What the Pros Are Saying About Professional Custom Essays and How This impacts You

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Sociological and Anthropological Definition of Religion

Explanation of how sociologist and anthropologists define religion Throughout the years, various anthropologists have developed definitions for religion. Emilie Durkheim was one of the first and many sociologists who studied the structure of religion and tried to define its’ function. Durkheim stated that â€Å"a religion is a unified system of beliefs and practices relative to sacred things, that is to say, things set apart and forbidden -- beliefs and practices which unite into one single moral community called a Church, all those who adhere to them. Durkheim describes religion as the embodiment of society’s highest goals and ideals. He states that religion acts as a cohesive social force. It is real in that it exists in people’s minds and impels them to heed societal dictates, but what is perceived as external to society, like God, is a projection and reflection of society (Segal, The Blackwell Companion to the Study of Religion, 2006, p.5) For Malinowski, religion arose as a response to emotional stress. When technical knowledge proved insufficient, human beings turn to magic and religion in order to achieve their ends. Talal Asad concluded that â€Å"there cannot be a universal definition of religion, because its constituent elements and relationships are historically specific and because that definition is itself the historical product of discursive processes† (Segal, The Blackwell Companion to the Study of Religion, 2006, p.5). James George Frazer constructed a universalShow MoreRelatedPhilosophy, Phenomenology And Comparative Approachs851 Words   |  4 Pagesthere are six different approaches to religion. One approach is the psychological or individual aspect. 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Growth Of Islamic Banking In The UK - Free Essay Example

Sample details Pages: 13 Words: 3750 Downloads: 6 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Islam is one of the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s three major monotheistic religions; the other two religions are Judaism and Christianity. All three religions are the same historical origins and have many familiar beliefs. The main principle of Islamic banking and finance are depend on Islamic laws known as Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah which mean (interest) (Riba) free. Don’t waste time! Our writers will create an original "Growth Of Islamic Banking In The UK" essay for you Create order Interest is strictly prohibited in Islam which means Muslim cannot receive or paid interest in any transaction in which money is exchange for money. The interest that you give in order to increase the wealth of the people does not increase in the sight of Allah and the Zakat that your pay in order to win Allahà ¢Ã¢â€š ¬Ã¢â€ž ¢s approval, its payers do indeed increases their wealth. This is very powerful and superb statement of Holy Quran which shows that interest is .prohibited by Allah because interest only increases wealth of individual not the society. Islamic banking is a financial system which is base on Islamic Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah law and it is interest free financial system. The concept of Islamic banking is interest free banking because interest (Riba) is totally prohibited in Islam. The main belief of Islamic banking and finance is to discover the range of Islamic financial tools for investor and businesses that how they all collaborate without interest and what is the strategy behind all that and how the banks and financial institution encourage non- Muslims clients and offer them to use Islamic banking and finance system instead of conventional banking system. The adverse impacts of interest on the world economy in general and economies of developing countries in particularly entail that it could be the biggest threat for the developing economies and also believed by many renowned economists. it is estimated that US$ 200 billion funds managed by Islamic banking. The client of Islamic banking is not only in Muslim countries but also spreading in over Europe, northern Africa and United States of America. Islamic banking is growing day by day in different part of the world, thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s why Islamic bankers, keeping speed with the stylish techniques and latest development have developed investment instruments that are both profitable and fairly motivated. Approximately 250 different Islamic and Financial institutions are operating worldwide. The growth of Islamic banking is a big threat to a conventional banking system not only in UK but also all over the world. Islamic banking system has six main features according to its product analysis. Interest free product It is Trade-related and there is a perceived genuine need for the funds. It is in purest form, it is equity related Meant to avoid exploitation no interest Invests ethically There are retail, and wholesale applications. In practice there appears to be more emphasis on the prohibition and restructuring of interest than on the potentially exploitative aspect of financing. Islamic banks operate on the basis of profit and not on paying and receiving interest. The banks can earn profit from these ways like trading leasing and by direct financing in Profit and Loss sharing contracts. The structure and conditions of these transactions must confirm to Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah and fulfil its objectives. This means that banks advance money for productive activities on the basis of profit sharing principles. LITERATURE REVIEW With the beginning of 21st century there is a radical change and the number of Islamic banks increased and their geographical spread grew exceptionally and 76 countries covering all continents. There are number of publications in Arabic and Urdu, one of the famous books of (Qureshi 1946) regarding à ¢Ã¢â€š ¬Ã…“Islam and Theory of interestà ¢Ã¢â€š ¬? in which he seem that the public health and education is responsibility of government as a social services. Islam is concerned with the problem of economic development, but treats this as an important part of a wider problem, that of total human development. The primary function of Islam is to guide human development on correct lines and in the right direction. It deals with all aspects economic development but always in the framework of total human development and never in a form divorced from this perspective (Al-Harran 1993) Gerrard and Cunninghamsà ¢Ã¢â€š ¬Ã¢â€ž ¢ (1997) study establishes that, in Singapore, where Muslims are in minority. The concept of Islamic banking system was not present amongst them in Muslim and non-Muslim. There are two different herd having two entirely different thoughts regarding movement of Islamic banking. For example when asked them, if Islamic bank could not make enough profit to share out among them in a period of one year so what they will do. Fifty two per cent of Muslims said they will prefer to continue their deposit with the movement of Islamic banking, and fifty six per cent non-Muslims said they will prefer to take out their money from Islamic banking. Since 1960s too much literature has been written on the topic of selection process of the banking system. à ¢Ã¢â€š ¬Ã…“Holstius and Kaynak (1995), Kaynak (1986),Laroche et al (1986) and the working paper of Chan (1989)Eroland El-Bdour (1989)à ¢Ã¢â€š ¬? evaluate the bank selection process in relation to à ¢Ã¢â€š ¬Ã…“conventionalà ¢Ã¢â€š ¬? and à ¢Ã¢â€š ¬Ã…“Islamic banksà ¢Ã¢â€š ¬?. There were three very important principle in the banking process of selection for Muslims were: first the provision of a fast and efficient service second the speed of transaction and third friendliness of bank personnel and as regard the non-Muslims, the three most important bank selection principle were: first, friendliness of bank personnel, second the provision of a fast and efficient service and third, the reputation and image of the bank. An Islamic bank is a mediator and trust of other peoplesà ¢Ã¢â€š ¬Ã¢â€ž ¢ money like all others conventional banks the only one important thing which distinguish the Islamic banking to conventional banking which is induce all customers share in the form of profit and loss. This difference introduces an element of mutuality in Islamic banking, making its depositors as customers with some ownership rights inherent within it. However in practice, Islamic banks hardly look different from its conventional counterpart in terms of organizational set-up (Dar and Presley, 2000). Tobacco, alcohol, gambling, and other undesirable business sectors are excluded from Islamic investment. Ahmad, Chapter 7 Economics of Islam (Ahmad 1952), he give the picture of Islamic bank on foundation of a joint stock company with limited liability. According to his plan a current account of depositors where no pre-agreed interest and dividend would be paid. He gave the concept of Current account where depositors could participate with their capital as a partner with bank and get higher dividend as compare to account holder profit. Siddiqi(1968) gave a pioneer model which provide brief outline of Islamic banking. à ¢Ã¢â€š ¬Ã…“His model depends on Mudarabah and Shirka (partnership or Musharakah as it is now usually called)à ¢Ã¢â€š ¬?. He divided the operation of Islamic banking into three different groups. Islamic bank will charge fees to provide any services for example commission or fixed charges. Foundation of financing in Islamic bank would be Mudarabah and partnership and services will be provided without any charges. According to his theory Islamic banking system is a feasible substitute of conventional banking system. Mohsin (1982) offered a new brief model of Islamic banking system in contemporary setting. His banking structure integrates the features of commercial, merchant, and development banks, mingle them in novel fashion. He include many non-banking services for example trust business, factoring, real estate and consultancy, as opinion that Islamic baking would be not stay alive with banking business alone. The arrival of Islamic Banking and Islamic Finance In accordance with the philosophy, culture and merit of Islam, the Islamic banking is describe as banking which is manage besides the conventional governance and risk management rules by the principle set down by Islamic Shariah. Interest free banking system is very fine perception that stands for with many banking instruments and operations, which keep away from interest. The ideology of the Islamic banking system is not only evading interest based transactions system which is proscribed in Islamic Shariah but also stay away from corrupt activities that contribute to accomplish the goals and objectives of an Islamic economy. First Islamic bank was established in 1963 in Egypt. The activities of this bank were interest free but it was secret project that made no references to Islam as the establishment in power at that time was aggressive to any form of Islamization. The real emerging started in 1970sà ¢Ã¢â€š ¬Ã¢â€ž ¢ as result of oil industry boom in the Gulf States, which flashed the appearing of liquidity and the revival of religious wakefulness in the Muslim world. In 1975 Dubai Islamic Bank was established, was a private initiative and it was established by Arab businessman. In the beginning governments did not greet this effort because Islamic finance disagreed with their investments in World Bank to get higher interest rate. In 1980sà ¢Ã¢â€š ¬Ã¢â€ž ¢s the first Islamic banks united to form the Islamic Development Bank seen as the à ¢Ã¢â€š ¬Ã…“World bankà ¢Ã¢â€š ¬? of the Muslim world, that covering 56 Muslim world and contributes contribute Muslim economic thought. But the 9/11 brought too mu ch changes on world economy which changed the views of Arabs which and the rich Arabs withdrawing their investment from US $ accounts to be scared of having their accounts become frozen. All these scenarios created a great need of substitute of investment either in Middle East or in Europe, at the same time system was carrying out in the Middle East and its development was enhanced in Europe to fulfil the requirements of Muslim investors. In 1977-78 Pakistan started Islamic banking and financial system. Pakistan was one of the major Countries among those countries in the world that had been trying to apply completely interest free banking system. In June 1980 the modification was implemented in the legal framework of Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial and corporate system to authorize the issue of a new interest-free tools and modification were also created in the Banking Companies ordinance, 1962. The prohibition against usury (interest) was in the Quran take place on a number of times and pointed out interest and the proposal to ignore coddle in this action in Christianity and Judaism to involves its survival and the troubles that it carried for the society. The feudal lord who by virtue charging higher interest rate according to the historian and had power over those were anxious need to finance their survival. In the Old Testament (King James Version) Exodus, CHAPTER 22 M VERSES 25: à ¢Ã¢â€š ¬Ã…“If you lend money to any of my people that is poor by theem thou shalt not be to him as anusure, neither shalt thou lay upon him usury.à ¢Ã¢â€š ¬? Lecitcus Chapter 25, verses 34-36: à ¢Ã¢â€š ¬Ã…“And if the brother be waxen poor, and fallen in decay by thee; then thou shalt relieve him: yea though he be a stranger, or a sojourner, that he may live with thee.à ¢Ã¢â€š ¬? à ¢Ã¢â€š ¬Ã…“Take thou no usuryof him, or increase: but fear thy God; that thy brother may live with thee.à ¢Ã¢â€š ¬? In spite of the counsel beside this apply against the system offered. The contemporary financial technique be taught a tutorial from this spiritually guidance and fully struggled to implement a structure that was inadequate the level of usurious abuse. To build the market of debt based upon competition which encourage unfair nature of usury which was supposed to be decided by the forces of market vie each other. If we bring light to current scenario of global arena, we can easily realize that it is a development of the ancient feudal system and different countries facing the same dilemma as individual did prior as the à ¢Ã¢â€š ¬Ã…“conventional Jewish lending system of the shylocks to the Indian feudal systemà ¢Ã¢â€š ¬?. Actually Debt to GDP ratio is the vigorous gauge for the countries who burden debt. Islamic financial and banking system depend on the Islamic economy system and the success ratio of this system could be determine in such a way that conventional banks start their Islamic windows not only in Muslims countries but also in the non-Muslim countries where Muslims are not dominated. Some famous Western banks have Islamic subsidiaries as, Citibank, American Express, HSBC, ABN Amro, Bank of America, Standard Chartered, Commerz bank, Barclays, Dutch Bank, ANZ Grindlays, Royal Bank of Canada and many others banks in the world and this list of bank is raising day by day. On the other hand some countries such as Pakistan, Sudan and Iran adopted 100% Islamic banking and they are successful in banking system. It is fairly true that Islamic banking system is depend upon risk à ¢Ã¢â€š ¬Ã¢â‚¬Å"sharing. The Islamic banks are involved in the practice of trading, leasing and various other modes of financing according to Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah compliant. If the Islamic banks are stable to get Halal income, depositors as well get stable and Halal income definitely. Interest (riba) is proscribed in Islam either getting or giving interest, despite of what reason the loans are composed and what the rates on which interest will be charged. This is the main opinion among Muslim scholars and all are agree on it that interest and riba is same thing. Amanah is placed to recognize the formation and deal out the financial services that are linked with the necessities of the Shariah (Islamic Law). Islamic banking has the same principle as conventional banking except that it operates in accordance with the Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah principles. The basic ideology of Islamic banking is the sharing of profit and loss and the proscription of Riba (Interest). Islamic banking has grown in the Muslim world and offer Islamic products and services to make sure that the procedure and practices of the bank abide by the sharpie principles. HSBC logged the Amana banking because to make it possible for the Muslims to bank in accordance to their values and beliefs and they do not want to lose their Muslim customers in Islamic countries as a result of the emergence of Islamic banking. Its headquarter is in the UAE and have regional representatives in the UK, US, Saudi Arabia, Malaysia, Bangladesh, Indonesia, Singapore and Brunei have resources of HS BC group and HSBC Amanah distribute the financial resources that are according to the requirements of the Shariah (Islamic Law). The western media suggest that Islamic banking in its present form is a recent phenomenon; in fact the basic practices and principles date back to the early part of the seventh century. (Islamic finance A Euromoney publication 1997). According to Khalaf (2007) Due to the different believes in Muslims community Islamic banking facing deficient in affirmation of decisions. Shortage of scholars is a big and serious issue in Islamic banking system because managers are not qualified and trained to practices the Islamic finance (Iqbal, Ahmad and khan,1998). Islamic banking has not a big network in UK and Islamic bank of Britain has only eight branches in whole UK which is not enough to fulfil the requirement of Muslim customers. The opening of Islamic window in conventional bank is a big threat. Islamic banking needs to improve their services and keep priority of Islamic Sharia. Islamic banking has great opportunity to grow in UK. Because number of Muslims from different countries of world live in UK. Islamic banking is facing difficulties and challenges to growing in UK due to lack of understanding about Islamic banking in the customers and shortage of Islamic Scholars in UK. RESEARCH METHDOLOGY The Research Process Remenyi, Williams, Money and Swartz (2002:64-65), explains the research process as consisting of eight specific phases, namely: à ¢Ã¢â€š ¬Ã‚ ¢ Reviewing the literature. à ¢Ã¢â€š ¬Ã‚ ¢ Formalising a research question. à ¢Ã¢â€š ¬Ã‚ ¢ Establishing the methodology. à ¢Ã¢â€š ¬Ã‚ ¢ Collecting evidence. à ¢Ã¢â€š ¬Ã‚ ¢ Analysing the evidence. à ¢Ã¢â€š ¬Ã‚ ¢ Developing conclusions. à ¢Ã¢â€š ¬Ã‚ ¢ Understanding the limitations of the research. à ¢Ã¢â€š ¬Ã‚ ¢ Producing management guidelines or recommendations According to Hussey, J Hussey, R (1997:15), there are six fundamental stages in the research process, namely: à ¢Ã¢â€š ¬Ã‚ ¢ The identification of the research topic. à ¢Ã¢â€š ¬Ã‚ ¢ Definition of the research problem. à ¢Ã¢â€š ¬Ã‚ ¢ Determine how the research is going to be conducted. à ¢Ã¢â€š ¬Ã‚ ¢ Collection of the research data. à ¢Ã¢â€š ¬Ã‚ ¢ Analysis and interpretation of the research data. à ¢Ã¢â€š ¬Ã‚ ¢ Writing up the dissertation or thesis. There will be two analysis methods that are used in this research. Factor analysis will be used reduce group and independent variables whereas logistic regression will be used to analyze the correlation between the categorical dependent variable with the independent variables found in the factor analysis. Primary data will be located for the purpose of analysis which will be further discussed in the collection of data section Analysis of Data The topic of my dissertation is The Growth of Islamic banking in UK as conventional finance, a look in to past, present and our hopes for the future. It is surprising to realize that how far and fast Islamic finance has come and how well it has managed to meet the challenges it faced in two decades. Islamic banking has worked reasonably well even in short history, but it always does face challenges. All of these challenges are technical in nature. The rapid growth of emerging market in developing countries is a very hopeful sign that with strong commitment in the next decade due to existing institutional and technical hindrances that may have hampered efficient operation of Islamic banking will be removed. The dissertation is based on the following research questions. What are the component of Islamic banking and how it works? Why all the arguments about the rate of interest in Islam? What make Islamic bank differ from a conventional bank? How much better working of Islamic finance in the views of customers in UK? Why the growing rate of Islamic finance is high as compare to other European countries? Customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s satisfaction regarding Islamic banking system in UK? How Islamic finance as a substitute to conventional banking system in UK? Different prospects and threaten for Islamic banking system in UK? Aims and Objectives: Key aims and objectives were established, for accomplishing the project. They are thoroughly explained down below. Aims of research project are: To understand the basic principle of Islamic banking system. To discuss the role of Shariah board and its importance in Islamic banking. To describe the different financial contracts, which Islamic banking offers Objectives of the project are: To compare the major differences between Islamic and conventional banking system. To explore the problems faces by Islamic banking. To find out why the growing rate of Islamic finance is high as compare to other European countries To give recommendations for the acceptance of credit card and some other problems. Actually this study in groping in nature, therefore a review of peoples and bank Managers and sub-managers was appropriate method for data collections. The data collected by this method from UK and from individuals would mean that the data bring together is given that only estimation of entire population. A questionnaire was designed for the population to analyze the perceptions towards Islamic banking. Moreover the implication of this kind of exclusive study on this topic, there were numerous constraint. Primary Data From the informal interviews and from the Questionnaire survey together the primary data from the few important people from the banking industry are gathered. For this purpose information collected from senior management from HSBC and Islamic bank of Britain through emails telephonic and face to face interview. Questionnaire survey has been arranged amongst Muslims and non-Muslims population of UK. Secondary Data The information gathered for this dissertation has been mainly obtained from the secondary data, which includes books, journals, research material and websites. Limitations This result may not be indicative for the target respondents due to small sample size and limited time period. Due to limited knowledge of respondent or unawareness about Islamic banking, their replies shown their own imagination or thoughts. The data gathered from the respondents and from the country like United Kingdom where people have a limited knowledge of Islamic banking as against to the conventional banking even the Muslim of the country have an inadequate knowledge of the Islamic banking. Therefore the result about the Islamic banking should be taken only as analytical and perspective rather than decisive. The research will familiarize the readers with the principle of Islamic Sharia and provide an insight into the rules and principles of Islamic banking as well. In spite of the fact that Islamic banks are operating successfully along with the conventional banks and playing a significant role in the economy of the United Kingdom. Delimitations: This study is limited to the findings and evidences based on my research mainly to the responses of the organisation involved in the project. I am choosing not to observe multiple teams, even though such comparisons might be valuable, in order to allow more depth of understanding regarding the group on which I will focus.   Additionally,  I will not use structured interviews in order to minimise my obtrusiveness. Ethical considerations: I shall immediately report to my supervisor or my college if any difficulties encounters in complying with the ethical standards. In the final research report i shall describe how i complied with the ethical standards in carrying out the Project. The identity of individuals from whom information is obtained in the course of the Project shall be kept strictly confidential. At the conclusion of the Project, any information that reveals the identity of individuals who were subjects of research shall be destroyed unless the individual concerned has consented in writing to its inclusion beforehand. Plagiarism According to the definition given in the 1997 New Websters Encyclopedic Dictionary of the English Language, plagiarism is the unauthorized use of the language and thoughts of another author and the representation of them as ones own (508). Pyper (2000) defines plagiarism as: à ¢Ã¢â€š ¬Ã…“.. simply theft. It is taking the words, ideas and labour of other people and giving the impression that they are your own..à ¢Ã¢â€š ¬? To avoid plagiarism I will document the sources properly using Footnotes, Endnotes, or Parenthetical References, and i will write a Bibliography, References, or Works Cited page and place it at the end of the research paper to list the sources used. I will credit another personà ¢Ã¢â€š ¬Ã¢â€ž ¢s idea, opinion or theory I will credit any facts, graphs, drawings, any pieces of information that are not common knowledge. I will credit whenever i use quotations of another personà ¢Ã¢â€š ¬Ã¢â€ž ¢s actual spoken or written words or paraphrase of another personà ¢Ã¢â€š ¬Ã¢â€ž ¢s spoken or written words. I will try to use my own words. I am not expecting to write as professionally as the authors of the books and journals which i am going to read so i will be confident enough to write my own ideas in my own words. I will Plan my assignments in good time, so i am not tempted to make shortcuts. Timetable: Task No. Task Date Task 1 Prepare proposal Feb 2011 Task 2 Complete literature review Feb 2011 Task 3 Complete research March 2011 Task 4 Complete collecting evidence March 2011 Task 5 Complete analysis April 2011 Task 6 Complete final report April 2011

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How to Solve the Foreclosure Crisis Since 2008 the United States has witnessed the dramatic collapse of the housing market. The housing bubble spurred by the loans that the banks gave to people, who could not afford those loans, and the interest rates on the loans, was changing each payment without reason. People started taking more loans, paying high interest, stopped saving. That affected the value of the homes. The rapid increase in the value of homes across the country for the previous decade, had been a falsity, in which billions of dollars funded by investments and home purchases were lost within a few months (Wikipedia.org: United States housing bubble). Millions of home owners were found to be unable to pay their mortgages,†¦show more content†¦To solve the current foreclosure crisis and to prevent another crisis arising in the future, there must be a campaign to re-clarify the â€Å"American Dream†, an efficient regulation of the lending and banking industries and the creation of viable nationa l health care system. What is the â€Å"American Dream?† Is it not the ideal held by billions across the globe that in the United States, the land of opportunity, one can find a well paid job, be able to raise a family and create a better life for both themselves and their kids compared to their living situation beforehand? Or is it the ideal, since the United States is one of the wealthiest nations in the world, anyone no matter what their situation, through hard work can take their share of that profound wealth? Ever since the late 1800s, when the United States emerged as one of the world’s leading industrial powers, millions of immigrants have came to this country to make a better life for themselves. They held on to the idea that in America, they would be able to afford such amenities such as a television, a car and maybe even a home. What many did not realize was that it was only through hard strenuous work would they even be able to survive in America, let alone afford the luxuries of life. Often many of these

Rhetorical Analysis Of I Have A Dream Speech - 768 Words

Brandon Lim CU English 9/29/17 P:2 Using a variety of rhetorical devices, Martin Luther King Jr’s purpose of his â€Å"I Have A Dream Speech† takes a huge step for black americans by voicing the opinions of the people in a civil, non violent manner. He’s a role model for future activists to present the point clearly without hostility or anger, but with a firm tone and many of rhetorical devices. Dr. King gives the speech to help his cause of nonviolent activism against segregation and in favor of civil rights. Martin Luther finds many ways to allude to the past, such as referencing Abraham Lincoln, and the words that the country was structured on in the Declaration of Independence and Constitution. He begins by using similar wording†¦show more content†¦He makes the firm statement that they cannot back down from the fight for a consolation prize they must get what they deserve and that is total un-segregated equality. He then starts to use the phrase â€Å"one hundred years laterà ¢â‚¬  to show how little progress they have made since then. The use of the phrase makes the audience feel as if the country is making little to no progress on the racial division issue. It clarifies that it takes over one hundred years to reach full equality in society which does not make the white leaders look productive at all. The use of this rhetorical device suggests the need for change to start happening as fast as possible and helps the speaker get full attention and participation from the audience. Yet another rhetorical device Dr. King briefly uses is apostrophe to make a clear, powerful statement counter arguing a frequent opposing comment. He switches perspective and asks the audience a question as a white person who is fed up with them fighting for equality,†There are those asking the devotees of civil rights, â€Å"When will you be satisfied?!†Ã¢â‚¬ (King, Pg 3). He presents this as a common argument and uses a counter argument to dismiss this question b y saying,†We can never be satisfied as long as the Negro is a victim of the unspeakable horrors of police brutality†(King, Pg 3). The way he predicted what they would say and had an immediate response helps give his speech some ground to stand on and makes his argument look even stronger forShow MoreRelatedRhetorical Analysis Of I Have A Dream Speech924 Words   |  4 Pagesis his â€Å"I have a dream† speech. The reason â€Å"I Have a Dream† speech made massive impacts, is due to It struck directly into the hearts of Americans both black and white making America realize just what is really going on in this world. King informed people about racial equality and fairness. This speech hit home so well just by the way he structured his speech. You can notice that MLK structures his speech to appeal to the different types of audience, supporting it with the three rhetorical modes;Read MoreRhetorical Analysis Of I Have A Dream Speech752 Words   |  4 Pages28, 1963 At the Lincoln Commemoration 200,000 individuals accumulated after the Walk on Washington. This is the place Dr. Martin Luther conveyed his discourse I Have a Dream to America. He talked about the treacheries of isolation and separation of African Americans that was occurring in our country. In his first explanation he stated, I am happy to join with you today in what will go down in history as the greatest demonstration for freedom in the history of our nation. In this announcement heRead MoreRhetorical Analysis Of I Have A Dream Speech1198 Words   |  5 PagesThe, â€Å"I Have a Dream† speech given by Dr. Martin Luther King Jr. is arguably the most emotionally moving and persuasive speech of all time. But, to understand the speech one must first understand the context. At this time, the slave era was far gone but, not forgotten. Negro men and women were still experiencing segregation in the 1960’s. There was negro bathrooms, negro schools, negro water fountai ns, and even negro restaurants. Martin Luther King Jr. was an influential black man who took on theRead MoreRhetorical Analysis Of I Have A Dream Speech1058 Words   |  5 PagesMartin Luther King Jr’s â€Å"I have a Dream† demonstrates the combination of the rhetorical appeals to support his argument for equality and social justice because he draws attention to the past history of America’s Injustice and oppression towards black Americans. One of the explanations that the I Have a Dream address by Martin Luther King Jr. is memorable is that it contains a superb balance of Aristotles 3 rhetorical appeals: attribute, pathos, and logos. Ethos is associate charm to authorityRead MoreRhetorical Analysis Of I Have A Dream Speech1061 Words   |  5 Pagesleader in the Civil Rights Movement. He is widely known for his speech that took place on 28 August 1963, â€Å"I Have a Dream.† This speech aimed toward the entire nation. King’s main purpose in this speech was to convince his audience to demand racial justice and for them all to stand up together for their rights. In this speech, King uses emotional and logical appeal to gain the audiences support. He applied many rhetorical devices to his speech to connect with the audience’s emotions, and to logicallyRead MoreRhetorical Analysis Of I Have A Dream Speech900 Words   |  4 PagesThe speaker of this essay that I will be writing about is Martin Luther King Jr. He was born on January 15, 1929, in Atlanta, Georgia at his family house. He was an American Baptist minister and activist who became the most visible spokesperson and leader in the Civil Ri ghts Movement. Martin Luther King Jr. was a great American, worked for civil rights in the United States in the 1950s and 60s. He became so popular and well liked that he was hated just as intensely by those who disagreed with theRead MoreRhetorical Analysis Of I Have A Dream Speech865 Words   |  4 Pagesin history. Throughout his speech, King employs many rhetorical devices that further his appeal for civil rights. King establishes his credibility as soon as he steps to the podium. King, an American civil rights activist and leader, was already known by the American people for his leadership throughout the civil rights movement. His leadership role as a civil rights activist asserts his message as credible and true to the American people. King’s â€Å"I Have a Dream† speech addresses the grueling topicRead MoreRhetorical Analysis Of I Have A Dream Speech901 Words   |  4 PagesOne of the most acknowledged Civil Rights activists in this history of the United State s, Martin Luther King, in his empowering speech, â€Å"I Have a Dream,† proposed his desire for racial equality across the globe in a strong-minded manner. King’s purpose for both writing and orally publishing this speech at the March on Washington affair was to motivate his audience into demanding racial justice and an amalgamated society for all people. He acquired a shameful but dedicated tone as he described theRead MoreRhetorical Analysis Of I Have A Dream Speech768 Words   |  4 Pagesâ€Å"I Have a Dream† Speech Martin Luther King Jr. presented his â€Å"I Have a Dream† speech in 1963. His main purpose of the speech was to drive the idea that everyone deserves and should have freedom and equality. As a civil rights activist, King presented his speech at a protest as he puts across this message. His audience is the country, but specifically those who are against equality for all people. He tried to convince and explain why all people deserve to be equal and have rights that all whiteRead MoreRhetorical Analysis Of I Have A Dream Speech1181 Words   |  5 Pagesrights activist shortly after attaining his doctorate in theology from Boston University. He later went on to deliver one of the finest speeches in United States history on August 28, 1963 entitled â€Å"I Have a Dream.† Over 200,000 people arrived to hear King deliver this speech. King uses a number of rhetorical devices to accentuate his point such as metaphors, antitheses, as well as anaphora’s. In addressing the nation Dr. Martin Luther King Jr effectively uses the appeals of Ethos, Pathos and Logos to Rhetorical Analysis Of I Have A Dream Speech - 768 Words â€Å"I Have a Dream† Speech Martin Luther King Jr. presented his â€Å"I Have a Dream† speech in 1963. His main purpose of the speech was to drive the idea that everyone deserves and should have freedom and equality. As a civil rights activist, King presented his speech at a protest as he puts across this message. His audience is the country, but specifically those who are against equality for all people. He tried to convince and explain why all people deserve to be equal and have rights that all white men have. It is also directed towards the government because he wants them to pass rights to give black men the rights that white men have. He catches the audience’s attention and explains the importance of equality by using the appeals of emotion,†¦show more content†¦Let us not wallow in the valley of despair.† King tried to motivate and give hope to those who do not have equality. He also uses logical and reasoning to appeal to his audience. Using a logical approach, he states â€Å"When the architects of our republic wrote the magnificent words of the Constitution and the Declaration of Independence, they were signing a promissory note to which every American was to fall heir. This note was the promise that all men, yes, black men as well as white men, would be guaranteed the unalienable rights of life, liberty, and the pursuit of happiness.† The quote shows logic and reasoning by reiterating that the government already promised freedom and equality. This makes people realize that they legally gave everyone equality, so they should be following the laws by actually giving and treating blacks equally. Finally, Martin Luther King Junior shows his credibility by explaining that he is black and would know more about the treatment and feelings that blacks get, rather than a white person. By including himself in the nation of blacks he said â€Å"We refuse to believe that there are insufficient funds in the great vaults of opportunity of this nation.† By using â€Å"we† he shows that he understands, and agrees with what most other blacks are feeling. He states that as a whole they have hope for the future and have faith that the countr y willShow MoreRelatedRhetorical Analysis Of I Have A Dream Speech924 Words   |  4 Pagesis his â€Å"I have a dream† speech. The reason â€Å"I Have a Dream† speech made massive impacts, is due to It struck directly into the hearts of Americans both black and white making America realize just what is really going on in this world. King informed people about racial equality and fairness. This speech hit home so well just by the way he structured his speech. You can notice that MLK structures his speech to appeal to the different types of audience, supporting it with the three rhetorical modes;Read MoreRhetorical Analysis Of I Have A Dream Speech752 Words   |  4 Pages28, 1963 At the Lincoln Commemoration 200,000 individuals accumulated after the Walk on Washington. This is the place Dr. Martin Luther conveyed his discourse I Have a Dream to America. He talked about the treacheries of isolation and separation of African Americans that was occurring in our country. In his first explanation he stated, I am happy to join with you today in what will go down in history as the greatest demonstration for freedom in the history of our nation. In this announcement heRead MoreRhetorical Analysis Of I Have A Dream Speech1198 Words   |  5 PagesThe, â€Å"I Have a Dream† speech given by Dr. Martin Luther King Jr. is arguably the most emotionally moving and persuasive speech of all time. But, to understand the speech one must first understand the context. At this time, the slave era was far gone but, not forgotten. Negro men and women were still experiencing segregation in the 1960’s. There was negro bathrooms, negro schools, negro water fountains, and even negro restaurants. Martin Luther King Jr. was an influential black man who took on theRead MoreRhetorical Analysis Of I Have A Dream Speech1058 Words   |  5 PagesMartin Luther King Jr’s â€Å"I have a Dream† demonstrates the combination of the rhetorical appeals to s upport his argument for equality and social justice because he draws attention to the past history of America’s Injustice and oppression towards black Americans. One of the explanations that the I Have a Dream address by Martin Luther King Jr. is memorable is that it contains a superb balance of Aristotles 3 rhetorical appeals: attribute, pathos, and logos. Ethos is associate charm to authorityRead MoreRhetorical Analysis Of I Have A Dream Speech1061 Words   |  5 Pagesleader in the Civil Rights Movement. He is widely known for his speech that took place on 28 August 1963, â€Å"I Have a Dream.† This speech aimed toward the entire nation. King’s main purpose in this speech was to convince his audience to demand racial justice and for them all to stand up together for their rights. In this speech, King uses emotional and logical appeal to gain the audiences support. He applied many rhetorical devices to his speech to connect with the audience’s emotions, and to logicallyRead MoreRhetorical Analysis Of I Have A Dream Speech900 Words   |  4 PagesThe speaker of this essay that I will be writing about is Martin Luther King Jr. He was born on January 15, 1929, in Atlanta, Georgia at his family house. He was an American Baptist minister and activist who became the most visible spokesperson and leader in the Civil Ri ghts Movement. Martin Luther King Jr. was a great American, worked for civil rights in the United States in the 1950s and 60s. He became so popular and well liked that he was hated just as intensely by those who disagreed with theRead MoreRhetorical Analysis Of I Have A Dream Speech865 Words   |  4 Pagesin history. Throughout his speech, King employs many rhetorical devices that further his appeal for civil rights. King establishes his credibility as soon as he steps to the podium. King, an American civil rights activist and leader, was already known by the American people for his leadership throughout the civil rights movement. His leadership role as a civil rights activist asserts his message as credible and true to the American people. King’s â€Å"I Have a Dream† speech addresses the grueling topicRead MoreRhetorical Analysis Of I Have A Dream Speech768 Words   |  4 PagesBrandon Lim CU English 9/29/17 P:2 Using a variety of rhetorical devices, Martin Luther King Jr’s purpose of his â€Å"I Have A Dream Speech† takes a huge step for black americans by voicing the opinions of the people in a civil, non violent manner. He’s a role model for future activists to present the point clearly without hostility or anger, but with a firm tone and many of rhetorical devices. Dr. King gives the speech to help his cause of nonviolent activism against segregation and in favor of civilRead MoreRhetorical Analysis Of I Have A Dream Speech901 Words   |  4 PagesOne of the most acknowledged Civil Rights activists in this history of the United States, Martin Luther King, in his empowering speech, â€Å"I Have a Dream,† proposed his desire for racial equality across the globe in a strong-minded manner. King’s purpose for both writing and orally publishing this speech at the March on Washington affair was to motivate his audience into demanding racial justice and an amalgamated society for all people. He acquired a shameful but dedicated tone as he described theRead MoreRhetorical Analysis Of I Have A Dream Speech1018 Words   |  5 PagesI Have a Dream by Dr. Martin Luther King Jr. Cruelty, inequality, death, sorrow, misery. All words to be associated with the hardships Dr. Martin Luther King Jr. passionately describes in his I Have A Dream speech. King, an activist and civil rights leader gave an empowering speech on August 28, 1963 in Washington D.C. Millions of hearts were touched and inspired to fight for their rights(â€Å"American Rhetoric: Martin Luther King Jr.†). This speech is aimed towards every race in a different specific

Corporate Governance in the UK

Question: Discuss about the Case Study for Corporate Governance in the UK? Answer: Introduction Corporate Governance is defined as a close relationship among the entities involved in the governance process. This relationship eventually leads to determine the direction, performance and potentialities of the corporations. Expanding this definition only, this term could be explained in simpler words as a system that combines all the prevailing laws and procedures to work with an ultimate aim to regulate the interactions between the providers of capitals and the ones involved in the decision making process of the company and simultaneously has an effect of the companys activities and disposition over them (Mendez, 2003). The elements of Corporate Governance play a pivotal role in allocating the defined roles and responsibilities to these participants and also define their influence on the organizations routine work and the quality of work they deliver. After a detailed discussion and an intensive research on this topic, the researchers suggested that corporate governance can never occur in a vacuum and it reflects the economic, historical, legal and cultural characteristics of a company during its operation. It is also shaped and reshaped majorly by the ownership structures and economic patterns and in a minor manner by the financing options available to the business(Yulei Hu, 2008). The global economic leaders have some notable differences in their models of corporate governance and these differences have evolved due to the variations in the available financial options. A deep comparison has been made between the responses of the UK and US over the various corporate scandals (Aguilera Jackson, 2003). The US had a great revolution from flexible form of corporate governance system to more complicated and more legally-bound form. On the other hand, the UK, as a part of its response, conducted a way of evolving with steady steps which included the introduction of a wide range of influence groups. In response to the scandals, the US adopted the stringent Sarban es-Oxley Act. (Polk Wardwell, 2011). The UK, on the other hand, followed a more enhanced and innovative way of introducing a voluntary code of corporate governance which was far better from the statutory code prevailing in the US and hence succeeded in establishing the best practices in the country (Monks, 2011). The UK government, instead of passing any ineffective laws, uses a comply or explain approach to combat the prevailing issues. This approach was introduced for the first time in 1992 by the Cadbury Report. The newly introduced and the existing conventions and rules entirely followed the approach of self regulation but simultaneously had a substantial support from the prevailing legislative forces. The Comply or explain approach overpowered the one-size-fit-all approach because the former approach gave the flexibility of incorporating innovations in the companies (Faure-Grimaud, et al., 2005). As mentioned that, in 1992, UK introduced its first code which had the potential to set out the best practice in corporate governance and was aliased as the Cadbury code. This introduction involved a new concept of comply or explain approach, under which the companies had an option either to adopt and follow the best possible practices that are available at that time or to explain their respective shareholders that why their services are not needed by the company at the present situation. Sir Christopher Hogg (Former Chairman of the Financial reporting council, London, UK), in his article The Comply or Explain Approach to improving Standards of Corporate Governance, has clearly stated that when market conditions are favorable, such as that of United Kingdom, the comply or explain approach has been constantly working in reforming the current landscape of corporate governance in the UK(Zattoni Cuomo, 2008). He also revealed a statistic that showed that the current practices of this ap proach has been adopted and implemented so well that the compliance rate of these practices has increased to more than 90%. While keeping in mind the current progress of Corporate sector in the UK , he stated that the With the introduction of this soft law approach, the marketers have felt a secured sense of participation in various marketing activities and hence wants this approach to flourish for a long-term (Davis, 2001). Also, when compared to the earlier times, the present corporate governance practices have the abilities to respond in a better manner to the prevailing developments in the best practices (ICAEW Team, 2016). This is possible because these practices have got myriads of elements that are specially tailored to fit according to changing circumstances of the company and hence eventually sets higher standards of competition for all the other existing companies of the same breed. Antoinette Bozac, in another article, stated that the current corporate governance model be ing followed in the UK is the preferred action for evolution towards better gender representation. It is because, this model allows organizations to strategically and meaningfully develop their policies and targets towards broader diversity overall (Solomon, 2013). According to the author, this kind of approach has a tendency to develop more champions to influence change, foster transparency and promote inclusiveness. Antoine Faure-Grimaud, Sridhar Arcot and Valentina Bruno, in their published journal titled Corporate Governance in the UK: is the Comply or Explain Approach working?Has clearly mentioned in their paper that the market along with all its marketers have readily adopted the compliance as its strategic approach to combat various evolving issues. The Combined Code in the UK, under this approach, simply asks the companies to follow what it provides or to explain why they do not desire such provisions (The Financial Reporting Council Limited, 2010). When the present situatio ns in the UK are compared to the statutory system, as prevails in the US, the flexible system of the UK, when combined with the current corporate governance code of the country, paves an easy way for those companies which do not have a reason for accepting the provisions of the Combined Code. Authors like Thomas Clarke and Bob Tricker believes that the main motive of all the Corporate Governance Code is to evolve and promote good governance and propose such rules that are acceptable by all (Financial Times, 2015). But while talking specifically about this system, they said that comply or explain provision promotes innovations in all its forms and this is entirely due to a fact that this code can accommodate a number of new ideas (Tricker, 2015). This system also allows companies to have an ample of time dedicated to introduction of innovations that would foster the process of success attained and would lately set up an example for all the other competitors. In addition to this, fro m the time the UK has adopted this approach in their corporate governance system, theres an establishment of a process that includes learning that lasts for a long-term (Aras D Crowther, 2008). There are a number of companies that have followed the recommendations of the governance code to create a sound-base for the governance. There is a belief that only the public or the large and established companies with myriads of shareholders need to incorporate Corporate Governance practices in their working strategies. The right-sized governance practices definitely forms a sound base for the enhancement in the performance and long-term viability of the firm. The best Corporate Governance practices are followed by Microsoft, which is a leading USA, based company. The company, to effectively include the practices of Corporate Governance, has involved effective conversations with the shareholders. A precise corporate governance cycle is created with different activities in different season. The annual governance cycle begins in the Spring Season by evaluating the best practices of the governance with regulatory developments and companys own policies and practices. This helps the firm to evaluate the annual update of the governance framework. In the summer season, the company communicates the updates and reformations to the significant shareholders. In the autumn season, the company publishes its annual communications to the shareholders and the stakeholders. During this season, the company communicates crucial information to the major investors and gathers their feedbacks on the important topics that are to be addressed in the next season. In the winter season, the Corporate Governance Cycle concluded with the self assessment session in which the setbacks and the major wins are critically analyzed. In this season, the panel considers all sorts of feedbacks received from the shareholders in the preceding year and work accordingly to rectify the errors. The elements of the Corporate Governance practices are specifically designed keeping in mind the long term interests of the shareholders. The practices focus on the maintenance of the internal checks and balances and foster an ambience of responsible decision making within the firm. The inclusion of such practices strengthens to company to take wise and profitable decisions for its firm in times of financial crisis or when the accountability of the companys decisions and strategies are questioned. For the same reasons, the corporate governance practices are adopted in companies in the UK too. In this country the companies amalgamate this element with the other general business practices to ensure that the Board members of the firm have a right to review and evaluate all possible business operations independent of the management body. For an example, HSBC, the worlds largest banking and financial services organization, is highly committed to the specific principles of Corporate Governance. For implementing this concept in all the spheres of the bank, the company has created a comprehensive range of systems and policies that are communicated well to all the working members of the firm. According to the companys executives, a bank could be well managed only when the governance policies provide a greater oversight to the future strategies as well as the tools to exert a proper control over the working strategies of the firm. The companys code is created to be in compliance with th e applicable code provisions of the UK Financial Reporting Council and even with the Stock exchange of the Hong Kong. This is basically done to avoid any kind of potential issues related to governance. Rolls Royce, another leading firm providing the highly integrated power and propulsion solutions is also a great example of the UK based company whos Board attaches a highest priority to the corporate governance practices. The companys executives think that the concept of Corporate governance has effectively helped the firm to enhance its corporate values, to create and retain a good reputation for the firm in the local and global markets and even provide the firm with a number of innovative measures to attain its pre-decided goals and objectives on time and in a proposed budget. When a company decides to adopt the practices of corporate governance, it eventually sets out various standards for its internal workings and then proceeds to work out in that direction and this process becomes more effective when they are allowed to set their standards, rules and procedures on their own instead of working as a mere puppet in the hands of the other leading powers (Davis, et al., 1997). Van de Berghe, in the journal titled Beyond Corporate Governance, has stated that the prevailing corporate governance practices in the UK are undoubtedly the best ones and there are chances of a company to retain their effectiveness and accountability to the same level, only if it applies these practices in a right manner(EY, 2012). Although under this approach, no one can legally bind any company to follow their provisions, but yes, they have an ultimate right to evaluate their provisions on the basis of the explanations provided by the company for not accepting their provisions. The UK Corporate Governance code is effectively used in all the companies, but there are a number of companies in which this concept is not applied. These companies include the ones which shares are traded on AIM and the markets which are not covered by the listing rules. This concept is also not applied in a listed company with a standard listing on the London Stock Exchange. But it is the choice of these companies to comply with the codes if they wish so. Sometimes the pressure exerted by the major shareholders and the wish of the company to adopt the best conduction practices may also exempt the companies to follow the Corporate Governance Code. The US corporate governance has recently been heavily criticized due to failure of a number of renowned companies like Enron, WorldCom, Tyco, etc. These failures subsequently led to the introduction of a strict legal change in the form of a Sarbanes-Oxley Act of 2002 and accompanying this was a regulatory change which took the form of introduction of new governance guidelines. In the US, the shareholders hold the ultimate powers and the principles of the corporate governance of the country are designed to fit to the requirements of these people. Hence, the countrymen have developed reluctance towards the adoption of such system (Jensen Murphy, 1989). According to people, the US society works to gain attention of the capitalist and the medium and low-level creditors and stakeholders eventually have not much say in the corporate workings of the companies and leading organizations(Jackson, 2010). This is entirely due to a fact that in the US, unlike the UK, there is no independent sys tem of working and one has to work under the influential powers of others. And as expected, the shareholders suitably take care of their own interests only overlooking the prime benefits of the organization and of the people associated with it. When people look towards the corporate governance model of the US in comparison to that of the UK, it is clearly visible that in the US model there is no separation of ownership and management. There is no one above the level of the mangers and these managers work according to their will to take any sort of decisions for the organization. In this model, theres no involvement of any non-executive director, who can keep an eye over the works of the managers(WLG, 2010). For example, the US based Ford Motor Company it is the Board of Directors that have adopted a precise framework for the Corporate Governance practices to promote the effective functioning of the board. The board is comprised of the highly skilled managers, elected by a specific a nd complex process, are only responsible to take decisions for the firm and no panel is considered above it. This model is highly discarded and regarded as the failure of the leading companies because there is not a definite ownership pattern for an organization and the extra capital required by the organizations are taken from the people who are not even indirectly involved in the various processes and losses of the company. Instead, the large institutional investors have the maximum stake in these organizations and hence have a chance to say and operate the working of these companies (Tafara, 2007). When observed closely, it was observed that the corporate governance in the US has traditionally been designed to focus on the crucial people of an organization who are directly involved in the profits and losses of the company. These important people generally include the shareholders and the Board of Directors. The practices have never focused on the needs of the other participants o f the organization and hence have always failed to evaluate the actual critical situations the companies have been facing (Essen J Otten, 2015). Davis Polk and Wardwell in their journal titled, The corporate governance landscape in the United states has clearly mentioned that Although, due to occurrence of a number of corporate scandals led the government to introduce the strict Sarbanes-Oxley Act, but this never changed the basic structure of the corporate governance practices in the US (Chen Roberts, 2010). According to this article, although the managers are appointed to look over the activities of the organization and take decisions, but still they are headed by the Board of Directors which are independently elected by the concerned Shareholders of the Company. In an article titled, Failure of Corporate Governance by James Kwak, it has been correctly written by the author that, From the past twenty years, there has not been a demonstration of a beneficial governance as the reg ulatory activities imposed by the government restricted the thinking of the companies and they have lag behind in terms of innovations and thing-big ideas (Gray Manson, 2011). At the same viewpoint, John Gillespie and David Zweig, in their book, Money for Nothing: How the failure of Corporate boards is ruining American Business and costing us Trillions, have written that, The Companies have eventually become more like a private club, as there is no regulatory authority over the CEOs to whom they can report there issues and seek solutions to the emerging problems. Although the corporate governance framework of the US has been criticized by most of the Authors and has been considered as a basic reason for failure of many leading companies, yet, the part of the corporate governance system which was indirectly under the control of the public and had some governmental influence, has reacted and still has the potential to react to the quickly to address the emerging problems (Bhattachary a Sen, 2004). The evidence to this fact is that, there has been a dramatic increase in the equity-based pay and the institutionalization of the US shareholders. This expansion has appeared to have an overall positive impact on the corporate sector of US as well as on its declining economy (Yekini K Jallow, 2012). Although the weal corporate governance structure had a bad influence on the working structures of organizations, but if the overregulation element of this model is minimized then there are chances of the US system to become a better one (Waddock Stuart, 2003). Now, having a look over the arguments and opinions of the authors on the corporate governance systems of both the UK and the US, it is crucial to draw the conclusion over the thinking and viewpoints of the employees or directors of the organization to which this framework is being applied. Many UK-based companies think that Comply-or-Explain Approach is quite better than the One-Size-Fits-All Approach. In other simpler words, the corporate governance code being precisely followed in the UK is far better than all the other countries (especially US). According to the directors and the employees of all the leading organizations in the UK, the current corporate governance practices have succeeded so far, only because of the Flexibility element; it possesses which allows the companies to reform the practices according to their requirements (Aguilera Cuervo-Cazurra, 2004). According to European Commission 2013, A Comply-or-Explain Approach allows an organization to tailor the corporate g overnance practices in compliance with their size, ownership structure and sectorial specificities. While using this approach, a company can have broad tools for investor attracting as well as for ownership protection. The next advantage that the companies are enjoying over the other global competitors is attaining the highest level of Market Sensibility (Holmstrom Kaplan, 2003). According to Gibson and Smith, companies that belongs to a country that effectively follows this approach under its general corporate governance system, tends to attract more investors due to adoption of new innovative ideas. This lowers the burden of capital on the people who are not even involved in the processes of the company. The self regulation principle of the approach, allows the directors to satisfy both the shareholders and the public at the same time by quickly attending to their needs. When these companies are compared to the others of the same breed, then they have the potential to bear the ec onomic crisis in a more mature manner and combat them with their innovative ideas. According to European Commission 2006, the Comply or explain approach is beneficial for both the companies and its regulatory authorities. It gives an ample of opportunities to both of them to perform in an efficient manner (Bebchuk Fried, 2003). The approach has set an efficient trend of adoption of the bottom-up policy that forces the regulators to carry out reformations in their structures and divide the responsibilities among the different levels of regulatory authorities(Cohan, 2009). This policy acts like a mirror to the market and hence justifies the transparent nature of this approach that minimizes the occurrence of any faults within the working structures of organizations. The corporate governance approach being followed in the UK-based companies is far greater than the corporate governance approach of the US-based companies because while following the One-Size-Fits-All Approach, a proporti onal policy is applied over the companies. The restructuring of the companies is wholly solely done by the regulatory authorities who do not take into account that who owns what and hence eventually discourage the investors(Sternberg, 1997). Hence, as the companies in the UK were being encouraged to adopt a number of innovations under the comply or explain approach, here these companies are demotivated for innovations and lag behind the global leaders in the generation and implementation of innovative ideas. The leading banks viz. HSBC, Goldman Sachs, and Morgan Stanley, all favors the Comply or explain approach. The FRC claims that the corporate governance code in the UK has a proven track record in changing behavior. Once the codes with the underlying approach are readily accepted and implemented, changes can be made relatively quickly. For an example, when the code was launched in 1992, there was a recommendation of separation of the chairman and chief executive functions(Arcot, et al., 2005). By the year 1995, only 47.4% of the companies followed this, but now, at present, this percent has risen to a numerical value of 95%. In the UK, as the financial markets are in a dynamic state, the codes, if adopted precisely and effectively, are easier and quicker to change when compared to the laws. These codes are designed in such a way that they respond effectively to the market developments with many innovative ideas and suggestions. As they are tailor-made, hence can be re-drafted and implemented without necessitating legislative change. Hence, the corporate governance code of the UK is said to be in a constant state of evolution (Iwasaki, 2014). The strict-rule based regulatory environment, prevailing in the US, is often perceived to promote practices that never allow the companies to think beyond their imagination powers. The versatile code, on the other hand, adopted in the UK, allows the companies to suggest and work over the good governance practices. This eventually encourages the companies to pay more heed towards the prevailing governance issues within and outside the company. Under the working of the corporate governance approach prevailing in the UK, the companies ultimately have the freedom to think beyond their imagination and adapt those practices which would definitely have a potential to yield lucrative results for a long-term (Leon, 2001). Conclusion Having all the discussions based on the contrast to the UK and the US corporate governance structure, it has been made clear that in order to have a strong and productive capital markets, a country should have a sound and flexible corporate governance system. The European Commission, being of the same mind, in a launched consultation discussed its views on improving the corporate governance within European companies. The Comply or explain approach being followed under the corporate governance practices of the UK is considered, and also has been proven here, as the best among all the other approaches available (Doh, et al., 2003). This is entirely due to the competitive advantages, it renders to its followers, over the other global competitors. The UK Financial Reporting Council (FRC) has said that the corporate governance approach, being followed in the UK, has been a trademark of corporate governance in the UK. This approach, being one of the backbones of the corporate governance co de, when used effectively, provides effective market-based solutions. These solutions are merely a result of a direct communication between the company and its shareholders and there is not any sort of interventions from regulatory authorities. This approach, though easy in implementation and yields a number of effective outcomes, is not simply all about not having any requirements. Instead, the researchers have defined this approach if the governance practices are good, then the companies could readily respond even to the alternatives of the provision. The comply or explain approach has been sustained so far in the UK because the people have developed a trust within the workings of the companies and in demonstration of genuine commitment of the company towards good governance. In return, the companies have to trust the people that there given explanation will be given a proper consideration. The UK-based companies have considered this corporate governance system to be the best one because it has given them a number of chances to innovate their thinking and various company-related procedures. As mentioned above, the code being followed in the UK is quite flexible and hence, the companies can make myriads of changes in accord to make it fit into their current working strategies. Although, this approach is being widely accepted in a number of countries, still it has numerous drawbacks which are needed to be rectified prior to the adoption of the approach(GRAY, 1988). Doubts about Comply or explain approach mainly arises when it fails in delivering its associated advantages to the companies. In order to have a wider application of this concept, the companies need to address or understand these concerns as soon as possible. Although this approach can work independently, but when this approach co-exists with basic code principles of a country, then it can be applied to a number of circumstances with few reformations in each case. The overall discussion drives to a conclusion that the comply or explain approach has three prime reasons to be the best among all the other available approaches. Firstly, this approach considers the benefit of both the shareholders and of the public at the same time. Secondly, this approach encourages the companies to follow best practices which have the capability to yield lucrative outcomes and keep a pace with the ever-changing corporate culture. Lastly, this approach minimizes the intervention of unnecessary regulatory authorities and also minimizes their participation in the imposition of minimum standards. Hence, when compared on various contrasting scales, the corporate governance practices of the UK, which has an underlying approach of the comply or explain, is considered as the best one and should be frequently adopted by the remaining UK-based companies and all the other global leaders. Bibliography Aguilera, R. Cuervo-Cazurra, A., 2004. Codes of Good Governance Worldwide: What is the Trigger? Available at: https://business.illinois.edu/aguilera/pdf/Aguilera_Cuervo-Cazurra_OS_2003.pdf Aguilera, R. Jackson, G., 2003. The Cross-National Diversity of Corporate Governance. Dimensions and Determinants, 28(03), p. 44765. Available at: https://amr.aom.org/content/28/3/447.abstract Aras, G. D Crowther, 2008. The social obligation of corporations. Journal of Knowledge Globalisation, 1(1), pp. 43-59.Available at: https://www.dora.dmu.ac.uk/xmlui/handle/2086/2050 Arcot, S., Bruno, V. Grimaud, A. F., 2005. Corporate Governance in the UK: is the Comply-or-Explain Approach Working? Available at: https://eprints.lse.ac.uk/24673/1/dp581_Corporate_Governance_at_LSE_001.pdf Bebchuk, L. Fried, J. M., 2003. Executive Compensation as an Agency Problem. Journal of Economic Perspectives, 17(03), pp. 71-92. Available at: https://www.law.harvard.edu/faculty/bebchuk/pdfs/2003.Bebchuk-Fried.Executive.Compensation.pdf Bhattacharya, C. Sen, S., 2004. Doing Better at Doing Good: when, why and how consumers respond to corporate social initiatives, Available at: https://www.davideacrowther.com/csrmodule/csrreading4b.pdf?bcsi_scan_f5761508bdf24bd5=4ZZwS8E/zLZLbrBUoem4nGwRqUoXAAAAU13BsA==bcsi_scan_filename=csrreading4b.pdf Chen, J. Roberts, R. W., 2010. Toward a More Coherent Understanding of the OrganizationSociety Relationship: A Theoretical Consideration for Social and Environmental Accounting Research. Journal of Business Ethics, December, 97(04), pp. 651-665. Cohan, P., 2009. Why American Corporate Governance Is a Bust. Why American Corporate Governance Is a Bust, 28 December. Available at: https://www.dailyfinance.com/2009/12/28/why-american-corporate-governance-is-a-bust/ Davis, J., FD Schoorman L Donaldson, 1997. Toward stewardship theory of management. Academy of Management Review, 22(01), pp. 20-47. Davis, P., 2001. The Governance of Co-operatives Under Competitive Conditions: Issues, Processes and Culture; Corporate Governance. Corporate Governance, 01(04), p. 2839. Doh, J., Rodriguez, P., Uhlenbruck, K. Collins, J., 2003. Coping with corruption in foreign markets, EY, 2012. Enlightened co-operative governance. Available at: https://www.ey.com/Publication/vwLUAssets/Enlightened_co-operative_governance/$FILE/Enlightened%20co-operative%20governance_EN.pdf?bcsi_scan_f5761508bdf24bd5=0bcsi_scan_filename=Enlightened%20co-operative%20governance_EN.pdf Essen, M. v. J Otten, 2015. Assessing Managerial Power Theory. Journal of Management, Janaury, 41(1), pp. 164-202 . Faure-Grimaud, A., Arcot, S. Bruno, V., 2005. Corporate Governance in the UK: is the Comply-or-Explain Approach Working?: LSE. Financial Times, 2015. Define of cpmply or explain. [Online] Available at: https://lexicon.ft.com/Term?term=comply-or-explain Gray, I. Manson, S., 2011. The Audit Process, China: RR Donnelley. GRAY, S. J., 1988. Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally, Scotland Holmstrom, B. Kaplan, S., 2003. The state of U.S.corporate Governance: What's right and what's wrong?, Cambridge: NATIONAL BUREAU OF ECONOMIC RESEARCH. ICAEW Team, 2016. 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Medea as a Foreigner Essay Example For Students

Medea as a Foreigner Essay Medea is originally set up to be depicted as a typical barbaric foreigner, subscribing to the Greek conceptions at the time period. Medea is initially in a state of lamentations at the beginning of the play, yet she is depicted as one who has raging emotions and would be possible to commit vicious crimes. The Nurse cries Watch out for that savage temperament of hers, that stubborn will and unforgiving nature (53), making the audience apprehensive of what she is capable of doing, and foreshadowing the horrors that are about to unfold. This barbaric nature in Medea is denoted through the stark contrast of Medeas irrational, cold-hearted temperament and Jasons seemingly sophisticated and calm demeanour. Jasons actions are not driven by emotional desires, like Medea, rather status and money while superficial, his actions are seemingly more reasonable and logical. He explains to Medea, I have not disowned my family I am looking to your future (460), attempting to show that while his emotional desires were not to marry Glauce, but he is protecting his own family. This poses Medea as slightly egotistical and dramatic, for she only sees the situation in a superficial light of Jason no longer being with her. Having this initial label attached to her exacerbates her actions that fulfil this notion, as people were already fearful of her or disrespect her as an immoral outsider that is unwanted. This feeling of protectiveness for the peace of the Athenian audiences homeland was pertinent in the time of Medea, as the play was set in Corinth, a city of close geographical proximity to Athens, engendering a sense of fear for the safety of their own city, thus inviting the classification of Medea as a barbaric foreigner. This apprehension for Medea is manifested in her encounter with Creon, the king of Corinth, when he states I fear you You are a sorceress and a woman who is no stranger to dark knowledge. 58) This dangerous reputation of Medea results in her own exile, showing that one is ostracised from society, subtly or physically, as being a foreigner. While the audience can be sympathetic to Medea at some points of the play, Medeas true barbarity is solidified when she declares that she will murder her own children, depicting a true subscription to her tainted status as a foreigner. The Chorus can parallel the audiences disgust and horror for this action, and they chant rom a heart that wishes you well yet would not bbreak mankinds laws, do not do this thing. This shows that even those who have their loyalty resting with Medea, and the Athenian women who endured the hardships of women and would want justice, could not approve of this horrific action. Furthermore, the Chorus and thus women of the time naturally feel opposed to this, as the responsibilities expected to be a loving mother were engrained in their nature, and for Medea to kill the fruit of her womb (83) is an act beyond justification. While Medea claims that it is to achieve justice, in many points of the play this objective is undermined by her superficial and egotistical desires for revenge on Jason, and a desire stronger than her love for her own children to be viewed as victorious in the agon between Jason and Medea. Medea asks herself, Are you to be laughed at by this Jason and his Sisyphean wedding(61). Here Medeas justification is revealed to be to not be the victim, and thus depicts Medeas plot as one in seek of petty revenge. The murder can also be interpreted as an effort to annihilate all remnants of Medeas relationship with Jason. In her rage, particularly at the start of the play, she cries O cursed children of a hateful mother, I want you to die along with your father (54), proving her wish for them to be dead, out of anger against them as she sees Jason within them. The innocence and vulnerability of the children highlights Medeas irrationality and cold-heartedness to punish and neglect her own children when it is not them to blame. .udd1e3030c10972035f26892e11bda1af , .udd1e3030c10972035f26892e11bda1af .postImageUrl , .udd1e3030c10972035f26892e11bda1af .centered-text-area { min-height: 80px; position: relative; } .udd1e3030c10972035f26892e11bda1af , .udd1e3030c10972035f26892e11bda1af:hover , .udd1e3030c10972035f26892e11bda1af:visited , .udd1e3030c10972035f26892e11bda1af:active { border:0!important; } .udd1e3030c10972035f26892e11bda1af .clearfix:after { content: ""; display: table; clear: both; } .udd1e3030c10972035f26892e11bda1af { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .udd1e3030c10972035f26892e11bda1af:active , .udd1e3030c10972035f26892e11bda1af:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .udd1e3030c10972035f26892e11bda1af .centered-text-area { width: 100%; position: relative ; } .udd1e3030c10972035f26892e11bda1af .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .udd1e3030c10972035f26892e11bda1af .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .udd1e3030c10972035f26892e11bda1af .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .udd1e3030c10972035f26892e11bda1af:hover .ctaButton { background-color: #34495E!important; } .udd1e3030c10972035f26892e11bda1af .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .udd1e3030c10972035f26892e11bda1af .udd1e3030c10972035f26892e11bda1af-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .udd1e3030c10972035f26892e11bda1af:after { content: ""; display: block; clear: both; } READ: Diary of Anne Frank EssayThroughout the play they do not vocalise their thoughts, rather stay in the background absorbing the chaos of the adults conflict, until the murder scene when they plead for help, allowing the audience to question what monstrous being could possibly commit such an act against the innocent children. These actions solidify Medeas barbaric nature as a foreigner, making it difficult for the audience to have sympathy elicited for her and feel welcoming to her. However, Medea also shows to challenge these stereotypes, yet it is difficult to do so with such a tainted and strong reputation among the Greek society. With Euripides displaying a controversial nature, indeed he presents Medea as a convoluted character, attempting to reveal the profoundness of justification and to what extent people can subscribe to notions, particularly in regards to foreigners. Indeed, at many points in the play Medeas proficiency in the art of controlling her emotions and carefully plotting her schemes, whilst somewhat menacing, degrades her irrationality and reputation of being driven by foolish emotion and almost being mad. Originally being depicted as a vicious, foolish character in her lamentations for Jasons betrayal, when she re-enters the stage the audience can be shocked by the stark conversion of Medeas temperament to one of a calm tempered woman. The stage directions describe this scene, marking a transition in the play, as the doors of Jasons house open to reveal Medea she begins to address the chorus in measured tones. (56) This astonishing juxtapoisition works to degrade the initial perception of her as a barbaric foreigner. Furthermore, Medeas success in achieving her objectives mainly stemmed from an underestimation of her capabilities, particularly from the men in society who were not foreigners, those who were considered dominant. Medea was able to manipulate Creon into allowing her to stay one more day in Corinth, as he hardly believe you can do what I fear in one day. Ultimately, as a result of Creon misconstruing her shrewdness, his daughter was murdered and he sentences himself to die with her out of mere despair for her death. By challenging these common notions, and proving them to be more convoluted than it seems, Euripides allows the audience to contemplate their harsh judgement of others and enlighten them, possibly allowing them to accept those harshly ostracised from society, including foreigners and women.