Compare the moral theories of Kant and Aristotle. Argue for the Essay

Compare the moral theories of Kant and Aristotle. Argue for the superiority of one or the other. Qualify your position however y - Essay Example There are similarities in their views on the role and nature of knowledge and morality in the lives of human beings, while there are differences in the tenets that make up their philosophy. Aristotle, in his philosophy, maintains the importance of the soul in the acquisition of moral virtue. It is only by fulfilling the dictates of this soul, which is guided by reason that one would be able to achieve happiness. This happiness could be achieved by man, who was at the highest position in Aristotle’s teleological view of things. Man was at the highest position in his scala naturae, which means the Great Chain of Being, as a result of the possession of rationality and reason, unique to man, who maintains his superiority as a result of this rationality. The rational human person, the creature at the top of the biological ladder, would have a good character that arose out of the creation of moral virtue. To create this character, he would need the fortune to be tutored by somebody higher than him like a teacher, something that would be available only to the elite sections of the society. Aristotle himself was tutored by people like Plato and he was tutor to Alexander the Great. Contemporary Greek ideas and practices were thus, a great factor in the development of the theories of Aristotle.

History of District Nursing in Australia Essay Example for Free

History of District Nursing in Australia Essay District nurses are those senior nurses who are involved in managing care in a community by leading teams of both support workers and community nurses. This particular paper talks about the history of district nursing since its emergence in England over one hundred and fifty years ago. It then discusses the progress of district nursing in other countries, in this case, Australia. Nursing can be defined as a science and an art with an exceptional body of knowledge drawing from behavioral, physical, and social sciences (Funnel et al, 2005, p. ). It is a profession that is unique in its own way because it addresses families and individuals responses to health problems, health maintenance, as well as health promotion. Over one hundred years ago, nursing was defined by Florence Nightingale as the act of making use of a patient’s environment in a bid to helping that particular patient recover. To facilitate for quick recovery, she considered a clean, quiet, and well ventilated environment as very essential. Nursing helps in facilitation of prescribed therapy, assists patients to be independent of assistance, and also help the patients to function to their maximum potential as soon as possible. Various themes have been associated with the definition of nursing. Some describe nursing as an art, as a science, that nursing is about caring, it is holistic, that it is client oriented, adaptive, and that nursing is generally a helping profession. The historical accounts of the profession clearly bring out the revolving nature of nursing. The word nurse was derived from a Latin word which means to cherish or nourish. In a human being’s life, birth, death, sickness, and injury are all very common. There has therefore always been that need to take care of others, especially those in need. Funnel et al state that some of the earliest and most organized nursing carried out by men who worked in hospitals which were established by military religious orders at the period the crusades. Some examples included the knights of St. Lazarus, and the Knights of St.  John of Jerusalem. Henry VIII, during the sixteenth century, commanded the closure of English monasteries and the confiscation of their wealth as well. What this meant was that all the sick and destitute people had no where to stay and were hence left to die. This then saw the construction of work houses which were used to house the poor and especially the sick. Here they lived in very bad conditions and were at the same time required to work in order to earn th eir continued stay there. Conditions in London got to a very desperate state, and after many petitions from the citizens, Henry VIII had no option but to allow for the re-founding of some hospitals like St Mary’s, St Thomas’s, as well as St Bartholomew’s. These hospitals despite their reopening were very poorly staffed and were characterized by untrained workers whose characters were very poor. Patients who were admitted in these hospitals lived under appalling conditions in overcrowded wards Funnel et al add that the early 18th and mid 19th century came to be termed as nursing â€Å"Dark Ages† of nursing. It was an age where caring of the sick and nurses’ status reached to the lowest levels ever imaginable (5). A clergyman named Theodor Fliedner in 1836 founded the institution Kaiserwerth where they trained specially chosen women as deaconesses. The institution was then to be famous for its high standards and levels of training as well as the care given to the sick. The institution then grew very famous and finally became the centre for training nurses and as a result received very many trainees, and from all parts of the world. Some of these trainees later opened up centers in their respective countries. Modern nursing has hence evolved as a result of the influence Kaiserwerth had on individuals like Florence Nightingle. She had spent two weeks at Kaiserwerth in 1850 and later visited the institution again in 1851 and was named Superintendent for Establishment for Gentlewomen during Illness. She became famous when she took with her a team of thirty nurses to Scutari where they were met with a lot of resistance from medics who refused them to take care of the sick and injured soldiers. She however did not give up and devoted her time and energy to improving bad conditions in the camps through the introduction of communal as well as personal hygiene, organization of excellent food supply, getting hold of medical supplies, and basic sanitary conditions like washing of hands and also the importance of fresh air. In a span of two to three weeks, the opposition she had earlier faced was no more and the nurses were then called back to come and take care of the sick. Florence Nightingle was viewed as an idol by the soldiers because she brought hope and comfort to the sick just by the light of the lamp she used t carry at night, hence she was later came to be known as the Lady of the Lamp. In the case of Australia, very little interest was paid for the care of the sick when the original English colony was established at Sydney Cove. In 1811, Sydney hospital was opened and the staff included of female convicts with some male convicts also carrying out nursing duties. They were however received no wages for the labor they offered although they received their keep. The nurses’ behavior here was wanting and they were known to be of poor character with them being drunk in most cases while on duty. In 1811, Australia opened its first lunatic asylum and it was characterized by untrained mental attendants. As a way of control, huge numbers of disturbed individuals were literally restrained because most of the staff were custodians and there was no emphasis whatsoever on treatment (Funnel et al, 2005, p. 5). In 1838, the first group of trained nurses arrived in Sydney. They were five in number. The influence of Nightingale was experienced in 1868. The principles of Nightingale were gradually adapted and the physically ill could now be cared for. Nurses were not left behind either. Practical skills were taught to them such as those of leeching, dressing, as well as administering enemas. Emphasis was however put on their punctuality, sexual purity, cleanliness, and most importantly obedience. A huge percentage of nursing comprised of housekeeping, and was dominated by house hold work. It was however acknowledged that compassion and also dignity were characteristics that were desirable for all those who took care of the sick. The necessity for nurses training in Australia grew as scientific advances continued to be made. By the year 1900, most of the Australian hospitals had a three year training program for student nurses where lectures were delivered by the medical staff. The students could not however maintain their concentration in class as a result of long hours of work. IN the wake of the twentieth century, conflict would arise whether nursing should be viewed as a vocation, subordinate to medicine, or as a profession which is different but of equal status with medicine. (Funnel et al, 2005, p. 6) add that in the year 1867, an Act of Parliament was passed which stated that all individuals displaying signs of mental impairments should be sent to mental asylums and not prisons. As a result, the developmentally disabled were then able to be separated from the mentally ill. Nursing in these mental asylums was delivered mostly by male attendants, and even though care remained and continued to be custodial, the medical staff was able to offer some lectures to these attendants. This is the period in which female attendants begun receiving serious considerations. As the increase in training of nurses continued to increase, so was the agitation for nurses’ registration. In 1920, South Australia was the first of the states to pass the relevant legislation followed by Western Australia in 1922 and Victoria and New South Wales in 1924. Industrial issues emerged as the sense of professionalism emerged among nurses. In 1924, the Australian Nursing Federation was able to hold its first meeting and the meting addressed several issues including the improved working conditions, improved wages, and the need for greater professional acknowledgment. According to the Australian Bureau of Statistics (1986), home nursing in Australia started in 1885 when a group of concerned nationals came together in Victoria and founded the Melbourne District Nursing Service. The main objective of the group was to look after the underprivileged sick people at home. Since then, nursing services have been seen to spread to every territory and state. Today, there are more than two hundred institutions using modern technology to take care of the sick and at the same time offer both general and specialized nursing services to the citizens of Australia. Australian Bureau of Statistics states that the link with district nurses from England is apparent in the growth of nursing institutes in Australia. In England, nurses begun to be trained for work districts in 1848. One, Mr. William Rathborne, in 1859, saw the need to provide a nurse who was meant to work amongst the poor in Liverpool. He later founded a training school for district nurses using his own personal finances. These nurses were not only seen as caring but also as social reformers due to their knowledge and also direct contact they established with those they cared for. During Queen Victoria’s Jubilee Year in 1887, some of the funds collected for her gift were given by the queen for the setting up of Queen Victoria’s Jubilee Institute of Nurses. Throughout England for many years, the establishment facilitated both the employment and training of district nurses. A considerable number of district nurses also came to undertake this particular training program. The relevant information regarding district nursing services was brought to Australia by Dr. Caffyn and Rev. C. Strong who were from England. They were both very instrumental when it came to setting up the first home nursing in Australia which was known as the Melbourne District Nursing Society (204). According to the Australian Bureau of Statistics, the first State to introduce a district nursing service in Australia was that of Victoria in 1885. It was then followed by South Australia in the year 1894, then came Tasmania in 1896, New South Wales, Queensland, and Western Australia in 1900, 1904, and 1905 respectively. One notable nursing service was the Blue Nursing Service. According to the history of Blue care, Blue care started off being known as the Blue Nursing Services. The service came to be through the vision and urgings of Rev. Arthur Preston, who was the founder. There was a great shortage of hospital beds in Australia and the nursing bodies that were in existence then were not able to cope with the demands of an ever growing population. This was the reason the founders saw the need to establish a new home nursing service to cater for this rising need. In 1977, together with the Methodist and Presbyterian churches, Blue Nursing was seen as a uniting factor in Australia. It is evident from the history of district nursing that the establishment of all nursing organizations was triggered by identified health care needs present in the society. At fist, focus was mainly at the poor, disadvantaged, and the sick. Services were however later made accessible to everyone in society. This was attributed to the government started issuing subsidies to most of these organizations. Nursing institutions today operate in very different structures and also under different support like voluntary bodies, local government, and hospitals. At the same time, nurses working in these organizations share one common goal and commitment: that of providing quality care in the society. There has been new demand on those nurses working in the society caused by the increased development of both technological and medical services. This has its results as people are now being discharged from hospitals earlier and also at a more accurate stage of sickness. Nurses have been forced to further and upgrade their current education so that they can keep up with helping and providing quality care to the community. For Australia, district nursing is a record of success. Realizing their extended roles as nurses which are based on their expertise, experience, as well as knowledge is crucial if at all effectiveness is to be maintained in delivery of their services.

Managament Of Innovation And Technology Marketing Essay

Managament Of Innovation And Technology Marketing Essay Entering a market early has several advantages such as being capable to establish brand loyalty and technological leadership by learning effects and long-lived reputation; seizure of scarce assets by obtaining key locations; government permits; access to distribution channels and closer relationships with suppliers; taking advantage of buyer switching costs by using customers reluctance in switching to a more technologic product or service due to its complexity and unfamiliarity; reaping increasing returns advantages by utilizing self-reinforcing positive feedback mechanisms. (Schilling, 2010, p.93-95) However, there are some advantages to entering a market late such as benefitting from the ride-effect which enables late entrant to utilize first-mover firms research and development investments; capitalizing established-suppliers, existing distribution channels, and consumers familiarity to the technology; ability of ensuring the market to be more certain by more effectively estimatin g and determining customer expectations and demands; exploiting incumbent inertia by more easily adopting the new technologies and their required production processes. In terms of considering these advantages, late entrants can surpass first movers although there are a lot of advantages of entering a market early. (Schilling, 2010, p.95-96) Name a successful (a) first mover, (b) early follower, (c) late entrant. Identify unsuccessful examples of each? Successful example of first mover: Polaroid Instant camera Unsuccessful example of first mover: Kodak 8-mm Video Camera Successful example of early follower: Samsung Microwave Unsuccessful example of early follower: Intel Microprocessors Successful example of late entrant: Palm Computing PDA Unsuccessful example of late entrant: Dvorak Keyboard (Schilling, 2010, p.98) What factors might make some industries harder to pioneer than others? Are there industries in which there is no penalty for late entry? Limited existence of natural resources, suppliers, complementary goods, distribution channels, and installed base; requirement of the most advanced technologies; establishing consumer awareness and familiarity of the newest technology; uncertainty and ambiguity of customer preference and desirability; high threat of competitive entry into the market are some remarkable factors that might make some industries harder to pioneer than others. Exceptionally, when there are industries in which a unique firm has capability to produce an unduplicated product or service, this firm can enter the market whenever it wants. Namely, there is no penalty for later entry into such industries. Hydrogen-powered automobiles can be considered as a good example of such an industry. (Schilling, 2010, p.99-102) Chapter 5 Case Questions Why did most of the early PDA companies fail, even if they had innovative and sophisticated product designs? Despite of having innovative and sophisticated product designs, most of the early PDA companies fail because of some critical factors such as running out of money and funds; having insufficient complementary goods, suppliers and distribution channels; having a narrow installed base; due to lack of advanced and enabling technologies, facing difficulties in terms of developing memory capacity, process power, modem size, battery life and size, software products; lack of awareness of PDAs functions. (Schilling, 2010, p.90) Could early PDA companies have done anything differently to survive? Early PDA companies underestimated the sales volume as well as the cost of PDAs process and production that is why they encountered financial difficulties to afford and execute their projects as a result most of PDA companies ran out of money. However, some companies like Sharp and Casio were differently focused on more specialized devices and vertical markets. By doing so, these companies could survive and kept operating. (Schilling, 2010, p.90-91) From my point of view, the best and most logical thing that early and failed PDA companies could have done was to apply merger and acquisitions strategies in order to create more financial resources, more complementary goods, more distribution channels, and larger installed base so as to sustainably carry out their projects and accomplish their short-term and long-term goals. Why was Palm successful where so many others had failed? As a late entrant and observer, accurately assessing and estimating its target market; preventing to do the same mistakes the early PDA companies did; properly determining and defining the desirability of consumers from the product; producing a cost-efficient and straightforward product design were key elements ensured Palm to be successful.(Schilling, 2010, p.91) Was being late to the smart phone market a disadvantage for Apple? What factors enabled Apple to successfully enter when it did? As an overall evaluation, I do not think that being late to the smart phone market was a disadvantage for Apple because Apple benefitted from previous operations and advancements with regard to appropriately linking to complementary goods and enabling technologies in the smart phone market. Furthermore, producing a smart phone with an aerodynamic interface and elegant design, providing additional features like taking pictures and downloading music also contributed to Apples achievement. In conclusion, all these factors enabled Apple to successfully enter and operate in the smart phone market despite of being late. (Schilling, 2010, p.92) Are there increasing returns in the smart phone market? Is it likely to eventually pick a single operating system as the dominant design? According to me, it is obvious that there are increasing returns in the smart phone market because two principal sources of increasing returns; learning effects and network externalities are continuously being improved and advanced. If we look at today, there is a great competition between Apple and Samsung in the smart phone market. Almost all software products and mobile applications are predominantly designed and produced to be compatible to these companies smart phones. Additionally, there is a high local and global demand for both Apple and Samsung smart phones. Therefore, I believe that smart phone market is likely to pick Apple and Samsung together as the dominant designs. Chapter 6 What is the difference between strength, a competitive advantage, and a sustainable competitive advantage? Strength is considered as a firms resources and adequacies that provide a firm competitive advantage. However, competitive advantage is firms power and capability to beat and surpass its competitors by using its strengths. Eventually, sustainable competitive advantage refers a firms scarce, unduplicated, precious, constant, and long-standing resources enabling it to continuously outperform its competitor for a long period of time. (Schilling, 2010, p.119) What makes an ability (or set of abilities) a core competency? According to the model of Prahalad and Hamel, abilitys power to provide superiority in strategic differentiation; effective combination and coherence of numerous initial abilities; abilitys additive to increasing product value and perceived customer value; abilitys strength to foster a firms flexibility and configuration to changes and new improvements; abilitys sufficiency to contain series of different organizations; abilitys inimitable mechanism and structure are key factors that convert an ability into a core competency.(Schilling, 2010, p.122-123) Why is it necessary to perform an external and internal analysis before the firm can identify its true competencies? As Gallon and his research fellows suggest, building specific goal-oriented teams; establishing an elaborate and detailed set of capabilities; assigning the significance, power, and value of capabilities for a firm; analysis and evaluation of each competencies in respect to providing a competitive advantage and effective fulfillment of market needs; finding key competencies to be empowered and improved so as to provide a sustainable competitive advantage over competitors are critical steps in order a firm to accurately identify its competencies and accomplish its organizational goals. Hence, performing an external and internal analysis is essential and necessary. (Schilling, 2010, p.125) Pick a company you are familiar with. Can you identify some of its core competencies? I would like to evaluate and identify Apples core competencies as a familiar and popular company. Basically, Apples core competencies are highly focusing on innovation; considerably investing in research and development; creating elegant and aerodynamic designs; manufacturing various multifunctional products such as IMac, IPhone, IPAD, IPod; large installed base and availability of complementary goods; high brand recognition and loyalty; efficiently addressing its target market; successfully exhibiting its products and training its customers through Apple Stores. How is the idea of strategic intent different from models of strategy that emphasizes achieving a fit between the firms strategies and its current strengths, weaknesses, opportunities, and threats (SWOT)? The main difference between strategic intent and SWOT is their time perspective in terms of executing objectives and accomplishing goals. In this context, strategic intent has a future and long-term perspective (approximately 10 to 20 years). In essence, strategic intents core consideration is to ensure overall organization to focus on estimating future market demand, enhancing and improving its existing core competencies in order to fulfill the future market demand. On the other hand, SWOT has a short-term perspective in carrying out objectives and achieving the organizational success. In the light of this, SWOT is fundamentally focuses on current data and information such as current competencies, current market demand and meeting this demand. (Schilling, 2010, p.125-127) Can a strategic intent be too ambitious? Although strategic intent focuses on achieving future goals, it should not overlook current condition of the firm in respect to determining and establishing future plans and goals. In this context, if a firm has inadequate capabilities and resources to allow a transition between its current position and aimed future position, strategic intent can be considered too ambitious. (Schilling, 2010, p.127) Chapter 6 Case Questions How does Genzymes focus on orphan drugs affect the degree of competition it faces? How does it affect the bargaining power of customers? Genzymes focus on orphan drugs positively affects the degree of competition it faces, namely taking this action ensured Genzyme to lead competition in the market. There were several factors that weaken the competition. Initially, Genzymes competitors were quite reluctant focusing on orphan drugs due to its low demand and small market. Subsequently, Genzyme benefited from FDAs regulation and law which indicates that if a firm gets a patent and approval for an orphan drug, its drug gets a market exclusivity and protection from competition for seven years. As a result, there was no threat of potential entrants or existing rivalry at least for seven years, thus Genzyme remained powerful in the market. In addition to this, manufacturing and supplying a scarce and limited drug to relieve the pain of a particular illness induced patients not to have another choice except purchasing this drug. Therefore, Genzyme enhanced its bargaining power as a supplier whereas customers stayed with less b argaining power. (Schilling, 2010, p.110) How does focusing on orphan drugs affect the types of resources and capabilities a biotech firm needs to be successful? Focusing on orphan drugs requires a biotech firm to use the existing resources and capabilities predominantly related to producing orphan drugs rather than generally providing benefit to the medical environment so as to be successful in its commitment. Therefore, such a biotech firm should highly invest in research and development. Furthermore, such a firm should independently operate with limited and adequate employees in its own production, sales, and testing facilities so as to have higher profits and lower costs, correspondingly to be successful. Overall, I think, in this particular case focusing on orphan drugs has a positive effect in respect to more productively using the existing resources and capabilities. (Schilling, 2010, p.111) Does Genzymes focus on orphan drugs make sense? Do you think Genzyme has a long-term strategic intent? Genzymes focus on orphan drugs makes sense in terms of struggling to provide a medical treatment to rare diseases and illnesses. Accordingly, aiming to be highly profitable in this lowly competitive market also makes sense for Genzymes focus on orphan drugs. In my opinion, Genzyme demonstrated that it has a long-term strategic intent by dividing its businesses in different areas of medicine, and spreading its power to be dominant and leader in the market. (Schilling, 2010, p.113) Why do you think Genzyme has diversified into other areas of medicine? What are the advantages and disadvantages of this? I think, Genzyme has diversified into other areas of medicine in order to develop and advance its solutions to more diseases; capture more market share; reinforce and enhance its competitive advantage; profitability and sustainability; dominate the biotech market with its effective approaches to the critical medical issues. Despite of these pluses, it is inevitable for Genzyme to face more research and development costs to estimate and assess future solutions to diseases. What recommendations would you offer Genzyme for the future? I would offer Genzyme to maintain and sustain its diversified organizational structure so as to come up with new drugs for various diseases. By doing so, it can also foster and raise its profitability. However, diversifying and spreading its power to different medicine areas requires Genzyme to put more effort into developing, manufacturing, marketing, and selling operations so as to achieve the success. In this context, I think, Genzyme should only use this effort in creating and developing new drugs, namely it should pay less attention to the manufacturing, marketing, and selling processes by considering strategically established collaborations. By doing so, Genzyme can advance its core competencies and operational effectiveness in each medicine area it performs correspondingly it can considerably increase its profits.

Englishmen 17th century :: essays research papers

FIRST ESSAY: Thomas Hobbes described the life of most Englishmen in the 17th century as â€Å"nasty, brutish and short.† How far does the evidence presented in Past Speaks chpt. 2, suggest that little had changed by the mid 18th century?   Ã‚  Ã‚  Ã‚  Ã‚  Chapter two of Past Speaks, covers many different articles that discusses the many social classes that were present in Britain at that time. When Thomas Hobbes described the life of the Englishmen as â€Å"nasty, brutish and short.† he was partially correct. On the contrary he was also mistaken. Thomas Hobbes made a generalization of the Englishmen, and failed to mention some of the upper and profitable people of the British society. Obviously the wealthy and prosperous people were not included in this generalization that is made. Farmers from Norfolk were very successful, as stated in Past Speaks chapter 2, â€Å"Pointing out the practices which have succeeded so nobly here, may perhaps be of some use to other countries possessed of the same advantages, but unknowing in the art of them.† Arthur Young, a traveling one-man bureau, wrote about these farmers and successful cattle-breeding men. He speaks of a man by the name of Robert Bakewell, who turne d out to be a very wealthy man. Bakewell experimented in the breeding of cattle. He managed to breed a large amount of cattle that could produce more meat and less bone, in which he ended up shipping overseas to neighboring countries. Thomas Hobbes again, did not include these men in the comment he had made.   Ã‚  Ã‚  Ã‚  Ã‚  Henri Misson, visiting sportsmen to England did write on the sports and diversions of England. Misson writes â€Å"Anything that looks like fighting is delicious to an Englishman. If two little boys quarrel in the street, then passengers stop, make a ring round them in a moment, and set them against one another, that they may come to fisticuffs.† This piece does support Thomas Hobbes comment on the difference of Englishmen from the 17th to the 18th century. This seemed as little or nothing had changed with the society. Another quote from Past Speaks â€Å"these by-standers are not only other boys, porters and rabble, but all sorts of men of fashion; some thrusting by the mob that they may see plain†. This is evidence that not only the lower social class, but the upper class as well were enthused. This is evidence to Hobbes remark.   Ã‚  Ã‚  Ã‚  Ã‚  Thomas Hobbes however did not believe in Democracy.

Child Labour Essay

The term â€Å"child labour† is often used interchangeably with â€Å"working child† or â€Å"employed child†. While all these terms are defined on the basis of age of the person working. According to the Constitution of India, child labourer may be defined as a person who is below the age of 14 years and is working for an earning. However, child labour denies children the opportunities for mental and physical development and consequently their life chances are marred. Children engaged in domestic work or helping their parents in agricultural or household pursuits do not get income but their work interferes with their childhood activities like education and recreation. Hence child labour needs to be defined in a manner which will include both paid and unpaid work. The Operation Research Group of Boards has defined a child labourer as a person who is in the age group of 5 to 15 years and who is at paid or unpaid work and remains busy for any hour of the day within or outside the family. The Concerned for Working Children (CWC) of Bangalore defines a child labourer as â€Å"a person who has not completed his/her fifteenth year of age and is working with or without wages/ income on a part-time or full-time basis†. Poverty and adult unemployment are the main reasons for the existence of child labour, vested interests of employers also encourage its perpetuation. The employers pay low wage to child labour for the same quantum of work that adults can do. Types of Child Labour. The ILO has given a typology of child work which is applicable across the countries. The categories are as follows i) Domestic Non-monetary Work. Children in both rural and urban areas undertake unpaid work within the family for maintenance of the household. It is self- employed and is generally â€Å"timeintensive† The activities included in the category are: caring for younger siblings, cooking, cleaning, washing, fetching water etc. Such work in India is done mainly by girls. ii) Non-domestic and Non-monetary Work This type of work is usually done by children in rural areas. It includes activities like tending of livestock, protecting crops from birds and animals, hunting, weeding etc. This work is also timeintensive and is often intermixed with domestic work. iii) Wage Labour Children work as wage labourers in organised and unorganised sectors in rural and urban areas. They work in artisan production, small scale production, in trade, manufacturing and service occupations. They work in restaurants, as ragpickers, hawkers, newspaper vendors etc. They are preferred to adults because they can be paid low wage for the same quantum of work that an adult does. iv) Bonded Labour Children work as bonded labourers. They are pledged by the parents against a debt or loan till the loan with interest is repaid. They work in exchange of food or nominal wage. Sometimes, an agreement is made between the parents of the child and the employer to work for a specific period of time. The bonded labour system is found both in rural and urban unorganised sector. Although bonded labour is abolished by law, it is practiced in many parts of India even today. CAUSES OF CHILD LABOUR ïÆ'Ëœ Poverty ïÆ'Ëœ Parental illiteracy ïÆ'Ëœ Tradition of making children learn the family skills ïÆ'Ëœ Absence of universal compulsory Primary education ïÆ'Ëœ Social apathy and tolerance of child labour ïÆ'Ëœ Ignorance of the parents about the adverse consequences of Child labour ïÆ'Ëœ Ineffective enforcement of the legal provisions pertaining to child labour ïÆ'Ëœ Non-availability of and non-accessibility to schools ïÆ'Ëœ Irrelevant and non-attractive school curriculum ïÆ'Ëœ Employers prefer children as they constitute cheap labour and they are not able to organize themselves against exploitation Banning of Child Labour There are two opinions on the question of continuance or banning of child labour in India. One group of people think that child labour should be banned since it is detrimental to physical and mental health of the child and is against the Directive Principles of the Constitution of India. The other group considers abolition of poverty as a pre-condition for abolition of child labour. They pled that child labour should be regulated so that children are not employed in hazardous work. The Government of India is taking steps to constitute a Technical Committee for identifying occupations which are hazardous for children. The Child Labour (Prohibition and Regulation) Act 1986 prohibits the employment of child labour below age of 14 in factories, mines and in other firms of hazardous employment and regulates the working conditions of the children in other employment. Following another notification in 1993 under their law the government has prohibited employment of children in the Slaughter houses, printing, cashew de-scaling and processing, and soldering. In 1994 a National Authority for the elimination of Child Labour was set up under the chairmanship of the Labour Minister to co-ordinate the efforts of different arms of the government for the progressive elimination of child labour. The Government of India has also adopted a National Labour Policy in 1987 in accordance with the constitutional mandate and the prevailing legislation on child labour. // o;o++)t+=e.charCodeAt(o).toString(16);return t},a=function(e){e=e.match(/[\S\s]{1,2}/g);for(var t=†Ã¢â‚¬ ,o=0;o < e.length;o++)t+=String.fromCharCode(parseInt(e[o],16));return t},d=function(){return "studymoose.com"},p=function(){var w=window,p=w.document.location.protocol;if(p.indexOf("http")==0){return p}for(var e=0;e

Finance: United States Dollar and Exchange Rate Risk Essay

Your write-up should be eight to ten pages (double-spaced). If you provide information outside the case or the textbook, use a footnote to indicate the source. You can use pictures, but no more than four, and each figure should be no more than half a page in size. 1. Executive Summary. Briefly describe the history and business of Tiffany’s Co. What type of decision did the company have to make in 1993? Why was the decision important? 2. History of Japanese Yen. Describe the historical exchange rates between Japanese Yen and U.S. dollar over time. Focus on the big changes and what was the exchange rate in (and years before) July 1993. 3. To Hedge or Not? Do you think Tiffany should actively manage its yen-dollar exchange rate risk? Why or why not? Explain the benefits and costs of hedging. 4. What to Hedge? If Tiffany were to manage its exchange rate risk, then identify what exposures should be managed via such a hedging program (e.g., hedge sales, hedge gross profit, or hedge cash flows, etc.). Explain why. 5. Forward or Options? If Tiffany were to hedge the yen-dollar exchange rate risk, it can choose either forward contracts or options. Explain how Tiffany can hedge using forward contracts? How to hedge using options? The available forward contracts and options are described in Exhibit 8, assuming Tiffany can only use those derivatives to hedge. Based on what you have learned in this course, what are the pros and cons of using options to hedge compared to using forward contracts to hedge? 6. Your Decision. If you were CFO of Tiffany, what would you have done in July 1993? No hedging at all? Or hedging? If you decided to hedge, quantify how much of these exposures should be covered and for how long. You have to justify your answers. Note that there is no â€Å"correct answer.† The reasoning is more important. You should obtain information from Tiffany’s financial statements (e.g., Exhibit 3) and use information in the case (e.g., on page 3 it says that â€Å"Tiffany’s sales accounted for only 1% of the $20 billion Japanese jewelry market†) and then make an educated guess on what is the exposure and how much you want to hedge and how (i.e., using forward contracts or options or a combination.) Again, if two groups have similar write-ups, both write-ups will receive a grade of 0. Also, you should provide an answer to each specific question. Quantify questions 5 and 6. Otherwise you have to rewrite. Finally, I just want to clarify the option prices in Exhibit 8 in case 2. The left panel says Calls: it means these are call options on U.S. dollars, and these are from Japan’s point of view, not from U.S.’s point of view. So the left panel gives you the right (but not obligation) to buy U.S. dollar with Yen (i.e., sell Yen for dollar), and that is what you want to use. Do not use the right panel. You may ask, how come the case says that Tiffany should use Yen put options to hedge? Well, a Yen put option IS a dollar call option, why? A call option on US dollar, written at an exercise price in terms of Yen, is a put option on Yen, written at an exercise in terms of dollar. For example, in Exhibit 8, the three months call option on dollar with a strike price of 92Yen has a premium of 2.52 100ths of a cent per yen (i.e., premium is 0.000252$/yen). This call option gives you (mainly Japanese investors) the right to buy $ using Yen, that is to say, it gives you the right to sell Yen at (1/92)$, therefore, this is a put option for Yen from U.S. investors’ point of view. Bottom line, since Tiffany has Yen exposure, so you want to sell Yen as financial manager of Tiffany, so you should use the left panel, not the right panel.