Week Five Exercise Assignment Essay Example for Free

Week Five Exercise Assignment Essay Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: Edison Stagg Thornton Cash $6,000 $5,000 $4,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000 2,500 3,000 Inventory 1,000 2,500 4,000 Prepaid expenses 800 800 800 Accounts payable 200 200 200 Notes payable: short-term 3,100 3,100 3,100 Accrued payables 300 300 300 Long-term liabilities 3,800 3,800 3,800 a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why? Account Edison Stagg Thornton Cash 6,000.00 5,000.00 4,000.00 Short term investments 3,000.00 2,500.00 2,000.00 Accounts receivable 2,000.00 2,500.00 3,000.00 Inventory 1,000.00 2,500.00 4,000.00 Prepaid Expense 800.00 800.00 800.00 Total Current Assets: 12,800.00 13,300.00 13,800.00 Account Edison Stagg Thornton Accounts payable 200.00 200.00 200.00 Notes payable 3,100.00 3,100.00 3,100.00 Accrued payables 300.00 300.00 300.00 Total Current Liabilities: 3,600.00 3,600.00 3,600.00 Edison: Current ratio 12,800.00 / 3,600.00 = 3.56 Quick ratio (6,000 + 3,000 + 2,000) =3.06 Stagg: Current ratio 13,300.00 / 3,600.00 =3.69 Quick ratio (5,000.00 + 2,500.00 + 2,500.00)/ 3,600.00 = 2.78 Thornton: Current ratio 13,800.00 / 3,600.00 = 3.83 Quick ratio (4,000.00 + 2,000.00 + 3,000.00) / 3,600 =2.5 The most liquid company is Edison because they have the most access if necessary. 2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc: 20X5 20X4 Net credit sales $832,000 $760,000 Cost of goods sold 530,000 400,000 Cash, Dec. 31 125,000 110,000 Average Accounts receivable 205,000 156,000 Average Inventory 70,000 50,000 Accounts payable, Dec. 31 115,000 108,000 Instructions a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places. Accounts Receivable Ratio = Net Credit Sales / Average Accounts Receivable $832,000 / 205,000 = 4.10 Inventory Turnover Ratio = Net Credit Sales / Average Accounts Receivable $530,000 / 70,000 =7.60 (205,000 + 156,000) / 2 = 180,500 (70,000 + 50,000) / 2 =60,000 3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The com ­pany reported the following information for 20X7: Net sales $1,750,000 Interest expense 120,000 Income tax expense 80,000 Preferred dividends 25,000 Net income 130,000 Average assets 1,200,000 Average common stockholders equity 500,000 a. Compute the profit margin on sales ratio, the return on equity and the return on assets, rounding calculations to two decimal places. b. Does the firm have positive or negative financial leverage? Briefly ex ­plain. Profit Margin = 130,000/1,7500,00 =7.43% Return on equity = 130,000/5,000=26% Return on assets = 130,000/1,200,000=10.83% (120,000 + 80,000 + 130,000) / (80,000 + 130,000) =1.57 It has a positive financial leverage of around 1.57 times. The net profit ratio states Digital Relay made a 9% profit off its sales. 4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $86,000 $80,000 Property, Plant, and Equipment (net) 99,000 90,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 153,000 160,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 322,500 350,000 Operating Expenses 93,500 85,000 a. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work. Horizontal Analysis 202 201 Difference %Change Current Assets 86,000.00 80,000.00 -4,000.00 -5.00% Property, Plant, and Equipment (net) 99,000.00 90,000.00 9,000.00 10.00% Intangiables 25,000.00 50,000.00 -25,000.00 -50.00% Total Assets 200,000.00 220,000.00 20,000.00 -9.09% Current Liabilities 40,800.00 48,000.00 -7,200.00 -15.00% Long Term Liabilities 143,000.00 160,000.00 -17,000.00 -10.63% Total Liabilities 183,800.00 208,000.00 -24,200.00 -11.63% Stockholders Equity 16,200.00 12,000.00 4,200.00 35.00% Total Liabilities and Stockholders Equity 200,000.00 220,000.00 -20,000.00 -9.09% Net Sales 500,000.00 500,000.00 0.00 0.00% Cost of Goods Sold 332,500.00 350,000.00 -17,500.00 -5.00% Gross Profit 167,500.00 150,000.00 17,500.00 11.67% Operating Expense 935,000.00 85,000.00 8,500.00 10.00% Net Income 74,000.00 65,000.00 9,000.00 13.85% (4,000) / 80,000 =-5% The company decreased its liabilities which is good but also decreased its assets and costs of goods sold. The operating expenses increased and kept the same amount of net sales. Their Stockholders’ Equity increased so they were able to purchase additional equipment, property, and plant. 5.Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $86,000 $80,000 Property, Plant, and Equipment (net) 99,000 80,000 Intangibles 25,000 50,000 Current Liabilities 40,800 48,000 Long-Term Liabilities 153,000 150,000 Stockholders’ Equity 16,200 12,000 Net Sales 500,000 500,000 Cost of Goods Sold 322,500 350,000 Operating Expenses 93,500 85,000 a. Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work. Current Assets 15.20% 16.00% Property, Plant, and Equipment 19.80% 18.00% Intangibles 5.00% 10.00% Current Liabilities 8.16% 9.60% Long term Liabilities 28.60% 32.00% Stockholders Equity 3.24% 2.40% Net Sales 100.00% 100.00% Cost of Goods Sold 66.50% 70.00% Operating Expenses 18.70% 17.00% It seems as if the findings were the same as in the horizontal analysis. There is a difference, which is, seeing the sections changed based upon the previous. There is a 35% increase in the Stockholders’ Equity which is great for the company. 6. Ratio computation. The financial statements of the Lone Pine Company follow. LONE PINE COMPANY Comparative Balance Sheets December 31, 20X2 and 20X1 ($000 Omitted) 20X2 20X1 Assets Current Assets Cash and Short-Term Investments $400 $600 Accounts Receivable (net) 3,000 2,400 Inventories 3,000 2,300 Total Current Assets $6,400 $5,300 Property, Plant, and Equipment Land $1,700 $500 Buildings and Equipment (net) 1,500 1,000 Total Property, Plant, and Equipment $3,200 $1,500 Total Assets $9,600 $6,800 Liabilities and Stockholders’ Equity Current Liabilities Accounts Payable $2,800 $1,700 Notes Payable 1,100 1,900 Total Current Liabilities $3,900 $3,600 Long-Term Liabilities Bonds Payable 4,100 2,100 Total Liabilities $8,000 $5,700 Stockholders’ Equity Common Stock $200 $200 Retained Earnings 1,400 900 Total Stockholders’ Equity $1,600 $1,100 Total Liabilities and Stockholders’ Equity $9,600 $6,800 LONE PINE COMPANY Statement of Income and Retained Earnings For the Year Ending December 31,20X2 ($000 Omitted) Net Sales* $36,000 Less: Cost of Goods Sold $20,000 Selling Expense 6,000 Administrative Expense 4,000 Interest Expense 400 Income Tax Expense 2,000 32,400 Net Income $3,600 Retained Earnings, Jan. 1 900 Ending Retained Earnings $4,500 Cash Dividends Declared and Paid 3,100 Retained Earnings, Dec. 31 $1,400 *All sales are on account. Instructions Compute the following items for Lone Pine Company for 20X2, rounding all calcu ­lations to two decimal places when necessary: a. Quick ratio 1.17 b. Current ratio 1.86 c. Inventory-turnover ratio 10 d. Accounts-receivable-turnover ratio 13.33 e. Return-on-assets ratio 0.51 f. Net-profit-margin ratio 0.1 g. Return-on-common-stockholders’ equity 2.67 h. Debt-to-total assets 0.81 i. Number of times that interest is earned 15

Conceptions of crime Essay Example for Free

Conceptions of crime Essay Conceptions of crime are distorted by exposure to media coverage. Discuss. This cours from coursework. inf coga ga . r se . ga . ga . w or. ga . . ga . k inga foga . ga . ! The media constitutes a major part of modern society and plays a large role in our lives. It is the prime source of information and entertainment, and moreover acts as a strong influence on public belief and opinion. The media is highly influential in coae ae . r se . ae . ae . w or. ae . . ae . k inae foae . ae . . shaping our views upon the world in which we live. When it comes to crime, coae ae .r se . ae . ae . w or. ae . . ae . k inae foae . ae . . however, do the reports shown by the media present an accurate picture of the true This cours from coursework. inf events? The more horrific the report, the more likely it is to capture the attention of the public, which obviously secures plenty of profit for media barons. Is our increasing reliance on an institution that relies on sensationalism to create profit unwise, as this could well mean that the facts they report lack truth? The media reinforces social myths by selective reporting, and thus presents a distorted view ofreality. This could be leading to an increasingly misconstrued public view of certain crimes. The media is a very powerful influence on the way in which we behave and how we view the world, therefore it is important that it shows a realistic picture of what is taking place in our society, otherwise we will gain a false perception of aspects such as crime. Is the media really portraying crime as it truly is, or is it selectively reporting the most colourful events in order to secure audiences and therefore profit? It is important to understand that there are many crimes that are completely ignored by the media, as they are not seen as ? newsworthy?. Usually only those that will capture public attention are mentioned. This means that the crimes that fill our screens and pages are usually violent or shocking in nature. From a functionalist perspective this can serve a positive function, as the deviant behaviour makes ordinary people feel safe in the knowledge that they are morally better than the criminal, and reporting of crimes and subsequent punishments can also serve as a deterrent to others and a good method of reinforcing the social order. However, there is also a certain degree of bias present in all reporting that stems from the integrated norms and moral background of the journalist involved. It is almost impossible to be completely objective when reporting, and most journalists will slant their stories to appeal to the widest possible audience. This is theorized in the hegemonic model, and works on the basis that the majority of journalists are likely to be white, male and middle-class and will therefore bring with them to their stories their own similar set of norms and values, be this unconsciously or otherwise. The editors will also carry out a selection process on the stories before they hit the public view; therefore it is highly unlikely that any crime report reaches the news in an unbiased state.? Journalists also tend to use a set of stereotypes, which serve to easily identify ? types? of people and reduce complexities of character to a series of ? bad guys? and ? good guys?. These can lead the public to make quick judgments, which may not be based on true fact.? The media? s presentation of stereotypical images can change the public opinion on certain groups in society, and may create a false picture of them that may be harmful. The groups most often portrayed as criminal are the less privileged and minority groups such as those from ethnic minorities. Because our lives are so deeply influenced by the media we begin to see the portrayal of these groups as a reality, and this may cause crimes committed by other groups or individuals (such as corporate crime in the middle class) to be overlooked or seen as less serious.? In addition, the police can make use of the media to help maintain social order by choosing what to tell reporters, as many news stories use police accounts as a major source for their information. A good example of the media distorting aspects of crime is shown with the reporting of women involved in criminal activity. The common media portrayal of women is more passive and much less inclined to commit crime, and when they do it is seen as less violent or shocking in nature, or as influenced by a stronger male personality, for example Myra Hindley was commonly said to have been under the influence of Ian Brady when the horrific Moors murders were committed. Media coverage usually concentrates on the most violent and shocking aspects of crime. This can often be far from the truth, and puts the public in fear when in reality there is a tiny chance of them falling victim. Listening to the news, it appears that the country is riddled with serial killers and rapists however official crime statistics would show that this is not the case. Reporting like this can lead to mass panic and fear across the country, and this aspect was investigated further by Stanley Cohen in his book ? Folk Devils and Moral Panics? where he studied the 1960s mods and rockers conflicts. The media? s handling of the fights between the rivals groups made it sound as if Brighton was full of riots and was a very dangerous place, when in reality this was a false picture of events. However, these stories grabbed the headlines, and as a result appealed to a large audience and gained lots of attention with the public. At the moment there is lots of media coverage about murders in Cornwall, and about the girl who was kidnapped and murdered on Dartmoor. The way these are reported makes people fearful that there is a serial killer on the loose, when in reality there is probably little chance of this happening to them and they should be more concerned with the more common but less ? colourful? crimes that threaten society, most of which would be much more obvious if the public were able to look at official crime statistics. This viewpoint fits in well with the idea of the media as a manipulative entity that is ideologically biased and therefore bases its selection of news on this fundamental bias. This manipulation theory is Marxist in origin and works on the idea that the public are passive and absorb the information that the media presents them with without question, and that the media consist of the ruling class who use media channels to perpetuate their views and opinions in society. Official statistics paint an interesting picture of the true nature of crime levels in society. It is a fact that crime rates have actually remained stable over the last year, after experiencing a period of decline. This challenges the constant media message that crime is everywhere and on the increase. When people were interviewed about crime rates many of them believed that crime was well on the increase, as result of a ? heightened degree of press coverage which particularly focused on a claimed rise in crime.? (Jon Simmons in the Home Office Report 2002).? It is a well-known fact that the media tend to emphasise aspects and types of crime that are violent or shocking, such as murder and rape, which affects the general population by creating huge worry about occurrences of violent crime when it is a statistical fact that one is over four times more likely to fall victim to burglary. Another form of media that can, and often does, present distorted representations of crime are television shows such as The Bill, Merseybeat or reality shows such as Crimewatch. For example Crimewatch focuses on catching criminals who have carried out violent crime and places little or no emphasis on occurrences of burglary or more ? normal? crimes, even though this type of crime is much more frequent. The Bill shows many incidents of violent crime, however also tends to show other less ? newsworthy? forms of crime such as theft which is a more realistic approach. coac ac . r se . ac . ac . w or. ac . . ac .k inac foac . ac . . There are a number of media influence models that attempt to explain the extent and nature of media influence. The manipulation theory presented earlier is one of these theories; however there are others that attempt to explain the media? s effect on society in different ways. The pluralist model argues that the public are not passive receptors but active participants with the ability to choose and form their own opinions from the vast variety of information presented by the media, whether about crime or about other social issues. The media only serve to reinforce the existing values that people possess. Tversky and Kahneman suggest that the easier it is to recall or imagine an event, the more likely we are to see it as risky or as frequent in occurrence (Tversky and Kahneman cit. 1994: 303). Therefore if this is correct then constant media coverage of violent crimes could lead us to believe that such crimes are the ones most likely to affect us. Mass media reporting can also serve as a substitute for direct experience, however research into this supports the pluralist model by showing that people are usually active consumers and interpreters rather than passive recipients. The issue at hand seems to be the growing difference between the way the public perceive crime and the reality as shown by official statistics. For some reason, society has a far greater fear of murder and other violent crime than is justified by the actual number of occurrence, when in reality there is far greater likelihood of incidences of burglary or car crime. So where do these fears stem from? The answer appears to be that they come from the way in which the media report crimes and how they select the most newsworthy aspects so that more papers will get sold and so viewing figures will increase. In conclusion it is an unavoidable fact that our society is so immersed in the media that its influence is hard to get away from. To a large extent, media does form our social world, however it is also true that people are active interpreters of information, and are able to utilize their own opinions on events and stories shown by the media. We are only taking in what the media offer to us not the real truth about what is happening. It is very easy for our conceptions of crime to be distorted by the way that the media portray it, as the only information we are receiving on the events is that which comes from the media. However if people really are actively interpreting and thinking about the true nature of crime levels, while attempting to broaden their horizons of information, then they will be more aware of the reality of the situation and our conceptions will be far less influenced by media constructed images and opinions. Bibliography Maguire, M, R. Reiner and R. Morgan. 2002 The Oxford Handbook Of Criminology New York: Oxford University Press Haralambos, M. 2000? Themes and Perspectives in Sociology? 4th edition Cohen, S and Young, J. 1973? The Manufacture Of News: Deviance, Social Problems and the Mass Media, London: Constable and Co Ltd.

Is globalization of the Vietnamese economy good or bad

Is globalization of the Vietnamese economy good or bad Vietnam has made a great progress in global integration since it began the Doi Moi process, especially when our country became the 150th member of WTO in 2007. The global integration has helped to change a poor country facing with starvation in the 1980s into a highly developing country now. However, Vietnam also has to face up with challenges affecting economic stability such as global financial crisis, severe competition from foreign enterprises. In order to understand more about globalization and its effects on the Vietnamese economy, I would like to write this paper to discuss the opportunities and challenges of this process upon the Vietnamese economy and what can be done to overcome these challenges. I. Literature Review 1. What is globalization? Globalization has now become a popular term appearing regularly on television, radio and newspaper. It is a very broad term which is related to economy, politics, culture, and environment. Carbaugh (2008) defines globalization as the process of greater interdependence among countries and their citizens. It consists of increased integration of product and resource markets across nations via trade, immigration, and foreign investment that is, via international flows of goods and services, of people, and of investment such as equipment, factories, stocks, and bonds. It also includes noneconomic elements such as culture and environment. Simply put, globalization is political, technological, and cultural as well as economic (p.2). Within this paper, we only focus on the economic side of globalization. 2. History of globalization in the worlds economy Carbaugh (2008) mentions three waves of globalization which constitute the so-called globalization nowadays. The first process was initialized by the global economic integration occurred from 1870 to 1914. It began with the decreases in tariff barriers and the development of new technologies railway, steam engines, and steam ships which lowered transportation cost. This wave was mainly driven by European countries, American businesses and individuals. As a result, the ratio of exports over the worlds total income nearly doubled to 8 percent and the United States became the richest country in the world. The first wave of globalization was ended by World War I, followed by the Great Depression of the 1930s, which pushed back the process. The second wave of globalization happened within the period 1945-1980 with the continual falling cost of transportation and the removal of trade barriers among developed countries. This period were featured by a new kind of trade: agglomeration economies-firms clustered together and were connected in a vertical linkage; parts manufacturers located near the main assembly line to lower the cost of transport. However, most developing countries still could not participate in this process for many different reasons. As the result, per capita income in developed countries increased dramatically while other developing countries were left behind. The last wave of globalization began in 1980 and continues up to now. The pace of this global integration has become much faster and dramatic because of unprecedented advancements in technology, communications, science, transport and industry. The wave is featured by the dramatic increase in global trade not only from developed countries but also from developing countries, which has made the global GDP increase quickly. Developing countries such as China, India, Brazil have succeed in joining the world market, exporting the goods they have competitive advantage mostly labor-intensive products. The communication technology developed very quickly. Another aspect of this wave is the increasing foreign outsourcing, which aims mainly at lowering the production cost by producing parts in developing courtiers. The period is also featured by bilateral and multilateral trade agreements and the establishment of the worlds biggest trade institution: WTO (the world trade organization) to superv ise and liberalize international trade. 3. The globalization of the world economy-for better There is maybe no other issues which are more controversial than globalization. There are maybe no other international institutions which are more protested than WTO. However, theories and reality have proved globalizations indispensability. According to the law of competitive advantage by David Ricardo, because of trade, films, regions, countries will gain benefits if they specialize in producing things they do well at a lower cost and use the earnings from these activities to by goods for which they are high-cost producers. Carbaugh (2008, p.14) Globalization encourages innovation and efficient production in each countrys economy. Because of competitiveness from foreign enterprises, domestic producers have a strong incentive to improve the quality of their products. Carbaugh (2008, p.14) Globalization also helps reduce the price of goods. For example, in the case of the US, because of global competition, the prices of such items as TV sets, clothing, toys have reduced dramatically. Meanwhile, the prices of products untouched by globalization, such as hospital services, sports tickets, and car repair have a tendency to increase. Carbaugh (2008, p.14) Globalization through the form of international trade provides stability for production. For example, a company can buy parts and components worldwide to supply its production. Moreover, it can export its products to other countries if the demand in the domestic economy is low. Carbaugh (2008, p.16) Globalization plays an important part in the economic growth of one country. For example, countries that open their economy to international trade tend to benefit from new technology and other sources of economic growth. (Carbaugh, 2008, p.16) Protestants of globalization often mention job displacement, loss of countrys sovereignty, environmental damage, etc. as reasons for anti-globalization. Indeed, these problems can be properly addressed if each government has determination and right strategies. 4. The globalization of the Vietnamese economy-some important events To Vietnam, since the country began the Doi Moi process in 1986, the economy has gradually integrated into global market. With the guideline Vietnam is prepared to be a friend and reliable partner of all countries in the world community, striving for peace, independence and development. Vietnam has gradually joined international organizations and economic institutions as well as cooperated with other countries for mutual development. Vietnam re-joined the World Bank (WB), International Monetary Fund (IMF) and Asian Development Bank (ADB) in 1992 and 1993. The year 1995 saw many significant external economic events. Vietnam joined the ASEAN and committed to implement the ASEAN Free Trade Area (AFTA), signed a Cooperative Agreement with the European Union (EU) and normalized relations with the US and applied for WTO membership. In 1998 Vietnam officially became a member of the Asia Pacific Economic Cooperation (APEC). (Ho) In order to enhance trade among Vietnam and other countries, many bilateral and multilateral trade agreements have been signed. On July 13th 2000, the Viet Nam-United States Bilateral Trade Agreement was officially signed. Our country has signed over 80 bilateral trade agreements 40 bilateral investment agreements and 40 agreements on avoidance of double taxation. Most significantly, after eleven years of negotiation, in 2007 Vietnam became the official member of the world trade organization (WTO)-the worlds biggest trade organization. Since then, Vietnam has entered the largest trade play ground where every country is equal in both opportunities and challenges. So it can be summarized that Vietnam has taken part in the international integration for over the past twenty years and fully joined in the globalization process for three years dating from 2007. II. Benefits and opportunities of globalization to the Vietnamese economy Integration deeply into the world market has brought many tangible benefits and opportunities to the Vietnamese economy. 1. Increasing export revenues As a result of integrating into the regional and global market, export revenues have increased continually since 1990, speeded up sine 1995 when Vietnam joined ASEAN and grew sharply since Vietnam joined WTO in 2007. The growth in export revenues is illustrated in the following table Total Of which: Balance(*) Exports Imports Mill.USD 1990 5156.4 2404.0 2752.4 -348.4 1991 4425.2 2087.1 2338.1 -251.0 1992 5121.5 2580.7 2540.8 39.9 1993 6909.1 2985.2 3923.9 -938.7 1994 9880.1 4054.3 5825.8 -1771.5 1995 13604.3 5448.9 8155.4 -2706.5 1996 18399.4 7255.8 11143.6 -3887.8 1997 20777.3 9185.0 11592.3 -2407.3 1998 20859.9 9360.3 11499.6 -2139.3 1999 23283.5 11541.4 11742.1 -200.7 2000 30119.2 14482.7 15636.5 -1153.8 2001 31247.1 15029.2 16217.9 -1188.7 2002 36451.7 16706.1 19745.6 -3039.5 2003 45405.1 20149.3 25255.8 -5106.5 2004 58453.8 26485.0 31968.8 -5483.8 2005 69208.2 32447.1 36761.1 -4314.0 2006 84717.3 39826.2 44891.1 -5064.9 2007 111326.1 48561.4 62764.7 -14203.3 Prel. 2008 143398.9 62685.1 80713.8 -18028.7 Table 1 Export and import of goods Source: General statistics office of Vietnam (GSO) The countrys export turnover in 2007 reached US$48 billion, 21.3 percent higher than 2006s figure, surpassing the 3.1 percent target set by the government. Vietnams key export items having high export turnovers were seafoods, rice, coffee, vegetables, rubber, cashew nuts, and pepper. (GSO) The second year of WTO membership saw a sharp increase in the countrys export turnover. Export turnover in 2008 reached US$62 billion, 29.5 percent higher than that in 2007. (GSO) In 2009 the export turnovers were estimated to be US$56.6 billion, reflecting a drop of 9.7 percent from 2008.However, it was due to price drops during the economic crisis. Vietnamese commodities have been exported widely to 150 countries and territories, with many sectors benefiting from WTO membership including labor-intensive industries like clothing, footwear and electronics. (SGGP) An example of quick development in export after joining WTO is textile and garment industry. Vietnam has become one of the ten largest exporters of textiles and garments in the world after earning US$7.7 billion from exporting these commodities in 2007. The US market made up 56 percent of this total turnover, followed by the EU (US$1.45 1.65 billion) and Japan (US$700 million.) (GSO) Unit 2005 2006 2007 Prel. 2008 Crude oil Thous.tons 17966.6 16442.0 15062.0 13752.3 Coal 17987.8 29308.0 32072.0 19354.7 Electronic parts (Including TV parts), computer and their parts Mill.USD 1427.4 1807.8 2165.2 2638.4 Articles of plastic 357.7 452.3 709.5 921.2 Electrical wire and cable 518.2 705.7 882.3 1001.3 Rucksacks, bag, pockets, wallets(*) 470.9 502.1 627.1 833.0 Footwear 3038.8 3595.9 3999.5 4767.8 Textile, sewing products 4772.4 5854.8 7732.0 9120.4 Rattan, bamboo and rush products 157.3 214.1 246.7 255.6 Pottery and glassware 255.3 274.4 334.9 344.0 Embroidery products 78.4 98.1 111.8 Fresh and processed vegetables fruit 235.5 259.1 305.6 407.0 Pepper Thous. tons 109.9 114.8 83.0 90.3 Coffee 912.7 980.9 1232.1 1059.5 Rubber 554.1 703.6 715.6 658.3 Rice 5254.8 4642.0 4580.0 4741.9 Shelled cashew nut 109.0 127.7 154.7 165.3 Tea Thous. tons 91.7 105.4 115.7 104.5 Wood and wooden products 1561.4 1943.1 2384.6 2829.3 Fishery products Mill. USD 2732.5 3358.0 3763.4 4510.1 Of which: Frozen shrimps 1265.7 1262.8 1387.6 Frozen fish 608.8 1083.4 1379.1 Frozen cuttle fish 73.9 92.5 60.8 (*) Data from year 2004 include hats and umbrellas. Table 2: Some main goods for exportation Source: General statistics office of Vietnam (GSO) 2. Rapid increase in foreign direct investment (FDI) As a WTO member, Vietnam has become an attractive destination for foreign investors. Registered FDI surged to US$71 billion in 2008, compared with only $12 billion in 2006. Although FDI commitments dropped last year to $21.4 billion as a result of the global financial crisis, the figure was still at the same level as pre-crisis 2007. (Thanh Nien news) During the three years of WTO membership, total registered FDI into Vietnam reached more than $114 billion, 4.5 times higher than the target set for the 2006-2010 period. Of this, $29.5 billion was disbursed in the five years. (Thanh Nien news) The data for FDI into Vietnam over the past 20 years are summarized in the following table: Number of projects Registered capital (Mill. USD) (*) Implementation capital (Mill. USD) Total 10981 163607.2 57045.5 1988 37 341.7 1989 67 525.5 1990 107 735.0 1991 152 1291.5 328.8 1992 196 2208.5 574.9 1993 274 3037.4 1017.5 1994 372 4188.4 2040.6 1995 415 6937.2 2556.0 1996 372 10164.1 2714.0 1997 349 5590.7 3115.0 1998 285 5099.9 2367.4 1999 327 2565.4 2334.9 2000 391 2838.9 2413.5 2001 555 3142.8 2450.5 2002 808 2998.8 2591.0 2003 791 3191.2 2650.0 2004 811 4547.6 2852.5 2005 970 6839.8 3308.8 2006 987 12004.0 4100.1 2007 1544 21347.8 8030.0 Prel. 2008 1171 64011.0 11600.0 (*)Including supplementary capital to licensed projects in previous years. Table 3: Foreign direct investment projects licensed in period 1988 2008 Source: General statistics office of Vietnam (GSO) 3. Increase in enterprises awareness, adaptation and performance Joining WTO means that Vietnam has entered a large play ground where Vietnamese enterprises have to compete with many giant players-big foreign corporations with strong financial power and experience. Moreover, the reduction of tariffs and non-tariffs measures, the open of servicing market have made the domestic market more competitive. All these factors have forced domestic enterprises (both state-owned and private ones) to restructure and self-improve. Being aware of these challenges, Vietnamese enterprises have invested money to standardize their operation and products. Thousands of Vietnamese enterprises in different fields such as textile, transport, service, telecommunication, food production have met international standards: ISO 9000, ISO 14000. Furthermore, besides traditional markets such as the US, Japan, they have reached new markets such as Europe, the Middle East, and Africa. More effort is put on employee training and attraction high quality employees. Some big Vietname se enterprises which have strong competitiveness are Co.opmart, Hoang Anh Gia Lai group, Sai Gon tourist, VNPT. This is also a chance for state-owned enterprises pending on the Government protection and subsidies restructure their operation. Otherwise they will be defeated even in the domestic market. So under the competition pressure, the Vietnams enterprises will become more effective and competitive. 4. More favorable legal system for trading activities Global economic integration and accession to the WTO have given Vietnam a chance to refine its policy and legal system to be more transparent, sustainable and predictable to be in line with WTO regulations and to attract more foreign investors. For example, according to Law on Foreign Investment, there are flexible regulations of establishment Enterprises with foreign investment are permitted to change the form of investment, and divide, consolidate or merge with other enterprises. Existing joint ventures are allowed to transform into wholly-owned foreign capital enterprises under certain conditions. In addition, there is no obligation to form a joint venture with a local partner. Foreign investors are entitled to make their own choice from three forms of investment set forth by the Law on Foreign Investment. There is also the reduction of the administrative burden The duration for investment licensing was cut from 60 working days to 45 working days for projects under the category of appraisal and issuance of investment licences, and to 30 working days for projects under the category of registration for investment licences Furthermore, under the Governments Project 30 to enhance administrative reform, about 5,700 administrative papers at all levels have been under consideration. Duplicate or unnecessary documents will be abolished. The Prime Minister has proposed a 30 percent reduction of all legal documents. To enhance administrative procedures Vietnamese government are developing e-commerce and e-government to create effective links between administration agencies, businesses and people. (Vov news) Moreover, as a WTO member, Vietnam is treated as a full WTO membership. Vietnamese enterprises have a healthy environment for development in foreign markets. If there are trade disputes, they can be treated under WTOs Dispute Settlement Mechanism. Vietnamese enterprises will be judged by the WTO international court, which means we have more advantages to protect our rights. (Ho) For example, the lawsuit is no longer imposed by domestic laws as the previous catfish war case- Vietnams tra and basa dumping disputes, and we can implement some legal retaliating tools within WTO regulations. Vietnam will have equal status with other countries in the global trade policy-making process and an opportunity to participate in building a more equal and logical international trade cooperative framework. Le (2008) III. Challenges of globalization to the Vietnamese economy Globalization is an indispensable process. As a result, 153 countries have become official members of WTO and up to now no countries would like to exit this organization. This illustrates clearly the benefits of globalization. Globalization by its nature does not make a country worse. However, the opportunities created by globalization are always accompanied with challenges. If a country cannot overcome these challenges, it will meet a lot of difficulties. Vietnam is not the exception. Our challenges are not only from the outsiders but also from the domestic economy. Three major groups of challenges are described as follows 1. Low competitiveness of nation, enterprises and products Vietnamese enterprises are mainly medium and small-sized. According to Le (2008), none of Vietnams state-owned enterprises was on the list of 1000 world biggest corporations, neither its commercial trademarks in the list of 1000 most prestigious global trademarks. If we want to gain strong competitiveness in international market, we must have many strong enterprises like Sony, Toyota of Japan, or Hyundai, Samsung of South Korea. According to World Economic Forums report for the year 2009-2010, in terms of global competitiveness index, Vietnam ranked 75th out of 133 countries in the year 2009-2010, dropping 5 places compared to 2008-2009s index. From the report and practical situation, we can come up with some drawbacks in our economy which lead to poor nations competitiveness. Firstly, the most problematic factor of doing business which accounts for 16.1 percent in the World Economic Forums report is the inadequate supply of infrastructure. According to Thomas Siebert, chairman of the American Chamber of Commerce (AmCham), the lack of high-quality infrastructure and logistical services is both a pressing concern and an impediment, especially to potential American investors. Indeed, this important issue has been brought up in every meeting between AmCham and the Vietnamese authorities since May 2006. Various problems include the delay in constructing bridges, inter-provincial roads and overland infrastructure. The Japan Bank for International Cooperation (JBIC) said that 80% of Japanese companies considered roads as the first factor that needs improvement, followed by power supply (60%) and ports (40%). Dr Le Dang Doanh once compared a gap in infrastructure among Vietnam and other economies in the region by a typical example, it takes ten minutes to do logi stics for a container in a Singapore port but seven days in a Vietnamese port. Secondly, difficulty in accessing financing ranks second in problematic factors of doing business in Vietnam. According to Dr Le (2008), Vietnams financial depth ratio, a measurement of money supply relative to the size of the economy the ratio of M2 over GDP was about 84% GDP, with around 6 million bank accounts over the population of 84 million, the stock market just accounted for 6% GDP and still in the pilot stage and incomplete. Not to mention technology, Basel standards for the banking industry, number of commercial banks services offered, ratio of bad debts, we can see clearly how big the gap is for Vietnam to fill. Thirdly, poor system of higher education and training, which ranks 92/133, is a big challenge. Inadequately trained faculty, ineffective teaching methods, and lack of access to modern technologies severely limit students learning. Government sponsored educational reform has not kept pace with the need to transmit from an agricultural economy to an industrial economy. We are now facing with the dilemma of too much common labor force but inadequately educated workforce which ranks 3 in the problematic factors of doing business in Vietnam. Moreover, the quality of management schools is too low (111/133), which results in incompetent staff at different levels, from central to grassroots, from State agencies to businesses. Table 4: The competitiveness index for Vietnam 2009-2010 Source: World Economic Forum Table 5: The competitiveness index in detail for Vietnam 2009-2010 Source: World Economic Forum 2. Issues relating to macro policies and administrative procedure According to the World Economic Forums report, although the country improves in most of the categories of the Index, Vietnam is down five positions to 75th, the considerable worsening of its macroeconomic situation-dropping from 70th to 112th place-weighs heavily on its economy and competitiveness. A widening trade deficit, an overheating economy, and a global rise in commodity prices caused inflation to shoot up to 23 percent in 2008.This in turn triggered a crisis of confidence, big swings in interest rates, and a sharp fall of the dong, the local currency. Although this issue was over and the government has performed better when dealing with the global financial crisis, it is an important lesson that because the Vietnamese economy has integrated deeply into the global economy, the exchange rates, inflation, balance of payment and budget deficit will develop unpredictably. I share the same point of view with what Prime Minister Nguyen Tan Dung said when having a meeting with the ba nking sector: what is right today may not right tomorrow. If we follow the rightness today too long, we may make mistake in tomorrows situation. Hence, it is essential for the government to pay close attention to the world economy, better the forecast ability and have flexible guidance so that Vietnam can reap the benefits of the efforts and successes achieved in other areas. One of the main reasons for Vietnams 75th position is the variable Burden of government regulation (106/133) which constitutes a big disadvantage. In fact, the current administrative system is a serious obstacle to development. Although the government is trying to reduce unnecessary administrative procedure such as one door, the current result is not as much as expected. According to the former Prime Minister Phan Van Khai, Vietnamese public administration has been laden with the following problems: red-tape, ineffectiveness, inefficiency, cumbersomeness, corruption, and an unskilled and under-qualified public service. The administration is clearly not keeping itself abreast of economic level. 3. Difficulties in agricultural sector Agriculture  [1]  is the main sector in the economy, accounting for 20 percent of GDP and 66 percent of the national population. However, it is confronting with vigorous competition in the global market. Over the past three years, there was no sudden change in the export of agricultural products. Although the export revenue increased compared to the year 2006, the growth rate was lower than the general growth rate of export of the country as a whole, except for coffee. (Center for Information and Documentation). The table below illustrates the growth rate of agricultural export 2003 2004 2005 2006 2007 Prel. 2008 Mill.USD TOTAL 20149.3 26485.0 32447.1 39826.2 48561.4 62685.1 By economic sector Domestic economic sector 9988.1 11997.3 13893.4 16764.9 20785.7 28155.9 Foreign invested sector(*) 10161.2 14487.7 18553.7 23061.3 27775.7 34529.2 By commodity group Heavy industrial products and minerals 6485.1 9641.9 11701.4 14428.6 16000.0 19200.0 Light industrial and handicraft goods 8597.3 10870.8 13293.4 16389.6 21598.0 28575.0 Agricultural products 2672.0 3383.6 4467.4 5352.4 7200.0 10400.0 Forest products 195.3 180.6 252.5 297.6 Aquatic products 2199.6 2408.1 2732.5 3358.0 3763.4 4510.1 Structure (%) TOTAL 100.0 100.0 100.0 100.0 100.0 100.0 By economic sector Domestic economic sector 49.6 45.3 42.8 42.1 42.8 44.9 Foreign invested sector(*) 50.4 54.7 57.2 57.9 57.2 55.1 By commodity group Heavy industrial products and minerals 32.2 36.4 36.1 36.2 32.9 30.6 Light industrial and handicraft goods 42.7 41.0 41.0 41.2 44.5 45.6 Agricultural products 13.3 12.8 13.7 13.4 14.8 16.6 Forest products 1.0 0.7 0.8 0.8 Aquatic products 10.8 9.1 8.4 8.4 7.8 7.2 (*) Included crude oil. Table 6: Exports of goods by economic sector and by commodity group Source: General statistics office of Vietnam (GSO) This is due to a combination of many weaknesses. Farmers lack knowledge and professional skills. Production technology is small and backward, which increases the production costs compared to those of other countries and makes the quality of the products low. Agricultural enterprises are often of small size and disperse. As a result, they have weak financial capacity to improve production technology and labor productivity. Moreover, there are no shared strategies on developing in foreign markets, no strong and famous trade mark. For example, although Vietnam is currently the worlds second largest rice exporter Vietnamese rice still does not have an established trademark on the international market. Another problem is the slow and inaccurate market forecast about the worlds demand and price forecast by functional agencies, causing a lot of damages to agricultural enterprises and farmers. For example, in 2008, wrong forecasts about food security and the worlds rice price led to Vietnams not exporting rice when the worlds price was

Macbeth tragic hero Essay -- essays research papers

Tragic Hero or Villain?   Ã‚  Ã‚  Ã‚  Ã‚  MacBeth the play is considered a tragedy and every tragedy needs a tragic hero. There are many factors that caused the degeneration of Macbeth. Macbeth is not a villlian in this story he is a tragic hero. The major factor that started the downfall was the prophecy by the witches in Act 1, Scene 3.   Ã‚  Ã‚  Ã‚  Ã‚  The witches were praising Macbeth. The first witch said, â€Å"All hail, Macbeth! Hail to thee, Thane of Glamis!† The second witch said, â€Å" All hail, Macbeth! Hail to thee, Thane of Cawder!† The third witch said, â€Å"All hail, Macbeth! That shalt be King hereafter!† When Macbeth and Banquo are leaving the witches Banquo is told that he won’t be King but his son’s will be.   Ã‚  Ã‚  Ã‚  Ã‚  In the middle of Act 1 scene 3, Ross tells Macbeth that the Thane of Cawdor is being executed and he will be taking his place. Now Macbeth believes the prophecy told by the witches. He hasn’t quite figured out how he will become King. One of the things that could have also contributed to Macbeth’s downfall is that he is too vulnerable and he believes everything that he hears. The witches corrupt Macbeth’s character and make him power hungry.   Ã‚  Ã‚  Ã‚  Ã‚  In Act 1, Scene 5 Macbeth wrote a letter to Lady Macbeth. Lady Macbeth has a crazy idea; the King is staying in their castle, giving Macbeth a chance to kill the King and become King. Lady Macbeth corrupts Macbeth even more by putting ideas...

Amy Tans The Joy Luck Club Essay -- Essays Papers

Joy Luck Club The Joy Luck Club, by Amy Tan, is a powerful portrayal of four Chinese women and the lives of their children in America. The book discusses the conflicting cultures between the United States and China, and how men treat women throughout their lives. People living in the United States usually take for granted their roles as a male or female. The culture of each country shapes the treatment one receives based on the sex of the individual. There are obvious differences within the different cultures. These differences show themselves in the work force, the distinct tasks performed in the home, and the privileges one receives in society. In the work force, the women of America hold many positions of importance. They are usually treated as equals with men and there are few jobs from which they are excluded. In China, women are expected to stay at home and are not permitted to be in a work force that is held exclusively for men. The women of America receive fair wages and have earned the right to work with men. In China, women are assigned the role of housewives and must stay at home to clean the house and raise the children. Women in America receive educations that will prepare them for the high paying jobs of a professional. The women in China are known for taking orders from their husbands. Another feature that is found to be different in China from America is the different roles women take in the home. The author explains that a Chinese woman is expecte...

The Impact of the Automobile on the United States Essay -- Automobiles

The Impact of the Automobile on the United States The automobile has had a profound impact on the United States. It has brought us superhighways, paved bridges, motels, vacations, suburbia, and the economic growth which accompanied them. Today, the automotive industry and nearly one million related industries employ about twenty percent of all American workers. The US produces more automobiles than every other nation combined. This product has become a symbol of the American way of life. The US is sometimes referred to as â€Å"a nation on wheels.† Considering these facts, one must wonder what the United States was like before the revolutionary innovation of the automobile. The first automobile was invented by a French artillery officer, Nicholas Joseph Cugnot. His self-propelled vehicle was powered by steam. Other models of steam-powered automobiles were created by different innovators, but these models were eventually made obsolete by the internal-combustion powered car invented by Jean Joseph Etienne Lenior. This technology reached the United States when Charles and Frank Duryea made the first successful American gasoline automobile. Ransom Eli Olds had the earliest assembly line for automobiles and began mass production. Later, Henry Ford’s Model T dominated the car industry and remained the most popular automobile for nearly twenty years. In the early days of the automobile, there was not a real automotive industry. Only a few hundred cars were made in the early years of automobile manufacturing. They were very seldom seen and only could be afforded by the wealthy. The car was such an unfamiliar spectacle, it was sometimes featured in circuses. Eventually, the car began to increase in popularity. During the 1920s, the US economy was on the rise and one of the main reasons was the automobile. Assembly lines were becoming more efficient, thus, admitting cars to be made more cheaply and allowing prices of cars to drop. From 1909 to 1925, the price of a Ford Model T dropped from $950 to $290. This allowed more people to be able to afford them. Millions were sold. The automobile, once a rare luxury, was becoming a part of American life. It had a ripple effect on US industries. With the increase in automobiles, came an increase in related products. Large quantities of glass, rubber and steel were needed t... ...nvolved with the safety of Americans. Many actions by the government such as the seatbelt requirement and the establishment of the Environmental Protection Agency (EPA) have made the automobile safer for the general public. The automobile has had many different effects on the United States, both good and bad. In the future it will continue to shape our culture, commerce and surroundings. Works Cited 1Thomas DiBacco, Lorna Mason, Christian Appy, History of the United States, vol. 2 (Evanston: McDougal Littell Inc.), p. 324. 2John Rae, The American Automobile Industry, (Boston: G.K. Hall & Company), p. 89-92. 3John Rae, The American Automobile Industry, (Boston: G.K. Hall & Company), p. 96. 4John Rae, The American Automobile Industry, (Boston: G.K. Hall & Company), p. 188. 5John Rae, The American Automobile Industry, (Boston: G.K. Hall & Company), p. 89-90. 6American Lung Association of California, , 13 April 2001. 7National Center for Injury Prevention and Control, , 14 April 2001.

Impacting police policies

Policing † measured by: trends, practices, practices† Question How did post 9/1 1 Terrorism Policies impact modern police policies, practices? Abstract The purpose of this article is to describe the concept of the post 9/1 1 terrorism policies, and how they impacted community policing. The knowledge gained can assist in the development and evaluation of improved emergency responses and police, community relationships. The literature includes many definitions of policing, some of which have been derived by studying various organizations and their police culture.This summary highlights overall broad definitions and goes beyond definitions specific to upcoming issues with the community police organizations. This is an important topic for society because it will give a better understanding of how police will interact and respond to the community and the need for assistance. According to scholar Eggnog Bittern's definition of the police, which defines the police in terms of th eir capacity to use nonnegotiable coercive force in any situation that appears to require a prompt and decisive response (Willis, 2014).Many findings hold promise for police concerned about problems in the near future. Data from a study conducted by John P. Crank, Colleen Saddled and Came M. Kiosks show that the biggest problem coming in the next 10 years for police: the continued expansion of the boundaries of the police function. The panelist of scholars suggested that focusing on innovation technology and the professionalism model of policing using COMPOSTS and surveillance imaging will best address it. In addition to focusing on innovation technology and the professionalism model using COMPOSTS and surveillance imaging.The margins of police include: intelligence and privacy, security and crime control, cultural and roommate changes, and the expansion of the institution of formal crime control. The panelist forecast on expansion of police functions is in the areas of community po licing, terrorism and security, technology change, sub population bias issues, militarism. The study was an ensemble effort designed to identify principal issues facing the police in the USA over the next 10 years. This data was collected using an expert panel methodology to assess significant issues affecting police in the near term future.Fourteen established scholars agreed to participate in the survey The authors collected responses to surveys sent to the fourteen panelist experts for data. The panelist responded through email and phone. This data was collected and organized under topics. The authors are affiliated with the University of Nebraska Omaha it was published on October 5, 2010 One particular area where police duties are expanding is in the area of intelligence and privacy and technology. Police are better informed than before because intelligence is relaying information through innovated technology.Innovated technology provides police with a more efficient use of info rmation collected and analyzed. The authors also noted that there might be concerns regarding older officers who resent change because they are not tech savvy. The patriot act of 2001 post 9/1 1 law, expanded the use of technology to gather intelligence, thus giving the right to infringe into the publics civil rights. Security and crime control uses a security discourse approach that protects the United States from terrorism. The Patriot Act permitted the expansion of counter terrorism laws to not only suspected terrorists but felons as well.The post 9/1 1 changes allow co- authorship of criminal investigations for counter terrorism between municipal and deader agencies, permitting for a larger based security force. Thus making it harder to deal with community problems as well as federal problems. Police have changed their cultural views on work and how they act and perceive these values. The authors note that a cultural shift in police work from a punitive culture where enforcement of the law and discipline those who break it, to a regulative based culture with health, Juvenile, family service to regulate relationships.The authors note that prisons are costly financially and ineffective. It is suggested that the role to a regulative-based culture based on education and services will be ore effective. Normative changes in the identification of the central roles and missions of the police. The authors note that due to the transition of counter terrorism policing, the police will shift emphasis on security for the public to more for the government. Thus raising concerns for society.The transition of roles and the expansion of police functions consist of a shift to all hazards approach to police work, planning activities around a threat perspective, and implementing intelligence led policing. The professionalism model of policing uses the COMPOSTS model quenches and surveillance imaging will be the best option for future policing. A shift of police professionalis m will act as a stronger version of the current model for policing. Because it will increase invasiveness in the lives of citizen interactions.The innovated technology has improved the crime mapping by face recognition, finger printing, and iris identification. COMPOSTS suggest improvements of crime statistics in the area with crime mapping. The authors note that the expansion of police institutions is growing not because of crime increases, but because of the expansion of police functions, counter terrorism, and minimizing risk. A growing number of researchers recognize the importance of Normative changes in the identification of the central roles and missions of the police, Transitioning to counter terrorism policing.However this transition has its limitations on the correct policies to implement, for instance theses studies fail to include lack of knowledge of technology in older police officers, and because of the sharp downturn in the US economy police technologies will be very limited due to restrictive police budgets. Also the future economic crisis that will place stress on the government, consequently increasing crime and unemployment. Because of the decline of the nation, expanding Jurisdiction to other countries will take effect. The police expansion will consist of local, national, international affairs.The panelist in the issues facing police in the future study suggested that there are hiring concerns in the small and larger agencies because of enlistment of police personnel into the military service, thus limiting the qualified pool for police work The findings hold promise for police concerned about problems in the near future. The implementation of expansion of police work and innovated security technology using COMPOSTS will best address the issues in the future. The expansion of counterterrorism increases a larger security force.The culture change to regulative-based culture may be a viable alternative to the punitive culture, where police w ill find themselves in different environments. Because of the transition to counter terrorism policing, the police will take a shift more towards government affairs instead of public. The police are adaptable and responsive to a technological innovation, utilize the professionalism model of COMPOSTS techniques and surveillance imaging appears to be the way of the future.