America & Globalization Essay Example for Free

America Globalization Essay Abstract The purpose of this paper is to explore the idea that American corporations are working with international companies to help boost the economy. The paper focuses on the use of globalization as a primary tool towards accomplishing that goal. The paper also provides the reader with views from both supporters of globalization and opponents as well. The articles used for this paper give very interesting facts as well as views on both sides of the socio-economic table. In U.S Liberal Politics author Deborah White’s article â€Å"Pros and Cons of Free Trade† she discuses globalization in relation to free trade agreements and provides both pros and cons as well as a generalized definition of free trade. Meanwhile, Gary Hufbauer provides a more supporting article on Globalization supplied with studies and debates. As for Chris Isidore’s article, it focuses generally on the recessions from past to present and what trends are different and remain the same when it deals with the progression of the economy. Lastly, Wikipedia’s definition of †Globalization† lays out in detail the history, timeline, business applications, and etc. about the economic reference. In like manner, this paper examines the overall analysis of globalization and how it relates to boosting the economy. America Globalization One of the biggest topics today in America’s current events is the U.S. economy and the need for an economical boost. The U.S. declared the latest recession the biggest since the Great Depression. According to Chris Isidore (2010, p.1), â€Å"The Great Recession started in December 2007 and ended June 2009†. However, this information does nothing for the many Americans out of work, over-debt in their mortgage, and uncertain about their financial future. Nevertheless, seemingly, the American corporations have worked hard to try to find ways to help fellow Americans and boost the economy back to its median. One of the ways big corporations think will help is the use of Globalization. According to Wikipedia (2012, p.1) by definition, â€Å"Globalization refers to the increasingly global relationships of culture, people, and economic activity. It is generally used to refer to economic globalization: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import quotas†. Comparatively, the United Nations Economic and Social Commission have also written that globalization is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, and services and labor† In contrast, there are just as many people opposed to this idea as those whom support it. Deborah White writes (p.1), â€Å"One angry complaint is that more than three million U.S. jobs with middle-class wages have been outsourced to foreign countries since 1994.† It seems that the biggest obstacle is convincing the middle class that globalization is in fact, a good idea for the economy. Those same opponents believe that free trade has caused more U.S. jobs losses than gains, especially for higher-wage jobs. They also feel that many free trade agreements are bad deals for the U.S. Nevertheless, American corporations in conjunction with government officials are both working with other international companies to help boost our economy. To begin with, American corporations like the idea of boosting the economy through the use of globalization. Henceforth, with treaties like NAFTA (North American Free Trade Agreement) and organizations like NATO (North Atlantic Treaty Organization) America has been at the forefront of the campaign for the removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labor. Moreover, as White writes (2012, p.2), â€Å"The purpose of free trade agreements is to allow faster and more business between the two countries/areas, which should benefit both.† Statistics show that globalization does help boost the economy. Gary Clyde Hufbauer writes in his article, â€Å"The Peterson Institute calculates that the US economy is approximately $1 trillion richer each year owing to past globalization—the payoff both from technological innovation and from policy liberalization—and could gain another $500 billion annually from futur e liberalization†. These are the numbers that motivate American Corporations. In addition, globalization helps increase sales and profits for U.S. businesses, which ultimately boost the economy. What the middle class does not understand is that globalizations tactics such free trade help create more jobs within the middle class sector for the long term. White also adds (2012, p.2), â€Å"Removal of costly and delaying trade barriers, such as tariffs, quotas and conditions, inherently leads to easier and swifter trade of consumer goods. The result is an increased volume of U.S. sales.† Globalization also helps to develop and strengthen the economy of the poorest countries as well. Some of the biggest benefits of poor countries through tactics like free trade are creating more industrialized nations and increasing the purchase of their natural resources and/or labor services. Condescendingly, there are just as many opponents to globalization and free trade as there are supporters. Many of those that oppose consists of middle class Americans and the congressman they elect. The biggest problem is a fear of the unknown. Middle class Americans don’t want to wait for the â€Å"long-term†. They want to continue to have the same security of employment as they’ve always had, which is understandable. Nevertheless, they also feel free trade agreements cause a loss in higher paying jobs. This is the basis or platform for the argument of the â€Å"War on the Middle Class†. The argument of free trade and globalization, although provides a soaring boost in corporate profits, individual wages stagnate. This leaves no room for the middle-class to advance. As White explains (2012, p.2), While corporate profits soar, individual wages stagnate, held at least partly in check by the brave new fact of offshoring that millions of Americans jobs can be performed at a fraction of the cost in developing nations near and far. All things considered, the determination of whether globalization is good for the economy will continue to be a debatable issue amongst those of different socio-economic groups. Nevertheless, there is no doubt that globalization has its pros and cons. The ultimate goal and mindset of American Corporations behind implementing globalization is to work with international companies in an effort to boost the economy. Famous investor Warren Buffet once said, â€Å"Someone’s sitting in the shade today because someone planted a tree a long time ago.’ Whether that shade tree is globalization, who knows? The ultimate goal is creating jobs and getting the economy back on course. References Deborah White. (2012) US Liberal Politics Pros and Cons of Free Trade Agreement. Retrieved from http://usliberals.about.com/od/theeconomyjobs/i/FreeTradeAgmts.htm Chris Isidore. (September 2010) Economy Recession officially ended in June 2009. Retrieved from http://money.cnn.com/2010/09/20/news/economy/recession_over/index.htm Gary Hufbauer. (May 2008) Answering the Critics: Why Large American Gains from Globalization Are Plausible. Retrieved from http://www.iie.com/publications/papers/paper.cfm?ResearchID=929 Wikipedia. (March 2012) Globalization Retrieved from http://en.wikipedia.org/wiki/Globalization

How We Got The King James Version :: essays research papers

â€Å"The King James Version has become so sanctified by time and use that to many people it has come to be regarded as the Bible.† Our English Bible   Ã‚  Ã‚  Ã‚  Ã‚  James I was born in 1566 and died in 1625. He belonged to the House of Stuart along with all the other Kings of Scotland and a few from England. James I became the King of England when Elizabeth I, his cousin, died. This happened in the year 1603. When he took over the English throne, he was also the King of Scotland and ruled under the name of King James IV. He ruled both England and Scotland until he died. Charles I, James’s son, was the successor to both of the thrones. James believed in the divine right of kings, the ability to rule as a king from God, not the people. James had many thing named after him, and Jamestown is probably the most famous other that the King James Version of the Bible. James, formerly know as King James VI of Scotland, is accredited with this version of the translation of the Bible. Around 1603, James came to England for the reason of succeeding Elizabeth in the throne and became King James I. As soon as he arrived in England, the Hampton Court Conference was held for the reason to hear of the problems of the church. This conference failed its purpose, but one of the best translations of the word of God came from it. John Reynolds, president of Corpus Christi College, was the sole motivator for this new translation and he was the one that got King James to start on the translation. His immediately got James attention and he soon started the translations soon after There was one stipulation that James had and it was that there be no notes in the margins of the new book. He found all those notes to be untrue and dangerous to kings.   Ã‚  Ã‚  Ã‚  Ã‚  Within Six months the general plans were drawn up and ready to be carried out. James had had to choose scholars that he thought were trustworthy and ready for the task ahead. His original list consisted of 54 of these scholars. Before it was over with, this list had dwindled down to 47. The reason for the drop in number was because of death and also some of the scholars withdrew from the work. Now that all these men had been chosen, they had to be dived up into teams. How We Got The King James Version :: essays research papers â€Å"The King James Version has become so sanctified by time and use that to many people it has come to be regarded as the Bible.† Our English Bible   Ã‚  Ã‚  Ã‚  Ã‚  James I was born in 1566 and died in 1625. He belonged to the House of Stuart along with all the other Kings of Scotland and a few from England. James I became the King of England when Elizabeth I, his cousin, died. This happened in the year 1603. When he took over the English throne, he was also the King of Scotland and ruled under the name of King James IV. He ruled both England and Scotland until he died. Charles I, James’s son, was the successor to both of the thrones. James believed in the divine right of kings, the ability to rule as a king from God, not the people. James had many thing named after him, and Jamestown is probably the most famous other that the King James Version of the Bible. James, formerly know as King James VI of Scotland, is accredited with this version of the translation of the Bible. Around 1603, James came to England for the reason of succeeding Elizabeth in the throne and became King James I. As soon as he arrived in England, the Hampton Court Conference was held for the reason to hear of the problems of the church. This conference failed its purpose, but one of the best translations of the word of God came from it. John Reynolds, president of Corpus Christi College, was the sole motivator for this new translation and he was the one that got King James to start on the translation. His immediately got James attention and he soon started the translations soon after There was one stipulation that James had and it was that there be no notes in the margins of the new book. He found all those notes to be untrue and dangerous to kings.   Ã‚  Ã‚  Ã‚  Ã‚  Within Six months the general plans were drawn up and ready to be carried out. James had had to choose scholars that he thought were trustworthy and ready for the task ahead. His original list consisted of 54 of these scholars. Before it was over with, this list had dwindled down to 47. The reason for the drop in number was because of death and also some of the scholars withdrew from the work. Now that all these men had been chosen, they had to be dived up into teams.

Personal Income Expense Statement and Budget Essay

2.1Personal income statementAnnual wages$75,000 Monthly Gross pay $6250 Federal Withholding $265 Social Security $238 Medicare $56 California State $149 Net Monthly pays$5,5422.2My estimated monthly budgetMy family comprises of three family members expenses, which is me, my wife, and our one year old son. We live in an apartment in California. Estimated monthly Expense Amount ($) Rent 950 Childcare 0 Food 500 Taxes 311 Gas 200 Electricity bill 90 Internet services & Phone services 50 Grocery 400 My school tuition 2250 clothing 30 Transportation, Car maintenance & Insurance 300 Emergency Fund contribution 70 Masters degree savings account contribution 100 Entertainment, Gym membership 100 Roth IRA 100 Miscellaneous 80 Total expenses 5,531 Net income gain 11 Detailed above are my income statement and my estimated monthly budget. As much as my budget is small, I always aim to maintain it at the manageable level to avoid drowning in debts and even making some savings according to my short term and long term goals. My annual salary is $75,000 which translates to monthly gross pay of $6250. There are other charges levied such as federal withdrawing, social security, Medicare and California state levies bringing my net pay to $5,542. According to Randal (2007), housing is the most expensive item in California State. With an annual salary of $75,000 before tax, considering purchasing a home is a bad idea. As much as buying a house is one of my long term goals, I plan budgeting and planning for it after getting a well paying job or after establishing my business and making it successful to cater for purchasing a home. Therefore, with my net monthly salary of $5542, I opted for $950 rent for my apartment for my family. This is the average rental prices in my neighborhood since it is safe and it is not also expensive. California State is a region that is hard getting around without a car and therefore transportation forms part of monthly budget. My 2007 Toyota corolla car is reliable and uses fuel efficiently estimated at $164 per month, even with the soaring gas prices. My car uses 1 gallon per 29 miles and I drive to work and school daily at an estimated distance of 20 miles each way, translating to 40 miles daily, and five times per week. With additional driving on weekend when going out for entertainment or even vacation, the estimated monthly driving is calculated below: 40 miles dailyÃâ€" 30 days per month= 1200 miles 1200 miles per month/29 miles per gallon=42 gallons of gas per month Cost per gallon $3.961 Ãâ€" 42= $164 I have a good driving record, combined with my car’s liability insurance costs of $30 per month and car maintenance, my monthly transport cost is estimated to be $300 With a family of three, food is major item in my budget. With $500 I am able to feed my family well because here in California, we have several regional markets competeing with the common super markets. Averagely in the regional markets, the goods prices are about 40%-60% cheaper compared to the chain markets and they carry many items needed in the house like snacks, cleaning supplies, tools and tooth pastes among others. I installed â€Å"naked DSL† for only DSL and this provides me with full internet connection services at $40 per month. Furthermore, I went for pre paid phone services from T-mobile at $10 per month. This brings my monthly expense for internet connection and phone service per month to be $50. Californian weather is always good all year round and generally electricity is low, estimated to be $90 from my past average electricity bill of five months. My apartments pay for water and trash services. Similarly, I do not consume much gas and therefore a budget of $200 is enough per month. Moreover, I do my monthly cloth shopping at Old Navy and sometimes at Ross since they provide discounts and their cloths are of quality. As part of my short term goals to live healthy lifestyle, I have enrolled in a nearby gymnasium for my workouts three times per week. Moreover, as part of my entertainment I go out for few movies, go for some camping trips and eat out occasionally. Moreover, I make good use of free places like the beaches for my entertainment and therefore, an estimated budget of $100 is enough. Planning for my retirement and having protection in future is also part of my long term goals. Similarly, setting aside emergency funds in a savings account to help in resolving emergency situations swiftly was part of plan. My estimated monthly budget has catered for savings in form of Roth IRA is $150 and emergency finds contribution is $70. Moreover, I also save for my Master’s degree education that I plan to pursue after my undergraduate studies wit $100 per month. Lastly, Childcare is free in California State and is sponsored by the state government and therefore is nil in budgets. I also pay my tuition fees of $2,250 per month for my studies. Lastly, I do budget for $80 for miscellaneous expenses in addition to taxes of $311 2b. Managing LiquidityPlan to manage financesCash management according to AAT (2013) refers to concentration, collection and disbursement. My plan to manage my cash balances in a manner that satisfies my budget, maximizes cash availability and avoid risks of debts 2b.1Types of accountsIn management of finances, I will use ING Direct since they will be providing me with online pay services, savings services and checking services. Furthermore, the will allow me to create sub- accounts so that I can make savings for specific goals. 2b. 2Tools and process in maintenance of budget each monthBecause they offer many services and tool, I will use ING Direct as my primary tool for budgeting. I will be setting aside some money in specific pools of sub accounts, transfer the money back and forth automatically, and set up automatic payment of bills. These tools provided by the ING Direct bank will allow me to manage my finances effectively. The process in which ii will use in maintenance of my budget is a step by step process as outlined below: I will first of all get an account with the ING Direct because it has online checking and access to savings in addition to pay bill. The second step will be to set up an automatic bill payment for my bills per month. This means that for every regular bill per month that I have, I will set up an automatic payment of bill for that particular bill so that I do not have to worry about paying it when it is due. This will be done by creating the specifying the date and amount to pay it, and payment will be made automatically on that regular date I will also create a sub- account for each saving goal and irregular bill. This one will be for the other bills that usually come after several months has passed and sometimes crunch the budget such as my car insurance and gas bill. Similarly, I will set up sub accounts for specific saving goals such as my emergency funds, my Masters’ degree education and long vacation to France after my graduation. For these I will create sub accounts to set aside some money so that when their bills come however big or small they are, I am ready. These sub accounts I will give them names to identify them as my distinct funds such as â€Å"emergency funds,† â€Å"Masters Degree funds,† â€Å"car insurance,† â€Å"Gas bill,† and â€Å"France Vacation.†From there, I will set up an automatic money transfer into these sub accounts My next step will be to pay the bills as they come. This will be done after setting everything well and only remains with the responsibility of paying the bills as they come in. I will be paying my bills by 5th every month. I will ensure that I am on top of the incoming bills so that I do not get fined for late payments. Since I will have set most of bill payments to be handled through automatic transfer, I will not have many things to deal with; therefore few bills every month will get my attention. The fifth and the last step that I will do is that I will apply for debit card from Electric Orange checking services of ING that also functions as a master card to centralize completely all my spending. The debit card will be useful for regular purchases of household things like groceries. All these tolls and process will create a centralized view of my day-to-day expenditure and also form the core of my budget. 2b. 3Analysis of the current monthly budgetAnalysis of my current monthly budget was done under personal income expenses and budget. From the analysis, my monthly gross pay is $6,250 and net monthly pay is $5,542. Moreover, my estimated total monthly expenditure is about $5,531 with a net gain of $11. 2b. 4How and why my cash flows impacts the overall goalsMy short term goals include Building emergency funds, get a job after my bachelors degree, to study masters after my graduation, go for a two week vacation in France, build my personal development goals, and fitness goals. On the other hand, my long term goals include having my own business, buying a luxury car for my family, buy a house, pay college education for my children, and save money for my retirement. My cash flows impacts my short term and long term goals significantly and in different ways. My estimated monthly budget caters and also considers my short term and long term goals hence impacting them positively. For instance, my estimated monthly budget has set aside $70 per month for emergency funds, $100 per month for my Masters’ degree, $100 per month for my entertainment and gym membership to satisfy the lifestyle short term goals. Lastly, retirement funds also have a share in my estimated monthly budget at $100 under Roth IRA. The contribution towards achievement or realization of the goals is underway through financial support. This is evident from my estimated monthly budget. Probably after completion of master’s degree, the kitty can be changed to â€Å"children college fees† to start saving the future college fees for my children 2c. Credit ManagementDevelop a budgetAccording to Bullivant (2010), a person who is in financial debt need to first conduct a realistic assessment of the amount of money they take in and their expenditure amount. I use different ways in management and usage of credit. First of all, when I have a debt, I list all my fixed expenses. These are expenses that are the same each and every month such as the insurance premiums, car payments, my tuition fees and rent. Next, I do list the varying expenses like the clothing, entertainment and groceries. Listing down of all my expenses including te insignificant ones is very essential in tracking down my spending patterns, prioritize the rest and in identification of the necessary expenses. The main goal of my first step in credit management of listing of expenses is to ensure that the basics are fully settled such as my education, insurance, food and housing Contacting the creditorsWhen I have a problem of paying the debts as agreed, I immediately contact the creditor and explain to them why it is difficult for me paying the debt on time. I then try to adjust and modify my payment plans to levels that are manageable Secured creditsIf I have secured loans such as car loan and I am unable to pay it on time, I will sell the security (the car) and settle the debt rather than waiting for the creditor to reposes the car and sell it at an added cost. Similarly, if it is a mortgage, I will contact my lender to avoid foreclose 2c. 2Development of debt reduction processes after graduationCredit counseling I will go for credit counseling in any reputable organization or financial institution for advice on management of debts and money, assist in budget development, and for free educational workshops and materials. These counselors who are trained and certified in budgeting, debt and money management, and consumer credit will discuss with me my financial situation, and to help me in develop a personalized plan for solving my money problems 2c. 3Appropriate uses of credit and debit cardsCredit cardsOnline shopping-when shopping online credit card is the safest option because the insurers of the credit cards watch for fraudulent charges. It can be reversed quickly if its detected by the holder while debit cards are not protected in some instances like cash payments When making large electronic purchases- they are convenient is large electronic purchases in addition to offering warranty protection When on a vacation or travelling-it is suitable when away from home and it also adds anti-fraud protection. Moreover, by using credit cards during travels one can get perks such as cash back on purchases, frequent flyer miles, and discounts on the rental cars. Lastly, they are convenient for travel companies, airlines and hotels II.Debit cardsFor immediate payments since transactions are simultaneous and is the fastest When finances on the budget are automated-this is suitable for luxury and personal purchases and the card holder can use it as much as they want so long as they are within the budget. The card cannot work no more and this is advantageous since overdraft fees will not be incurred If recovering from poor habits of financial management or watching the finances. This is because credit cards are bad for some people in money management or living within their means. For best foreign currency exchange rate-it offers the current wholesale exchange rate especially when a person travels to a foreign country. 2c. 4Credit scoreA credit score according to Weston (2012) is a numeric representation of a person’s credit history and ranges between 300 and 850. The factors that impacts credit score include: Payment history- late credit card payments of skipping damages credit score while payment of credit card balances and bills on time and in full results to higher score Outstanding debt- it is good to use 25% and below of the available credit. Moreover, the more credit cards a person has that have been maxed out, the lower the credit score (Rich, 2013). The length of time for building credit- a person with a longer history of credit has a higher credit rating The credit report number of inquiries- more credit report inquiries will show up from the number of times a person applies for loans or credit cards. A higher credit report inquiry is an indication that the person is struggling with debt even if they never got a loan or used the cards (Rich, 2013). How I check my your scoreI usually check my score from AnnualCreditReport.com once per year for free. The website asks series of questions ranging from personal information, state, questions related to my finances I also use Fair Isaac Corporation (FICO) website at MyFico.com Lastly, I also sometimes purchase my credit report from the credit Bureaus directly in USA which are Experian, Equifax and TransUnion. Importance of having good credit scoreGood credit score makes it possible for banks to issue debit or credit cards, stores to accept checks and companies to manage their operations (Servigny & Renault, 2004). 2d. Tax ManagementThe applicable taxes to me as a married person with one child filling a joint tax forms are listed below Federal tax. 25% State tax. 7.5% Income tax 6% Social security tax. 6.2% Medicare tax. 1.45% Taxes in California State and United States vary and are categorized into different brackets. The tax brackets include age, single, head of household, married and pay tax separately or married and pay tax jointly. With my annual salary of $75,000, married with one child and paying tax jointly with my wife, I pay federal tax of 25% and income tax of 6%. However, the state tax, social security tax and Medicare tax are fixed in California state and cut across every citizen of all ages, whether married or not. The taxes from my income take a large percentage from budget annually and this also hampers my investments progress and my economic plans. My budget has incorporated some of my long-term and short term goals and I am forced to contribute minimal amounts because of the obligated taxes according to the law. 2d. 2Incorporating tax strategy into budget and financial goalsBuying and holding- a person is liable to pay tax on managed funds or shares held for one year or less at the regular rate of income tax. However, holding the assets for more than 12 months receives a discount on the capital gain of up to 50% Using tax efficient funds- making investment on funds like index funds which has low turnover ca reduce the liability of capital gains, and improves a person’s after tax returns Investing in retirement plans- a person can make contributions from their pre-tax salary so that the money is taxed at a very low concessional rate instead of marginal tax rate (Broomberg, 2013). ReferencesAssociation of Accounting Technicians. (2013). Cash management. London: BPP Learning Media Ltd. Broomberg, E. B. (2013). Tax strategy. Durban: Butterworths. Bullivant, G. (2010). Credit management. Farnham, Surrey, England: Gower. Randal O’Toole (2007). Why California Home Prices are So High. [ONLINE] Available at: http://www.cato.org/publications/commentary/why-california-home-prices-are-so-high. [Last Accessed 21th October 2014]. Rich, J. (2013). Improve and increase your credit score: Credit management strategies that will save you thousands. New York: Entrepreneur Press. Servigny, A. ., & Renault, O. (2004). Measuring and managing credit risk. New York: McGraw-Hill. Weston, L. P. (2012). Your credit score: How to improve the 3-digit number that shapes your financial future. Upper Saddle River, N.J: FT Press. Source document

Different Kinds Of Punishments And The Corrections System...

In Chapter 10 â€Å"Corrections†, it went over the history, different kinds of punishments, how it affected the inmates, and how the corrections system is now and how different it has changed since the first penitentiary. Being in prison has always been an act of punishment and gives time to the inmate to reflect their actions. Prison isn’t a place to relax and enjoy oneself, an inmate needs to do work or will suffer the consequences. We will look more into the different kinds of systems and how we got to where our system is at today. When it’s looked over at a glance it’s seen that hard punishment was one of the most dominant ways to handle an inmate. When penitentiaries were first looked at it was during the Enlightenment era. During this time, philosophers and reformers were rethinking of the way inmates were punished and that the methods of punishment would actually affect the inmate. Before this time, the European style of punishment was the dominant method used. They primarily used physical punishment like beating, branding, flogging, and any other way to torture an inmate. After viewing how this is the wrong way to deal with inmates the Penitentiary Act of 1779 was passed by Parliament. â€Å"This act was based on four principles: 1.) Secure and sanitary building, 2.) Inspection to make sure inmates were following rules, 3.) Terminating cost of food for offenders, and 4.) Reformatory regime† (Cole Smith, p. 295). This act leads to the reform in the United States. There wereShow MoreRel atedHistory And History Of Corrections1069 Words   |  5 PagesHistory of Corrections Sarah Barnett Criminal Justice 1101 Mrs. Childs â€Æ' History of Corrections Corrections have been around since almost the beginning of the nomadic time of people. The Huns developed systems of punishment for behavior or resistance throughout Mongolia. Because of the development of agriculture cities started to become more populated and cultures and fears of people taking advantage or causing harm to others became more and more widespread. This led to more formal systems of punishmentRead MoreThe Evolution Of The Correctional System1483 Words   |  6 PagesCorrectional System Nicholas Russo CJC 3010 10/20/2014 Throughout history, there has been many different methods for corrections. Looking back over time, you can see how the correctional system has evolved from the harsh, brutal, inhumane ways of the 16th century, to the rehabilitation methods of today. In the correctional system, there are different types of correctional facilities, various custody levels, and a time where it all started. The United States correctional system is a complicatedRead MoreCorrections and the Criminal Justice System1166 Words   |  5 PagesCorrections describes the punishment of offenders for the crimes they have committed. Corrections does not always mean punishment; in the United States they expect their inmates to read the bible to reflect on their wrongdoings. In the criminal justice system there are three major components: police, courts, and corrections. The police investigate crimes and arrest suspects handing over the evidence and investigative information to the court system. Prosecutors determine whether a crime has beenRead MoreEssay on Restorative Justice: Comparative Studies947 Words   |  4 PagesWhen considering studies in corrections on a global scale it is important to understand how to utilize the most applicable method to gather knowledge. Comparative studies are often used to explore methods for explicating or developing knowledge and attitudes. Comparative resea rch examines cases with the intention to reveal the structure and invariance or unchanging relationship for an entire group or population. In this case, and for the purpose of this paper, the comparative research is suggestedRead MoreOvercrowded Jails and Prisons1821 Words   |  7 Pagesnow rehabilitation has been an issue within the Criminal Justice System. The debate of should these criminals be punished or should they be rehabilitated. What is the reason for our jails and prisons for becoming so full? Is it because we simply like to house criminals to keep them off the streets or do we truly not know how to rehabilitate them back in to society properly? Penitentiaries first used rehabilitation as a form of punishment with in their facilities, the inmates were required to read theRead MoreRehabilitation Paper1578 Words   |  7 Pagesmany processes have been created to form the rehabilitation process of criminal justice. This process has reached out to many offenders and their families by allowing them to return to the community as changed individuals. Rehabilitation has many different process, but most, if not all have been proven successful in returning offenders to the community as changed individuals. Rehabilitation is defined as a return to a previous form. In criminal justice, rehabilitation is referred as a designed attemptRead MoreDeath Row Should Be Abolished1472 Words   |  6 PagesDepartment of Corrections, 2016.) Death row should be abolished, not only does it give inmates the impression that an eye for an eye is okay, but it puts innocent people lives at risk. Death row costs taxpayers millions of dollars, and it is a violation of the eight amendments. First of all, the death penalty puts innocent lives at risk. When people go up for the death penalty a lot of factors can determine if a person will receive death row or not. Race plays a major role in these kind of decisionsRead MoreSociety and The Criminal Justice System Essay1360 Words   |  6 Pagessocieties, the government and criminal justice systems very much related to ethics because they both establish and carry out definite rights and duties. They also attempt to prevent and/or hold anyone accountable that deviates from these standards. (Wright 2012) I. Thesis: While all of humanity should practice principles of equality, solidity, and human rights, it is extremely imperative that the corrections professionals and the criminal justice system come together at large to build a more justRead MoreThe Destructive And Wrongful Use Of Solitary Confinement1675 Words   |  7 PagesENG 4U1 September 30th, 2015 The Destructive and Wrongful Use of Solitary Confinement Very few prison systems and prison facilities use the term â€Å"solitary confinement:, instead referring to prison â€Å"segregation† or placement in â€Å"restrictive housing† (Solitary Watch, FAQ). Solitary confinement is the total isolation of inmates who are feared for being a â€Å"danger† to â€Å"society,† — the prison system itself - for 23 hours a day from days to even decades. Solitary confinement was established in the 1800’sRead MoreUnit 9 Final Paper for Criminal Justice1165 Words   |  5 PagesRachel Miller 2013-08-06 Criminal Justice- CJ 101 Professor Kim Miller Unit 9 Final Essay Our United States Corrections System has two specific ways into having people pay for their crimes. One way is punishment. People of the victims or even the victims believe this is the best way to get their justice. The second is rehabilitation. This way is good to give an offender a second chance in society and it gives them self- being. This also gives them the opportunity to accomplish academic

An Analysis of The Arbitrage Pricing Theory - Free Essay Example

Sample details Pages: 11 Words: 3291 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The Arbitrage Pricing Theory (APT) was developed primarily by Ross (1976a, 1976b). Indeed, it is a one-period model in which every investor believes that the stochastic properties of returns of capital assets are consistent with a factor structure. The basis of arbitrage pricing theory is the idea that the price of a security is driven by a number of factors. Don’t waste time! Our writers will create an original "An Analysis of The Arbitrage Pricing Theory" essay for you Create order These can be divided into two groups: macro factors, and company specific factors. The name of the theory comes from the fact that this division. Each F is a separate factor and each ? is a measure of the relationship between the security price and that factor. The APT: Assumptions The APT relies on the following assumptions: Returns are generated according to a linear factor model The number of assets is close to infinite Investors have homogenous expectations Capital markets are perfect (i.e. perfect competition, no transactions costs The APT: Factors Even if, the arbitrage pricing theory does not explicitly state the relevant macro economic factors, they can be empirically constructed. As a matter of fact, it has been observed that the following factors tend to influence the price of the security under consideration: Change in industrial production or GDP. Unanticipated inflation or deflation. Shifts in the Yield Curve Investor confidence measured by surprises in default risk premiums for bonds Changes in oil prices (proxy for price level) The Capital Asset Pricing Model In finance literature, the  capital asset pricing model (CAPM) is used to determine a theoretically appropriate required rate of return of an asset, if that asset is to be added to an already well-diversified portfolio, given that assets non-diversifiable risk. The model takes into account the assets sensitivity to non-diversifiable risk (also known as systematic risk or market risk), often represented by the quantity beta (?) in the financial industry, as well as the expected return of the market and the expected return of a theoretical risk-free asset. The CAPM, is a model, for pricing an individual security or a portfolio. For the individual securities on the other hand the security market line (SML), The general idea behind CAPM is that investors need to be compensated in two ways: time value of money and risk Based on the Markowitzs mean-variance model, the  CAPM  inherits all the shortcomings of the latter in addition to its own assumptions such as: 1. Inves tors are rational and risk averse. They pursue the only interest of maximizing the expected utility of their end of period wealth. Implication: The model includes the single time horizon for all investors. 2. The markets are perfect, thus taxes, inflation, transaction costs, and short selling restrictions are not taken into account. 3. Investors can borrow and lend unlimited amounts at the risk-free rate 4. All assets are infinitely divisible and perfectly liquid. 5. Investors have homogenous expectations about asset returns. In other words, all investors agree about mean and variance as the only system of market assessment, thus everyone perceives identical opportunity. The information is costless, and all investors receive the same information simultaneously. 6. Asset returns conform to the normal distribution. 7. The markets are in equilibrium, and no individual can affect the price of a security. 8. The total number of assets on the market and their quantiti es are fixed within the defined time frame. The Implications The investors will choose to hold a portfolio of risky assets in proportions of the market portfolio. Market portfolio will be on the efficient frontier and will be the tangency portfolio to the optimal capital line. Hence, the capital market line will be the line from the risk free rate through the market portfolio, M, which is also the best attainable capital allocation line. The risk premium on the market portfolio will be proportional to its risk and the degree of risk aversion of the investor. The risk premium on individual assets will be proportional to the risk premium on the market portfolio, M, and the beta coefficient of the security relative to its market portfolio. The CAPM formula: Ri = Rf + ?i (rm-rf) Whereby Ri is the expected return by CAPM, rf is the risk free rate, rm is the market return and ?i is the risk factor. The security market line Expected return sml Rm Rf beta The SML essentially graphs the results from the capital asset pricing model (CAPM) formula. The x-axis represents the risk (beta), and the y-axis represents the expected return. The market risk premium is determined from the slope of the SML. The security market line is a useful tool in determining whether an asset being considered for a portfolio offers a reasonable expected return for risk. Individual securities are plotted on the SML graph. If the securitys risk versus expected return is plotted above the SML, it is undervalued  because the investor can expect a greater return for the inherent risk. A security plotted below the SML  is overvalued  because the investor would be accepting less return for the amount of risk assumed. Capital asset pricing model has the following limitations: It is based on unrealistic assumptions. It is difficult to test the validity of Capital asset pricing model. Betas do not remain s table over time. Empirical Literature Review Empirical tests of APT and CAPM Empirical tests of the APT have been questionable because no two researchers could agree on the value of the coefficients of any of the exogenous variables (Chen 1983, Chen, Roll and Ross 1983, Roll and Ross 1980, Kryzanowski et al 1994). Kryzanowski et al (1994) showed that the explanatory variables are correlated. Hard work to generate orthogonal factors results in one principal factor and APT models that retain multiple explanatory variables are unstable. A closer look at Chen (1983) reveals these aspects of APT research. Chen, a great fan of the APT, reports that he was unable to find any evidence that the APT is not valid. In each case, his null hypothesis was that the APT is valid; and in each case, he was unable to reject this hypothesis. N.Soufian (2001) examined the validity of the CAPM and APT across time during three sub samples for periods (1980-1989 and 1990-1997). This study demonstrated how risk premium, term structure, changes in industrial production affect a verage returns. The assumption of a constant beta is the major difficulty in the empirical support of static CAPM and its factor models when applied across time. It is however clear that the APT is much better behaved than the CAPM. In J Shankens study (1982), the CAPM model, was not found to be testable in a strict sense. Much of this acceptance can be attributed to the persuasive analysis of Roll, who argues that the CAPM, is not testable unless the market portfolio of all assets is used in the studies. The APT of Ross, is viewed as a testable substitute to the CAPM. OTHER EMPIRICAL STUDIES Indeed, over past years the link between macroeconomic variables and stock market returns has been well documented in the finance literature. Several studies depicted that macroeconomic variables influence stock market to a great extent. Numerous interesting results have also been found, but both the academics and the practitioners have not arrived at a consensus on the direction of the causality among these variables, which have at times led to ambiguity in the studies. The vector autoregressive VAR, by Sims (1980), was used to find short run causality between macro economic variables and stock prices. As a result, it was found that macro economic variables do affect stock returns greatly. Darrat and Mukherjee (1987) used a vector autoregressive model on the Indian data over 1948-1984 and showed that a causal relationship do exist between stock returns and macro economic variables. Granger (1986) and Engle and Granger (1987) concluded that the soundness of long term equil ibria between variables can be studied using cointegration methods. In fact, they have been applied to the long run relationship between stock prices and macroeconomic variables in numerous studies. The Johansen (1988), method of testing for the existing of cointegration relationships has become the standard in the econometrics literature. His multivariate cointegration test favored long run equilibrium relationship between financial and real sector. The following papers Fama and French (1989), Schwert (1990) and MacDonald (1997), a significant relationship was gained between stock market returns and changes in macroeconomic variables like the inflation, risk premium, yield curve, interest rates and industrial production. Brown and Otuski (1990) found that crude oil prices, exchange rate, call money rate, residual market error, production index and money supply affect the Japanese stock market and is linked with risk premia. Hamao and Campbell (1992) concluded a smaller positive coefficients for the dividend price ratio and the long short interest rate spread on stock markets returns in Japan relative to the US in a studying a sample casing monthly data from 1971 to 1990. Mukherjee and Naka (1995) test the dynamic relationship between six macroeconomic variables and the Japanese Stock market by using a vector error correction model of seven equations. They found that a long term equilibrium link between the Japanese stock market and macroeconomic variables like the exchange rate, money supply, inflation, industrial production, long term government bond rate and call money rate. Kwon, Shin and Bacon (1997), assessed the stock market behavior and various multiple macroeconomic variables namely, production index, inflation, expected inflation, risk premium, term structure, dividend yield, trade balance, foreign exchange rate, oil price and money supply. They were time series data regressed on monthly returns of the value weighted Korean composit e stock price index. As a consequence, they concluded that Korean stock market was more sensitive to real economic and international trading activities, like the trade balance, exchange rate, money supply and production index than that of US and Japanese stock indices. Nasseh and Strauss (2000), found a significant link between stock prices and domestic and foreign activity in France, Germany, Italy Netherlands Switzerland and UK. Positive coefficients for industrial production, consumer price index, short term interest rates and business surveys of manufacturing. However, negative coefficients were obtained for long term interest rates. Furthermore, the European stock market was found to be integrated with that of Germany. Rapach (2001) analyzed the impacts of supply shock factors on real U.S stock prices in a structural VAR model and found that real stock returns were negatively correlated with inflation. Maysami, Howe and Hamzah (2004), investigated the link between ma croeconomic variables and the stock market returns in the Singapore stock market. The macroeconomic variables are interest rates, inflation, exchange rates, industrial production and money supply. Singaporean stock market index All-S equities property index proved to share significant relationship with all variables. However, the All-S equities finance index and All-S equities hotel index form significant relationship with only selected variables. Basher and Sadorsky (2006) scrutinized the effect of oil price changes on the stock market returns of 21 emerging economies. Evidence found were positive and significant at 10% level to stock market returns for most if not all countries. A.Humpe and P.Macmillan (2007), made an attempt to examine the long term stock market movements caused by macroeconomic variables. They in fact, made a comparison between the US and Japan. For the US and the Japan macroeconomic variables were, industrial production, consumer price index, money supply , rate of interest which were taken into consideration. Monthly data over the last 40 years were used. As a result, in US, variables like the industrial production positively affect stock prices while negatively affected by inflation and rate of interest. Money supply had an insignificant influence over stock prices. In Japan, two cointegrating vectors were found. Stock prices were positively affected by industrial production and negatively to money supply. The second cointegrating vector depicts that industrial production is negatively related to interest rate and consumer price index. A.Anokye and T. George (2008) examine the influence of a number of macroeconomic variables on stock prices in Ghana. Variables are inflation, interest rate, exchange rate, oil prices, inward FDI. Ghana stock market formed significant relationship with the macroeconomic variables selected. In fact, the presence, of a cointegrating relationship between the variables and stock prices is a signal t hat stock market efficiency is in doubt. In the short run, establishing lead and lag through error correction model shows that investors can cause past values to reap abnormal profits. Kandir (2008) in his investigation, examined the Turkish stock market and how do the growth rate of industrial production index, change in consumer price index, growth rate of narrowly defined money supply, change in exchange rate, interest rate, growth rate of international crude oil price affect the return on the MSCI World Equity Index. A macroeconomic factor model is employed for the period that spans from July 1997 to June 2005. N. Sohail and Z.Hussain (2009) explored the relationship between Lahore stock market and macroeconomic variables. Monthly time series were used and variables were, consumer price index, real effective exchange rate, 3-month treasury bill, industrial production and M2(money supply). Data from 2002-2008 were taken into consideration. As a matter of fact, two long r un relationships were found. In the long run, inflation negatively affected stock prices whilst, industrial production, exchange rate and money supply positively affected them. On the other hand, treasury bills had an insignificant effect on stock prices. The results of the Variance Decomposition showed that inflation explained the maximum variance. K.Jiranyakul (2009) used a set of four macroeconomic variables, namely; the real GDP, money supply, nominal effective exchange rate and Thai stock market index. A positive relationship was found between them using data from (1993-2007). The Engle granger test does not show cointegration, however the Johansen cointegration test exhibits cointegration. There are two cointegrating equations; industrial production had a positive relationship on stock prices whilst inflation had a negative one. Nominal exchange rate adversely affected stock prices. The fundamental crisis imposes no impact on long run relationship. Moreover, there exi st bidirectional causality between stock market and economic growth. MW Mahmod and NM Dinniah (2009) carried out a study of how macroeconomic variables, inflation, output and exchange rate of six Asian Pacific regions affect stock prices. Monthly data for Malaysia, Thailand, Korea and Japan and quarterly data for Hong Kong and Australia were used. According to the Granger test and Johansen and Juselius maximum likehood procedure, there is sufficient evidence showing that there is long run relationship between the selected variables in all three countries. Furthermore, the error correction model depicts a short run link only between foreign exchange rate with stock price of Hong Kong and real output and stock price of Thailand. E. Cagli, U Halac and D.Taskin (2010), studied the relationship of the Turkish stock prices with macroeconomic variables, like the exchange rate, GDP, industrial production, inflation, money supply, interest rates and oil prices and monthly data fr om Jan 1998-Dec 2008 were used. The cointegration test suggests that GDP, oil price, industrial production are cointegrated. Inflation is not cointegrated. According to the unit root test with structural breaks exchange rate, rate of interest are dropped out for the reason they are found to be integrated of order (0) they are hence stationary. D.Plinkus (2010) carried an analysis of how macroeconomic variables affect stock market of main Baltic. Monthly data from Jan 2000 Dec 2008 were used. Indeed, results obtained present granger causality between selected variables and the stock market indices. Nearly all the variables, Gross Domestic Product, unemployment, foreign direct investment, state debt, money supply, export, import, trade balance, shorter interest rates and harmonized consumer price index were found to be causing movements in stock returns. Moreover, the relation between macroeconomic variables and stock returns in Baltic were found to be more reliable in the long ru n. J.Garcia and M.Juarez (2010) investigated the influence of Chinese and American macroeconomic variables in the stock market indices of Brazil, Chile and Mexico. Monthly data for industrial production and interest rates for the period of Jan 200 Dec 2009 were used. As a result, a cointegrating relationship between the USA with the Brazil, Mexico and Chile were obtained whereas at least two cointegrating relationship between China Mexico and Brazil were gained and one with Chile. Implying that Chinese, macroeconomic variables appear to be more cointegrated with Latin American stock. The granger causality tests show that US macroeconomic variables granger cause stock market performance in Mexico and Chile. As a matter of fact, Mexico is found to be the only country which exhibits causality between China and USA. How do the selected macroeconomic factors affect stock returns? Gross Domestic Product (GDP) The relationship between economic activity (proxy by GDP) and stock market has been an issue of great interest to many researchers. Mostly, studies have been carried out to find out whether stock prices are influenced by economic changes or determined by speculative bubbles. In the light of mixed empirical evidences, it is found that during recession, stock market returns are low whereas during economic boom and in presence of future expectations about increase in level of economic activity, returns soar. Oskoe (2010) studied stock market performance of Iran with respect to changes in economic growth. As a result a causal relationship between GDP and stock market were found. The Johansen cointegration test showed that stock prices are moved by level of economic activity. Inflation and rate of interest Inflation is defined as a period where there is persistent rise in general price level of goods and services. It affects the stock market in sense that it increases the rates of interest. If the inflation rate is high, the interest rate is also high thus, the creditor will have a tendency to compensate for the rise in interest rates and the debtor has to avail of a loan at a higher rate. This prohibits funds from being invested in stock markets. In addition when the government has enough funds to circulate in the market, the cost of goods, services usually rise. This leads, to the decrease in the purchasing power of individuals and in the value of money. Concisely, for the economy to flourish, inflation and stock market ought to be more conforming and predictable. Feldstein (1980a) stated that inflation decreases share prices because of the link between inflation and the tax system. Money supply Intuitively an increase in the rate of growth of money supply strengthens the rate of increase in stock prices. Conversely, a fall in the rate of growth of money supply should slow down the growth momentum of stock prices. Oil prices Indeed oil prices are very volatile by nature and any fluctuation in such prices affect the economy as a whole. In most if not all economies, all industries, they rely on fuel to run properly. In their study, N.Mujahid, R.Ahmed and K.Mustafa (2006) used data from March 1998 to Dec 2005 and found that there is actually no relationship between oil prices and stock market of Pakistan. The reason behind this is because due to an increased use of gas and liquidity. In fact stock a positive relationship between gas prices and stock market was found. Exchange rates A depreciating currency may depress stock market and hence stock returns. This happens due to expectations of inflation (Ajayi and Mougoue 1996). In this connection, foreign investors are less willing to hold assets in currency that depreciates as this will erode their return on investment. However an appreciating currency will boost the economy as well as the stock market and finally stock returns. Hence exchange rates do affect stock market returns to high extent. Moreover, M.Rahman (2009), studied how stock prices in three merging countries like the Bangladesh, India and Pakistan, interact with respect to fluctuations in exchange rates. Using data from Jan 03 June 2008, result showed that there is no cointegrating relationship between stock prices and exchange rates. The Granger causality test likewise the Johansen test, depicted no causal relationship between stock prices and exchange rates. Result showed there is no way causal relationship between stock prices and exchange rates in the countries.

We Eat More Chickin - 1481 Words

ould We Eat More Chickin? In a blog post â€Å"The Chick Fellatio Ep I: Stuck In the Craw† by Wayne Self, an activist playwright for Huffington Post, claims that the famous chicken sandwich chain, Chick-Fil-A, criminality against the LGBT by handing out millions of dollars to support anti LGBT organizations. Self’s bibliography and the picture of him smiling happily create a strong common ground, also show the readers he is credible for all the work he has done and achievements for the Huffington Post. Moreover, creating a strong common ground with the audience by talking to readers directly, Self effectively brings the readers to his side of the argument, which is to support the LGBT rights. Self provides facts and statistics about how Chick-Fil-A using their profit to against LGBT rights, and proving that Chick-Fil-A is the root of the inequality in LGBT rights. Strengthening the claim of how Chick-Fil-A has supported the anti LGBT organization, Self also articulately uses the emotional attack to find empathy and connections with audiences who view that LGBT rights are equal to basic human rights through his bullying metaphor and the angry passion. In order to make readers believe in him, Self needs a credibility or trust worthy writing experience background, and Self successfully uses his bibliography to prove that he is credible. The bibliography is in bold and a colored box. The reason behind is to catch the readers’ eyes to read the bibliography first. As it says on theShow MoreRelatedPoems: City Planners15330 Words   |  62 Pagesof distance - of us and them, whereas Atwood uses the inclusive ‘we’, to suggest that this experience of cities is one that we can all relate to and share. Her attitude - and the narratorial tone of the poem - seems negative. She uses words like ‘offends us’, ‘discouraged’, ‘avoidance’, ‘sickness lingering’, including the semantic field of illness. These seem mostly quiet, and passive, but as the poem progresses, she shifts into a more violent tone, with ‘hysteria’, ‘bruise’, ‘vicious’, ‘capsized’

Essay Work Design Challenges

Question: Write about the Essayfor Work Design Challenges. Answer: Introduction Flexibility and innovativeness are key fundamental factors that most businesses in various industries have underutilized in their daily executions. Organizations need to move away from traditional way of doing things the same way, embrace innovativeness and come up with new ideas that enhance profitability by benefiting both the business and the employees as seen in Justitias flexible work model. Establishing flexibility and innovativeness in the business is fundamental but it is only going to succeed when perfectly supplemented by strategic human resource management (SHRM). Human resource management is an important factor which determines the course and fate of the business performance, and without it the business is directionless(Burma, 2014). In an environment which gives much freedom to the employees as seen in the flexible work model, individual monitoring is essential in ensuring that the job performance is not undermined. Key performance indicators (KPIs) are important in this case for determining the whole organizations performance as well as individual output at the workplace. The use of human resource management will ensure that there is hiring of the appropriate personnel who are willing to fit in to the model at work. Apart from ensuring the hiring of the right employees who would fit perfectly in the organization, human resource management also ensures smooth transition of the workers in to their new environment of operation, monitoring and evaluating the employees performance through performance appraisal among other roles (Burma, 2014) The Strategic Role of Human Resource Management Most businesses are driven by the urge of generating more profit, growing in size and outperforming their close rivals in the same industry. But behind all these motivations, there lies a crucial factor which is strategy. Every business sets its goals to be achieved and lays down a well formulated strategy to achieve those goals. Therefore human resource management department comes in as the major player in any organization in terms of aiding the firm to attain its set goals. According to (Alnaqbi, 2011), businesses should concentrate on developing those HRM strategies and policies that fulfills the roles of recruitment, training of the staff and the employees performance appraisal that is in line with organizations acceptable set of beliefs and cultural practices. Furthermore all these HRM functions should aim at one major goal of maintaining good relationship between the employees and the top management. While most businesses use HRM for achieving external goals, some organizations see it as a perfect tool of employee management within an organization. Other firms use HRM strategically by implementing those HR practices and policies that curbs unwanted employee turnover within an organization (Kacmar, Andrews, Rooy, Steilberg, Cerrone, 2006). Within an organization, HRM serves various purposes. (Sava?, 2006), highlighted the objectives of HRM key among them being determining workforce and their cost in relation to the organizations budget, determining salary norms, employee career development and their effectiveness to the organization. Therefore, it can generally be concluded that organizations sets up HRM departments to deal specifically with their important areas of their interests. The Importance of HRM in Justitias Work Design Justitia as a firm employed business strategy based on flexibility. The firm formed an innovative and flexible work design that suited both the employer and the employee. The business partners behind its formation emphasized on a work design independent from the normal, traditional organizational approaches, which valued part-time working, with a team work approach, and quality service delivery. However, this work model required efficient and effective human resource management to succeed. The Justitia partners understood the implication brought about by allowing employees too much time and freedom. Therefore the setting up of the HRM department was an appropriate step in tackling some of the issues regarding employee-organization work relationship. In regard to this work model, human resource management is an important factor in evaluating the employees performance on an individual level, as well as the whole teamwork using Key Performance Indicators (KPIs). In addition, the HRM would serve as a regulating unit in charge of controlling the workers conduct, set goals and imparting the set organizational cultural practices, and make sure all the rules and regulations are adhered to. Furthermore, Justitias whole firm approach meant that with a collective approach to the set goals, some workers would just joyride within the group without significant returns. To reduce on passenger workers menace, human resource management would ensure full participation at individual level within the group. Transparency, worker-worker cooperation and client satisfaction are one of the major results the firm would gain from a well organized human resource management. It was imperative for Justitia firm to device an effective HRM department to ensure smooth operation within the business towards the set goals. The Challenges of Justitias Flexible Work Model Everything comes with its negative side regardless of the measure. The Justitias flexible model was always going to have its flaws. With the flexible approach, it gave too much freedom to the employees which was a dangerous move. Despite its flexibility, it is important to note that the model was new to the business industry, and the one very few organizations are willing to implement. Secondly, human resource management would only be important in this model if it directly enhance management practices that contribute to competitive advantages by reinforcing right skills, right attitudes and behaviors that result in reduction of the costs and service differentiation (Burma, 2014). Another notable point is that this model is so difficult to implement in a much larger firms where mostly work and roles are specialized. From Justitias case, there is a well coordinated team work and apparently easy management of every individual and their work output, which explains why workers are allowed to work part-time and have some time for their personal interests. In larger businesses, with thousands of workers specialized within different roles, flexibility becomes difficult. Monitoring of the worker progress and individual employees evaluation would also become a difficult task. The difficulty of mobilizing hundreds of workers with different work specification to work on part-time basis toward achieving the same goal makes this work model typically suited for small-scale firms. According to (Taylor Stern, 2009), for the employees to like the organizations culture, they should be well rewarded fairly for their contributions and their efforts recognized. They should also be trained to improve their skills and develop a talented workforce. With the increase in the size of the firm, these roles eventually overwhelm the HRM department. Viability of the Justitias Flexible Work Model It could easily be concluded that most organizations rarely use flexible work models. They encourage innovations within their traditional organizational set ups. But despite all this, the model is still very much applicable in a very busy and complex work environment. The viability of this model also depends with industry of application and also the organizational set up. For instance in the media industry, big media news corporations such as BBC and CNN may have a good organizational set up for work flexibility. In this case employees such news anchors could only work on part-time basis such that, the news anchor only reports at work during the hour of his/her role, such as news bulletin hour. Similarly, academic institutions such as CQUniversity in Australia may have a flexible working model for their lecturers such that, the lecturer will only report and attend his classes and upon completing the session successfully; he/she could leave for other personal interests as long as the teaching work is effectively completed and students have the required academic content. Furthermore some academic institutions have devised plans of hiring teaching professionals on part-time basis to meet the high education demand in the market. It is also noticeable that this flexible model can be applicable in bigger organizations as part of their programe rather than entirely using the whole design. This model is mostly used by bigger and complex organizations to supplement their workforce need, and as a strategic way of achieving organizational goals. The activity of human resource outsourcing (HRO) by bigger organizations is another good example of flexibility in workforce within bigger organizations. It can be perhaps argued that Justitias flexible work model may not be popular in every firm, but it is clearly apparent that itat least plays some part most complex firms. Conclusively, the flexibility in the job market may not be popular all over the world, but wherever it is employed, it works effectively to the advantage of both the employer and the employee. In addition, human resource management (HRM) plays a very fundamental role in facilitating the success of this work design, through monitoring of individual employee performance, and general team performance. References Alnaqbi, W. (2011). The relationship between human resource practices and employee retention in public organisations : an exploratory study conducted in the United Arab Emirates. Edith Cowan University. Burma, Z. A. (2014). Human Resource Management and Its Importance for Todays Organizations . International Journal of Education and Social Science , 85-92. Kacmar, M., Andrews, M., Rooy, D., Steilberg, C., Cerrone, S. (2006). Sure everyone can be replaced but at what cost?: Turnover as a predictor of unitlevel performance. The Academy of Management Journal , 133-144. Sava?, A. (2006). Eleman Seiminde Yetkinlik Bazl? Mlakat Teknikleri . Istanbul: Anka Matbaac?l?k. Taylor, J. C., Stern, G. M. (2009). The Trouble With HR: An Insiders Guide to Finding and Keeping the Best Talent. New York: American Management Association.