Economic Development of Greece Essay Example | Topics and Well Written Essays - 3000 words

Economic Development of Greece - Essay Example Economic development attempts to find the reasons behind the labour differences between countries or it may analyse why certain countries have higher levels of foreign investments compare to others. (Gills, 1996) Government policies normally involve efforts made by the government of the day to improve overall economic indicators. Governments can do this with the aim of reducing high unemployment rates, increasing their tax rates, instituting stable prices within the economy or expanding the tax rates. Governments can achieve this through tax policy adjustments, regulating their financial institutions and changing their fiscal policies for the better. Infrastructural policies on the other hand normally involve the use of programs aimed at making public services and infrastructure better. This is done through building affordable houses, introducing better educational facilities, reducing crime rates, building roads and many others measures./ Lastly, economic development can also be achieved through employment creation. Governments normally need to direct their efforts towards specific industries in any of the following areas; marketing, business expansion, business retention, real estate development, finance, technology transferred among other things. (Todaro, 1997) During the decade 70s, The Greek government em... They started with the introduction of uranium exploitation efforts in the northern part of their country. Their mission was to develop this sector so that they could reduce their inflation rates. Additionally, the Greek government wanted to improve their financial status through this project. By developing their natural resources, the country would curb the need to import some of these minerals and they would also get an outlet for generating more revenue. Greece was endowed with a number of resources. First of all, the country had oil reserves; secondly, it was rich in lignite. But before the seventies, Greece was not taking full advantages of these two mineral resources. The government passed laws that would facilitate greater exploitation of those minerals. These aggressive measures caused decreased balance of payments and inflation rates. This is because the country minimised its dependence on imports and substitute these with its own products. In relation to this, Greece decided that their currency would not be measured against the United States dollar. Proponents of this change claimed that they were trying to make their local currency stronger. On top of this, it was also supposed to include other development partners in the Greek currency. The decision to de-link the US dollar from their currency was made in the year 1975. (Embassy of the United States, 2007) In the next decades (1980s and 90s), the Greek government decided to move towards privatisation. In the early nineties, these efforts paid off, the country recorded a Gross Domestic Product of thirteen and fifteen percent. That period of time saw the transformation of twenty eight companies from public to private institutions. At that time, the government tried to

Water Is Invaluable Essay Example for Free

Water Is Invaluable Essay â€Å"Water is the driving force in nature.† The importance and beauty of water in our body There are many benefits water could offer to our body: It can give us healthy skin Our skin is always hungry for water and we must always provide it in order for it not to be looking dry, dull and no life. Water has proven that it can remove lines on our skin because if you feed your skin with water, it now hydrated and if it is hydrated, the cells will be awakened and will look young and radiant. That is why people who’d rink plenty of water have a radiant and glowing skin. It even made them younger looking. If you also want to correct your complexion, drink plenty of water. It will not change your complexion suddenly but it will make it even that will look even better. Water could also brighten our eyes and can avoid us from looking tired and exhausted. A simple cold compression could decrease eye inflammation brought by fatigue, lack of sleep and eye strain due to work. Make it a habit that every night you must cold compress your eyes in order for you to look fresh and radiant all the time. It can help us achieve a healthy body One reason that a person looks fat and heavy is mainly because of water retention brought by the foods they eat most especially salty and junk foods. Water accumulates in the certain parts of their body and would form a cellulite which is not good to look at. So, if you want to minimize cellulites and extra weight, avoid eating salty instead, drink plenty of water because you may still excrete it. Soaking in a hot bath or having a hot shower could lead to a better and  relaxing sleep as well because it relaxes our nerves and system that will lead to a good night’s sleep. Improves hair Drinking enough water could improve dryness of the hair because it could add to the hair moisture. Due to too much pollution, dust and humidity, we cannot really avoid that we could get a dry and coarse hair. But with the help of water, our hair could still improve its shininess and texture. It could contribute to a better digestion Drinking a lot of water could facilitate a good digestion which will lead to a normal bowel elimination. A normal bowel elimination considered to be healthy because you take out all the toxins and bad bacteria in our body. Now, you have discovered the beauty and importance of water in our lives. Starting now, we should not take for granted water because it could really work wonders for us and could contribute to the total wellness of our body. It could really make a difference in our lives because it works beautifully.

Systematized Integration of Credit Reference Agencies

Systematized Integration of Credit Reference Agencies Table of Contents (Jump to) Abstract Introduction The Problem Case Studies/Examples Nigeria Tanzania Kenya Uganda Solutions/Synthesis Conclusion With unprecedented growth and an increasingly competitive global community on the horizon, Africa’s economic revolution is intimately linked to their fiscal capabilities. It is within this broad spectrum of economic expansion that businesses and individuals are directly linked to their capacity to borrow and reinvest capital into sustainable endeavors. African nationals have endured centuries of political and economic turmoil, finally reaching a precipice from which to launch a reformative program which supports internal growth and global competition. Credit reference agencies play an intricate role in this restructuring, as provision of finance is entirely dependent on their historic records and the collaborative efforts of the loosely knit African banking community. This paper explores examples of internal frailties within the credit system and proposes solutions towards overcoming inadequate resources through systematized integration of credit reference agencies. As the British and French colonists sailed away from Africa’s northern shore, they left behind their legacy, one of tumult and uncertainty. The development of Africa’s political and economic structure in the wake of colonial oppression has been a difficult and war-stricken path, one which remains uncertain and ambiguous today. Ultimately, however, in order to support some of the world’s most populated regions, the foundation for economic security and opportunity must be laid and supported. Recognizing that the incidence of poverty throughout Africa is unacceptable and consistently counterproductive, the inefficiencies within the African conglomerate system demand revision; and through dramatic reform mechanisms, sustainable industry and globally directed participation will ensure that African nationals are given an opportunity to escape their impoverished existence. Yet there remain a wide range of conflicting solutions, many of which are directly related to the very colonial heritage which placed African countries in this predicament to begin with. The future of economic growth for these citizens is directly linked to the available funding which can be proffered for development of business and expansion of industry. Currently, funding methods are limited to informal requisition stemming from the family and friends of entrepreneurs seeking materials and startup capital. As banks hoard their capital in light of the extremely high number of historic defaults which they have endured, the industry must turn to more strategic methods of evaluating the potential recipient and continue to expand their lending operations. There is a pervasive lack of credit reference agencies throughout the African continent which continues to detract from bank confidence levels and the availability of funding for activation of economic growth. Given the competitive nat ure of the global environment, inspiring industrial advances should be at the forefront of governmental strategy as in order to maintain the recent financial successes which have sustained incremental poverty reduction, participation on a global scale is becoming a necessity. In spite of the hesitation and challenges which surrounds the creation of translatable credit reference agencies, the future of the African national depends on the wealth of information which they will come to retain. As enterprise is directly dependent on available investment funds, participants continue to seek methods of revenue generation, and through well-informed credit outlets, the participative nature of expanding economics will enable entrepreneurs and businesses to expand their berth and actively compete on a much more even playing field. As Africa as a whole continues to struggle against rampant economic instability, popular theories recognize a variety of insufficiencies, including lack of available infrastructure, inadequate educational facilities and programs, and limited health care opportunities as main failures within the collaborative regime. There is, however, another piece of the African economic puzzle which has yet to evolve to meet modern competitive expectations, and that is the systematized inclusion of credit reference agencies and their foundation support mechanisms in the development of commerce and private finance. From a historic perspective, the early development of credit initiatives in Sub-Saharan Africa was entirely localized to a protective function of selective credit allocation. It was within this framework that central banks and government controlled credit mechanisms were strictly regulated, leading to substantial economic decline in the ‘80’s and ‘90’s (McDonald and Schumacher, 2007). Ultimately, banking institutions were used as a domestic funding mechanism for government programs and initiatives; however, this reduction of financial resources meant a limited availability of capital for private borrowers and desirous businesses. As developing economies evolve rapidly through a structure of industry generation, perhaps the most important component is found within the definitive walls of small to medium enterprise (SME’s), and their inclusion in growth and capital contribution is essential to stabilize a burgeoning economy (Quintyn, 2008). African economies developed in spite of lackluster credit programs, as government borrowing reformed dramatically to include the much more liquid and readily available foreign capital market in addition to foreign aid. Beraho (2007) cites the colonial legacy as a direct determinant of the modern economic frailties of Sub-Saharan Africa. Ultimately, the influence of colonial overseers was immediately entrenched in the assumed economic structure during periods of instability following the post-colonial independence. The extreme poverty which accompanied post-colonial activity left African nations rich in natural resources but limited in capacity for export and financial generation. In response, domestic debt, a form of government sustenance, has been credited with substantial reduction of available capital for lending purposes. Across Sub-Saharan Africa, the ratio of debt to broad money has held constant at 40%, dramatically reducing available financial resources for financing and supp orting private initiatives (Christensen, 2004). Escaping the confines of such imbalances has been a slow and difficult process; however, as foreign aid programs and the World Bank become increasingly involved, reform is slowly achieved. Mylenko (2008) notes that given the stabilization of the African macroeconomy as well as lower inflation and improved government treasury monitoring and regulation, banks have been increasingly able to turn towards lending opportunities. Africa is represented by the world’s most rapidly growing, yet equitably expiring population, and is limited by inefficiencies in their structural systems as they are characterized as â€Å"the world’s hardest working yet least productive† people (Kolo, 2006, p. 596). It is from this inefficient system that severe poverty has overwhelmed a diverse and frustrated people and continued limitations spawn from inappropriate fiscal programs and activities. There is a sustained movement towards more supportive programs, and much of the fiscal evolution over the past decades in Sub-Saharan Africa has been regulated and guided by intra-national monetary unions. Participants in the WAEMU (West African Economic and Monetary Union) include Benin, Burkina Faso, Cote D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Other monetary unions include the WAMZ (West African Monetary Zone) represented by Gambia, Ghana, Guinea, Nigeria, and Sierra Leone, as well as the CEMAC (Economic and Monetary Union of Central Africa) inclusive of Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon. It is extremely important to recognize these collaborative monetary efforts given the expanding nature of modern credit reference agencies, as bank collaboration intra-monetarily is a direct representation of the expansionary reality which demonstrates potential for additional corroboration. Analysis of performance in dicators over the history of these African Monetary Unions offers substantial implications for other developing nations. Comparatively, the average inflation differential equates to between 8 and 10 percentage points lower in comparison to other low to medium income nations (Gosh et al., 2006). Interestingly, researchers equate the majority of this reduction to monetary discipline, while approximately twenty percent is relative to international confidence levels given the combinative national participation (Gosh et al., 2006). The development of private finance over the past decade has occurred as a direct result of revised fiscal policies throughout the African continent including the combined efforts of multi-national partnerships. There remains, however, a significant piece of the credit market puzzle which has yet to evolve into a supportive and extensively viable practice, and that is the creation and practice of credit reference agencies. The nature of such entities is one from which both consumer and lender confidence is fully integrated into the business cycle and default is directly undermined by the framework of the system itself. Data demonstrates that the issuance of private sector credit in Sub-Saharan Africa declined in a period between 1980 and 2004 from 15.6 percent of GDP to 15.1; comparatively, growth rates in Asia more than doubled, elevating private sector credit levels to over 40 percent of GDP, and in Latin America, incidence grew by over 50 percent, elevating levels to over 20 percen t of GDP (â€Å"Regional Economic Outlook: Sub-Saharan Africa,† 2008). There exists a pitfall of significant registry deficiency which continues to detract from the participative efforts of banks and credit reference agencies. Given the nature of Africa’s structural evolution, emphasis has slowly begun to shift towards national registries which incorporate accurate reference for mortgages and property data so as to accurately integrate collateral data into the developing structure of credit agencies (Sacerdoti, 2005). Ultimately, these registries are essential to establishing a standardized framework of collateral and credit reform. McDonald and Schumacher (2007) have determined that there is a complimentary relationship between credit issuance and the strength of creditor rights, namely the culpability and recoup potential given the incidence of default. As much of African credit heritage is characterized by default, there is little room for modern programs to allow continued systematic failures. The nature of credit reference agencies opportune an evolve structure from which to ensure compliance and stabilize a deviant legacy of poor payment history. The challenges which face Africa begin with its current lack of structural capacity, namely registration, standardized policy and legislation, and the volatile nature of government organizations. To overcome the credit crisis and define an effective program, evolution of African economic structures including opportunities for entrepreneurs and SME’s will be essential parts of the rehabilitiation. One method which has already generated support and shown long term successes is that of microenterprise and microfinance loans. Rhyne and Otero (1994) recognize that in spite of the arbitrary nature of its definition, that microenterprise is generally accepted as a company with less than ten employees and is relegated to the non-agricultural sector of the business community. Additionally, these businesses are oftentimes a source of income which arise where no alternative method for financial gain is available. Given the extreme impoverishment within the African borders, implementing s upportive programs is an essential tactic, one which will offer long term stability and positive reform mechanisms for a needy and desirous population. This paper seeks to identify some of the more prominent systematic failures within specific African infrastructures through specific case studies and devise strategy for evading, manipulating, and evolving such systems to meet financial demand and overcome the credit dilemma. Ultimately, the solutions herein recognize the necessity of credit reference agencies and through the integration of such programs, solutions can be drawn from which to prioritize their sustainability. As integrating credit bureaus and agencies into a frail infrastructure is a long term goal, identifying the key areas of potential failure prior to inception is essential to prudent and productive creation. Ultimately, the findings of this paper determine that given the nature of globalized capitalism, credit reference agencies offer a singular solution from which to pull Africa from the depths of poverty and define its prosperous multinational future. While foreign aid and government reform will assist to waylay many of Africa’s social problems, the only true option for overcoming extreme economic difficulties is through supportive initiatives which redistribute opportunities for wealth among the people who truly need sustainable financial sustenance. In order to ensure that such distribution is appropriately allocated, the historic nature of the credit reference agency will ensure that banks and credit corporations have adequate reference from which to offer the necessary funds for generation of commerce and industry. The following section represents a sample set of a diverse grouping of African participants. Each of these nations has undergone periods of remarkable recovery yet remains limited in this credit reference agency participation. While developmentally exploiting both natural and human resources to overcome the throes of poverty, these nations have yet to fully extract their legacy from the limiting factors which have undermined social and economic efforts for the past decades. Nigeria Nigeria represents a nation of over 144,700 million inhabitants of which over 54 percent currently live in abject poverty (World Bank, 2008). Endeavoring to stabilize their vacillating economy, government leaders have embarked upon a process of economic reform and consolidation over the past decade with decidedly positive results. Much of the evolution of this economy owes its legacy to the rising oil prices and increased exports in this area as demand continues to pay dividend to a resource rich Nigerian population. Unfortunately, there are other limiting constraints which continue to undermine rapid economic evolution on a broad scale, and as the population continues to grow at an annual rate of over 2.4%, there remains significant opportunity for developing internal modes of sustenance and advanced and sustainable industries to push the Nigerian economy forward (World Bank, 2008). Exemplary of the limiting factors now facing the Nigerian people, the lack of a substantial credit system, and importantly, credit reference agency, has historically undermined entrepreneurial efforts and small to medium enterprise, the keys to sustained economic growth. Before the 2005 consolidation period, over 20% of loans made by Nigerian banks were non-performing, as opposed to the remarkable decline of this negative incidence to just over 8.4% in 2007 (Corbett, 2008). It is a direct result of this negative outlook towards loan participants that the Credit Reference Company of Nigeria has been created in past years which utilizes a network of 11 banks to standardize the systematic handling of customer information and credit history. Pre-consolidation Nigerian banks could not fund long term projects due to their short term capital capabilities, in recent years, this process has now evolved to include 10-20 year loans, thereby enabling infrastructural development and social reform (Corbett 2008). As the majority of Nigerian nationals have limited desire to trust their savings to the banking system, much of the evolution over the past years has required significant adjustment in public perspective and a necessary increase in consumer confidence. In Nigeria, private sector credit and banking deposits have doubled since the 2005 banking consolidation and the number of banking branches have increased by over one third (IMF Country Report, 2008). As a testament to the efforts at financial modernization, the expansion of this banking network is a direct indication of a necessitated communication network, one which has the capacity to share consumer information and at the same time, retain the privacy of these participants. Indicative of the evolving perception regarding credit and modern purchasing methods, in 2004, Nigeria recorded less than 50,000 credit card transactions per month as opposed to the remarkable growth to over 51,000,000 per month that were recorded in March of 200 8 (â€Å"Nigeria; The Rise of the Card Payment System,† 2008). Yet these charges are not representative of an extension of credit and simply attest to the acceptance of electronic payment processing as inhabitants continue to support alternate modes of payment. Unfortunately, in spite of bank and economic reform, poverty levels are holding at approximately 55 percent of the Nigerian population, further exacerbated by limited resources available given the rising population and under capitalized infrastructural reform (IMF Country Report, 2008). It is within the incapacitated growth mechanisms that Nigerian credit reference agencies are most needed, as funding unprecedented reform requires the capabilities which can only be imbued through finance and bank funding mechanisms. Recognizing the SME’s hold a key to Nigerian development, there is continued support for credit based initiatives from which to extend financial opportunities to these developing industries. The IFC (International Finance Corporation), a World Bank affiliate continues offer its partnership as Nigeria strives to develop and maintain consumer data, their efforts intimately linked with the economic future of the nation. Tanzania Tanzania, a much smaller nation than Nigeria, is represented by a population of over 39.5 million inhabitants, over 36 percent of whom live below the poverty line (World Bank, 2008). Equally representative of the reformation efforts of developing African countries, Tanzania has endeavored to undergo structural evolution in the past few decades, actively pursuing economic opportunity for its population who continues to expand by around 2.6 percent annually. One of the most significant failures within the Tanzanian system has been the lack of property registry. The World Bank (2005) reported that 90 percent of nationals could not be located through property registry and only had six national offices at their disposal for registry purposes, each fraught with unnecessary and â€Å"irrelevant red tape.† Given this lack of registry foundation, there is little collateral leverage to be gained by participating in government registration programs, therefore, citizens do not find overwh elming motivation or desire to legalize their claims to land. Additionally, the World Bank (2005) notes that there is limited liquidity of property rights for similar reasons of registration difficulties and obscure transference policies, therefore, entrepreneurs have limited opportunity to leverage their properties and gain the initial financing needed for startup capital. Characteristic of more widespread African credit issues, only 4 percent of respondents in a recent survey claimed access to trade credit as a source of start-up finances, thereby placing all required resources directly at the informal level and limited to a partnered initiative between friends and private investors (Sharma and Upneja, 2005). This failure within the credit system is directly related to the lack of credit reference agencies and the supportive information they could provide; however, given the state of the Tanzanian recording structure, there seems to be a much more pressing issue of registry and records to overcome before such projects can become a reality. In addition to the failure to support corporate trade credit, there is an overall limitation which is obvious when considering the widespread state of Tanzanian credit. More formal data recognized private credit initiatives at 8 percent of GDP in 2005; however, comparatively Kenya’s private credit in the same period was over 23 percent of GDP (World Bank, 2005). The lack of lending directly correlates to the lack of creditor rights and available, traceable collateral for loans. As default rates continue to undermine any efforts towards credit system evolution, there remains a substantial field of doubt which overwhelms banks and their lending efforts. Given the disconnect between small businesses and reception of credit from Tanzanian banks, the ability to start and maintain a business in the modern environment is extremely limited and continues to be undermined by a lack of capital. Most concerning is that given the lack of external funding, disposable income or working capital is thereby reintegrated into the business and utilized for daily refurbishments as available. Tanzanian business owners are therefore limited by both the economic factors which drive the success of their business, and their own personal integration into the business operations through consummation of personal finance, lack of new equipment and materials, and inability to improve upon current models to evolve standards to more modern efficiencies (Sharma and Upneja, 2005). These failures are a direct result of the Tanzanian credit crisis and requite the inclusion of a well positioned credit reporting agency in order to ensure that SME’s have sustaine d opportunities for generating much needed investment capital. One of the most remarkable advances which has sustained the fleeting, but evolving stability that is becoming visible within the Tanzanian infrastructure is the adjustment of government funding from domestic lending to foreign sources and foreign aid (Sharma and Upneja, 2005; World Bank, 2005). Eliminating this form of consequential taxation on bank reserves has expanded the Tanzanian opportunity for investment and greater private funding. Unfortunately, characteristic of other African nations, a lack of any form of credit reference agency prevents broad based credit dispersion among citizens and thereby limits loans to corporations and larger scale economic participants. Tanzania currently has plans to develop and establish an operational credit reference databank by the end of June, 2009 in order to extend credit into the private sector. The extension of private credit is currently projected to increase around 22 percent per year yet is entirely linked to governmental stability and internal mechanisms of fiscal policies (â€Å"United Republic of Tanzania: Third Review Under the Policy Support Instrument,† 2008). The nature of finance is derived from available resources which can be distributed for a nominal return. Given the current state of government spending, this opportunity is more realistic today than it has ever been; however, the Tanzanian government must evade the pitfalls of internal borrowing in order to enable these funds to be distributed among industrial participants, thereby facilitating the expansion of industry and inclusion of additional commerce in the resource limited business sector. Kenya Kenya is a nation of similar size to Tanzania, boasting a population of just over 36.6 million people, yet over 55.5 percent of these inhabitants live below the poverty line (Population Reference Bureau, 2008). Most significant in Kenya’s modern history, political unrest and lacking economic growth have continued to undermine efforts of reform and population support mechanisms. Credit considerations are simply another indication of the limited capabilities which a tumultuous nation has to overcome its financial and social deficits. In 2003, over one third of all bank loans were considered non-performing (NPL’s), directly undermining the lending power of institutions, as well as enhancing the proclivity for default among participants (â€Å"Kenya: Bankers Unveil Plan to Keep Tabs on Borrowers,† 2007). In spite of the frail political economy, currently the development of a credit reference bureau is in its advanced stages, as recognizing the merits of such collabor ative information sharing, Kenyan banks actively seek to minimize risk and improve their loan to repayment ratios. Remarkably, in Kenya, over recent decades exceptional opportunities have evolved for entrepreneurial credit extension as startup capital and materials costs represent a substantial portion of business success ratios. Kenyan extension of credit is significantly higher than other African regions as over 85 percent of businesses currently have opportunity to borrow from their providers (World Bank, 2004). These surveyed corporations, while a representation of Kenyan businesses, offer an optimistic perspective on the future of industry and finance. Given the relative youth of the Kenyan population with 4 out of every 10 citizens being under the age of 15, there is substantial opportunity to ensure that financial resources are available for these growing future business owners (Population reference Bureau, 2008). Ultimately, Kenya presents a fairly optimistic outlook for the future of credit extension and opportunities for broad scale industrial financing; however, the completion and full integration of their credit reference bureau stands to offer the most reliable statistics after its inception later this year. Uganda Uganda, a nation of 29.9 million citizens, has continued to experience substantial population growth over the past decade, holding near 3.2 percent, a number significantly advanced from other referenced African nations (World Bank, 2008). Of significant concern to the development of a progressive Ugandan infrastructure, trade credit plays an intricate part in sustaining emerging business and defining industrial evolution. Current statistics demonstrate that only 60 percent of firms have access to this capital as material providers must, themselves, be supplied with the external financial means from banking institutions to extend such credit (World Bank, 2004). When firms are afforded the opportunity to borrow directly from banking institutions, the interest fees associated with such loans are oftentimes overwhelmingly costly and therefore, detract from the efficacy of such endeavors. Overwhelmingly, the inadequacies within the Ugandan credit structure can be directly attributed to a lack of credit tracking mechanisms, and thereby, the capacity for benchmarking and substantiation of creditworthiness. Researchers note that over 40 percent of all loans held in Uganda have a maturity date of one year or less; and of those firms who to receive loans, over 60 percent of all participants are required to post collateral as a loan prerequisite (World Bank, 2004). Essentially, this extreme precedence of default aversion represents an obvious inadequacy in the Ugandan credit reporting system, as given more stringent standards and a confluence of bank participants, protection mechanisms would become fully integrated with the reporting system, providing a deterrence net to reduce defaults through natural and appropriate fiscal processes. Characteristic of many African nations, the pervasive nation of credit doubt in terms of default and repayment potential is an indication of the necessity for credit reference agency construction. As lenders seek to develop new streams of available capital, Ugandan SME’s represent an expanding opportunity, however, they will require support from struc tural evolution in order to ensure their continued operation. There are extreme challenges presented by the African credit woes, most of which will not be overcome through foreign aid or current infrastructure development programs. Indicated by the nations herein, there is substantial need for integration of credit reference agencies into the structure of these modernizing nations; specifically, there is a need for support of small to medium enterprise and the merits of developing an economy through advanced and evolving industry. Ultimately, determining a singular solution to the credit crisis is impossible, however, by coupling several key zones of evolution into a targeted plan of action, the potential for sustained advancement becomes a much more plausible reality. Quintyn (2008) noted that other developing nations who have evolved through similar credit challenges have utilized a form of hub and spoke credit agency system from which to operate these units with limited startup capital required for each branch. In its â€Å"Regional Economic Outlook† (2008), the IMF recognizes that there is a need for leveraged reference agencies, specifically those who are sustained by a technologically advanced central hub yet localize their economy of scale operations in areas of public access. Given the limited nature of credit agencies, a hub and spoke system would reduced the cost of a credit report by $ 2-5 and allow firms the opportunity to extend credit more freely given the support base of their regional offices. The IMF (2008) also recognizes that current credit offerings are only 200,000 people out of every 15 million, a direct result of a lack of credit data and agency interaction within the modern banking structure. In order to overcome the geographical, political, and economic constraints which undermine the constructs of a successful African credit program, the continuity of credit reporting policies across geographic lines must be maintained. While banking unions have taken the initiative to link participants, there remain additional opportunities for broad scale communication expansion and technically advanced sharing techniques which protect both the consumer and the bank from fraud. In spite of the banking cooperatives which are integrated into the Western and Central African economic structures, there remains a difficult framework for monetary exchange outside of these conglomerates. Pervasive in widespread Sub-Saharan fiscal analysis, the necessity of a central banking structure continues to challenge unorganized methods of bank-dominated financial systems. The application of such a combinative operation is one which would assist in the integration of regional credit reference agencies with centralized control mechanisms. This transformation of the informal structure into a more systematized and coordinated pragmatism would generate synergies between monetary policy and banking oversight, thereby establishing a supervisory committee while propagating a bank dominated industry (Quintyn, 2008). The central oversight which is lacking in terms of African banks is basically a function of communicable objectives, a framework which is essential when considering the n ature of investing in economic futures. African capacity for growth is readily foreseeable, however, there must be an active pursuit of this evolution, one which directly integrates the unique partnerships of a banking network and captures communicative data which is readily available across geographic lines. There is a continued deficit within the African lending structure, one which demands reform and challenges banks to contin

Do The Right Thing :: essays research papers

The first scene begins with a close up shot of Senor Love Daddy's mouth, the top of a microphone, and an alarm clock. The alarm clock, being used as a prop, is making a very loud, annoying, ringing sound. This is done in order to get the viewers attention to the problem of racism. After the ringing stops, we start reframing in, and zooming out slowly, seeing more of Senor Love Daddy and the microphone. There is hard lighting present in the scene. The entire shot has a reddish color to it. A slow zoom and the reddish color are used to show the viewer how hot the setting of the movie is. The color also reflects tension, conflict, anger, and frustration, things that are not being expressed in the film yet. As we are zooming out, Senor Love Daddy says "Wake up, wake up, wake up†¦" This part of the scene is also is intended to get the viewers attention to the problem of racism. The foreground and some of the middle ground are in shallow focus. This is a get in your face type of shot, letting the viewer know that this movie will be in your face for the next two hours and that the viewer better pay attention to the problem at hand: racism. This shot is solely for the viewers, to get their attention. We stop zooming out once we see the whole microphone. At that point, we start tracking out and the camera starts moving slowly up, via a crane. We now see the reflection of the street outside Senor Love Daddy's workplace, on the glass window Senor Love Daddy is facing. We also see hats of many different cultures sitting Senor Love Daddy's desk. This shows that he respects many different cultures and shows he is a very open person. Also Senor Love Daddy's workplace is street level. He talks to all the characters in the movie like Mookie, Radio Raheem, and the people playing outside with the fire hydrant. This shows he is willing to communicate with the neighborhood and also show once again that he is a very open person. He is always looking outside the window at the community. Senor Love Daddy is not hiding from anybody. He is the voice of the neighborhood. The camera continues moving up on a crane until it is at an high angle, and we start panning to the left.

Ralph Abernathy: A leader of the Civil Rights Movement

Being a prominent leader during the Civil Rights movement was a perilous position to occupy. Very few people have the guts to make themselves the face of a movement, and even fewer succeed at it. Ralph Abernathy was an American Civil Rights activist who advocated equality alongside Martin Luther King Jr. and many others. Ralph Abernathy strived to help establish a more equal and welcoming America for all.Abernathy went on a journey to help change the way America is today and help create a more equal America for all, regardless of race or ethnicity. Ralph Abernathy began gaining the skills to be a leader at a young age, and exemplified those skills by leading multiple demonstrations. Ralph Abernathy was born on March 11, 1926, in Linden, Alabama. He was born into a time of social inequality and race segregation. Abernathy served in the United States Army during WWII and served as a platoon Sergeant, leading his own group of soldiers. After being discharged from the Army, he enrolled a t Alabama State University (ASU).While attending ASU he began to notice how the university was segregated. He gained fame when he started his first demonstrations, protesting the lack of heat and hot water in his dormitory and the dreadful food served in the cafeteria. Later, in 1951, he was called to the Civil Rights Movement when he became the pastor of the First Baptist Church in Montgomery, Alabama. As pastor he mentored Martin Luther King Jr. as a minister of a nearby church. They formed a close friendship that would carry on for the rest of their lives.Abernathy developed a leadership role from the start of his life which helped lead him into his role as one of the biggest Civil Rights advocates America had ever had. Abernathy organized, created, and lead multiple different protest and organizations to help the Civil Rights Movement. One of The biggest protests he organized was the Montgomery Bus Boycott. Abernathy organized it with the help of Martin Luther King Jr. and toget her they lead the biggest boycott of the whole Movement. â€Å"It was decided that black people in Montgomery would refuse to use the buses until passengers were completely integrated† (Simkin).This protest was his call to action and one of his main contributions to the movement. Another one of Abernathys main contributions to the Civil Rights Movement was that he founded the Southern Christian Leadership Conference (SCLC). Martin Luther King Jr. was president of the organization and Abernathy was secretary treasurer.   They worked together in helping to desegregate America and  teaching people how to stand up for themselves and protest non- violently. The biggest trial that Abernathy went through was when his church was â€Å"sieged† by white supremacists. 1,500 men and woman were surrounded and Abernathy was willing to give himself up to save the innocent people stuck in the church.Ultimately, he did not end up sacrificing himself, but this was also a test of his character. â€Å"Over the next few years Abernathy was arrested nineteen times† (Simkin). Abernathy proved himself to be a dedicated, powerful, and resourceful leader. As the Civil Rights Movement progressed, Abernathy's role became a less dire. When Martin Luther King Jr. was assassinated, Abernathy took over the role as president of the SCLC. Ralph Abernathy led â€Å"daily demonstrations in May and June 1968, just a month after King's assassination† (Kirkland). Some of the important last demonstrations he led were the: Poor Peoples March in Washington D.C. in May, 1968, Atlanta sanitation workers strike in 1968, and lastly the Charleston Hospital workers strike in 1969.Abernathy retired his position as president of the SCLC in 1977. He then ran for a spot in the Georgia Congressional Seat. He was unsuccessful in the running yet continued advocating peace until his retirement. Abernathy's journey came to an end and he retired his title as a leader of the Civil Right s Movement. To conclude, Ralph Abernathy was a dedicated Civil Rights Activist who advocated equality and justice for all. Alongside many others, he accomplished impressive feats that once seemed unreachable. He went on a journey towards helping America become a more equal country. He was tested to his limits and proved himself to be a worthy, dedicated, and powerful leader.

How American Hisotry X Relates to Political Science Text Think American Government

Lisa _______________ Professor _______________ Political Science 02 Due April 3, 2013 SUMMARY American History X was written by David McKenna and directed by Tony Kaye. Starring Edward Norton as Derek Vinyard, the film was released in 1998. The main idea of the film is the social and political issues of racism. It is a story of how a family is affected by one son’s view of the history of race roles in America, his life within the neo Nazi culture, and finally, after resigning himself to such a lifestyle due to prison reformation, his attempt to pull his younger brother from the same way of violent life.Ultimately, it is a story of the cycles of hate surrounding racism. The film is shown in non-linear narrative where events are given out of chronological order. When going back in time, the audience is given black and white film whereas the present is portrayed in color. Danny Vinyard, is given an assignment to write an essay on the incarceration of the main character, his older brother, Derek. The essay was to entail what led up to the incarceration and how his family was affected. The verbal reflection of his essay is when the audience is shown the film presented in black and white.Also during the verbal reflection, we find out that Derek was incarcerated for the murder of 2 Black thieves who were trying to steal the truck left to him by his late father who was killed by, not without intent of the writer, a Black man a few years prior. With that, the storyline is set up so that we know why Derek and Danny have turned to a life of neo Nazism and why Derek was given a 3 year sentence for going overboard in killing the thieves: the brothers have been affected by the criminality of the Black culture.The essay assigned to Danny, which was due the following day, was an assignment given by Danny’s Black principal after his Jewish teacher reported a questionable essay to him entitled My Mein Kampft. In the 24 hours in which the essay is being written, and narrated to the viewers, we learn the entire story of the brothers’ journeys from average kids, through neo Nazism and back, only to learn their lesson too late when Danny is fatally struck down by a former Black recipient of his race hatred, essay still in hand.American History X correlates to the discussions of the class as well as various points of the class textbook, Think American Government. The film backs up two class discussions thus far in the semester: Khalil Muhammad’s theory on Black criminality in America in addition to Bryan Stevenson’s ideas on the stigma of mass incarceration attached to the Black culture in America.The film also touches on political issues from the text, such as: immigration, the first amendment to The United States Constitution, and Hate-Crimes Legislation. Khalil Muhammad: The timeline of the film literally goes back 24 hours; flashes back 3 years; and historically traces back to both 1863 and 1865 when, respectively, the Ema ncipation Proclamation was signed (proclaiming slaves in Confederate territory to be free forever) and when the first Ku Klux Klan (KKK) was organized.Some may even argue that the story goes back to the beginning of slavery in the United States colonies because those were the first racist acts of early America and upon which America was formed. Khalil Muhammad, a current day Black historian, might argue that the plot of this film traces back to the moment when, in 1865, following the Civil War, European immigrants were given opportunities by the government to stray from their acts of criminality but recently freed Black people were not.Instead, as Muhammad asserts in a Bill Moyers interview, as well as his book, Condemnation of Blackness, Black people were sent to ghetto housing to sort their criminality out on their own, whereas White European immigrants were given social welfare and job opportunities because they were, as Muhammad states, thought of as â€Å"children of Americans who need our help†, but Blacks were thought of as â€Å"naturally morally inferior and had propensity to harm people or steal†.American History X mimics this way of American ideology when Derek preaches, â€Å"We're so hung up on this notion that we have some obligation to help the struggling Black man, you know. Cut him some slack until he can overcome these historical injustices. It's crap. I mean, Christ, Lincoln freed the slaves, like, what- 130 years ago? How long does it take to get your act together? † If Derek had read Damnation of Blackness, he would understand Muhammad’s theory that it has been 130 years (from the end of Civil War to the making of the film) of a race in America that has ontinued to be downtrodden and imprisoned through actions such as Black Codes, Stop and Frisk policy, and the â€Å"invention of the criminal justice system as a repressive tool to keep black people in their place†. That is a hard battle to win. Derek migh t also understand how he fits into Muhammad’s theory that the European race has ideologies of an institutionalized Black race when Derek complains, â€Å"One in every three Black males is in some phase of the correctional system. Is that a coincidence or do these people have, you know, like a racial commitment to crime? † Bryan Stevenson:Not only does such a statement back up Muhammad’s theory about American ideologies, but it also touches on Bryan Stevenson’s argument. In Stevenson’s interview conducted by Bill Moyer, Stevenson states that in order to change the notion that the Black man is a criminal, we must understand the history from where it stems, and we must care about human rights and dignity while we remember that all of our survival â€Å"is tied to the survival of everyone. That our visions of technology, design, entertainment and creativity have to be married with the visions of humanity, compassion and justice†.Derek’s r ant about Black males in the correctional system oozes with Stevenson’s idea that the power of criminality identity among Black culture ultimately came from how American government and Europeans have stigmatized the Black race. In the scene where Derek finds himself in his prison cell begging African American Principal Sweeney to help him, it is not until Sweeney replies, â€Å"Has anything you’ve done made your life better? † that Derek sees the light and begins to make a change toward a life outside neo Nazism. This is a perfect example of the power of identity which is Stevenson’s underlying idea to his theory.Immigration: The writers of American History X touch on the illegal immigration topic as does the text, Think American Government, in chapter 1. The textbook says that, â€Å"critics (of illegal immigrants) charge that undocumented workers drive down wage rates for American citizens† (15). In the film there is a scene in which Derek gives a lecture to his neo Nazi peers on the subject of illegal immigrants to pump them up to terrorize a neighborhood store that has been taken over by a Korean owner who replaced the American workers with 0 illegal immigrants: â€Å"It’s about the hardworking Americans falling through the cracks and getting the shaft because their government cares more about the constitutional rights of†¦Ã¢â‚¬  illegal immigrants. However, the textbook lends a contrasting thought stating â€Å"advocates contend that the United States benefits from†¦ illegal immigration. They argue that undocumented workers take jobs that citizens do not want and that they pay more taxes than they receive in government services† (15). It is also worth noting the difference in illegal immigrant statistics from when the film was released in 1998 until now.According to the U. S. Department of Homeland Security (DHS) â€Å"2,830,000 illegal immigrants resided in California in 2011 compared to 2. 5 million in 2000. † In the same scene, Derek states, â€Å"There’s over 2 million illegal immigrants bedding down in (California) tonight†¦ $400 million just to lock up a bunch of illegal immigrant criminals†¦Ã¢â‚¬  In an article by BakersfieldNow. com on May 25, 2011, it was estimated, using data from California Department of Corrections and Rehabilitation from 2010, that California now spends $1 billion on illegal immigrant prisoners compared to the time the movie was released. irst amendment & Hate-Crimes Legislation: Another point worth noting, from when the movie was released in 1998 until now, is hate-crime laws. Within the Bill of Rights, the first ten amendments to the United States Constitution added in 1791, Amendment 1 states, â€Å"Congress shall make no law†¦ abridging the freedom of speech†¦Ã¢â‚¬  (363). Although the first amendment protects freedom of speech, it is not legal to use freedom of expression during an act of hate crime. The textbook states â€Å"in recent years, many states have adopted hate-crimes legislation, enhancing penalties for persons convicted of crimes motivated by bias† (69).Interestingly, Obama signed a bill in 2009 which was rooted by two hate-crimes of 1998, the year American History X was released, but it was before the movie that the Hate Crimes Statistics Act of 1990 came into effect. According to USA Today, in an article published October 28, 2009 and entitled â€Å"Obama Signs Hate-crimes Law Rooted in Crimes of 1998†, the Matthew Shepard and James Byrd Jr. Hate Crimes Prevention Act expanded the existing Hate Crimes Statistics Act of 1990 and mandated that it is against the law to attack any person â€Å"based on sexual orientation or gender, in ddition to race, color, religion or national origin†. Matthew Shepard was a gay teenager beat by two Wyoming men in October of 1998, after which he was tied to a fence where he died. In June of the same year, James B yrd Jr. , an African American man, was chained to a truck by three white men in Texas and dragged to his death. Notably, as the text explains increased penalties are given for those charged with hate-crimes, Derek only received 3 years for his hate-crime in the film.In conclusion, I would recommend the film to anyone interested in wanting to broaden their horizons on the race wars in America. I thought it was prudent that Derek verbally gave the stereotypical views of hate mongers in America, but it would be interesting to see how Khalil Muhammad and Bryan Stevenson might add their theories to the dialogs of the Jewish teacher or the Black principal to show America a way of thinking that I believe is not in the public eye as much as it should be. Perhaps a film should come our way from those two aforementioned?

Literacy Narrative Essays - American Writers, Writers, Free Essays

Literacy Narrative Essays - American Writers, Writers, Free Essays Kennedy Sims @02839811 Literacy Narrative Growing up, reading and literature was always something that was subtly but definitely emphasized in my household. Although this was the case, I don't ever recall being that interested later on in my educational career, but I was always great at it. When it comes to writing and literacy the clearest picture that comes to mind is my experiences before high school. This is the stage in my life when I knew that it was something that I had a distant love for, but the individuals set to teach me this material weren't adequately informed on the subject themselves. My most significant memories of reading always bring me back to the summer time. Every Tuesday and Thursday all I can remember is walking into my local library with my mom and picking out as many books as I could carry, hoping they would be enough for the top prize that week. My library had a summer reading program that I would always participate in and these books would be what would carry on my love for literature and readin g for many years, it became tradition. Although I don't remember specific details or stories about these interactions, I do know the feeling that it gave me: to win that iPad in 6th grade for reading the most books, to win those prizes after turning in dozens and dozens of books I had read and wrote about over the summer, to be the student picked out of the crowd to read the school announcements over the speakers because I was just that good at it. It made me feel great to know that I was actually good at something I loved to do. Not until recently did I realize that all these experiences helped shaped my current mindset about literature and its conditions. Everything began in junior high school. I would come into my 6th grade homeroom every day, ecstatic to see my teacher Mrs.Tonad, and ready to learn whatever she was going to teach that day. Mrs. Tonad was the first and only teacher that I had that made me feel great about reading and literature because it was obviously something that she loved to do. Her love for the subject made teaching it to her students, that much easier. She made the comparison with other teachers who taught the subject that much harder. Being in her class was the primary reason I won the reading competition for that year because she was the person who motivated me to do so. That's when I knew that the things that I was being introduced to in the classroom didn't have to stay there, I didn't need a teacher to learn; and that's when books really became my best friend. This new-found discovery of reading for my own enjoyment soon dwindled down as I transitioned from junior high to high school. Throughout high school, I often felt disconnected from the material that was being taught because it had no real meaning in my life. It didn'tmatter to me if I understood it or not because I didn't see why or how it was important.The standard curriculum in literature that was taught in my school never really matched the African American demographic that it was being taught to, and as a result left many kids feeling the way I did. One of the things that made me confirm this notion was the testimony of one of the focal writers in the article Mahiri Sablo: "Writing For Their Lives", Keisha. Keisha let researchers know that the main inspiration for her piecescame from the things around her, things that she experienced in her everyday life. I believe that this is very important in determining what matters to children being taught in school. How much of the curriculum actuallyrelates to us? Voluntary writing should be just that, voluntary, but the subjects discussed in school are not alwa ys interesting because they don'trelate to children learning it. Another example that comes to mind when discussing perspective and subjectivity in the class room is Jacqueline Royster's essay in "Visons and Cyphers". After reading Royster's essay in David E. Green Jr's "Visons and Cyphers", I realized that the things

Cod Fish essays

Cod Fish essays The North Atlantic Cod (Gadus morhua) is on of 59 species of the family Gadidae. Since the discovery of the New World, the North Atlantic Cod has been the dominant commercial fishery species of the Northwest Atlantic. This particular species of Cod have three fins on their back, and two fins on the underside near the tale. The North Atlantic Cod is a bottom dwelling fish that inhabits cold waters. They are capable of living up to 22 years. Most adult Cod range from 2-3 feet in length and 5-25 pounds. But cod up to 6 feet and 212 pounds have been recorded. They are capable of living up to 22 years. The Cod is a major food fish, 2nd only to the herring. The North Atlantic Cod migrate in response to seasonal change in water temperature. Cod also migrate to search for food. Mature cod eat small fish, squid, and shellfish. Small cod usually feed on worms and small shrimp. Like most fish, the North Atlantic Cod have special times and places to lay eggs. The female cod normally lay their eggs between January and March. Some of the most important spawning grounds are found in offshore banks off of the coast of New England, along the coasts of Greenland and Iceland, Hamilton Bank and the Grand Bank of Newfoundland. Other traditional spots include George ¡s Bank, Labrador, Gulf of St. Lawrence, and South Grand Bank. An adult female cod lays between 4 to 6 million eggs at a single spawning. These eggs are released into the water to become fertilized. They develop and grow without the help of parents. All but a handful of these million eggs will end up as food for other fish. Normally a deep-water fish but they come into shallower water to spawn. The water temperature plays an important part in the North Atlantic Cod ¡s reproductive process. The cod, like most species of fish, have their own favorite temperature range for spawning. Eggs at 32aF will hatch in approximately 40 days and eggs at 41aF. If the temp...

Caffein Blues

Despite the short encounter between coffee and North American culture, coffee has gained popularity and gained worldwide reputation. It is not difficult to find a group of people drinking 'Latte Coffee' while reading a morning newspaper, or a group of business executives drinking 'dark barbecue'. On campus, students hold textbooks on the one hand and Mocha on the other hand. According to Starbucks, net profit in October 2005 alone reached $ 550 million (Starbucks). The origin of caffeine is unknown. However, Caffein Bruce: talks about the hidden dangers of waking up the first medicine in the United States, Steven Chernike, M. S, the story, and traces its discoveries to the house of Ethiopian ranch. Apparently, the shepherd is looking at a bird that eats the fruits of a wild evergreen shrub. To my surprise, these animals began to jump suddenly unexpectedly. Then he tried some fruits and began to jump immediately (13-14). They called it a coffee factory and became an Arab monk in the 1 3th century. Then they discovered that the beans of this plant can become drinks, so ... to make coffee. Finally, there is no longer any falling asleep when praying (Cherniske 14) American coffee addicts are more likely than any other type of drug addicts. In his book Caffeine Blues, Stephen Cherniske pointed out cocaine, heroin, even even marijuana. The main substance is caffeine. Does anyone know how much caffeine is contained in 6 ounce coffee? There are 100 mg. 1 cup of coffee or 6 oz of caffeine. People who care may think like this, 100 mg takes 6 hours. Looping away from the system. Starbucks' small coffee and tall coffee is 12 oz. It is caffeine 200 mg. If you are drinking Starbucks at 3 pm and then after 9 pm, you will still have about 100 mg in your system. You may still fall asleep, but your body will be deprived of the benefit of a deep sleep. People who care, I can still sleep 8 hours a day, you have to think again. That's why the next day you feel bad, you need to compe nsate for your system with caffeine. Caffeine Caffeine is a stimulant that can ruin our ability to fall asleep. Just because I think that it does not mean that it does not affect your body. If you want to drink coffee it is best to do so early in the day to allow caffeine to wear out. Please set a deadline for 2 PM for yourself. Electronic Devices Artificial light may interfere with sleeping, so you may stay up late at night by phone, laptop computer or television. It is best to keep these devices away from the bed or separate rooms so that your bedroom will be a place to sleep rather than surfing the internet.

Sociological View of the Gender Wage Gap Essay Example | Topics and Well Written Essays - 3750 words

Sociological View of the Gender Wage Gap - Essay Example This fact when established was exasperating to many working women since even though the education and training of a neurosurgeon may be a highly cumbersome process, the significance of a neurosurgeon is not hard to determine. The establishment of this fact has shown that the wage gap between men and women is not based on qualification, but is indeed founded upon prejudice based on sexual discrimination. Overtime, the wage rate difference between men and women has decreased so much so that women are now being recorded to make 80% of what men make as compared to the startling 60% that was recorded in 1970. Over time, laws and clauses have been introduced to tackle this problem and to extract and eliminate the element of sexism influencing pay scales in the work place, yet the issue still prevails (The Council of Economic Advisers, 1998). Some critics and analysts choose to deny the wage gap between the two sexes, yet as more and more women join the work force the gap only appears more clearly every year. Congress took stern note of sexual discrimination influencing wage rates when in 1963, through the Equal Pay Act, an amendment to the Fair Labor Standards Act. But this was not the first time discrimination in the work place had been addressed in the corridors of power. Before 1963 came the Americans with Disabilities Act in 1990, and then later in 1964 The Civil Rights Act also addressed the issue as did the Discrimination in Employment Act later in 1967. These laws were put into place by the U.S. Equal Employment Opportunity Commission and adherence to them is overseen by the same (The U.S. Equal Employment Opportunity Commission, 2008). Legislation has addressed wage discrimination very specifically. Pay differential factors have been outlined to be merit rather than sex and it has been specified that a difference between the job content and the job title is to be observed. Jobs are not to be judged or remunerated by the title that they entail but by the contents, responsibilities and the nature of those responsibilities that they necessitate. Also, it has been delineated that the skills required for the job are to be considered a factor contributing to the pronouncement of the wage rather than the sum of skills that a person possess. The wages can differ based upon working conditions such as environmental hazards and mental or physical exertion but not under any condition upon the gender of the employee. Influenced by an increase in the wage gap observed by the U.S. Census Bureau, it has been suggested that the wage gap between the sexes can be eliminated by increasing the minimum wage level and enforcing acts such as the Equal Employment Opportunity Acts more assertively. It has also been suggested that women should be entitled to more family friendly work environment policies so as to allow them to bear and balance the burden of the responsibility of their families as well as of the work place (Longley, 2004). Certain multinational organizations have heeded this suggestion and have established programs such as day care centers for the children of the female employees and special paid maternal leaves to allow women to exercise their role in

Conflict of Slavery and Religion Essay Example | Topics and Well Written Essays - 500 words

Conflict of Slavery and Religion - Essay Example Slavery is, in fact, one unique human / inhuman(e) universe in which meaning-making is perpetually created and-recreated in order to maintain a status quo of control on master’s side and dependence and exploitation on slave’s side. If the case against slavery should not be one negotiated based on â€Å"humane† reasons, suffice it to dispel slavery as an antithesis to religion based on raison d’à ªtre grounds alone. That is, no one man can truly claim he is a man (small letter) of God unless he not only subjects himself to God’s – and only God’s – will. Therefore, a man subjugating a fellow man by means of enslavement and exploitation is only one who claims a divine status. In essence, all claims of anti-slavery abolitionists coalesce around one fundamental creed that is; all men are God’s children. Probably, one outspoken and specially gifted orator who voiced religion vs. slavery case most eloquently during Antebellum i s Fredrick Douglass. In his Narrative of the Life of Frederick Douglass, An American Slave, Douglass employs a set of rhetorical as well as narrative strategies by which he not only dispels slavery as an antithesis to religion but also reclaims slavery discourse as an African American meaning-making universe par excellence.

What are the The Possible Contributors to the Great Recession in Essay

What are the The Possible Contributors to the Great Recession in relation with Mortgage - Essay Example Starting as a liquidity crisis which can be in a layman term defined as, â€Å"A state in which there is a short supply of cash to lend to businesses and consumers and interest rates are high.† (Caouette, 25) This gravely caused an imbalance that resonated great economic crisis all around the world. This global crisis also gave a room to policy makers to intervene, as it was being quite difficult for the economic experts to handle this situation. However, the after effects of the Great Recession are still perpetuating in the global economy and have also limited the economic growth in 2012-2013 and have not completely recovered from the Great Recession. How Great Recession was stimulated? The major causes of the Great Recession date back to the start of 2007, however, the world wasn’t fully aware of the crisis until mid-2008, which could also be the main reason why it couldn’t recover from the crisis because it took a lot of time to look into what caused this cris isand rectify it. The root cause can be highlighted as the decline in the US consumers’ demand because of the gradual decrease in the Federal Reserve’s interest which was predicted to reach nearly zero and it was believed to occur by the year 2008, therefore they could not provide debts for people who called for refinancing. What triggered the economic crisis on a level of instability was the breakdown of mortgage-backed security. Moving on, another cause that resulted in this crisis can be pointed as the massive debt levels, which has long been acknowledged as an agent and a contributive factor for recessions that further led to the domino effect and perturbed the entire economic situation. Other causes were believed to be Government deregulation, over-leveraging, credit default swaps, collateralizing debt obligations, increase in the oil prices, and overproduction of goods as resulted by the Globalization. These were the main factors due to which the process of the e conomic crisis was accelerated. What Great Recession resulted in? The three regions globally affected by the Great Recession were Household, Income and Labor Dynamics in economy of Australia being an adequate example. The rate of employment was gravely affected which could also be noticed in the survey conducted in late 2009, which showed a high rate of job dismissals from 3.5% in 2008 to 5.4% in 2009. The types of workers that were affected due to this as usually suspected to be are the low-skilled workers and labors working in the informal sector, instead it was the working who were the full-time employers relating to skilled occupations. Globally, the Trade & Industrial production went through a complete manufacturing crisis. Environment was adversely affected and the rate of pollution increased as the industrial emissions gradually sped up. Unemployment increased in the US as the employment rate then was 4.9%. Tourism, insurance, small-business lending and political instability stimulated throughout the globe because of the economic and financial crisis. Mortgage Lending Practices – How they were affected? Mortgage loan can be defined as, â€Å"A loan on real estate that is usually secured by a mortgage.† (Jacobus& Thomas, 567). This could also be used as a generic term for loan. Demand is absent in recessionary periods so the interest rates are brought down to trigger it, lower interest rates entice people to get new mortgages and previous ones refinanced at a lower rate. Real estate lending crisis was triggered by the subprime lending mechanism, i.e. below normal rates. Financial institutions offered real estate at

The constitution of the United States Research Paper

The constitution of the United States - Research Paper Example In addition, the US’ constitution’s interpretation, political stability, principal nature of the constitution, and its invariability have become the most important distinctiveness that have guided the civilization process that the country has undergone in order to become the world’s super-power. This expose elucidates on the United States constitution while considering its contents and drafting process as a basis for discussion. Importantly, the constitution drafting occurred during a time that the country faced the problems of peacetime government, which is the period between 1775 and 1783.1In effect, this underlines the emphasis that nations draft their constitutions. In this regard, it is evident that most nations drafted their constitutions during a time of conflict or during crisis that the nations wanted to resolve. In effect, America’s constitution was a result of leading political leaders such as George Washington and Alexander Hamilton who led the discussion on how to create a strong government that enforced laws that aimed at making the country powerful and united. In effect, these statesmen wanted a nation that negotiated with the Indian tribes who were the native communities in the country, a government that addressed the payment of a large national debt. In addition, it was important to bring the nation together in order to pay the large national debt that the country was facing. This way, the constitution was essential in helping the nation pay its debts by regulating trade within and outside its boundaries and collecting taxes, which could not be possible without a new constitution.3 In this regard, the Articles of Confederation failed to specify the laws that authorized the government to collect taxes from its citizens. It is important to consider the representative nature that led to the drafting and writing of the US constitution. In this regard, the very nature of the authors of the constitution makes it a document to behold by citizens and residents of the US since it contains a rich history regarding the drafters. In this case, the authors of the constitution were the founding fathers who became the Framers of the constitution.4 The framers constituted special delegates who represented different States, ethnic groups, professions, and different backgrounds, which enhanced their representativeness of diversity in the US. In effect, the group involved people and professions as diverse as it involved retired soldiers, ordinary citizens, politicians, jurists, diplomats, and teachers, retired soldiers whose role was to review the Articles of Confederation and effectively formulated the Constitution of the United States.5 In effect, the diverse nature of the Framers ensured the input of all Americans to develop the document that has shaped the American life through different periods. The role of the Framers was not to draw the constitution of the United States. However, the constitutional conventional that Hamilton helped bring and met in Philadelphia, in 1787 was expected to revise the Articles of Confederation, which acted as the law in the United States.6 Nonetheless, the delegates in the conventional, that later became to be known as the Framers, embarked on a process that aimed at writing a plan for

Where next for Grant Garden Centres Essay Example | Topics and Well Written Essays - 2000 words

Where next for Grant Garden Centres - Essay Example The centre also had a single operating location, in the South East region of England. After taking over, Grant reinvested virtually all profits back into the company, opening two additional branches (Westgarth, 2012). He also renamed the garden centres to â€Å"Grant Garden Centres†. Grant’s passion for gardening makes him adhere strictly to the traditional form of garden centre management, where the head gardener makes all the relevant business decisions and the rest of staff follows. Grant also expects his children, Jane and Malcolm, to toe the line, without any compromise (Pepper, Jackson and Uzzell, 2009, pp. 126–136). The authoritarian management style is costing the business numerous opportunities. For instance, there is a high labour turnover, since workers are not given an opportunity to contribute. Additionally, the firm still uses conventional advertisement methods and it does not have up-to-date technology systems, making it lag behind competitors. To remedy the situation and set the business on a path towards development and profitability, radical changes must be made in the different business functions. External Environment Analysis Technology Technology is one of the principal factors to consider in running a contemporary business setting, failure to which a business is left behind by competitors (Patterson, 2011). This is one of the principal factors negating Grant Garden Centres’ proper performance, in a highly competitive environment. The Establishment lacks an up-to-date IT system, an aspect which hinders proper control of stock. The poor technological capacity also inhibits proper financial management. Development deterrence stems from the fact that, virtually all company operations have to be done manually for each centre, making financial evaluation and stock regulation a highly difficult task. Another technological aspect, affecting gardening centres, is utilization of social media and websites as advertisement platforms. This is barely applied in the case of Grant Garden Centres, thus dragging the establishment behind its rivals (Burke, 2009, p.72). Socio-cultural Aspects The other crucial external environment factor likely to affect the gardening business is the socio-cultural environment. This is because the Centres have to interact with customers, especially due to the services segment of operations. Evident from the business’ profile, Grant Garden does not take social aspects of society into consideration, while carrying out its operations. This is an aspect attributable to Grant’s perception that, customers solely care about the plants that the Centres supply. One of his children, Jane, is largely opposed to this notion and her principal interest is in developing an establishment that plays a significant role in the community, as well as, works with stakeholders to guarantee each partisan’s benefit. If the Company were to adopt Jane’s proposal of enhanced engagement in Corporate Social Responsibility (CSR) then the Centres’ popularity among community members and other individuals would be propelled to great heights. For instance, Grant Garden Centres could formulate and execute educational programs that focus on increasing people’s awareness of gardening. Such programs would foster individuals’ interest in plants and landscaping concerns thus broadening the Company’s customer base and even appealing to the younger generation. Strengths and Weaknesses Marketing Just like everything else in the Company, marketing methods are dictated by Grant. It is Jane’s responsibility to focus on the stipulated marketing strategies, which principally entail advertisement in the

What are the The Possible Contributors to the Great Recession in Essay

What are the The Possible Contributors to the Great Recession in relation with Mortgage - Essay Example Starting as a liquidity crisis which can be in a layman term defined as, â€Å"A state in which there is a short supply of cash to lend to businesses and consumers and interest rates are high.† (Caouette, 25) This gravely caused an imbalance that resonated great economic crisis all around the world. This global crisis also gave a room to policy makers to intervene, as it was being quite difficult for the economic experts to handle this situation. However, the after effects of the Great Recession are still perpetuating in the global economy and have also limited the economic growth in 2012-2013 and have not completely recovered from the Great Recession. How Great Recession was stimulated? The major causes of the Great Recession date back to the start of 2007, however, the world wasn’t fully aware of the crisis until mid-2008, which could also be the main reason why it couldn’t recover from the crisis because it took a lot of time to look into what caused this cris isand rectify it. The root cause can be highlighted as the decline in the US consumers’ demand because of the gradual decrease in the Federal Reserve’s interest which was predicted to reach nearly zero and it was believed to occur by the year 2008, therefore they could not provide debts for people who called for refinancing. What triggered the economic crisis on a level of instability was the breakdown of mortgage-backed security. Moving on, another cause that resulted in this crisis can be pointed as the massive debt levels, which has long been acknowledged as an agent and a contributive factor for recessions that further led to the domino effect and perturbed the entire economic situation. Other causes were believed to be Government deregulation, over-leveraging, credit default swaps, collateralizing debt obligations, increase in the oil prices, and overproduction of goods as resulted by the Globalization. These were the main factors due to which the process of the e conomic crisis was accelerated. What Great Recession resulted in? The three regions globally affected by the Great Recession were Household, Income and Labor Dynamics in economy of Australia being an adequate example. The rate of employment was gravely affected which could also be noticed in the survey conducted in late 2009, which showed a high rate of job dismissals from 3.5% in 2008 to 5.4% in 2009. The types of workers that were affected due to this as usually suspected to be are the low-skilled workers and labors working in the informal sector, instead it was the working who were the full-time employers relating to skilled occupations. Globally, the Trade & Industrial production went through a complete manufacturing crisis. Environment was adversely affected and the rate of pollution increased as the industrial emissions gradually sped up. Unemployment increased in the US as the employment rate then was 4.9%. Tourism, insurance, small-business lending and political instability stimulated throughout the globe because of the economic and financial crisis. Mortgage Lending Practices – How they were affected? Mortgage loan can be defined as, â€Å"A loan on real estate that is usually secured by a mortgage.† (Jacobus& Thomas, 567). This could also be used as a generic term for loan. Demand is absent in recessionary periods so the interest rates are brought down to trigger it, lower interest rates entice people to get new mortgages and previous ones refinanced at a lower rate. Real estate lending crisis was triggered by the subprime lending mechanism, i.e. below normal rates. Financial institutions offered real estate at

Where next for Grant Garden Centres Essay Example | Topics and Well Written Essays - 2000 words

Where next for Grant Garden Centres - Essay Example The centre also had a single operating location, in the South East region of England. After taking over, Grant reinvested virtually all profits back into the company, opening two additional branches (Westgarth, 2012). He also renamed the garden centres to â€Å"Grant Garden Centres†. Grant’s passion for gardening makes him adhere strictly to the traditional form of garden centre management, where the head gardener makes all the relevant business decisions and the rest of staff follows. Grant also expects his children, Jane and Malcolm, to toe the line, without any compromise (Pepper, Jackson and Uzzell, 2009, pp. 126–136). The authoritarian management style is costing the business numerous opportunities. For instance, there is a high labour turnover, since workers are not given an opportunity to contribute. Additionally, the firm still uses conventional advertisement methods and it does not have up-to-date technology systems, making it lag behind competitors. To remedy the situation and set the business on a path towards development and profitability, radical changes must be made in the different business functions. External Environment Analysis Technology Technology is one of the principal factors to consider in running a contemporary business setting, failure to which a business is left behind by competitors (Patterson, 2011). This is one of the principal factors negating Grant Garden Centres’ proper performance, in a highly competitive environment. The Establishment lacks an up-to-date IT system, an aspect which hinders proper control of stock. The poor technological capacity also inhibits proper financial management. Development deterrence stems from the fact that, virtually all company operations have to be done manually for each centre, making financial evaluation and stock regulation a highly difficult task. Another technological aspect, affecting gardening centres, is utilization of social media and websites as advertisement platforms. This is barely applied in the case of Grant Garden Centres, thus dragging the establishment behind its rivals (Burke, 2009, p.72). Socio-cultural Aspects The other crucial external environment factor likely to affect the gardening business is the socio-cultural environment. This is because the Centres have to interact with customers, especially due to the services segment of operations. Evident from the business’ profile, Grant Garden does not take social aspects of society into consideration, while carrying out its operations. This is an aspect attributable to Grant’s perception that, customers solely care about the plants that the Centres supply. One of his children, Jane, is largely opposed to this notion and her principal interest is in developing an establishment that plays a significant role in the community, as well as, works with stakeholders to guarantee each partisan’s benefit. If the Company were to adopt Jane’s proposal of enhanced engagement in Corporate Social Responsibility (CSR) then the Centres’ popularity among community members and other individuals would be propelled to great heights. For instance, Grant Garden Centres could formulate and execute educational programs that focus on increasing people’s awareness of gardening. Such programs would foster individuals’ interest in plants and landscaping concerns thus broadening the Company’s customer base and even appealing to the younger generation. Strengths and Weaknesses Marketing Just like everything else in the Company, marketing methods are dictated by Grant. It is Jane’s responsibility to focus on the stipulated marketing strategies, which principally entail advertisement in the

Tax evasion case Essay Example for Free

Tax evasion case Essay Introduction Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts actually earned, or overstating deductions. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the tax gap) is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. There is a difference between tax minimization/avoidance and tax evasion. All citizens have the right to reduce the amount of taxes they pay as long as it is by legal means. In contrast, tax avoidance is the legal use of tax laws to reduce ones tax burden. Both tax evasion and avoidance can be viewed as forms of tax noncompliance, as they describe a range of activities that intend to subvert a states tax system, although such classification of tax avoidance is not indisputable, given that avoidance is lawful, within self-creating systems. Tax evasion in India Tax evasion has always been a criminal offence in India. There are a number of provisions relating to prosecution under Chapter XXII of the Income-tax Act, 1961. Failure to file timely return of income, false statement and verification, willful attempt to evade tax, fabrication of accounts and documents and failure to deposit tax deducted or collected at source attract minimum rigorous imprisonment of three/ six months. Removal, concealment, transfer or delivery of property to thwart tax recovery or failure to afford necessary facilities for the officers during search operations are some more offences liable for rigid sentences. Abetment of false return, where it is  proved, would land not only the accused in trouble but those who help him, including those rendering professional assistance, providing for a rigorous imprisonment for a minimum period of three/ six months and a fine. Where the offence is rendered by a firm or company partners and the officers, including directors of t he company, may be responsible, unless they are able to prove that the offence was committed without their knowledge in spite of due diligence on their part. For the offence of the Hindu Undivided Family (HUF), the karta himself, besides all members, is deemed to be guilty, unless such members are able to prove that the offence was committed without their consent or connivance. Enforcement of law is also made easier for prosecution by statutory presumptions of culpable mental state placing the responsibility of proving innocence on the accused. Probation of Offenders Act, 1958, is not applicable for economic offences under the income-tax law, except for persons below 18 years of age. The law in India treats tax offences not only as a criminal offence but also has strengthened the same by statutory presumptions and minimum rigorous imprisonment subject to a maximum period of seven years. There are number of prosecutions launched year after year. It is difficult to accept that tax administration in India is â€Å"notoriously† slack and that there is a lot of political interference. More often the Department is known for its overzealousness, while the tax officers are comparatively independent protected by law. If they yield to political pressure, it cannot be solely the fault of the politicians. There are numerous instances, where the officers have not yielded to pressure from any quarters. If there is still significant tax evasion, it is as much a part of the system of limited scrutiny in vogue for the past several years and more probably because of all pervading corruption against which stiffer action is certainly necessary. As for comment relating to the proposed Direct Taxes Code Bill, 2010, provisions relating to prosecutions under Chapter XV in the proposed Code do not lighten the severity of the provisions under the present Act. The word â€Å"concealment† is not used in the context of prosecution either under the present Act or the proposed legislation. But there are provisions to tackle defaults of every kind. As regards penalty, the Code provides for levy of penalty automatically, wherever there is a difference between reported and assessed income. The removal of the word â€Å"concealment† takes away the need for inference of  intent to keep back any information relating to assessment. The law in the Code makes no difference between the delibe rate delinquency and the innocent omission so that the Code, as in most other aspects, is more stringent on the taxpayer. India loses 14 trillion rupees ($314 billion) from tax evasion annually, depriving it of funds for investment in roads, ports, and power, says Arun Kumar, author of The Black Economy in India. General government tax revenue is an estimated 18 percent of India’s $1.5 trillion in gross domestic product, the lowest among the four BRIC nations, International Monetary Fund data show. With so little revenue coming in, Prime Minister Manmohan Singh is now attempting India’s biggest overhaul of the tax code in half a century. Investors say tax reform would boost their confidence. â€Å"If the government does end up making a substantial amount in revenue as a result of the tax overhaul, their deficit requirements should come down and the interest burden will also come down,† says Killol Pandya, Mumbai-based head of fixed income investments at Daiwa Asset Management (India). About Anurag Kashyap Anurag Singh Kashyap (born 10 September 1972) is an Indian film director, producer and screenwriter. He famously is termed as an Art filmmaker who loves dark and real concepts. Kashyap made his directorial debut with as yet unreleased Paanch, with Kay Kay Menon as the lead. As a filmmaker, he is known for Black Friday (2004), a controversial and award-winning Hindi film about the 1993 Mumbai bombings, followed by No Smoking (2007), Dev D (2009), Gulaal (2009), That Girl in Yellow Boots(2011) and Gangs of Wasseypur (2012). As a screenwriter, he wrote the scripts for theFilmfare Award-winning Satya (1998) and the Academy Award-nominated Canadian filmWater (2005). He founded his film production company, Anurag Kashyap Films Pvt. Ltd. in 2009. In 1999, Kashyap won the Best Screenplay award for Satya at the Star Screen Awards. The next year, his short film Last Train to Mahakali won the Special Jury Award at the same awards. His feature film debut Black Friday won the Grand Jury Prize at the 3rd Annual Indian Film Festival of Los Angeles (2005), and was a nominee for the Golden Leopard (Best Film) at the 57th Locarno International Film Festival (2004). In 2010, he announced his association with Tumbhi where he  and his team will make six short films for Tumbhi and start his blog with them, as well. He was listed on the The DNA power list: Top 50 influentials, a list of 50 most influential Indians in 2011. Soon, he will be awarded with a cultural achievement award in the Cannes Film Festival. Kashyap currently serves on the board of Mumbai-based NGO, Aangan Trust, which helps protect vulnerable children around India. He is one of the most influential and important directors in India. Gangs of Wasseypur are a huge commercial and critical hit. Legendary Hollywood film-maker Martin Scorsese wrote to Kashyap, saying how much he loved Gangs†¦and Dev D. The two will be spending 15 days together at the end of the year. Kashyaps first big-budget film, Bombay Velvet, being co-produced by Fox Studios, went on the floors this month. Hes getting to direct Amitabh Bachchan, whose movies of the 70s greatly influenced him, for a fiction TV show. Megastars such as Shah Rukh Khan are keen to work with him. An Amitabh and a Ranbir working with me means they are coming midway, they want to do something different and dont want to be slaves of their image. That says a lot. We both are meeting midway. A Ranbir is as good or an even better actor than a lot of those on the fringes, says Kashyap. Case description Anurag Kashyap is in a light spot. The filmmaker has been held by the Service Tax department officials who have been keeping an eagle eye on B-town celebs for defaulting on taxes. From what we hear, the ST officials carried out an extensive investigation at Kashyap’s Yari road office in Mumbai a couple of weeks back and later charged him guilty for service tax evasion of Rs 55 lakh. Based on this, the director-producer was asked to appear before the Service Tax Department on August 22, but he failed to do so and sent his representatives to deal with the matter. Hence, Anurag’s accounts got sealed and he has now requested the department to grant him time until September 3. A team of officers from the Service Tax Department visited Anurag Kashyap’s office at Yari Road on 26 August between 2 pm to 10:30 pm and found him â€Å"guilty of Service Tax evasion to the tune of Rs 55 lakhs.† Anurag Kashyap was then summoned to appear before the Service Tax Commission on 27 August. But as he was still in Sri Lanka, he sent a representative. On the following day, his bank accounts were frozen, and now the ‘Gangs of Wasseypur’. Sameer Wankhede, Deputy Commissioner of the Service Tax Department confirmed that a case had been booked against Anurag Kashyap. A Service Tax official said, â€Å"Section 89 of the Finance Act says that if you have not paid your service tax to the tune of Rs 50 lakh for a period of six months, the defaulter can face imprisonment for a period of seven years and it is a non bail able offence. As of now, we have detected that Anurag has defaulted on over Rs 50 lakh. First it was the films budget that shot up by Rs 23 crore, thanks to the sinking INR and now the director has landed in legal tangles with the Service Tax Department. Anurag kashyap also has been accused of not filling taxes from the business he runs side by side. He is involved in the fashion industry and manufactures designer clothes for celebrities. This company is run under his ownership and is looked after by his wife. He has had a huge profit of approximately 2 crores in the year 2012 and he has not turned up to pay the taxes for it. It has also been reported that he had not paid wealth tax which amounts to 30cr. including the ornaments that he owns. According to the income tax authorities he is liable to pay a tax of 30 lakhs. Questions 1) Discuss the whole case in detail. 2) Evaluate the total tax that he is liable to pay according to the tax department authorities 3) Discuss the payment methods of these taxes in India. 4) How can the dispute be settled? 5) What is the future of these taxes in India? Ans 1) Analysis of the case The above described case is of the famous bollywood film-maker Anurag Kashyap. According to this case he failed to submit a service tax which amounted to Rs. 55 lakhs. After he gained a hug profit of 23 crore at the box office from his film Gangs of Wasseypur, he was supposed to submit this amount as service tax which he failed to do, and thus he had a raid by the  income tax officials in his office. He was found guilty and his accounts were immediately ceased. The second tax that he failed to pay is the income that he is earning from the house in the name of his daughter. Under this head, tax amounts to rs. 000. This income is taxed under the income from other sources. The second tax evasion that the income tax authority finds him guilty of is the income from his designer clothes manufacturing company which was supposed to earn a profit of 19000000. He has tried not to show this income as a part og his total taxable income. The income tax authority says that the total tax due under this head should be around 55lakhs Anurag Kashyap has been found guilty of not paying tax under three heads i.e. service tax, earnings from other sources, and wealth tax. Ans 2) Calculation of the total tax Service tax; Total earnings in the year 2012-13 from the box office Rs.23,00,00,000 Taxable income after the net deductions Rs. 4,45,00,000 Service tax (@12.36% (10+2+1) = 55,00,000 wealth tax: total taxable wealth Rs.3,00,00,000 rate of wealth tax (1% over 30lakhs) Rs.27,00,000 tax from business and proffession: profit a/c to profit and loss account Rs. 1,90,00,000 income tax payable Rs. 55,30,000 Education Cess @ 2% Rs.110600 Secondary and Higher Education Cess @ 1% Rs. 55300 Total (Rs. 55lakhs+27lakhs+ 5695900) = Rs.1,38,95,900 Ans3) Pament of service tax in india Service tax is envisaged as the tax of the future. Well synchronized taxation on manufacturing, trade (domestic international) and service without giving rise to cascading effect of taxation would be an ideal worth pursuing in the immediate future. This would bring in VAT in its truest sense, though the ultimate objection ushers in the regime of Goods and Service Tax (GST). Continued growth in GDP accompanied by higher rate of growth in service sector promises new wider avenues of taxation to the Government. If the tax on services reduces the degree of intensity of taxation on manufacturing and trade without forcing the Government to compromise on the revenue needs, then one of the basic objectives of taxing the service sector would be achieved. Voluntary tax compliance on the part of taxpayers demands prudent accounting practices and transparency in the conduct of their business. Marginal rates of taxation would be conducive in this process. Many new services may be brought under the tax net in future. The inclusion of all value added services in the tax net would yield larger amount of revenue and make the existing tax structure more elastic. Advanced economies of Western Europe, North America and Far East have share of service sector in their GDP ranging from 60% to 80%. The growth in absolute quantum of GDP and proportion of Service-sector in GDP holds promise for larger revenue generation without increasing the existing level of taxation The Goods and Services Tax (GST) is a Value Added Tax (VAT) to be implemented in India, the decision on which is pending. It will replace all indirect taxes levied on goods and services by the Indian Central and State governments. It is aimed at being comprehensive for most goods and services. India is a federal republic, and the GST will thus be implemented concurrently by the central and state governments as the Central GST and the State GST respectively. Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle. The service tax rate in india is 12% which is calculated on the net taxable income. It also includes an education cess of 2% and a senior higher secondary cess of 1%. Thus a consolidated percentage of 12.36% is calculated on the taxable amount. According to the case the director was liable to pay a roundabout sum of Rs.55 lakh on a profit of 23crore which he earned last year. Payment of wealth tax in India The Wealth Tax Act 1957 is governed by the Income Tax department that falls under the Department of Revenue. Just like Income Tax, Wealth Tax forms a part of annual assessment. It is a type of direct tax that is levied on individuals that fall under its purview. This is a tax that is charged on the net wealth of those who fall under its purview. The benefits that you derive from ownership of property are taxed under this head. Other assets that come under the purview of wealth tax are motor car, aircrafts, and yachts, cash in hand, jewellery etc. You are required to pay wealth tax on yearly basis on the market value of your property irrespective of the fact that it generates any income for you or not. Wealth Tax is Applicable To: Individuals, Companies, Hindu Undivided Families (HUFs) The Wealth Tax as of now is 1 percent on the net taxable wealth of the assessee that exceeds the limit of Rs 30 Lacs. Assets that are charged under Wealth Tax in India House Property (Guest House, residential house or commercial) Urban Land Boats, Aircrafts and Yachts Motor Car Cash in Hand (subject to certain limits) only for HUFs and Individuals Jewellery, Gold Utensils, Silver, Bullions etc All assets that are transferred by individuals to their minor children and to spouse for considerations that are inadequate also fall under the purview of wealth tax. Payment of income from business and profession For charging the income under the head Profits and Gains of business, the following conditions should be satisfied: There should be a business or profession. The business or profession should be carried on by the assessee. The business or profession should have been carried on by the assessee at any time during the previous year. Income that will be chargeable to income tax under the head Profits and gains of business or profession’ The following income would be chargeable under the head Profits and gains of business or profession: The profits and gains of any business or profession, which was carried on by the assessee at any time during the previous year; Any compensation or other payment, due or received by the following:- Any person, by whatever name called, managing the whole or substantially the whole of the affairs of an Indian company, at or in connection with the termination of his management or the modification of the terms and conditions relating thereto; Any person, by whatever name called, managing the whole or substantially the whole of the affairs in India of any other company, at or in connection with the termination of his office or the modification of the terms and conditions relating thereto; Any person, by whatever name called, holding an agency in India for any part of the activities relating to the business of any other person, at or in connection with the termination of any agency or the m odification of the terms and conditions relating thereto; Any person, for or in connection with the vesting in the Government, or in any corporation owned or controlled by the Government, under any law for the time being in force, of the management of any property or business; Income, derived by a trade, professional or similar association from specific services performed for its members; Profits on sale of a license granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947; Cash assistance (by whatever name called), received or receivable by any person against exports under any scheme of the Government of India; Any duty of customs or excise repaid or repayable as drawback to any person against exports under the Customs and Central Excise Duties Drawback Rules, 1971; The value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession; Any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or rece ived by, a partner of a firm from such firm. However, it is provided that where any interest, salary, bonus, commission or remuneration, by whatever name called, or any part thereof has not been allowed to be  deducted under Clause (b) of section 40, the income under this clause shall be adjusted to the extent of the amount not so allowed to be deducted. Deductions that are allowed in computing income from profits and gains of business or profession A number of other deductions under Section 36 of the Income-Tax Act are allowed while computing income from profits and gains of business or profession: S36 (i): The amount of any premium, paid in respect of insurance against risk of damage or destruction of stocks or stores, used for the purposes of the business or profession; (ia) The amount of any premium, paid by a federal milk co-operative society to effect or to keep in force an insurance on the life of the cattle owned by a member of a co-operative society, being a primary society engaged in supplying milk, raised by the members of such federal milk co-operative society; (ib) The amount of any premium, paid by cheque by the assessee as an employer to effect or to keep in force an insurance on the health of his employees under a scheme, framed in this behalf by the General Insurance Corporation of India, formed under section 9 of the General Insurance Business (Nationalization) Act, 1972 (57 of 1972) and approved by the Central Government; (ii) Any sum, paid to an employee as bonus or commission for services rendered, where such sum would not have been payable to him as profits or dividend if it had not been paid as bonus or commission; (iii) The amount of the interest paid in respect of capital borrowed for acquisition of the asset from the date it is put to use for the purposes of the business or profession; (iv) Any sum, paid by the assessee as an employer by way of contribution towards a recognized provident fund or an approved Superannuation fund, subject to such limits as may be prescribed for the purpose of recognizing the provident fund or approving the Superannuation fund, as the case may be; and subject to such conditions as the Board may think fit to specify in cases where the contributions are not in the nature of annual contributions of fixed amounts or annual contributions, fixed on some definite basis by reference to the income chargeable under the head Salaries or to the contributions or to the number of members of the fund; (v) Any sum, paid by the assessee as an employer by way of contribution towards an approved gratuity fund created by  him for the exclusive benefit of his employees under an irrevocable trust; (va) Any sum, received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employees account in the relevant fund or funds on or before the due date. (vi) In respect of animals which have been used for the purposes of the business or profession, otherwise than as stock-in-trade and have died or become permanently useless for such purposes, the difference between the actual cost to the assessee of the animals and the amount, if any, realized in respect of the carcasses or animals; (vii) Subject to the provisions of sub-section (2), the amount of any bad debt or part thereof which is written off as irrecoverable in the accounts of the assessee for the previous year; (viia) in respect of any provision for bad and doubtful debts made by the following: A scheduled bank or non scheduled bank, an amount not exceeding five per cent of the total income and an amount not exceeding ten per cent of the aggregate average advance made by the rural branches of such bank computed in the prescribed manner; A bank, being a bank incorporated by or under the laws of a country outside India, an amount not exceeding five per cent of the total income; public financial institution or a State financial corporation or a State industrial investment corporation, an amount not exceeding five per cent of the total income. (viii) In respect of any special reserve created by a financial corporation which is engaged in providing long term finance for industrial or agricultural development in India or, by a public company formed and registered in India with the main object of carrying on the business or providing long term finance for construction or purchase of houses in India for residential purposes, an amount not exceeding forty per cent of the total income can be carried to the reserve account; (ix) Any bona fide expenditure incurred by a company for the purpose of promoting family planning amongst its employees; (x) Any sum, paid by a public financial institution by way of contribution towards any Exchange Risk Administration Fund, set up by public financial institutions, either jointly or separately. (xi) Any expenditure, incurred by the assessee on or after the 1st day of April 1999 but before the 1st day of April 2000, wholly and exclusively in respect of a non-Y2K compliant computer system, owned by the assessee and used for the purposes of his business or profession, so as to  make such computer system Y2K compliant. (xii) Any expenditure (not being in the nature of capital expenditure) incurred by a corporation or a body corporate, by whatever name called, constituted or established by a Central, State or Provincial Act for the objects and purposes authorized by the Act, under which such corporation or body corporate was constituted or established. It is important to note that deductions are subject to certain conditions being satisfied. Deductions allowed in respect of rent, rates, taxes, repairs and insurance for premises, which are used for the purpose of business or profession? S 30: The deductions that are allowed while computing income from profits and gains from business or profession in respect of rent, rates, taxes, repairs and insurance for premises, which are used for the purpose of business or profession while computing income from profits and gains from business or profession are as follows: Where the premises are occupied by the assessee: 1. As a tenant, the rent paid for such premises; and further if he has undertaken to bear the cost of repairs to the premises, the amount paid on account of such repairs; excluding expenditure in the nature of capital expenditure. 2. Otherwise than as a tenant, the amount paid by him on account of current repairs to the premises; excluding expenditure in the nature of capital expenditure. Any sums, paid on account of land revenue, local rates or municipal taxes; The amount of any premium, paid in respect of insurance against risk of damage or destruction of the premises. Deductions to be allowed in respect of repairs and insurance of machinery, plant and furniture. The following deductions shall be allowed in respect of repairs and insurance of machinery, plant and furniture: The amount paid on account of current repairs thereto; excluding expenditure in the nature of capital expenditure. The amount of any premium, paid in respect of insurance against damage or destruction thereof. Ans 4) Settlement of disputes Settlement of disputes could be done through Norms of industrial disputes act 1947 Work committee Voluntary arbitration Court of enquiry Ans 5) Future of service tax in India Service tax in India was introduced in 1994-95 to correct the asymmetric treatment of goods and services in the tax framework and to widen the tax net. Need to introduce service tax was felt due to the fact that service sector contributed to around half of GDP but it wasn’t taxed. The numbers of services liable for taxation were gradually raised from 3 in 1994-95 to virtually all service in budget 2012-13 except for the services enlisted in the negative list. The negative list includes the services by Government or a local authority, services by the Reserve Bank of India, Services by a foreign diplomatic mission located in India, services relating to agriculture, Service of transportation of passengers, Funeral, burial, crematorium or mortuary services etc. In the last eight odd years, after a modest beginning, service tax had become one of the most important sources of government revenue. Budget 2012-13 increased the service tax rate from 10 percent to 12 percent. Already, a cess is imposed on all indirect taxes including service tax to finance secondary and higher education. In 2011-12, Rs 95,000 crores are expected to mop up through service tax and for 2012-13, target is to collect as much as Rs.1.24 Lakh crores. The increase in service tax is opposed by different section of the business community. At present, service sector contributes more than 55 percent of GDP and its share is likely to increase in future as it is poised to grow between 8-10 percent in next decade along with the reduced share of primary sector. This offers tremendous revenue potential to the Government. It is expected that in due course, service tax would reduce the tax burden on international trade (Customs duty) and domestic manufacturing sector (Excise duty). So a planned growth of service tax would be commensurate with the goals of economic  liberalization and globalization. This process requires levy of taxes on new services without substantial rise in the rate or cost of collection. The service tax promises many opportunities as well as challenges to realize the opportunities. For instance, increased revenue through service tax will help in bridging the fiscal deficit, finance the social services, reduce the burden on commodity taxes etc. The challenges include providing more simplified tax administration in the country which will reduce the tax evasion. Further, department should intensify the field survey operations to ensure that all taxable service assessees are brought into the tax net and service tax due from them are collected without hitch. While the basic tenet of voluntary compliance of service tax law has to be adhered to, the habitual evaders of service tax must be booked for appropriate action under the law. Effective use of Audit and Anti-evasion tools for ensuring the compliance on the part of the assessee and curbing the instances of irregularities and tax evasion are the need of hour. Greater emphasis should be laid on training the staff in Information Technology skills necessary to carry out effective, systematic and result oriented analysis of data available in the system, to achieve the target. Electronic Tax Administration (ETA) system for service tax should be effectively implemented so that service tax could be administered as a pioneer e-tax of the country. Adequate staff must be deployed along with suitable infrastructure and conveyance to implement service tax law effectively. In future, service tax will be integrated with commodity taxes to give rise to the Goods and Service Tax (GST). The proposed Goods and Service Tax is the part of the tax reforms that centre around evolving an efficient and harmonized consumption tax system in the country. Presently, there are parallel systems of indirect taxation at the Central and State level. The existing service tax system poses an imminent challenge to reform its synergies to eventually harmonize itself in the GST regime. Successful integration of goods and service tax would give India a world-class tax system and will bring in improved tax collection. In a way, it will boost our economy and enable us to compete at the global front. As a result, our system will eventually match the international standard in the sphere of indirect taxation. It will also end the long standing distortions  of differential treatments to the manufacturing and service sectors. GST would be a single comprehensive indirect tax to be levied on goods and services. It would be levied at every production and distribution chain with the eligibility to claim indirect taxes paid on procurement chain. Under the current regime, there is a fractured credit mechanism where businesses dont get credit for all the taxes they pay. The effort to prepare for a smooth integration with the GST without any hardship to public is a big challenge, which needs to be handled at the field as well policy level. GST is the future of all indirect taxes in India for which a consensus is needed between the central and state governments. It was supposed to be implemented from 1 April 2010 but is postponed every year due to lack of consensus. The delay in the implementation is causing loss to the tune of thousands of crores every year which could have gained in by increased efficiency. The central government should come forward with some form of incentive driven plan to bring the GST regime in the country which poised to put the fiscal administration of the country at higher level. 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