Health Policy and Law

In public health and health care sectors, law and health policies play critical roles in controlling illnesses and reducing deaths. Therefore, it is important to include them in study of health care and public health. It is important for future healthcare and public health practitioners to understand the scope and influence of law in their field of practice (Andre, 2002). Public health law focuses on role of government in improvement of health at various levels of society.Advertising We will write a custom essay sample on Health Policy and Law specifically for you for only $16.05 $11/page Learn More In addition, it deals with legal issues experienced in public health practice, as well as effects on health of people (Andre, 2002). Policies and laws that aim to reduce diseases and injuries, as well as promote provision of quality health care services to people govern the health care and public health sectors. Therefore, they aid future practitioners in und erstanding how law and policy affects their work, as well as their role in implementing their requirements (Andre, 2002). Bioethics refers to study of ethics initiated by advancements in medicine and biology (Andre, 2002). In addition, it refers to process of making decisions in relation to health care policy and practice. It deals with ethical questions that arise from implementation of health care policies. Bioethics is an important component that shapes and determines establishment of health policies. Many issues arise from developments in the medical field and health care sector. The issues have varying bioethical implications on health policy, as they affect the well-being of communities (Andre, 2002). In addition, development of health policy generates ethical issues that affect delivery of health care services. On the other hand, bioethics deals with ethical implications of public policy as it relates to delivery of health care services (Andre, 2002). The health care sector h as many controversies mainly caused and resolved using health policies. Such controversies include abortion, euthanasia, physician-assisted suicide, patient self-determination, and role of practitioners in safeguarding patients’ privacy of medical information. Bioethics covers controversial issues related to establishment and implementation of health policy (Andre, 2002). Decisions related to health law and policy affect interests of many stakeholders. Stakeholders such as employers, the public, healthcare providers, pharmaceutical companies, and researchers have different interests in health law and policy (Teitelbaum Wilensky, 2013). Therefore, changes in health law and policy affect their interests significantly. Choices regarding certain policies and passage or interpretation of certain laws affect interests of stakeholders immensely. For example, a court of law could make a ruling regarding requirements of physician licensing and associated duties of physicians to patie nts (Teitelbaum Wilensky, 2013).Advertising Looking for essay on health law? Let's see if we can help you! Get your first paper with 15% OFF Learn More The court could rule that a medical practitioner is at will to either treat patient or decline to treat a patient despite the fact that he/she was acting as the doctor of the patient’s family. This ruling would affect many stakeholders. It would affect the patient, the family of the patient, and other medical practitioners (Teitelbaum Wilensky, 2013). It would also affect legislation of the state because the law on licensing could have been ambiguous and therefore in need of amendment. Another stakeholder that would be affected is the public. If such law were passed, it would affect all decisions related to health care and public health. Policy choices or passage and interpretation of law affect the interests of many stakeholders. In the foregoing example, affected stakeholders include the public, health care p roviders, patients, and the government (Teitelbaum Wilensky, 2013). References Andre, J. (2002). Bioethics as Practice. New York: University of North Carolina Press. Teitelbaum, J., Wilensky, S. (2013). Essentials of Health Policy and Law. New York: Jones Bartlett Publishers. This essay on Health Policy and Law was written and submitted by user GorillaMan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Free Essays on Livvie

â€Å"Livvie†, A Celebration of life Eudora Welty’s â€Å"Livvie†, is a great story on how life should be celebrated. The story is about a young woman , who marries and old man, that in a since imprisons her. The young girl gets a second chance at life when a younger man (someone her own age) enters her life and the older man is about to die. The theme Welty is trying to get across is live life to the fullest. Welty shows the theme through the character, setting, and symbols. Characters played a big role in the story. First, Solomon who is the husband of young woman. His name kind of explains what type of man he is going to be in the story. Solomon was the king of Israel and in the story Welty provides information that Solomon is playing a king type role. Welty says Solomon had a bed â€Å"like a throne† (511). â€Å"Solomon had never let Livvie go any farther than the chicken house and the well. (515). Welty shows the control Solomon has over Livvie (the young girl). Another sign of control that Welty shows in the story is, â€Å"Solomon would not have let Livvie look at them, just as he would not let her look at a field hand or a field hand look at her† (512 about cosmetics, Livvie gets so excited about the color of the lipstick. It must remind her of something in life. Cash’s youth attracts Livvie. The setting also plays a signi... Free Essays on Livvie Free Essays on Livvie â€Å"Livvie†, A Celebration of life Eudora Welty’s â€Å"Livvie†, is a great story on how life should be celebrated. The story is about a young woman , who marries and old man, that in a since imprisons her. The young girl gets a second chance at life when a younger man (someone her own age) enters her life and the older man is about to die. The theme Welty is trying to get across is live life to the fullest. Welty shows the theme through the character, setting, and symbols. Characters played a big role in the story. First, Solomon who is the husband of young woman. His name kind of explains what type of man he is going to be in the story. Solomon was the king of Israel and in the story Welty provides information that Solomon is playing a king type role. Welty says Solomon had a bed â€Å"like a throne† (511). â€Å"Solomon had never let Livvie go any farther than the chicken house and the well. (515). Welty shows the control Solomon has over Livvie (the young girl). Another sign of control that Welty shows in the story is, â€Å"Solomon would not have let Livvie look at them, just as he would not let her look at a field hand or a field hand look at her† (512 about cosmetics, Livvie gets so excited about the color of the lipstick. It must remind her of something in life. Cash’s youth attracts Livvie. The setting also plays a signi...

Sales Presentation Essay Example | Topics and Well Written Essays - 2250 words

Sales Presentation - Essay Example In this stage, it is important for the seller to select those prospects who can provide maximum profit to the organization. In the prospecting stage, information about the client or the customer as well as the selling organization is evaluated. Description of customer The potential customer chosen for sales presentation will be Whole Foods Market. The retail store is a grocery supermarket chain based in America (Wholefoodsmarket, 2013a). The retail chain is headquartered in Texas and was founded by John Mackey who is the current Chief Executive Officer for the organization. The company was established in 1980 and is publicly traded. The retail chain is known for selling of foods which are minimally processed and organically farmed (Wholefoodsmarket, 2013b). At present the organization has around 400 stores located in different parts of America and United Kingdom. Description of the organization The organization name is organic valley, which is a cooperative of about 1500 farm familie s producing market certified and premium organic food products. It is one of the largest organic farmer’s cooperative in United States. ... In the current sales presentation, the prospect chosen is one of the well known supermarket stores in United States. Wholesale Food Markets is into selling of those food products which are considered natural and organic. The retail chain is strict about organic and natural foods and allows only those food products which clear the safety standards according to organic food committee. This will be the primary reason for targeting Wholesale Food Market. It can be seen that both the selling organization and the prospect dwell on a basic goal of serving high quality and sustainable food products. This will be the primary touch point for rapport building. It is necessary to find common traits so that the two parties can relate to each other. Organic Valley’s objective of sustainable and eco-friendly foods and Wholesale Food Market’s mission of providing quality foods will help in breaking ice during sales pitch (Organic Valley, 2013b). Wholesale Food Market purchases products from regional, local and international wholesale vendors and suppliers. Most of its purchases come from local players provided these local food producers maintain the quality standards. According to the current reports on organic farming, only a few producers in United States meet the quality and standard criteria for organic foods. Organic Valley is one of them. These will be the building blocks during company description to the prospective client. The objective will be to initiate relationship even from an early stage, so that the prospect can connect with the company as well as its products and services. APPROACH The third stage of a selling process in approach. Here a rapport is built with the prospective customer taking the

Write-up Assignment Example | Topics and Well Written Essays - 750 words

Write-up - Assignment Example In this manner, it can be suggested that reason-based choices are different from value maximization, because if the marketers had focused on value maximizing aspects such as communicating the hedonic or perceptual values to the customer that they might want to receive from purchasing this product. For such a marketing approach, the marketers would not present comparison of the product against competitors’ product; rather focus on highlighting the performance and enhanced capability through a marketing campaign. The displayed advertisement above is a marketing message by online financial solution provider. The industry of online financial solution provider is newly established and requires less focus on promotion of the brand and urges more research of consumer behavior to increase their knowledge about the products. For this reason, these marketing campaigns are adopted to teaching style where the marketers enable consumers to understand why they should buy a particular product and what differentiated features they would inherit by the purchase of a product of a particular brand and its opportunity cost. Therefore, it can be suggested that the displayed advertisement in this research paper depicts a successful marketing strategy adapted by a financial solution providing company. It is delivering a clear message to the target audience that the company’s product is outstanding against competitors’ product belonging to the similar category. The advertising message delivered in the advertisement displayed initially also facilitates consumers to do the mental accounting for making a purchasing decision. Mental accounting enables individuals to weigh advantages and disadvantages of purchasing a product against the same product of other brands. They calculate the cost opportunity they would be availing from the purchase of the product, the difference in price;

Leadership Versus Management Essay Example for Free

Leadership Versus Management Essay Introduction: Management versus Leadership Leadership can take on many meanings, be viewed in many different ways and is often misconstrued with management. To understand leadership and management a clear definition has to exist and the person(s) involved in leading or managing must have clear insight of what expectations are required to reach a specific goal. Therefore, this research paper as identified by this author will define leadership and management as they are defined in the Websters Dictionary and other scholarly approved references. In addition, this paper will state a personal philosophy of eadership and management and will unpack and explain the language used in each definition. Second, this paper will identify success in leadership for becoming a great leader, and then compare and contrast leadership and management. Finally, the conclusion will summarize the entire paper by stating what is essentially more important, leadership or management. A Personal Philosophy of Leadership In order to understand leadership, the definition ofa leader must be stated. As indicated in the dictionary, a leader is someone who leads, is in front or who takes charge. The word lead means to guide (The Merriam Webster Dictionary, 2004). As stated by an author, Leaders take the lead. That is, they initiate ideas and plans. Leaders move people to follow them by showing them consideration! (Ford 1991 , 25) This author understands a leader to be one who influences and encourages another to follow in doing something great. This author defines leadership as the process of, through the power and direction of God, learning how to build relationships with others, allowing them an opportunity to expound on different ideas and thoughts, growing together in knowledge and working together in harmony to accomplish a mutual goal (Sharp 2007). Leadership is the ability to be responsible, ethical, and have impeccable moral qualities. It is not Just being responsible, ethical, and moral while working within or on a Job, but it is maintaining that standard and continuing to live that lifestyle at all times. It is not the leader saying do what I say, but not as I do. Rather, it is dedicating life to God allowing Him to enhance the character required for being that great leader. An extremely profound definition of Christian Leadership was stated this way: Christian leadership is a relationship based on Gods Love which is imitated by the participants, the leader(s) and follower(s). They both work together in a mutual, accountable, dynamic relationship of duel influence with one another and the whole of the organization, for the purpose of accomplishing shared, God given, visions, purposes and goals (Sharp 2007). This definitions center is the love of God. As understood by this author, the love flows through both the leader(s) and follower(s). This love will allow both the ability to work together creating a powerful relationship whereby both will not only be able to influence each other, but will be able to influence others as well, until ultimately they ave completed and accomplish that mutual goal. Another author defined leadership this way: Christian leadership is a dynamic relational process in which people, under the influence of the Holy Spirit, partner to achieve a common goal it is serving others by leading and leading others by serving

Critical analysis of communication and promotion mix

Critical analysis of communication and promotion mix The aim of this report is to analysis and evaluation of communication and promotional mix in terms of marketing. First of all, the report will focus on communication and promotional mix and how the University of Derby, Buxton communicate with students. Secondly, the author will define communication, promotional mix and marketing. Then finally, the report will provide recommendation and conclusion. There are different ways of communication in terms of marketing communication or personal communication and every author defines communication indifferently. According to Looy et al (2003, p.89) define personal communication as the oral presentation and or demonstrations to one or more (potential) buyers for the final purpose of making sales. On the other hand, Cleary (2009, p.2) define communication as is the process of creating meaning between two or more people through the expression and interpretations of massage. According to shank (2004, p.350) he define promotional mix as is the cons ists of advertising, personal selling, public relation and sells promotion. According to Kotler and Armstrong (2008, p.5) define marketing is the process by which companies create value for customers and build strong customer relationship in order to capture value from customers in return. The University of Derby, Buxton is aiming how to communicate with student very well and efficiently. In doing so the University of Derby Buxton (UDB) is urging students to write a report that, how the university of derby can do well in terms or communication and promotion and also how to attract the interest of student. Furthermore, it also aims the students with opportunity to contribute its plans to develop existing resources and recommendation. 1.1 Mission statement The University of Derby Buxton provides the best of program to all students who desire to study there. The mission statement is to be the learners first choice university for quality and opportunity (www.derby.ac.uk, 2010). 2. Services There is different definitions s of service. According to Gronroos (1990, p.27) quoted by Looy et al (2003, p.11) define service as a service is an activity or series activities of more or less intangible nature that normally, but not necessary, take place in interactions between the customer and service employees and/or physical resources or goods and/or system of the service provider, which are provided as solutions to customer problem. In the other hand, University of Derby Buxton has an effective way of communication in terms of student wanting to come to the university .nevertheless, is also important to organisation as a whole. Therefore, the university use a variety of promotional tools, such as; advertising, public relation, direct marketing, personal selling, promotion and added value approaches like events, sponsorship, pop material and merchandising. 2.1 The 7ps and 4Ps In marketing there are service that company or organisations consider in terms of selling their product. In service marketing there are 4ps and 7ps. According to Nargundkar (2006, p. 45) said, the 4ps consist of product, price, place and promotion babes on which the majority of product marketers conceptualise and implementing their market plans. On the other hands, according to shilbury et al (2009, p.4) gave a brief description of the 7ps. And the 7ps consist of service marketing: Product: to ensure that product changes provide benefits to the customer (includes identifying the actual product. the University of Derby Buxton (UDB) makes sure they offer and provide the best service for the on campus and off campus student. Price: ensure that the product is priced at a level that reflects customer value. The university makes sure that they do something good for the student. Place: distributes the product to the right place at the right time to allow ease of purchase. Promotion: communicate the product ability to satisfy the customer through advertising personal selling, sales promotion, sponsorship, public relation and promotional licensing. The University of Derby, Buxton (UDB) promote their university through communication for example one way or two way communications. Physical evidence: is the visual and / or tangible clue of the service product, such as the design and contractors of the facility, and in general enthusiastic approach. Student can touchà © or feel the university until they have actually come to the university to experience it. Process: the represented of the marketing and operations function and therefore afflict real time service delivery and quality. People: are responsible for delivering the event and are major distinguishing quality factors in the consumption process. The lecturer make sure they deliver the right service or lectures to all student who are studying in the university d Derby, Buxton. 2.2Characteristics of a service Many organisations do have service element to the product they offer or sell e.g. MacDonald sell physical product. In other words, customers are expecting or concern about the quality of their service. The University of Derby Buxton (UDB) provide best service for the student. According to Gronroos quoted in Looy et al (2003, p. 11) suggests that service can be define as an activity or series of activities of a more or less intangible nature that normally, but not necessarily, take place in interactions between the customer and service employees and /or physical resource or goods and /or systems of the service provider, which are provided as solutions to customer problem. In other words, not all service is the same, for example De Montfort University (DMU) has different way of delivering service to their student. In service marketing there are different characteristics. According to (Jobber, 2009, p822,-825) said service characteristics are: Intangible: Services are that cannot be seen, tasted, touched smell until before they are bought. This service is hardly to touch or feel and also difficult for customers or student to know or evaluate before buying the product. In other words, relating to university of Derby, Buxton (UBD) student will not know how the university is like until they have actually come to the campus to study. Inseparability: is a physical good, service have a inseparability that they have simultaneous production and consumption. E.g. haircut and medical operation Perishability: is a service their Perishability in the sense that consumption cannot be store for the future. Variable: is a service quality may be subject to considerable validity, which makes standardization difficult. 2.3. Significance for promotion Significance of promotion can be the brand name of the product, The University of Derby, Buxton (UDB). In other words, student came to university of Derby, Buxton (UDB) because of the quality of service precious student has ever had when they were studying here. 2.3. Branding According to Kotler et al (2006, p.3) define branding as is about taking something common and improving upon it in ways that make it more valuable and meaningful. The University of Derby, Buxton (UDB) has competitors so they make sure they distinguish their product from other competitors out there. Additionally, they want to develop the service for student and also the university support their logos. Furthermore, student who comes to University of Derby, Buxton (UDB) has a trust. According to Jobber (2010, p.307) define trust as consumers tend to trust strong brand 3. Communication, marketing and promotion to student The university uses different ways to communicate market and promote students. The university listens to student and keep them informed. 3.1 Student needs As the government increasing the fees for student, there will be more issues for student, for example student will drop of from school because they cannot afford to payback. In other hand, there will more implication for that. As of 2010/2011 a years university tuition costs up to  £3,290 so the cost for three years will bring the total to  £9,870 Accommodation for a year can cost as much as  £150 a week or as little as  £65 depending on where you live so you could pay as much as  £9,360 for 3 years accommodation Eating properly for students is last on their list and this is where a lot of money is wasted. If they learnt to cook the easiest meals, they could save money. The average cost of food for 3 years can be  £2,880 Depending on the contract of accommodation, bills may be included but things like phone and internet access may not so budget another  £1,080 for three years worth If your child gets a place on campus, then there will be no travelling costs but if the accommodation is not within walking distance then travelling fees for 3 years could total to  £2,880 Clothes depending on how trendy you want them can cost up to  £1,000 a year making is  £3,000 for three years Toiletries such as shampoo make up, body wash, hair products and creams can reach a whopping  £1,800 Study costs this includes books, study material, trips and stationary will vary depending on the course taken but you could spend over  £800 for the course of 3 years Socialising everyone knows that students like to party so going out every Friday or Saturday night will be the norm. This can add a huge unnecessary cost to the budget even if you dont drink or smoke. Going to the cinema and restaurant also counts so budget up to  £600 a year for this or  £1,800 for three years The cost for three years of university expenses totals to  £33,470 To make it easier, it works out  £11,156 a year or  £929.72 a month to send just one child to university. If you can convince your children to stay home, then obviously the costs will be brought down and the bulk of finances will go into yearly tuition fees. 3.2 analysis of Pieters model 3.3. One way communication 3.4Two way communication 4.5. Personal communication or selling According to Jobber (2007, p. 545) define personal selling as the marketing task that involves face- to face contact with customer. Most students came to university of Derby, Buxton (UDB) because of what they have heard about it or seen on their website. 4. was the framework helpful Yes the frame work was helpful because the entire student know what everybody has in mind concerning in terms of marketing. 4.1Areas for improvement 4.2Planning 4.3Strength 4.4Limitation 4.5Weakness 5. Conclusion 6. Recommendation the author recommends that the university of derby, Buxton should have place for the college the further education student(FE) the author recommends add more computers to the library the author recommends he university has to put the graduation on the website for student to watch The author recommends all the businesses in the Dome have to work together for example the spa. the author recommends The university has to build a network relationship

Cost of Capital, Capital Budgeting and Financial Planning

Assignment| Cost of Capital, Capital Budgeting and Financial Planning| Chapter(s)| 9, 10, 12| Group Name| | Student Name(s)| | Date| | Instructions: HW Assignments will be uploaded to Kean Blackboard and must be accessed from there. You must work in groups where assigned (or independently if not assigned to groups) on homework assignments. Points are noted against each question. You are required to submit Home Work assignments electronically on Kean Blackboard using MS-Office or other text editor. You are required to complete your assignments as per the due date indicated by the Professor.Total Points in Assignment: 100 (Points scored will be scaled down to a maximum of 15 towards the final grade) Assignment: Part I: Cost of Capital During the last few years, Harry Davis Industries has been too constrained by the high cost of capital to make many capital investments. Recently, though, capital costs have been declining, and the company has decided to look seriously at a major expansio n program that has been proposed by the marketing department. Assume that you are an assistant to Leigh Jones, the financial vice-president. Your first task is to estimate Harry Davis’s cost of capital.Financial StatementsJones has provided you with the following data, which she believes may be relevant to your task: a) The firm's tax rate is 40%. b) The current price of Harry Davis’s 12% coupon, semiannual payment, noncallable bonds with 15 years remaining to maturity is $1,153. 72. Harry Davis does not use short-term interest-bearing debt on a permanent basis. New bonds would be privately placed with no flotation cost. c) The current price of the firm’s 10%, $100 par value, quarterly dividend, perpetual preferred stock is $116. 95. Harry Davis would incur flotation costs equal to 5% of the proceeds on a new issue. ) Harry Davis’s common stock is currently selling at $50 per share. Its last dividend (D0) was $3. 12, and dividends are expected to grow at a constant rate of 5. 8% in the foreseeable future. Harry Davis’s beta is 1. 2; the yield on T-bonds is 5. 6%; and the market risk premium is estimated to be 6%. For the over-own-bond-yield-plus-judgmental-risk-premium approach, the firm uses a 3. 2%judgmental risk premium. e) Harry Davis’s target capital structure is 30% long-term debt, 10% preferred stock, and 60%common equity. To help you structure the task, Leigh Jones has asked you to answer the following questions. . What sources of capital should be included when you estimate Harry Davis’s weighted average cost of capital (WACC)? Should the component costs be figured on a before-tax or an after-tax basis? Should the costs be historical (embedded) costs or new (marginal) costs? (5 points) Sources of capital to be included to estimate WACC are * Long term debt – to be considered after tax * Preferred stock – to be considered before tax ( preferred stock is not tax deductible) * Common equity à ¢â‚¬â€œ to be considered before tax When it comes to corporate financing, most firms incorporate tax effects in the cost of capital.For this reason, component costs should be calculated on an after-tax basis. In financial management the WACC is used primarily to make investment decisions and these decisions hinge on projects expected future returns versus the cost of new or marginal capital that will be used to finance these projects. Thus the relevant cost it marginal cost of new debt to be raised during the planning period 2. What is the market interest rate on Harry Davis’s debt, and what is the component cost of this debt for WACC purposes? (3 points) Pre -Tax cost of Debt is the YTM in the case of a Bond.The current price of Harry Davis’s 12% coupon, semiannual payment, noncallable bonds with 15 years remaining to maturity is $1,153. 72. We used the RATE function in Excel to calculate the YTM: n| 30| PV| -1153. 72| pmt| 60| FV| 1000| Rate (i)| 5%| =RATE(30,60,-115 3. 72,1000) = 5% Since this is a semiannual rate, we multiplied by 2 to find the annual rate, which is the pre-tax cost of debt. 5% x 2 = 10% = rd After tax component cost of debt = Interest Rate – Tax Savings = rd – rdT We calculated that the rd is 10%, and it is stated above that the tax rate is 40%. rd(1 – T) = 10. %(1 – 0. 40) = 10. 0%(0. 60) = 6. 0 = 6% component cost of debt, which is the after-tax cost of debt. 3. What is the firm's cost of preferred stock? (3 points) The current price of the firm’s 10%, $100 par value, quarterly dividend, perpetual preferred stock is $116. 95. Harry Davis would incur flotation costs equal to 5% of the proceeds on a new issue. The cost of preferred stock is simply the preferred dividend divided by the price the company will receive if it issues new preferred stock. No tax adjustment is necessary, as preferred dividends are not tax deductible.Dps is the Preferred dividend = . 10($100) = $10 Pps is the preferr ed stock price = $116. 95 F is the flotation cost as a percentage of proceeds = 5% rps = Dps / Pps(1-F) = $10 / 111. 10 = 0. 09 = 9% cost of preferred stock 4. Would you expect Harry Davis’s preferred stock to be more riskier or less riskier to investors than its debt? Compare the preferred stock yield to the yield to maturity on the debt and explain the risk/return trade-off between preferred stock and debt from an investor’s point of view. (3 points) Preferred stocks are riskier to investors than debt.Corporations own most preferred stock, because 70% of preferred dividends are non-taxable to corporations. Therefore, preferred stock often has a lower before-tax yield than the before-tax yield on debt. But, the after-tax costs to the issuer are higher on preferred stock than debt. This is consistent with the higher risks of preferred stock. 5. Harry Davis doesn’t plan to issue new shares of common stock. Using the CAPM approach, what is Harry Davis’s est imated cost of equity? (2 points) Harry Davis’s beta is 1. 2; the yield on T-bonds is 5. 6%; and the market risk premium is estimated to be 6%.Risk-free rate: 5. 6% Market risk premium: 6% Beta: 1. 2 rs = Risk-free rate + (Market risk premium) (Beta) rs = rRF + (RPM) bi rs = . 056 + (. 06)(1. 2) = 0. 128 = 12. 8% estimated cost of equity using CAPM approach 6. What is the estimated cost of equity using the discounted cash flow (DCF) approach? (2 points) Harry Davis’s common stock is currently selling at $50 per share. Its last dividend (D0) was $3. 12, and dividends are expected to grow at a constant rate of 5. 8% in the foreseeable future. P0 = $50 D0 = $3. 12 g = 5. 8% D1 = $3. 30 rs = D1/P0 + g D1= D0(1+g)= $3. 12(1+. 058) = $3. 30 s = ($3. 30/$50)+5. 8% = 6. 6% +5. 8% = 12. 4% estimated cost of equity using DCF approach 7. Suppose the firm has historically earned 15% on equity (ROE) and retained 62% of earnings, and investors expect this situation to continue in th e future. How could you use this information to estimate the future dividend growth rate, and what growth rate would you get? Is this consistent with the 5. 8% growth rate provided by Jones? (2 points) Payout rate = 100% – 62% = 38% ROE = 15% Growth from earnings retention model: g = (Retention rate)(ROE) g = (1 – Payout rate)(ROE) g = (1 – 0. 38)(15%) = 9. %. Using the Earnings Retention Model, the estimated future dividend growth rate is 9. 3%, which is almost twice the growth rate provided by Jones, and hence inconsistent. Note that the earning retention model assumes the retention and payout rate will remain constant, as will the ROE on new investments. Under these assumptions, the earnings growth and dividends growth rate will also be constant. 8. What is the cost of equity based on the bond-yield-plus-judgmental-risk-premium method? (2 points) For the over-own-bond-yield-plus-judgmental-risk-premium approach, the firm uses a 3. %judgmental risk premium. We calculated earlier that the company’s bond yield is 10%. rs= rd + Judgmental risk premium rs= 10. 0% + 3. 2% = 13. 2% cost of equity based on bond-yield-plus-judgmental-risk-premium method 9. What is your final estimate for the cost of equity, rs? (2 points) CAPMrs = 12. 8% DCF rs= 12. 4% Bond-yield-plus-judgmental-risk-premium risk rs = 13. 2% Average rs= 12. 8% Final estimate for the cost of equity, rs = 12. 8% 10. What is Harry Davis’s weighted average cost of capital (WACC)? (2 points) The firm's tax rate is 40%.Harry Davis’s target capital structure is 30% long-term debt, 10% preferred stock, and 60%common equity. We calculated earlier that the pre-tax cost of debt, rd is 10%, the cost of preferred stock, rps is 9% and the cost of equity, rs is 12. 8%. Wd = 30% rd = 10% T = 40% Wps = 10% rps = 9% Ws = 60% rs = 12. 8% WACC= wdrd(1 – T) + wpsrps + wsrs WACC= 0. 30(. 10)(1 ? 0. 40) + 0. 10(. 09) + 0. 60(. 128) = . 1038 = 10. 38% weighted average cost o f capital 11. What four common mistakes in estimating the WACC should Harry Davis avoid? (2 points) Four common mistakes that are to be avoided are 1.Using current cost of debt (instead of historical cost of debt) 2. Mixing current and historical measures to calculate MRP 3. Using book weights to estimate the weight for capital structure (instead of market weights) 4. Misidentifying the capital component sources Part II: Capital Budgeting You have just graduated from the MBA program of a large university, and one of your favorite courses was â€Å"Today’s Entrepreneurs. † In fact, you enjoyed it so much you have decided you want to â€Å"be your own boss. † While you were in the master’s program, your grandfather died and left you $1 million to do with as you please.You are not an inventor and you do not have a trade skill that you can market; however, you have decided that you would like to purchase at least one established franchise in the fast-foods ar ea, maybe two (if profitable). The problem is that you have never been one to stay with any project for too long, so you figure that your time frame is three years. After three years you will sell off your investment and go on to something else. You have narrowed your selection down to two choices; (1) Franchise L, Lisa’s Soups, Salads, ; Stuff and (2) Franchise S, Sam’s Fabulous Fried Chicken.The net cash flows shown below include the price you would receive for selling the franchise in Year 3 and the forecast of how each franchise will do over the three-year period. Franchise L’s cash flows will start off slowly but will increase rather quickly as people become more health conscious, while Franchise S’s cash flows will start off high but will trail off as other chicken competitors enter the marketplace and as people become more health conscious and avoid fried foods. Franchise L serves breakfast and lunch, while Franchise S serves only dinner, so it is possible for you to invest in both franchises.You see these franchises as perfect complements to one another: You could attract both the lunch and dinner crowds and the health conscious and not so health conscious crowds without the franchises directly competing against one another. Here are the net cash flows (in thousands of dollars): Depreciation, salvage values, net working capital requirements, and tax effects are all included in these cash flows. You also have made subjective risk assessments of each franchise, and concluded that both franchises have risk characteristics that require a return of 10%. You must now determine whether one or both of the franchises should be accepted. . What is the difference between independent and mutually exclusive projects? (2 points) Independent projects are those projects whose cash flows are not affected by other projects. If Costco is considering opening a new store in Los Angeles and another one in New York, they would be independent. Mutu ally exclusive projects are two different methods of attaining the same result. If one is accepted the other would be rejected. If Costco were considering relocating its corporate headquarters to Los Angeles or New York, only one of the 2 locations will be selected thus rejecting the alternate location.When projects are mutually exclusive, it means they do the same job or have the same purpose. 2. Define the term net present value (NPV). What is each franchise’s NPV? (4 points) Net Present Value is defined as the present value of project’s cash inflows minus the present value of its costs. It tells us how the project contributes to shareholder wealth. The larger the NPV the more value the project adds and thus the higher the stock price. NPV = CF0 + CF1/ (1+r)1 + CF2/(1+r)2 + CF3/(1+r)3†¦.. + CFN/(1+r)N r = 10% Franchise L CF0L = -100 CF1L = 10 CF2L = 60 CF3L = 80NPVL= CF0L + CF1L/ (1+r)1 + CF2L/(1+r)2 + CF3L/(1+r)3 = -100 +10/(1+. 10)1 + 60/(1. 10)2 + 80/(1. 10)3 = -100 + 9. 09 + 49. 59 + 60. 11 = $18. 79 Franchise S CF0S = -100 CF1S = 70 CF2S = 50 CF3S = 20 NPVS= CF0S + CF1S/ (1+r)1 + CF2S/(1+r)2 + CF3S/(1+r)3 = -100 +70/(1+. 10)1 + 50/(1. 10)2 + 20/(1. 10)3 = -100 + 63. 64 + 41. 32 + 15. 03 = $19. 99 3. What is the rationale behind the NPV method? According to NPV, which franchise or franchises should be accepted if they are independent? Mutually exclusive? How would the NPVs change if the cost of capital changed? (4 points)NPV is generally regarded as the best single screening criterion, primarily because it is directly related to the firm’s central goal of maximizing the stock’s intrinsic value. NPV tells us how the project contributes to shareholder wealth. The larger the NPV the more value the project adds and thus the higher the stock price. A negative NPV indicates sufficient cash is not being generated from the project to meet cost associated with the project. Zero NPV indicates that cash generated is only sufficient to cover costs. Positive NPV on the other hand indicates that the inflow of cash is larger than the outflow.NPV rules dictate that if projects are independent, both projects should be accepted as long as they have a positive NPV. In this case both Franchise S ; L have positive NPV’s and should be accepted. If projects are mutually exclusive, then the project with the larger NPV should be selected. In this case, Franchise S has a higher NPV indicating that the returns from investing in Franchise S is larger and thus Franchise S should be selected. 4. Define the term internal rate of return (IRR). What is each franchise’s IRR? (4 points) IRR is the discount rate that forces the PV of the inflow of a project to equal the initial cost.In other words it forces the NPV to be zero. IRR is an estimate of the projects rate of return and it is comparable to the YTM on a bond. NPV = CF0 + CF1/ (1+IRR)1 + CF2/(1+IRR)2 + CF3/(1+IRR)3†¦.. + CFN/(1+IRR)N = 0 Using Excel function IRR | Expected | | net cash flows | Year (t)| Franchise L| Franchise S| 0 | ($100)| ($100)| 1 | 10 | 70 | 2 | 60 | 50 | 3 | 80 | 20 | IRR| 18. 13%| 23. 56%| IRRL = 18. 13% IRRS = 23. 56% 5. What is the logic behind the IRR method? According to IRR, which franchises should be accepted if they are independent? Mutually exclusive? How would the IRRs change if cost of capital changed? 4 points) IRR is an estimate of a projects rate of return. If the return exceeds the cost of funds used to finance the project, then the difference is a bonus that goes to the firm’s stockholders and causes the stock price to rise. So if the WACC/hurdle rate(r) is less than the estimated return IRR, it indicates project will be profitable. As in NPV where zero is the threshold above which the project is considered profitable, r is the threshold above which IRR is considered profitable In the condition where Franchise S and L are independent, both franchises have positive IRR’s and thus both franchises should be accepted.However, when both franchises are mutually exclusive, the franchise with the larger IRR has to be selected, which in this case Franchise S. 6. Construct NPV profiles for Franchises L and S. At what discount rate do the profiles cross? From the NPV profile which franchise or franchises should be accepted if they are independent? Mutually exclusive? Explain. (6 points) NPV Profile for Franchise S ; LCost of Capital = 10%| | Year =| 0| 1| 2| 3| Project S| -100. 00| 70| 50| 20| Project L| -100. 00| 10| 60| 80| | | | | | | r| NPVS| NPVL| | | 0%| $40. 00| $50. 00| | | 5%| $29. 29| $33. 05| | 8. 68%| $22. 32| $22. 32| | | 10%| $19. 98| $18. 78| | | 15%| $11. 83| $6. 67| | | 18. 126%| $7. 23| $0. 00| | | 20%| $4. 63| -$3. 70| | | 23. 564%| $0. 00| -$10. 20| | On this plot the X Axis is the cost of capital and the Y axis is the NPV. IRR is the discount rate at which profile line crosses the X axis. Profiles crossover at an 8. 68% cost of capital. Based on the pl ot, the NPV for both Franchise S and Franchise L have NPV’s above the cost of capital indicating cash inflow is larger than the costs and thus both projects should be selected if they are independent of each other.On the other hand, if the projects are mutually exclusive, the project with the larger x-intercept (higher IRR), which is Franchise S, should be accepted. 7. What is the underlying cause of ranking conflicts between NPV and IRR? (3 points) Ranking conflicts occur when cost of Capital is higher than crossover rate which causes NPV and IRR to point in different directions. The two basic conditions that cause these conflicts are * Timing difference: When one project receives majority of the cash early while the other receives it later.This is the reason for conflict between Franchise S ; Franchise L * Project size (scale) difference: Significant difference in invested amount can cause a conflict When either timing or size differences occur, the firm will have different amounts of funds to invest in other projects depending on which of the two mutually exclusive projects it chooses. Given this situation, the rate of return at which differential cash flows can be reinvested is a critical issue. Therefore, whenever conflict exists between mutually exclusive projects, NPV method is better to use. 8.What is the â€Å"reinvestment rate assumption,† and how does it affect the NPV versus IRR conflict? (3 points) NPV calculation is based on the assumption that cash inflows can be reinvested at the projects risk adjusted WACC, whereas the IRR calculation is based on the assumption that cash inflows can be reinvested at the IRR itself. Since NPV assumes reinvestment at cost of capital which is more realistic and is typically lower than the IRR (cash flows generally cannot be reinvested at heir IRR), so NPV is the more reasonable method. NPV should be used to choose between mutually exclusive projects. . Define the term modified IRR (MIRR). Find the M IRRs for Franchises L and S. (4 points) IRR overstates the expected rate of return for accepted projects because cash flows cannot be reinvested at the IRR. The Modified IRR (MIRR) rectifies this problem by assuming reinvestment at the WACC or any other reasonable rate. Using excel function MIRR, we calculated the MIRR for Franchise L and S. WACC| 10%| | | | year| 1| 1| 2| 3| Franchise L| ($100)| 10| 60| 80| Franchise S| ($100)| 70| 50| 20| | | | | | MIRRL| 16. 50%| | | | MIRRS| 16. 89%| | | | 10.What are the MIRR’s advantages and disadvantages vis-a-vis the regular IRR? What are the MIRR’s advantages and disadvantages vis-a-vis the NPV? (4 points) MIRR has two significant advantages over IRR. First, MIRR assumes reinvestments at cost of capital rather than investment at IRR which is generally not correct. Thus, MIRR is usually a better indicator of profitability. In addition, the MIRR eliminates the multiple IRR problem because there can never be more than one MIRR, a nd it can be compared with the cost of capital when deciding on accepting or rejecting projects.MIRR does not always lead to the same decision as NPV in the case of mutually exclusive projects where difference in size and timing can give rise to conflicts. In these considerations, NPV is a better indicator as it selects the project that maximizes value. However, MIRR is superior to the regular IRR as an indicator of a project’s â€Å"true† rate of return. Part III: Forecasting Financial Statements Matthews Industries’ most recent financial statements are available in the attached Excel worksheet and also in the partial model file Ch12 P11 Build a Model. xls from the textbook’s web site.Matthews Industries’ financial planners must forecast the company’s financial results for the coming year. The forecast will be based on the forecasted financial statements method, and any additional funds needed will be obtained by using notes payable. Comple te the partial model and answer the following questions. 1. Assume that the firm’s 2010 profit margin, payout ratio, capital intensity ratio, and spontaneous liabilities to sales ratio remain constant. If sales grow by 10% in 2011, what is the required external capital the firm will need in 2011 as calculated by the AFN equation? 10 points) AFNMatthews =| Add'l Req'd Assets| ? | Spontaneous liabilities| ? | Add'n to RE| =| (A0*/S0)? S | ? | (L0*/S0)? S | ? | S1 ? M ? (1–POR)|   | | | | | |   | =| (A0*/S0)(gS0) | ? | (L0*/S0)(gS0) | ? | S1 ? M ? (1–POR)|   | | | | | |   | =| $660| ? | $74. 70| ? | $257. 73|   | | | | | |   | AFNMatthews =| $327. 27| million|   |   |   |   | The required external capital for 2011 as calculated by AFN is 327. 27 Million. 2. If 2010 ratios remain constant, what is Matthews’ self-supporting growth rate?How will the self-supporting growth rate change if each of the following changes occur: (1) the profit mar gin declines, (2) the payout ratio increases, or (3) the capital intensity ratio declines? (10 points) | PM(1 – POR)(S0)| $234. 30|   | Self-supporting g =| =| | = 4. 17%| | A0* – L0* – PM(1 – POR)S0| $5,615. 70|   | Mathew’s self-supporting growth is calculated to be 4. 17%. Effect on Self-Supporting growth when all ratios are kept constant except one ratio is changed as follows 1) When the profit margin declines, the self-supporting growth percentage drops.Assuming that everything else is constant and M falls to 2. 55%, self-supporting growth g would fall to 2. 96% 2) When Payout-ratio increases, self-supporting growth percentage drops. Assuming that everything else is constant and POR increases to 55%, self-supporting growth g would fall to 3. 39% 3) When capital intensity ratio (A0*/S0) declines, it does not change the self-supporting growth 3. Matthews’ management has reviewed its financial statements and arrived at two possible sce narios for 2011.The first scenario assumes a steady state while the second scenario, the target scenario, shows some improvement in ratios toward industry-average values. Forecasted values for the scenarios are shown in the partially completed file Ch12 P11 Build a Model. xls. If Matthews assumes that external financing is achieved through notes payable and financing feedbacks are not considered because the new notes payable are added at the end of the year, what are the firm’s forecasted AFN, EPS, DPS, and year-end stock price under each scenario? (14 points) Using the file Chapter 12P11 Build a Model. ls, forecasted values for scenarios are as follows: Forecasted Values| Steady State| Target State| AFN| $324. 40 Million| -332. 50 Million| EPS| $3. 16| $5. 66| DPS| $1. 42| $2. 41| Year-end Stock Price| $25. 27| $70. 79| See excel file submitted separately for detailed calculations on Part III. Scoring Sheet: Question #| Max Points| Points scored| Part I| | | 1| 5| | 2| 3| | 3| 3| | 4| 3| | 5| 2| | 6| 2| | 7| 2| | 8| 2| | 9| 2| | 10| 2| | 11| 2| | Part II| | | 1| 2| | 2| 4| | 3| 4| | 4| 4| | 5| 4| | 6| 6| | 7| 3| | 8| 3| | 9| 4| | 10| 4| | Part III| | | 1| 10| | 2| 10| | 3| 14| | TOTAL| 100| | | | | Points towards final grade| 15| |

Disraeli’s policy during the Bulgarian Crisis of 1876 Essay

To what extent was Gladstone’s religion the driving force behind his attempt to ‘sabotage’ Disraeli’s policy during the Bulgarian Crisis of 1876? ‘Of all the Bulgarian atrocities perhaps the greatest’1 was the label Disraeli ascribed to Gladstone’s 1876 pamphlet The Bulgarian Horrors and the Question of the East, which ‘concentrated into a single utterance a profoundly excited public mood struggling for articulation’.2 With the publication of this pamphlet, Gladstone effectively undermined Disraeli’s policy of unwavering support for the Turks in the face of the Bulgarian massacres, and emerged at the forefront of the Bulgarian Agitation. The popular pressure that ensued ultimately forced Disraeli to abandon any overt military support of the Ottoman Empire, and to declare neutrality in the issue. While the consequences of Gladstone’s action are known, his reasons for involving himself in the debate are questionable. Gladstone’s fervent religious beliefs could have provided the main impetus for his involvement, but other arguments, such as his intervention being an anti-Conservative political strategy, are perhaps more plausible given an examination of the evidence. In examining this issue, it is important to understand the depth of contempt that Gladstone and Disraeli held for each other’s foreign policy. It was not their principles that differed: both believed in a policy of non-intervention in European affairs except for in those that could impact British interests. However, their methods were entirely different. Disraeli believed very strongly in the ruling right and superiority of the established aristocracy in Britain, and this certainly transferred across to his foreign policy, as illustrated by his endorsement of Austrian aristocratic Habsburg rule in Italy in 1851. He felt that Britain had a duty to Europe as the wealthiest and most powerful Empire, and that this would best be served by preserving British influence and furthering the spread of the British Empire. Gladstone also wished to preserve British interests, but often found this to conflict with his nationalism, ‘sympathy with the unalienable rights of smaller nations to their nationhood’3. In terms of Italy, therefore, Gladstone could not support Austrian rule because it contravened his nationalistic beliefs, despite the fact that Habsburg domination could have proved more beneficial to Britain. This is mirrored in his stance in the arbitration of the Alabama settlement: Gladstone appeared to capitulate to American demands as opposed to supporting British interests, as he believed that it was the most moral course of action. It was from these differences that the deep opposition to each other’s foreign policy was born. Disraeli saw Gladstone’s policy as counter-productive in terms of British interests, accusing him of wanting to dismantle the Empire, while Gladstone found Disraeli to be far too much of an imperialist and insensitive to the rights of foreign nations. Disraeli not only poured scorn on Gladstone’s foreign affairs, but also disliked his dogmatic religion. It is possible that the modern focus on Gladstone as a highly religious politician was brought about by Disraeli’s very public attacks on his fervent religious beliefs. Disraeli held nothing but scorn for Gladstone’s religion, and talked with disdain of him always ‘preaching, praying, speechifying or scribbling’4. For Disraeli, Gladstone used his religion to mask his true intentions – to appear pious while actually manipulating and manoeuvring his way through politics. Perhaps it is Disraeli’s emphasis on ridiculing Gladstone’s religious beliefs that has inspired the concept that he was first and foremost a highly religious man. However, the general consensus is that Gladstone’s Evangelical upbringing led to a strong sense of religious morality that could be said to have permeated all aspects of his life, including his politics. In modern Britain it would rarely be expected for a Prime Minister to admit to religion colouring their policies: as Alastair Campbell famously declared, ‘we don’t do God’. Blair’s revelation that he ultimately looked to religion for his decision in declaring war on Iraq was frowned upon by many who felt that personal beliefs and convictions should not have an impact on decisions that will affect whole countries. However, in the far more religious Britain of 1876 this was not so controversial. Religious issues permeated every aspect of life, including law and politics. The attitudes of the day are clearly demonstrated in the Bradlaugh Case, in which confirmed atheist and elected MP for Northampton Charles Bradlaugh was barred from taking up his parliamentary seat because of his refusal to take the religious Oath of Allegiance required for entry. This issue was disputed regularly in parliament, showing the height of religious feeling of the time. Gladstone in particular made no secret of his religion, or of his beliefs that it was entirely applicable to politics. In his book The State in its Relations to the Church (1838), Gladstone raised the idea that religion and politics were inextricably linked: the Church was the conscience of the State, while the State had a duty to lend its consistent, unwavering support to the Anglican Church. Although his views later changed to reject the exclusivity of the Church of England, throughout his life he retained the belief that religion should be firmly ingrained in the running of the country. Gladstone’s beliefs caused him to take an ethical stance in foreign policy, which contrasted greatly with Disraeli’s firmly imperialist ‘Beaconsfieldism’ that attempted to secure the best outcome for Britain, sentiments that prefigured the practical criticism of mixing religion and politics today. Disraeli and Gladstone held the greatest of contempt for each other in their foreign affairs, each believing the other’s policy to be entirely nonsensical and unworkable, attitudes that stemmed from their differing interests. While Disraeli held British interests at heart, Gladstone had ‘a catholic largeness of vision and sympathy embracing Europe as a cultural and spiritual community’5 stemming from his views on the unity of the Christian church, and believed that European affairs should be conducted with the best interests of the community at heart. Although Disraeli felt that it was necessary to support the Turks despite their actions in Bulgaria in order to deter Russia from gaining power on territory on the pretext of moral intervention, Gladstone would have found this inexcusable according to his personal moral code and ‘European sense’, principally derived from ‘the intense fervour of his Christianity’6: as Magnus perceptively states, Gladstone felt that Disraeli’s ‘interpretation of [British] interests excluded considerations of justice, or of humanity’7. It was not only Gladstone’s ‘European sense’ that would have rendered support of the Turks inexcusable, but the very nature of the events taking place in Bulgaria. Gladstone consistently cast himself as a moral crusader in his policies, particularly regarding Ireland and in his opposition and criticisms of ‘Beaconsfieldism’. Following the brutal massacre of 15,000 Bulgarians, Jenkins’ argument that the moral Gladstone was ‘spontaneously seized with a passionate sympathy for the sufferings of the Balkan Christian communities’8 seems plausible. Gladstone would most likely have been incensed by Disraeli’s initial denial of the rumours of the massacres, already believing Disraeli’s foreign policy to be aggressive, expensive and unprincipled. However, Abbot refutes Jenkins’ claims in stating that ‘the part played†¦by Gladstone’s ‘high moral principles’ has tended to be exaggerated’9, and states that the vast majority of his moral outbursts in terms of foreign policy were made when he was in opposition. As a moral stance in foreign policy was a common one for the opposition to take at the time, this indicates that Gladstone’s intervention was possibly not entirely fuelled by religion. Gladstone’s role as a cabinet minister during the Crimean War could have provided another factor in his intervention. The Treaty of Paris that brought the war to a close increased the necessity for co-operation within the concert of Europe, as it had substituted a ‘European conscience expressed by the collective guarantee and concerted action of the European powers’10 for a pre-Crimean war guarantee of the protection of Christian minorities by the Russians. Turkey had promised better treatment for the Christians of the Ottoman Empire, and Gladstone felt morally obliged to ensure that the terms of the Treaty were not breached, particularly with reference to the protection of the Balkan Christians. Following Russia’s breach of the Black Sea clauses in 1870, Gladstone was even more determined to ensure that the European Concert continued to function in its protection of the minorities. It seems unlikely that Gladstone wanted to preserve the terms of the Treaty of Paris for purely political reasons, as the maintenance of the balance of power within Europe required Russia to be contained, not encouraged to expand into the Balkans supposedly in order to protect the inhabitants. It is possible then that Gladstone intervened for the same reason as the Russians gave: in order to protect the Christians from an alien nation with an alien religion that mistreated them. A sample from his pamphlet gives a clear indication of his attitude towards the Turks – ‘Their Zaptiehs and their Mudirs, their Bimbashis and their Yuzbashis, their Kaimakams and their Pashas, one and all, bag and baggage, shall I hope clear out from the province they have desolated and profaned’11. While this has racist overtones, it is difficult to determine whether this is due to a difference in religion. Jenkins raises the possibility that Gladstone could have felt sympathetic towards the Christians, but quashes it with the statement that ‘Gladstone was stronger on the rhetoric of indignation than on detailed knowledge of what was happening in the Balkans’12, never having visited the area or displayed any previous interest in it. Indeed, on the subject of previous massacres of Christians, Gladstone had remained suspiciously quiet, despite episodes like the massacre of the Maronite Christians in 1860 which left between 7,000 and 11,000 dead. It seems unlikely that a wild desire to protect those of the same religion only appeared during this particular occurrence, particularly as Gladstone failed to intervene when the news of the massacres initially broke, waiting another two months to bring himself into the limelight. Although Feuchtwanger claims that Gladstone’s ‘life in politics was a constant quest for God’13, the historian’s emphasis on Gladstone as a singularly moral, religious politician is overly simplistic, and does not take into account Gladstone’s practical, political nature. There is an obvious practical angle for Gladstone’s participation in the Bulgarian Agitation: propping up a declining Ottoman Empire was not a viable long term policy for Britain. The tradition of Palmerstonian foreign policy supported Turkish rule in the East, partially in order to maintain a balance of power in Europe, but mostly as a matter of self-interest: in order to protect trade routes in the Mediterranean. Particularly following the Crimean War, the expansion of a hostile Russia would have been detrimental to British trade and to British power and influence within Europe. In the short term a strong Turkey would act as an efficient barrier to Russian expansion, but th e Ottoman Empire had become increasingly corrupt and weak; the Bulgarian uprising and subsequent massacre was not the only such occurrence. Moreover, overtly supporting the Ottomans would anger the Dreikaiserbund of Germany, Austria-Hungary and Russia: although it was best not to allow the alliance of these three countries to grow too powerful, neither was it sensible to pursue a policy of mindless support for the Turks whose influence was already declining. Prior to the confirmation of the truth of the massacres, Disraeli, advised by the pro-Turkish British ambassador Elliot, had made moves towards supporting the Turks against Russia, and even went so far as to dismiss the rumours of the massacres as ‘coffee house babble’. In sabotaging Disraeli’s policy by stirring up public opinion, Gladstone effectively limited the options open to the prime minister and possibly prevented him from forming a dangerous alliance with Turkey. Furthermore, it has been suggested that Gladstone in fact saw a better solution to the problem of Russian expansion than bolstering Turkey. From his attitudes towards Italy it is clear that Gladstone favoured nationalism, and believed that all people had the right to national self-determination. Blake claims that Gladstone was ‘hostile to any sort of forward policy’14, an unnecessarily harsh statement from the pro-Disraeli biographer: in fact, in supporting nationalism, Gladstone proposed a solution ahead of his time. The creation of Balkan states was the solution used in 1935 to contain Russia, but it would have been equally applicable here. It could be argued that Gladstone was contradicting Disraeli’s policy because he could see a flaw in the reasoning. It is evident from his pamphlet that he wanted the Turks removed from Bulgaria, but further to this, Magnus claims that ‘he repeatedly urged that the matter should be taken out of Russian hands’15 and that this was a solution more ‘realistic’16 than Disraeli’s. Ever politically expedient, Gladstone intended to attack British support of the Turks as well as advocating Russian containment, reasserting the balance of power in Europe. Of course, it is entirely possible that Gladstone was simply launching a direct attack on the policies of the government without any real moral or religious reasoning. A response not born out of righteous indignation or passionate sympathy for the suffering of the Bulgarians but of an attempt to make the government appear weak or badly led would explain his delay in joining the Agitation. Gladstone’s particular rivalry with Disraeli would have provided motive enough for such an attack: the two men held the greatest contempt for each other, stemming from the repeal of the Corn Laws and the split of the Conservative party in 1846. Although their practical aims were often remarkably similar in foreign affairs, their ideologies differed vastly and each held the other’s principles in utter contempt. It would not be beyond the bounds of rational thought to assume that in sabotaging Disraeli’s policy the only thing that Gladstone intended to do was to make him look like a fool. It could be argued that even in this there was a religious motivation. Disraeli’s Jewish background has led to the suggestion that his anti-Russian foreign policy had more to do with anti-Christian feeling. Feuchtwanger claims that Gladstone was aware of this and distrusted Disraeli for it: ‘all his deep suspicions about Disraeli were aroused; he now even suspected him of being influenced by Judaic sympathy for the Turks and hatred of Christians’17, although Blake dismisses such suspicions as ‘absurd’18. At a stretch, the poor relationship of the two politicians could also be said to have its roots in their differing religious views. Gladstone may have resented Disraeli’s conversion from Judaism to Christianity, which could be interpreted as only having been undertaken for social gain and not true faith. Shannon suggests that Gladstone’s return to the political arena could have been for selfish reasons; that he wanted to restore his ‘bond of moral rapport with the ‘masses†19 and adds that ‘it was less a case of Gladstone exciting popular pressure than popular pressure exciting Gladstone’20: rather than Gladstone carefully crafting his attack on Disraeli, he merely saw an opportunity to join ‘the virtuous passion’21 sweeping the nation and manipulate it to his advantage. Again, this would explain the delay between the beginning of the Agitation and Gladstone’s involvement. His action in publishing the pamphlet drew him back to the forefront of political life, and his continuing focus on the Midlothian campaign throughout the next four years was an important factor in ensuring his re-election as Prime Minister in 1880. Many historians agree with Shannon’s interpretation that Gladstone wanted to ‘reforge his links with†¦.mass audiences’22, but disagree on the reasoning for this. Shannon and Blake are both of the opinion the Gladstone simply seized upon the opportunity to ‘take part in†¦a moral crusade’23 in an attempt to inject himself back into the contemporary political field. Although the consequences of his action suggest that this is a realistic motive, and that he could have chosen to speak out against Disraeli to ensure his own self-advancement, this does seem unlikely considering Gladstone’s character; Blake’s portrayal of Gladstone is excessively negative, probably due to his pro-Disraeli sentiments. The perhaps more reliable Jenkins contradicts these claims of intervention for self-advancement, as ‘It did not follow that what he did was contrived for his own convenience’24 and claiming that he ‘was driven on Bulgaria by the same sort of elemental force which had seized him at the time of his Neapolitan pamphlets’25. This is a far more accurate judgement given the evidence: Gladstone constantly looked to his moral principles in seeking to do what was best for Britain and for Europe, and it seems unlikely that he would have stirred up such a commotion merely to return himself to the forefront of political affairs. Shannon states that Gladstone’s ‘first love had been the Church, and to the Church he remained ever faithful’26, but despite the politician’s overt Christianity historians are unable to agree on the extent to which his religion impacted his policies. In terms of his reaction to the Bulgarian Atrocities alone, numerous theories have been put forward as to the cause: his animosity towards Disraeli, his strong belief in nationalism, a wish to unite with the masses protesting a cause. Although these theories are superficially disparate, a closer examination reveals that they are all underpinned by Gladstone’s strong sense of morality. This morality caused him to reject Disraeli’s policies as unprincipled, to campaign for the creation of the Balkan states and to view Europe as a spiritual community that Britain had an obligation to protect and preserve. Ultimately, Gladstone’s politics were motivated by morality; a morality derived from his fundamental, unwavering religious beliefs.    1 Blake, R., Disraeli, St. Martin’s, 1967, p.602 2 Shannon, R.T., Gladstone and the Bulgarian Agitation 1876, Nelson, 1963, p.110 3 Abbot, B.H., Gladstone and Disraeli, Collins, 1986, p.95 4 5 Shannon, R.T., Gladstone and the Bulgarian Agitation 1876, Nelson, 1963, p.4 6 Shannon, R.T., Gladstone and the Bulgarian Agitation 1876, Nelson, 1963, p.5 7 Magnus, P., Gladstone, Penguin Books, 2001, p.240 8 Jenkins, R., Gladstone, Macmillan, 2002, p.401 9 Abbot, B.H., Gladstone and Disraeli, Collins, 1986, p.22 10 Magnus, P., Gladstone, Penguin Books, 2001, p.239 11 Feuchtwanger, E.J., Gladstone, British Political Biography, 1975, p.183 12 Jenkins, R., Gladstone, Macmillan, 2002, p.404 13 Feuchtwanger, E.J., Gladstone, British Political Biography, 1975, p.13 14 Blake, R., Disraeli, St Martin’s, 1967, p.760 15 Magnus, P., Gladstone, Penguin Books, 2002, p.241 16 Ibid. 17 Feuchtwanger, E.J., Gladstone, British Political Biography, 1975, p.181 18 Blake, R., Disraeli, St Martin’s, 1967, p.600 19 Shannon, R.T., Gladstone and the Bulgarian Agitation, 1876, Nelson, 1963, p.13 20 Ibid. p.110 21 Ibid. p.107 22 Jenkins, R., Gladstone, Macmillan, 2002, p.406 23 Blake, R., Disraeli, St Martin’s, 1967, p.600 24 Jenkins, R., Gladstone, Macmillan, 2002, p.401 25 loc. cit. 26 Shannon, R.T., Gladstone and the Bulgarian Agitation 1876, Nelson, 1963, p.3

The Awakening by Kate Chopin essays

The Awakening by Kate Chopin essays The Victorian woman was the old maid, fallen woman, and the angel in the house (Claire Kahane, 5), all rolled into one. This same Victorian woman captured the complicated effects of the eras attempt to control the representation of womens nature (5). In the 1880s, this angel in the house (5), this ideal woman, was challenged by what was called the Novissima, The New Woman who rejected marriage and motherhood and contested the boundaries of those separate entities. Edna Pontelleir in Kate Chopins novel, The Awakening, is a woman that is way ahead of her time. She is a woman living through the Victorian Era, although without the many pretenses that most women at the time did. Not only did she not fit into the Creole role that her husband had set up for her, she was having a difficult time squeezing into the gendered role that he had established for her as well. Edna gradually "awakens" to the realization that she is a person and not the possession of her husband. She also realizes she is in an oppressive society and that she is no longer one of the mindless members of the majority, but an individual who's passion conflicts the responsibility that society feels she should be dedicated to. Edna is thrown into the Creole society after her marriage to her Creole husband. This society abounds with "mother-women," who idolize their children and worship their husbands. At this time, this ideal woman was the norm, and Edna knew she was different than this. Her friend, Madame Ratignolle was the perfect image of the ideal woman. She was pious, submissive, nurturing, and simply the image of domesticated perfection. Edna admires her friend, but cannot understand why anyone would want to see their husband or coo over their children so much. Edna and Madame Ratignolle are Chopins representations of the Old and &...

Ancient Maya Essay Essay Example

Ancient Maya Essay Essay Example Ancient Maya Essay Essay Ancient Maya Essay Essay Ancient Maya Essay Matthew Pitcher Mrs Meligrana Ancient Civilizations June 8th, 2011 Pitcher1 The Ancient Mayan civilization stands out from other ancient civilizations and is great because of its outstanding achievements and developments. The Mayans are still known to this day for their exceptional architecture, medical discoveries, astronomy, and military tactics which were very successful. In this essay I will explain what the Mayans have achieved to make themselves considered great, why they are great, and why they overcome many of the other ancient civilizations. Mayan astronomy has been considered one of the most complex of mankind. Of all the worlds ancient calendar systems, the Maya and other Mesoamerica systems are the most complex, and accurate. Calculations of the 260-day and the 365-day Maya cycles is almost exactly equal to the actual solar year in the tropics, with only a 19-minute margin of error, which is almost scary to see how precise they were. Mayan Astronomers used shadow casting devices, and observations to trace the movements of the sun. the stars and planets in order to observe, calculate and record this information in their chronicles, as they call it . From these observations, the Maya developed calendars to keep track of celestial movements and time. Something never seen before by any other civilization in history, truly amazing, and we still use the 365 day calendar today. Another reason why Maya is great is because of their form of numbers and arithmetic’s, the first civilization to constitute math and numbers in everyday life. Maya mathematics constituted the most sophisticated mathematical system ever developed in the Americas. Pitcher2 The Maya counting system required only three symbols: a dot representing a alue of one, a bar representing five, and a shell representing zero. These three symbols were used in many different combinations, to keep track of calendar events both past and future, and so that even uneducated people could understand when needed for trade and commerce. That the Maya understood the value of zero is remarkable most of the worlds civilizations had no concept of zero at that time. By far one of t he most fascinating achievements of the Mayans was there methods and development of their beautiful architectural buildings and designs. Whether their temples, complexes, buildings, homes, sidewalks or causeways (which were built by hand cut lime-stone), and the first civilization to construct sidewalks for pedestrians. A Maya city from the Classic Period usually consisted of a series of platforms topped by masonry structures, ranging from great temple-pyramids and palaces to individual house mounds. These structures were in turn arranged around open plazas or courtyards. Maya architecture is characterized by a sophisticated sense of decoration and art, expressed in beautiful carvings and wall paintings, unlike any others. Throughout the Mayans 2000 year history, their unique warfare tactics turned out to be very successful for their civilization. Unlike most other civilizations, instead of a head to head close range battle, the Mayans built an army of spearmen and arrow shooters to kill the enemy. Long range war tactic was there specialty and it worked. They killed their enemy before their enemy could reach them, using the land and surroundings they built trenches and barricades to Pitcher3 fool and surprise the enemy, along with bells and whistles to distract the enemy to let fellow soldiers know the enemy is on its way. Also, the Mayan armies did not use horses or chariots in battle much like the other militaries did. Unfortunately for their enemies, the Mayans were keen on taking prisoners†¦ for the express purpose of sacrificing them on a temple altar, in front of the entire tribe. The belief was that by eating the heart of an enemy warrior, you could gain a some of that warrior’s strength. Medicine to the Mayan people was very important, a balance between religion and science, much like we see today. They healed wounds with human hair, fixed fractures, and used casts. Very skilled dental surgeons using different materials to fill teeth when one suffered from a cavity or chipped tooth. Also used â€Å"Obsidian† blades to perform surgeries, Obsidian blades are still used today in many North American hospitals. They cut cleaner so wounds heal faster and with less scar tissue. Finally, the Mayans created the first artificial pain killer for humans. The advancement the Mayan civilization had the medical field before any other civilizations is remarkable and should be noticed. The Mayan civilization deserves the title as a great Civilization because of these outstanding achievements and special ways. Scientifically and mathematically they were genius. Their architecture exceeds the look of any other civilization, and their tactics for building a military and a city is overly impressive. I am not so sure modern day life would be the same without the greatness the ancient Mayan civilization. Webster, David . The Fall of the Ancient Maya, Thames Hudson Ltd, London, 2002 Ayache, Michelle, The Ancient Maya, digitalmeesh. com/maya/history. htm, 2005 Robert, J, Sharer, The Ancient Maya, Stanford University Press, 2006 Shirley, Jordon, The Mayan Civilization, 2001

Career Management Essay Example | Topics and Well Written Essays - 3000 words

Career Management - Essay Example According to Kossek & Roberts, self-set managing activities mainly includes acquiring knowledge about one's personality, set of connections and appreciation on successfully completion of the assignments in the course of career development within an institution. (ELLEN ERNST KOSSEK, KAREN ROBERTS, 1998) On the other hand, "organizational career management" expresses the course of action adapted by the organizations to manage the careers of its workers. As per the theories of Stump, the Organizational career management is "actions and prospects that organizations support to help guarantee they will congregate or surpass their expected human resource necessities." (ELLEN ERNST KOSSEK, KAREN ROBERTS, 1998) Stumpf also reveals in his theory that the career corridors, worker education & development, employment postings, vocation therapies, outplacement psychotherapies and mentoring are merely few measures that are usually implemented in organizational career management agendas. (STUMPF, S.A., 1988) Loads of scholars have cited the work of Arnold (1997) who in his theories had explained career management as an endeavor to influence the career development of others. ... (ARNOLD, John, 1997) There has been occurrence of elementary shifts in the management of careers however, while previously careers were managed by the organizations by way of conventional and secure progress upwards on organizationally-defined ladders on the other hand the present-day arrangement of career management focuses on attaining knowledge and proficiencies as an alternative of making headway through a preset sequence of positions. (THITE, Mohan, 2001) Acquirement of novel acquaintance and talents increase the chances of "employability," i.e. the capability for the member of staff to achieve and sustain employment, facilitating the worker to budge around what Thite had referred to as a "jungle gym" of designations. (CLARKE, Marilyn, 2007) This novel conceptual framework of career management constitutes diverse meaning for mutually, the individual and the organization, getting forward to a dual way approach towards "career management, individual career management and organizational career manageme nt." (BARUCH, Y., 2006) This paper hereby evaluates the significance of career Management as an essential component of Human Resource activities from the joint perception of the organization as well as individual employees. This paper also highlights the obstructions that are usually encountered by HR professionals in implementing the career management program in an organization in addition with the measures that could be implemented to evade these barricades. This paper provides brief opinions of a number of researchers and authors on the topic. 2. Significance of Career Management The incorporation of the career management practice in HRM permits the shifting from a scheme of administration

The Reagan Presidency Research Paper Example | Topics and Well Written Essays - 750 words

The Reagan Presidency - Research Paper Example This, coupled with foreign policy mistakes such as the handling of the Iranian hostage crisis made the current president, Jimmy Carter, a very unpopular figure. Ronald Reagan ran on a platform of returning pride to America. Many citizens felt that the country was in a state of decline due to the weak economy and the Iranian hostage crisis. Ronald Reagan promised to take a hard line with states such as Iran, as well as the archenemy of the United States, the Union of Soviet Socialist Republics. He said that he would return America to a position of strength on the international stage, called the enemies of America evil and proposed and economic program that would cut taxes and reduce regulations in an effort to stimulate growth in the economy. Ronald Reagan won the 1980 presidential election by a landslide. President Reagan made good on his economic promises early. He appointed individuals to governmental agencies that were given the task of dismantling regulations that hurt American b usiness. The Environmental Protection Agency under James Watt was especially vigorous in slashing through prior regulations. Under President Reagan, controls on natural gas and oil drilling, timber harvesting and surface water protection were all relaxed (Lash et al 1984). Regulations were also relaxed on savings and loans in an effort to increase growth in this sector of the finance industry. This deregulation led to a record number of savings and loan failures in the 1980’s This relaxing of regulations was just one part of a supply-side economic theory that became known as â€Å"Reaganomics.† The thought was that if constraints on business growth were removed, such as taxes and regulations, then more profitable businesses would grow and create more jobs. This job creation would benefit the business owners first; because they would make more money through business expansion, but then the theory said that the benefits would eventually â€Å"trickle down† to the workers and employees. More profitable corporations should result in more jobs with higher wages. Today, the debate still rages as to whether Reaganomics and the trickle down theory worked. The American economy did improve, but many economists point to the fact that record government spending on the military and soaring federal budget deficits drove much of this growth. Other economists point out the fact that the better wages never materialized because the wealth created by lower taxes and less regulation never trickled down, it stayed at the top (Perotti 1992, 311-16). President Reagan enjoyed many successes when it came to implementing his foreign policy. He took a hard stance against Communism across the entire globe. Any nation that was battling communist rebels or insurgents could usually depend on foreign support from the United States. At the very end of his second term, Ronald Reagan saw the beginnings of the end of the Soviet Union. Gorbachev had introduced Glasnost as the official policy of the ruling communist party. Changes were rapidly happening that would see the Berlin Wall come down, many of the former Soviet Republics break away from Russia and Eastern Europe have free and fair elections for the first time in two generations. Many of these changes were attributed to the policies put in place during the Reagan Presidency. Unfortunately, not all of Ronald Reagan’s foreign policy initiatives were successful or even legal. The administration became mired down