson's suggestion, I seek hints from other poems by Emily Dickinson. She lived in a religious family according to her own letter to Thomas Higginson, the editor of her work, but she is not a religious person. In one poem, she wrote: Some keep the Sabbath going to Church - I keep it, staying at Home - With a Bobolink for a Chorister - And a Orchard, for a Dome. In this poem, she compares nature with church. The bobolink and the orchard are her deities. Considering this information, I image there is a little bit of smirk in the girl's voice. Maybe she is laughing at her church-goer parents as many teenagers do. When I was that age, I used to think that going to church is mere formality and took notice of all the inconsistencies between my parents' words and their actions. Each time when I see an inconsistency, I say to myself "Talking about faith, the only thing they believe is what is in front of their eye.

Comparing Emersons Self-Reliance and Dunbars We Wear the Mask :: Comparison Compare Contrast Essays

Comparing Emerson's Self-Reliance and Dunbar's We Wear the Mask      In Self-Reliance, Ralph Waldo Emerson condemns false appearances. Paul Laurence Dunbar's We Wear the Mask also supports this belief. However, there is a difference in the views of these two works. Emerson believes that people can shed their false social appearances and live a life true to themselves and others. Conversely, Dunbar thinks these pretenses are necessary. The authors' word choices and images support this argument. Ralph Waldo Emerson's "Self-Reliance" expresses his striving for individuality, rebellion against authority, and rejection of false social appearances. This is shown through his non-conformist writing style and ideas. On page 1034, Emerson states "Society is a joint-stock company in which the members agree for the better securing of his bread to each shareholder, to surrender the liberty and culture of the eater." To me, this image is of people giving up what they believe so they can protect themselves. "Securing" is making something safe or free from risk of loss, so "securing of his bread" could symbolize a person protecting their feelings or place in society. The price for this is "to surrender the liberty and culture." So, in order to protect themselves people must surrender or give up their liberty (freedom) and culture (beliefs).    Emerson also states that "virtues are penances...Their works are done as an apology or extenuation of their living in the world"(p. 1035). Virtue is righteousness while a penance is an act to show sorrow for a wrongdoing. "Works" refer to chores or efforts at righteousness. "Apology" means regret and "extenuate" can mean to cover up. "Living in the world" could be symbolic of the lying and deceit that people do in everyday life. Therefore, people labor to appear righteous in order to make up for, or cover up, the bad things that they do.    On page 1036 Emerson says, "We come to wear one cut of face and figure." This sounds symbolically like putting on a mask or false appearance. Later, on the same page, Emerson talks about "the forced smile which we put on in company." "Forced" means to strain or produce with effort. Consequently, this "smile" we put on in public is not easily shown, as true emotions would be, but produced difficultly as if it was fake or not true.    Emerson does not subscribe to this outward falseness or the desire to appear righteous. Comparing Emerson's Self-Reliance and Dunbar's We Wear the Mask :: Comparison Compare Contrast Essays Comparing Emerson's Self-Reliance and Dunbar's We Wear the Mask      In Self-Reliance, Ralph Waldo Emerson condemns false appearances. Paul Laurence Dunbar's We Wear the Mask also supports this belief. However, there is a difference in the views of these two works. Emerson believes that people can shed their false social appearances and live a life true to themselves and others. Conversely, Dunbar thinks these pretenses are necessary. The authors' word choices and images support this argument. Ralph Waldo Emerson's "Self-Reliance" expresses his striving for individuality, rebellion against authority, and rejection of false social appearances. This is shown through his non-conformist writing style and ideas. On page 1034, Emerson states "Society is a joint-stock company in which the members agree for the better securing of his bread to each shareholder, to surrender the liberty and culture of the eater." To me, this image is of people giving up what they believe so they can protect themselves. "Securing" is making something safe or free from risk of loss, so "securing of his bread" could symbolize a person protecting their feelings or place in society. The price for this is "to surrender the liberty and culture." So, in order to protect themselves people must surrender or give up their liberty (freedom) and culture (beliefs).    Emerson also states that "virtues are penances...Their works are done as an apology or extenuation of their living in the world"(p. 1035). Virtue is righteousness while a penance is an act to show sorrow for a wrongdoing. "Works" refer to chores or efforts at righteousness. "Apology" means regret and "extenuate" can mean to cover up. "Living in the world" could be symbolic of the lying and deceit that people do in everyday life. Therefore, people labor to appear righteous in order to make up for, or cover up, the bad things that they do.    On page 1036 Emerson says, "We come to wear one cut of face and figure." This sounds symbolically like putting on a mask or false appearance. Later, on the same page, Emerson talks about "the forced smile which we put on in company." "Forced" means to strain or produce with effort. Consequently, this "smile" we put on in public is not easily shown, as true emotions would be, but produced difficultly as if it was fake or not true.    Emerson does not subscribe to this outward falseness or the desire to appear righteous.

Financial Statement Analysis of Dutch Lady

I. INTRODUCTION Dutch Lady Milk Industries Berhad (â€Å"Dutch Lady Malaysia†), a company established in 1963, is currently leading in the business of quality branded dairy in Malaysia. The company, whose holding company is Royal FrieslandCampina–a Dutch multinational corporation, one of the largest milk companies in the world- was the first milk company in Malaysia to be listed on Bursa Malaysia, the local Stock Exchange in 1968.Being the leading producer and seller of quality dairy products and fruit juices for home and export market (such as Infant formula, many types of milks, yoghurt and fruit juice drinks), Dutch Lady Malaysia has a strong consumer following and represented by strong brands (such as Dutch Lady, Frisolac, Completa, Omela, Friso, and Joy). In addition, it was the first company in the world to introduce a growing up milk powder specifically formulated for children from ages one to three (known in Malaysia as Dutch Lady 123 and Dutch Lady 456) and is the largest purchaser of local fresh milk from the Veterinary Services Department.The company receives strong support from its holding company. It also believes in product innovation and commitment to its consumers, which lead it to a constant efforts to improve its processes in order to serve its customers with high quality nutritious products. The company gives prime considerations to Quality Control and Quality Assurance. It has continually received accreditation of ISO 9001 since 1995. In terms of food safety, it applies HACCP (Hazard Analysis Critical Control Point) System to all its plants.Meanwhile, for its Environmental Management System it has in place ISO 14001 and OHSAS 18001 (Occupational Health and Safety Assessment Series). The Company’s products are all halal-certified. With factory located in Petaling Jaya that employs 600 Malaysians, Dutch Lady Malaysia made an annual revenues of RM692 million in 2009. Currently, Dutch Lady Malaysia is leading in the market o f key milk categories such as UHT milk, Sterilised milk and Growing-Up milk. II. PERFORMANCE RATIOS II. 1. Liquidity Ratio Liquidity ratio refers to ability of company to meet its short term obligation. There are eight types of liquidity ratio: . | Working Capital Ratio = Current Assets – Current Liabilities| | 2009| 2010| 2011| | = 193,784 – 96,855= 96,929| = 234,244 – 106,261=127,983| = 324,466 – 135,309= 189,157| 2. | Current Ratio = Current AssetsCurrent Liabilities| | 2009| 2010| 2011| | = 193,78496,856=2 :1| = 234,244106,261 =2. 2 :1| = 324,466135,309 =2. 39 :1| 3. | Acid Test Ratio = Quick AssetsCurrent Liabilities| | 2009| 2010| 2011| | = 136,23296,855=1. 4 :1| =161,522106,261 =1. 52 :1| =230,978135,309 =1. 7 :1| 4. | Account Receivable Turnover = Sales on AccountAverage Accounts Receivable| | 2009| 2010| 2011| = 691,847(94,369+122,858)/2=6. 36 times| = 696,625(75,176 + 94,369)/2=8. 22 times| = 810,647(36,714 + 75,176)/2 =14. 56 times| 5. | Invent ory Turnover = Cost of Goods SoldAverage Inventory| | 2009| 2010| 2011| | = 462,510(57,552+74,902)/2= 6. 98 times| = 447,961(72,722+57,552)/2=6. 88 times| = 506,175(93,448+72,722)/2=6. 09 times| 6. | Days Sales Uncollected = Ending Accounts Receivable(Debtor Turnover Ratio) Net Sales| | 2009| 2010| 2011| | =94,369691,847 x 365=49. 7=50 days| =75,176696,625 x 365=39. 3=39 days| =36,714810,647 x 365=16. 5=16 days| 7. Days’ Sales in Inventory = Ending InventoryCost of Goods Sold| | 2009| 2010| 2011| | =57,552462,510 x 365=45 days| =72,722447,961 x 365=59 days| =93,448506,175 x 365=67 days| 8. | Total Assets Turnover = Net SalesAverage Total Assets| | =691,847(280,990+288,570)/2=2. 42 times| =696,625(307,490 +280,990)/2=2. 37 times| =810,647(398,514+307,490)/2=2. 30 times| The increasing amount of working capital shows that Dutch Lady Milk Industries Berhad is able to continue their operations and it has sufficient cash flow to satisfy both short term debt and upcoming expenses.D utch Lady Milk Industries Berhad experiences an increasing self-support through its growing current assets compared to its current liabilities. The current ratio and quick ratio of Dutch Lady Milk Industries Berhad is more than ideal ratio. The increasing percentage of both ratios is indicating Dutch Lady Milk Industries Berhad has the ability to pay its current obligations in time. From account receivable turnover, in 2011 shows that Dutch Lady Milk Industries Berhad converts 14. 56 times from account receivable into cash. In 2009 and 2010, the sales movement from account to cash is not quite good because above 12 times.However, as we can see from inventory turnover from 2009-2011, indicating that Dutch Lady Milk Industries Berhad inventory management techniques in 2010 and 2011 are less efficient as compared to that in 2009 because productions selling is less frequently and make the number of inventory increase. The decline in the total of days’ sales uncollected from 2009 to 2011 shows that Dutch Lady Milk Industries Berhad has an effective accounts payable procedures. It would benefit Dutch Lady Milk Industries Berhad because they would get cash faster from their customers.The days sales in inventory measures the liquidity of inventory, the operating cycle time for Dutch Lady Milk Industries Berhad in 2009 is shorter than 2010 and 2011, they only need 45 days, 22 days faster than in the 2011. Technically total asset turnover shows how many times company can generate revenue from every dollar asset that they have, it measures the efficiency of assets in producing sales. In 2009, Dutch Lady Milk Industries Berhad can use their assets efficiently compared to the year 2010 and 2011. II. 2. Solvency Ratio It measures the ability of firm to survive in the long run.There are 4 types of solvency ratio: 1. | Debt Ratio = Total Liabilities Total Assets| | 2009| 2010| 2011| | =101,005280,990x 100=35. 9 %| =110,018307,490x 100= 35. 7 %| =139,360398,514x 100=34. 9 %| 2. | Equity Ratio = Total Equity Total Assets| | 2009| 2010| 2011| | = 179,985280,990=64% | =197,472307,490=64. 2% | =259,154398,514=65% | 3. | Debt to Equity Ratio = Total LiabilitiesTotal Equity| | 2009| 2010| 2011| | =101,005179,985=56. 1%| =110,018197,472=55. 7%| =139,360259,154=53. 7%| 4. | Times Interest Earned = Net Income before Interest Expense and Income ExpenseInterest Expense | | 2009| 2010| 2011| = 82,031 1=82 times| = 89,2210=0 times| = 139,368 919=152 times| Based on the table above, Dutch Lady Milk Industries Berhad has favorable debt ratio. There is a decline of percentage from 35. 9% (2009) to 34. 9% (2011), indicating that they has a good strategy in reducing company’s assets that are contributed by creditors. Equity ratio shows that they have tendency to depend more on the owner for financing. Consequently, it is considered as a good result for the investors as long as the company earns good profits and maintains its performance.Debt to Equity Ratio has decreased from 56. 1% to 53. 7% in 2009 and 2011 respectively, which means that in 2011 for 1 RM of Dutch Company owned by the shareholders, they owe 53. 7 cent to creditors. This is a good indicator that the company is not facing a risky situation as its business does not rely the financing on debt. The investors, therefore, may find the company as a promising firm to invest. II. 3. Profitability Ratio It is used to assess a business’s ability to generate earnings as compared to its expenses and other relevant costs incurred during a specific period of time.There are 4 types of profitability ratios: 1. | Gross Profit Margin = Net Sales – Cost of Sales Net Sales| | 2009| 2010| 2011| | =691,847-462,510691,847= 33%| =710,588-447,961710,588=36%| =810,647-506,175810,647=37%| 2. | Operating Profit Margin = Net Income Net Sales| | 2009| 2010| 2011| | =82,031691,847=12%| =89,221710,588=12. 5%| =139,368810,647=17%| 3. | Return on Total Assets = Net IncomeAverage Total Asse ts| | 2009| 2010| 2011| | =60,400(280,990+288,570)/2=21. 21 %| =63,887(307,490+280,990)/2=21. 71 %| =108,082(398,514+307,490)/2=31. 1%| 4. | Return on Common Stockholders’ Equity = Net Income – Preferred DividendsAverage Common Stockholders’ Equity| | 2009| 2010| 2011| | =60,400-0(179,985+161,585)/2=35. 37 %| =63,887-0(197,472+179,985)/2 =33. 85 %| =63,887-0(197,472+197,472)/2 =32. 35 %| Based on the graph above, we can see the percentage of gross profit margin has been increasing over the last three years. It is a good sign for a company, as it is considered as a sign of healthy and growing company. Dutch Lady Milk Industries Berhad is able maintain their inflow and outflow.It is able to make a reasonable profit on sales by keeping its overhead costs in control. Operating profit margin ratio increases from 12% (2009) to 17% (2011), showing that Dutch Lady Milk Industries Berhad has a great management skill and operating efficiency. However, there is a decline i n the percentage of return on total assets from 21. 50% to 20. 78% in 2009 and 2010 respectively. This reveals that year 2010 is less profitable. Return on assets (RoA) declines from 21. 50% to 20. 78% in 2009 and 2010 respectively. This could be an indicator that Dutch Lady Milk Industries Berhad has spent much assets to do business.If they have to pay a lot in order to maintain these assets, it will decrease the RoA even lower since the maintenance costs will decrease their earnings. In 2011, however, we can see in the table that there is an increase to 27. 12%. This indicates that they required less assets on that year. A high or low RoE needs to be interpreted in the context of a company's debt-equity relationship. The rise percentage of RoE (Return on Equity) above RoA shows that Dutch Lady Milk Industries Berhad takes a financial leverage. In 2010, by taking on debt, Dutch Lady increased its asset than to the cash that came in.It may be sign that management is using leverage t o increase profits and profit margins. So, debt amplifies RoE in relation to ROA. II. 4. Market Prospect Ratio For Dutch Lady Milk Industries Berhad, the market prospects can be observed from Earnings per Share, Price-Earnings Ratio and Dividend Yield. 1. | Basic Earnings per Share (EPS) = Net Income – Preferred Dividends Weighted-Average Common Shares Outstanding| | 2009| 2010| 2011| | = 60,400,000-064,000,000= 99. 40 cent | = 63,887,000-064,000,000= 99. 80 cent | = 108,082,000-064,000,000= 168. 90 cent| 2. Diluted Earnings per Share| | 2009| 2010| 2011| | There were no diluted earnings per share for the company| There were no diluted earnings per share for the company| There were no diluted earnings per share for the company| 3. | Price-Earnings Ratio (PE) = Market Price per ShareEarnings per Share| | 2009| 2010| 2011| | = 1162 cent99. 40 cent= 11. 69 times| = 1754 cent99. 80 cent=17. 58 times| = 2340 cent168,90 cent=13. 85 times| 4. | Dividend Yield = Annual Dividends per ShareMarket Price per Share| | 2009| 2010| 2011| | = 65. 63 cent1162 cent=5. 65%| = 72. 50 cent1754 cent=4. 3%| = 72. 50 cent2340 cent=3. 1%| The improvement of basic EPS for Dutch Lady Milk Industries Berhad from 99. 40 cent in 2009 to 168. 90 cent in 2011 is an indication that the company can generate its share to gain better profit every year. Diluted earnings per share is illustrated the assumption of the worst case scenario, it means if the company announce any dilution it will decrease the equity position in every issuance of additional shares. Diluted earnings per share seen as a bad thing for the shareholders because it will reduce the amount of the basic EPS that belongs to their stock.Thus, no diluted EPS in Dutch Lady Milk Industries Berhad can be interpreted that there were no reduction of the basic earnings per share for every share issued. For Dutch Lady Milk Industries Berhad, the PE ratio from 2009 to 2010 is increasing because the market price per share in 2010 is h igher than that in 2009. Market price per share indicates how much the price that market stock is willing to pay or sell for the share. Therefore, when the market price is going up, it means that the stock is quite appreciated, more demand that is willing to buy rather than to sell. Whereas, PE ratio from 2010 to 2011 decreased from 17. 8 times to 13. 85 times because of the firm’s earnings per share rises. In this case, however, the investors who already had share in Dutch Lady Milk Industries Berhad are recommended to hold their stocks, because the market price tends to rise. For long-term outlook, keeping the shares is still better then selling them. However, PE ratio is not the only information to be considered in carrying out stocks investment. Thus, no diluted EPS in Dutch Lady Milk Industries Berhad can be interpreted that there were no reduction of the basic earnings per share for every share issued.The dividend yield by Dutch Lady Milk Industries Berhad is declining from 5. 65% in 2009 to 3. 1% in 2011, because the rise of its market stock price. If the dividend yield increases because the market stock price is fall, it will make investors unhappy. High yields can be a sign of an unsustainably high dividend. Some investors perceives that dividends are important and usually their interest is in receiving a steady return each year. The Dutch Lady stockholders seem to be less concerned with the dividends. For them, the important things are the stock price appreciation and capital gains.III. RECOMMENDATION 1. Improve a long operating cycle ratio. Dutch Lady Milk Industries Berhad should increase collection efforts on accounts receivable to ensure timely payment from customers, for example are frequent billing or increased collection calls and correspondence. They can decrease unused inventory by putting on sales or selling overstock products to resellers. Negotiate for more favorable payment terms with creditors to give the company more time to pay bills without incurring late payment penalties or additional interest. . Increase the liquidity of inventory Dutch Lady Milk Industries Berhad should evaluate their sales, because the operating cycle in inventory take longer time than the previous year. If the sales not improving and only in a steady condition, it will increase inventory, and occurs loss for the company, because their product will be expired. To solve this problem, they can expand to the new market/export, increase their sales with promotion and advertisement. Brand awareness is important to encourage customer buy the product.If they success improving the sales, the company not only will generate more profit but also have a less inventory. 3. Manage total asset turnover efficiently. The efficiency of total asset in producing sales decreased from 2009 to 2011. Dutch Lady Milk Industries Berhad should allocating their resource and update technology to maximize the utilization of asset. Furthermore, they also have the depreciation of current assets, before the book value of their current asset decreasing they can improve human resource/labor competencies to use the asset efficiently. 4. Improving the price earnings ratio.This ratio reflected confidence of the shareholders to buy and keep Dutch Lady stock, and will attract more big investors. If the company can maintain their supply towards the market demand in the stock market, and also maintain the earnings per share by increasing net income, it will increase the price earnings ratio. Because the higher price earnings ratio means the more opportunity for Dutch Lady to grow. This improvement can support point 2 of the recommendations, the more they can keep the big investors happy, the more opportunity Dutch Lady to expand the market. IV. CONCLUSIONSThe increasing amount of working capital shows that Dutch Lady Milk Industries Berhad is able to continue their operations and it has sufficient cash flow to satisfy both short term debt and upcoming expenses. The company does not seem to face any risk of being unable to meet its current obligation. However, Dutch Lady Milk Industries Berhad has problem in the management of inventory system, the production capacity is exceed than the ability to sell their product. Solvency ratio shows that Dutch Lady Milk Industries Berhad prefers to finance their business from owner’s equity instead of debt.This is a favorable condition for investors as their investments are not put in risky situation. This is also a favorable for creditors, as the company provides them with a safety and security by its ability to quarantee that it is able to pay off all the loans. Market prospect ratio is used to evaluate market growth of the company because this ratio estimates company’s prospect and risk in earning reinvestment and distribution to the shareholders. Dutch Lady Milk Industries Berhad can be a good target for big investors as it is able to improve their market share every year.Th e improvement of basic EPS for Dutch Lady Milk Industries Berhad reveals the company’s ability to generate its shares to gain better profit every year. In terms of performance in profitability, Dutch Lady Milk Industries Berhad has demonstrated good performance in profitability. The company has been able to improve its gross margin over the last three years as shown in graph above. The RoE tells common shareholders how effectively their money is being employed. ——————————————– [ 2 ]. Loth, R. Profitability indicator ratios: return on equity.Retrieved November 16, 2012, from http://www. investopedia. com/university/ratios/profitability-indicator/ratio4. asp#ixzz2CMaaeQwt [ 3 ]. Data obtained from Dutch Lady Milk Industries Berhad Annual Report 2009, 2010, and 2011. [ 4 ]. Draker, P. P. Financial Ratio Analysis. Retrieved November 11, 2012, from http://educ. jmu. edu/~drakep p/principles/module2/fin_rat. pd [ 5 ]. eHow. What Does the Dividend Yield Tell the Investors. Retrieved November 14, 2012, from http://www. ehow. com/facts_5192566_dividend-yield-tell-investor_. html