One Aspect Affecting Global Trade Financial Crisis - 1375 Words

Select One Aspect Affecting Global Trade and its Impacts, Citing Relevant Case: Financial Crisis (Essay Sample) Content: Name : xxxxxxxxxxxInstitution : xxxxxxxxxxxTitle : Business Ethics and the Global Financial Crisis Tutor : xxxxxxxxxxxCourse : xxxxxxxxxxx Introduction The recent global financial crisis was characterized by the collapse of major institutions and the ineffectiveness of regulatory bodies in salvaging the financial markets. This resulted to a situation of desperation whereby many businesses tried to formulate strategies of countering the effects of the crisis without putting into consideration ethics in business, forgetting that the cost of unethical practices in business is sometimes high. It would have actually been essential if businesses realized that even in the midst of the financial crisis ethics in business was still important. In my opinion not many institutions adopted proper application of ethical business practices; however the few that did were able to derive the benefits of the practice. The main points that back my opinion include the fact that economic analysts were not that open and responsible about the true facts concerning the global crisis. In addition organization did not focus on meeting their obligations of customer satisfaction. However I do not refute the fact that ethics in business was adhered to, which was indicated by initiatives whose goals were public oriented as opposed to meeting the objective of profit making. Ethics in business in the most basic manner can be described as written and unwritten moral principles and codes that govern the unacceptable and acceptable behavior in business organizations. Fundamentally ethics in business should result to a situation whereby the decisions and actions undertaken by the organization should be done morally (Marcoux 2009). Ethics in business is a significant attribute within the business environment. If the aspect was well intergraded before the crisis and at the initial stages of the financial crisis adverse effects would not have been felt by organizations as witnessed. Clarke, (2010) highlights that; the most deeply distressing aspect during the latest global crisis was the element of the systematic failure of contemporary economic analysts or orthodoxy, in effective and honest anticipation of the crisis. Clarke (2010) further argues that financial analysts did not appreciate the actual consequences of the crisis or provide any meaningful remedies for countering the crisis which they were chiefly responsible for leading the world into. For instance analysts did not have a well grounded idea about what was the real cause of the downturn; various speculated debates existed for instance excessive leverage other speculated effects caused by measurement standards such as the fair value accounting among many reasons. It is essential to take note of the fact that ethical standards recommend that both individuals and organizations should conform to sound moral practices of openness and resp onsibility. Responsibility basically implying that people in charge of policy formulation and guidelines should acknowledge the social responsibility they have towards their stakeholder and strive to find was of formulating effective guidelines for problem solving. Openness on the other hand involves creating an environment of transparency by striving to communicate to every constituent through giving the right information. Based on Clarkes (2010) argument, it can be concluded that in actual sense if the principles of ethics in business were applied by financial economist, the crisis would have been to some extent been evaded or controlled to a certain functional level. Wade (2008), outlines that ethical business should meet obligations. This means that regardless of the circumstances within the macro-environment, the management of organizations should do everything within their power to gain the trust of their clients. It is evident that most institutions during the crisis were so much entangled in the quest for finding strategies of getting themselves out of the crisis or reducing the effects of the crisis on their operations and forgot their main stakeholders; the clients or customers. Lewis, etal, (2010) also bring to light the fact that the global financial downturn reminded the world of the extensive dangers of unregulated institutions and markets and of the vital importance of transparency, risk management and disclosure. During the crisis, financial institutions and investment banks took the risk of implementing positions that were extremely leveraged. Apparently the 2007- 2009 financial crisis was mainly blamed on excessive leverage. (Clarke, 2009). For instance; consumers in Europe and the U.S were faced with conditions of borrowing such as only individual who borrowed for investment purposes, such as buying stocks and house purchases for speculative purposes were allowed to use leverage for financial sense (Witzner Dorroch 2009). The cri sis also initiated rising default rates for mortgages within the vastly inflated housing market. Such kind of a phenomenon resulted to reduction of customer confidence in many organizations. If the ethical consideration of obligation of acknowledge, then customer confidence in some of the institutions that collapsed would still be maintained, the business would have managed to overcome the crises due to the advantage of having a large customer Base. For instance the 2008 Wall street crisis would have been managed if consumer friendly strategies such as Predatory lending were adopted whereby low interests are charged for financing homes. This method would have resulted to increasing customer base which would further support the organization during the crisis (Witzner Dorroch 2009). We can however not fully argue that during crisis ethics in business was not at all up-held. Various initiatives were devised by organizations and governments which symbolically illustrated how importan t ethics in business can prove to be useful. For instance the ethical practice of provision of quality services was undertaken by institutions in order to give their customer quality services which they defiantly deserve. For instance organizations designed global rescue packages to cater for their clients this include fiscal stimulus so as to produce the greatest impact on the significant growth constraint, which comprised of mortgage support such as in some countries like in the United States. Also in the last quarter of 2008, both central banks bought US dollars2.5 trillion of the government debt as well as strained private assets belonging to banks. This was perhaps the largest liquidity injection into the credit market, as well as the largest monetary policy accomplishment, in the globe history. Up till now, different U.S. government agencies have dedicated trillions of dollars in form of loans, guarantees, asset purchases and direct spending (Global Research, 2008). This kind of initiatives assisted in reinventing some of the business operations that were on the verge of total collapse.Patocan and Matjaz (2007) highlight that; modern enterprises should depend largely on the application of sustainable development, for effective business environmental management. Already there are organizations that have proven to be effectively involved in the culture of sustainable development as a result the organizations depend on attributes such as Sustainable enterprise ethics (SEE), which demands...

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The Six Functions Of Rhetoric - 1482 Words

It has been said that there is no clear definition of rhetoric. Throughout the years there have been many disputes over the meaning of this type of communication however, two specifics can be agreed on; rhetoric contains six distinguishing characteristics and six ultimate functions. The six distinguishing characteristics of rhetoric include that it is planned, adapted to an audience, reveals human motives, is responsive, seeks persuasion, and addresses contingent issues. The six functions of rhetoric include the theories that rhetoric test ideas, assists advocacy, distributes power, discovers facts, shapes knowledge, and builds communities. Due to its content, organization, and goal, Lincoln’s work falls into the category of rhetoric. On the other hand, because of the work’s intent, vocabulary, and emotion, Dickinson’s work is best described as a poem. Incidentally, Dickinson’s poem also contains multiple characteristics and functions of rhetoric. From the data collected and interpreted, we may categorize Lincoln’s â€Å"Second Inaugural Address† as a rhetorical speech and Dickinson’s â€Å"Success Is Counted Sweetest† as a poem containing rhetorical characteristics. Lincoln’s speech announces to announce to his people, the Union, the Civil War, was unavoidable. In his first few paragraphs, the President claims that he has no new knowledge of the war to present to the people that they do not already know. Lincoln goes on to explain how despite the Union’s progress in the war, thereShow MoreRelatedRhetorical Analysis Of Abraham Lincoln s Second Inaugural Address1234 Words   |  5 PagesCounted Sweetest Rhetoric is often denoted to as the art of persuasion. A set of linguistic traits and semantics used to evoke emotional responses from its intended audience, opening the floor for unanticipated influence by said audience. It would be an atrocity to ignore the efforts behind this simple yet powerful manipulation. 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Elements of Poetry Handout Essay Example For Students

Elements of Poetry Handout Essay A stanza is too poem what a paragraph is to a piece of prosaic writing a fixed number of lines of verse forming a single unit of a poem. A couplet is a stanza that has only 2 lines. A trace is composed of 3 lines. A quatrain consists of 4 lines. A chinquapin has 5 lines. A sestets comprises 6 lines. A sonnet Is an inure poem with exactly 14 lines. Rhyme The repetition of sounds End rhyme- the last word on each line rhymes. Figurative Language -a creative expression of words In description Alliteration The petition of the initial letter or sound in two or more words in a line. Onomatopoeia words that spell out sounds; words that sound like what they mean. Simile a comparison between two usually unrelated things using as or like Metaphor- direct comparison of two unrelated things Hyperbole an exaggeration for the sake of emphasis Personification giving human characteristics to Inanimate objects, Ideas, or animals. Symbolism A symbol is something that stands for itself, but also something larger than itself. It may be a person, an animal, an inanimate object, or an action . A writer often uses a concrete object to express an abstract idea, a quality, or a belief. A symbol may appeal to a readers emotions and can provide a way to express an idea, communicate a message, or clarify meaning Imagery using words to create a picture In the readers mind. Imagery Is the use of words to create pictures, or images, in your mind. Appeals to the five senses: smell, sight, hearing, taste and touch. Details about smells, sounds, colors, and taste create strong images. To create vivid images writers use figures of speech. Mood Mood is the atmosphere, or emotion, In the poem created by the poet. Can be happy, angry, silly, sad, excited, fearful or thoughtful. Poet uses words and images to create mood. Tone- is the attitude writers take towards their subject . Take Note: *Tone and mood are two different aspects of a poem! * Tone is the authors or the poets attitude towards his or her subject. *Mood is how the poem makes the reader or the listener feel. Reading Guides. Title Provides clues about topic, mood, speaker, authors purpose? Fast or slow? Why? Sound Devices What effects do they have? Imagery What pictures do we make in our minds? Rhythm Figures of Speech What do they tell us about the subject? Voice Who is speaking poet or character; one voice or more? Authors Purpose Sending message, sharing feelings, telling story, being funny, being descriptive? Mood Happy, sad, angry, thoughtful, silly, excited, frightened? Plot What is happening in the poem? Remember, to make meaning, readers must make connections and tap into their background knowledge and prior experiences as they read.