Monday, May 25, 2020

Global Financial Crisis in Us - Free Essay Example

Sample details Pages: 9 Words: 2756 Downloads: 9 Date added: 2017/09/11 Category Advertising Essay Did you like this example? INDIVIDUAL ASSIGNMENT Critically discuss the contention that inadequate regulatory oversight in the United States of America combined with a culture of greed within the finance sector led to the global financial crisis of 2008-2009. SUBMITTED BY: PANKAJ PARASHAR STUDENT ID: 3098673 SUBMITTED TO: DR. LISA BARNES GSBS6484:CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY PANKAJ PARASHAR 3098673 GSBS6484 Page | 2 TABLE OF CONTENTS 1. Don’t waste time! Our writers will create an original "Global Financial Crisis in Us" essay for you Create order EXECUTIVE SUMMARY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 2. INTRODUCTION †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 3. GROWING OUT OF FINANCIAL CRISIS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4. INITIATION OF GLOBAL FINANCIAL CRISIS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. .5 5. CRITICAL ANALYSIS OF US POLICIES AND IRREGULARITIES OF FINANCIAL MARKET†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6 6. CORPORATE GOVERNANCE PERSPECTIVE OF CRISIS†¦Ã¢â‚¬ ¦ 7 7. OTHER GLOBAL MEGATREND RESPONSIBLE FOR CRISIS†¦8 8. OVERALL ANALYSIS OF US POLICIES IRREGULARITIES 9 8. 1. 8. 2. 8. 3. 8. 4. 8. 5. FAILURE TO REGULATE FINANCIAL DERIVATIVES†¦.. 9 UNSUSTAINABLE ECONOMIC BOOM†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 POOR MONETRAY POLICY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 EXCESS PRODUCTION OF GOODS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 CASHING IN ON FALLING SHARE PRICE†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 9. CONCLUSION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 10. REFERENCES†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 3 1. EXECUTIVE SUMMARY This report endeavors to support the contention that US unlawful practice and greed in higher authorities were somewhat responsible for the global financial crisis in 2008-2009. Additionally, discussion involves the unethical practices and flaws in both private and public sector, especially intermediaries between investors and borrowers, which were the accountable for this economic crisis. It also argues about the tendency to blame US, is not the right approach because poor governance practice and loose regulations are worldwide incidents and other countries are equally responsible for a current universal downturn. Later, paper investigates the role of various government policies in the burst of housing and financial bubble and describes how the greed of officials and erroneous banking and financial regulations were the roots of current recession. This report is trying to expose a number of previously observed, documented but unresolved fragilities within the integrated financial system. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 4 2. INTRODUCTION Every crisis has its lesson. A global financial and economic convulsion of the degree we have just experienced should offer more lessons than most (Neal, 2009). The effects of their mistakes had a ripple effect on other countries as well, which is said to be the largest socio-politico-economic event in last 65 years(Yeoh, 2010). The main elements involved in global financial crisis include a dramatic swing in the recent account statements, true depreciation, and a considerable lag in net output(Summers, 2000). The leading approaches to understand the cause of crisis include namely: †¢ Macro-economic, †¢ Accounting –finance and †¢ The legal corporate government position(Yeoh, 2010). 3. Growing out of Global Financial Crisis (GFC): The US economic catastrophe, which has since become global, it mainly originated from 2007 due to poor performance of US mortgage industry(Kregel, 2008). US has followed aggressive economic policy aking, which emphasizing namely on low interest rate, deregulated market (financial) and low tax(Donato, 2009). New financial aura has been created in US financial market by these policies in which money became cheap, positive prediction on housing market instigate financial institutions and home owners to lend and borrow money(Obama, 2009b). Eventually sub-prime lend ing climbed up whereby a bank lent money to even those with poor credit histories. These irregularities resulted as a burst of housing bubble, which had adversely affected on the global prime market orldwide(Donato, 2009). This report is mainly emphasizing on the origin of the GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 5 GFC lax macroeconomic policies in the context of weak prudential and regulatory oversight, led to excessive leverage, mispricing of risk and build up of systemic risk(Lin, 2009). 4. Initiation of global financial crisis: The entire financial crisis since 1930 has proximity to one another overpriced stocks, trouble-free credit expansion, insatiability of power money and substantial fraud(Yeoh, 2010). However, 2008 economic catastrophe resembles that markets are more closely linked to each other and systemic risk can be originated from many market resources and can be transferred very quickly due to lack of proper corrective measures(Kindleberger et al. , 2005). The crisis mainly begun in January 2007, when US market reported losses in mortgage market and credit exposure due to certain delinquencies, especially in sub prime loan category. Stage 2 of crisis came up with fast deflation of housing value in slowing world economy, and it damaged property market in UK and Eurozone. Northern Rock one of the most renowned UK mortgage bank collapsed because of the knock on effect of US mortgage bubble bursting1(Gerson LehmanGroup, 2009). Aftermath NR collapse the banking credit spreads2 reached over 175 points for AA-rating companies. This showed the way of entire shutdown of asset securitization3 markets. Stage four of the crisis begun in September 2008 1 Housing bubbles may occur in local or global real estate markets. In their late stages, they are typically haracterized by rapid increases in the valuations of real property until unsustainable levels are reached relative to incomes, price-to-rent ratios, and other economic indicators of affordability. This may be followed by decreases in home prices that result in many owners finding themselves in a position of negative equity—a mortgage debt higher than the value of the property. 2 3 The risk premium paid by banks and other financial institutions over the cost of funds paid by the government Asset secur itization capital market where mortgages, credit card balances, and other types of loans are packaged nto securities GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 6 when many US financial institutions that dealt with the US housing finance market bailed out by US government(Yeoh, 2010). For example Washington Mutual Bank, Us financing agencies like Fannie Mae and Freddie Mac, invest bank Lehman Bros and then AIG insurance group(Gerson LehmanGroup, 2009). US financial authorities failed to give the kiss of life to Lehman Bros. which was the key link between the securitization market and mortgage banker, US insurance and housing financing industry. The collapse of Lehman Bros gripped whole US market into trouble(Coffee, 2009). 5. Critical analysis of US policies and irregularities of financial market: The reasons behind the precipitation of crisis in US are as follows: †¢ Bad money policy of a deflated dollar to promote public and private debts †¢ The extension of the banking and finance service sector through offensive (abusive) adaptation of risky financial innovation and irresponsible behavior in shadow banking system4 †¢ Interrelation of home rights with global credit insecurity/instability (Phillips, 2008) In the early 2000, US federal placed many policies to undervalue risk in the subprime mortgage market. †¢ Loose Fed interest rate policy (2000-2005), provided low interest rate for a constant period. This resulted in overpricing of houses due to flexible monetary policies, which supported the housing market with cheap excessive credit(Yeoh, 2010, Donato, 2009). The shadow banking system or the shadow financial system consists of non-bank financial institutions that play an increasingly critical role in lending businesses the money necessary to operate. GSBS6484-Corporate Governance and Social Responsibility 3098673 4 Page | 7 †¢ These policies also promoted high risk culture in various financial institutions. For example, Federal pressure has been places on government supported enterprises like Fannie Mae to provide housing access to underclassed by investing in highly risky sub prime mortgages and offer them various lending policies as well(Yeoh, 2010). †¢ The restrictions placed on bank stock purchases for the institutional shareholders. So many corporate leaders then promote the short term interest of stockholders by manipulating compensation packages. Many irregularities in financial policies like withdrawn of Glass-Stegall act and FABS SEC5 provided ambiguous policies for the regular use of Off-balance sheet accounting6 and careless financial culture(Kregel, 2008, Yeoh, 2010). †¢ The unethical practices of Gatekeepers in the US market cause this financial catastrophe. Gatekeepers’ word here refers to the renowned intermediaries that verify or certify financial documents to investors. This may include auditors, debt rating agencies, security analysts and investment bankers. They have been engaging into the unethical activity which gave the big loss to the company by showing inflated financial status of the company(Yeoh, 2010). 6. Corporate Governance Perspective of crisis: Corporate governance issues in US also argue about the flaw associated with the processes and law governing which accounts for the financial crisis. The monetary catastrophe is an important attributed of failure and weaknesses in corporate governance, which was not able to provide protection against proliferated risk in the financial market(Lin, 2009). Failure of corporate governance, in US results in global capital imbalance, loose monetary policies weak regulatory oversight. For 5 6 FASB- Financial Accounting standard board SEC- Securities and Exchange Commission. Off balance sheet (OBS) usually means an asset or debt or financing activity not on the companys balance sheet. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 8 instance, at Bear Stearns higher management lost over the USD 1. 4 billion by investing in highly risky portfolio called CDO7 which was backed by sub prime mortgages. However, they were showing flawless strong balance sheet including its liquidity to the investors(Yeoh, 2010). 7. Other global megatrends responsible for crisis: There are many other reasons for 2008 global financial crisis, not only US but many other countries also experienced major banking and financial sector weaknesses. Other mega trends that forge global financial crisis are: †¢ Post war trade liberalization which permitted trading business on convenient prices from Asia’s low-priced labour through their economic policies, which were export oriented to keep inflation at bay. Japan’s loose monetary policy for its asset bubble deflation. †¢ Enhancement of quantitative technique in finance which involves complex derivatives, which is helpful but led to the use into a misguided application. For example, Enron debacle in 2002 troughs the unethical procedure and application of off-balance sheet. The slight variation of these financial and accounting concepts in creased greed, which contaminated financial modernism and thus unleashed the current global crisis. †¢ Deregulation of financial services and capital control(Yeoh, 2010) All these developments produced essence of economic crisis, namely, extreme greed, intricacy, leverage and liquidity(Summers, 2000). An investment-grade security backed by a pool of bonds, loans and other assets. CDOs do not specialize in one type of debt but are often non-mortgage loans or bonds. 7 GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 9 8. Overall Analysis of US Policies and irregularities: USA is one of the largest consumers of exported product by other nations and also the source of the latest innovations and technology. As of late 2008, an economic recession took the whole industrialized nations into crisis with the different level of indicators such as: †¢ Extensive range of unemployment †¢ Less export trading volume across many nations those rely on exports. †¢ Volatility of various financial systems †¢ The unstable Financial markets with varying and low stock prices(Yeoh, 2010). All these indicators led to the number of discussions and debates regarding this issue (Melda, 2010). This report shall focus on main discussion of culture of greed and argue about the unethical corporate governance and regulatory practices in the financial market in US, which were the basic reason for the financial crisis. The discussion follows the major insufficiencies of USA, which were the main cause of GFC: †¢ Failure to regulate financial derivative in the market †¢ Unsustainable economic boom †¢ Excess production of goods †¢ Poor monetary policy †¢ Cashing in on falling share price(Melda, 2010) 8. 1. Failure to regulate financial derivatives: Many economists said that lacking in regulation of financial derivative can ead to the financial crisis. In USA, the crisis mainly triggered by the collapse of financial GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 10 derivative known as the mortgaged Assets which includes prime (Borrowers with good credit history) and subprime (Borrowers with weak credit history) (Yeoh, 2010). Subprime mortgage crisis has put the USA economy into the worst recession. Subprime borrowers are those who have poor credit history but lenders could have seen the other opportunity o make large earning by charging higher interest rate to provide more return for more risk. Federal Reserve chairman never opposed these derivatives, in other words, intentions of greed came into this scenario (Buser et al. , 1981). 8. 2. Unsustainable economic booms: US Federal Reserve chairman brought down interest rate level up to only one percent for reviving the US economy after Dot-come bubble burst8. This led to the sharp introduction of credit based money into the financial market of the country; these were resulted in unsustainable superficial economic boom. Investors were making money on investments that had no back up. They knew this fact but greed stuck in the way of ethical investment wisdom of the investors and then whole world eventually paid for their action(Soderbaum, 2009, Melda, 2010). 8. 3. Poor monetary policy: US had Neo-liberal policies for protecting the shareholder’s equity. However, legislators carried out some of the new policies such as Community reinvestment act and expansionary monetary policies to improve their stand in public eye and give investors immediate satisfaction but ignore to accommodate future challenges(Kindleberger et al. , 2005). Thus politicians took the greed affected 8 The dot-com bubble was a stock market bubble which popped to near-devastating effect in 2001. It was powered by the rise of Internet sites and the tech industry in general, and many of these companies went under or learned some valuable lessons when the bubble finally burst. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 11 decision and pursue those policies that were beneficial in short term but unfavorable in the long term. 8. 4. Excess production of goods: Many multinational companies in US transferred their production to India or China for minimizing their cost of production and increase revenue. This led to the overproduction which caused deflation of price for goods, but the government hadn’t stepped into set a cap on excessive outsourcing. So greed of power deviated from their decision from long term financial issues, and they ignored out the concern next to globalization(Pettifor, 2008). 8. 5. Cashing in on falling share price: Stock brokers manipulated with share prices and ignored important rules of economics. Their main aim was to bluff people and get the highest return from their respective areas. This was one of the reasons that world went into the global crisis(Hale, 2009). 9. Conclusion The financial catastrophe has been evaluated through various means of a way. However, each way has shown how greed and unethical regulatory practices were the key driving force in making most of the decision. Politician, investors and traders were equally responsible for this crisis because hunger of politicians for power led them to the failure of the economic policies which could be helpful to avoid this economic crisis. Additionally, greed of making quick money drove investors and stoke brokers to invest in securities, which were not real and created an unsustainable economic boom that later, caused a major economic crisis. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 12 Despite the strong governing rules by the Federal government in US, they failed to regulate some volatile financial instruments as they were looking for some quick results that can satisfy their greed for success. To recapitulate this, if all higher authorities in US had played their role in a righteous manner, this situation would have been better. 10. REFERENCE 1. BUSER, S. A. , CHEN, A. H. KANE, E. J. (1981) Federal Deposit Insurance, Regulatory Policy, and Optimal Bank Capital The Journal of Finance, 36, 51-60. 2. COFFEE, C. J. (2009) What went wrong? An inquiry into the cause of the 2008 financial crisis. Journal of Corporate Law Studies, 9,1, 1-22. 3. DONATO, I. I. (2009) The United state:Crisis Leadership in times of transition. IN HART, P. TINDALL, K. (Eds. ) Framing the global economic downturn :Crisis rhetoric and the politics of recessions. Canberra,Australia, ANU E Press. 4. GROUP, G. L. (2009) The global crisis claims Northern Rock building Society,among others,Viewed on 3 April 2010, 5. HALE, D. (2009) There is only one alternative to the dollar. Financial Times,P. no. 16. London,UK. 6. KINDLEBERGER, C. P. ALIBER, R. SOLOW, R. (2005) Manias, Panics and Crashes: A History of Financial Crisis,5th ed. , John Wiley Sons,INC,Newyork. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 13 7. KREGEL, J. (2008) Changes in the US financial system and the sub-prime crisis, working paper, no 530. The Levy Economic Institute of Bard College. 8. LIN, J. Y. (2009) Policy Response to the Global Economic Crisis. Development Outreach:Putting knowledge to work Washington,USA, World bank publisher. 9. MELDA (2010) Economic crisis a cause of human Greed. Artical alley, Viewed online on 2 April 2010 ; ttp://www. articlealley. com/article_1451059_50. html; 10. NEAL, C. (2009) Growing out of crisis. Develpoment Outreach-Putting knowledge to work for development, 11,3. USA, World Bank Publication. 11. OBAMA, B. (2009b) The state of the nation:address to the joint session of congress,Viewed online on 4 April 2010 12. PETTIFOR, A. (2008) Americas financial meltdown:Lessons and prospects, Viewed online 3 April 2010 13. PHILLIPS, K. (2008) Bad Money: Reckless Finance, Financed Politics, and the Global Crisis of American Capitalism, Newyork times,Newyork. 14. SODERBAUM, P. 2009) A financial crisis on top of the ecological crisis:Ending the monopoly of neoclassical economics. Real-world economics review,49, p. no. 8-19, Viewd online on 5 April 2010 15. SUMMERS, L. H. (2000) INter national finacial crises:Causes, Preventation, and cures. The American Economic Review, 90, 1-16. for development. GSBS6484-Corporate Governance and Social Responsibility 3098673 Page | 14 16. YEOH, P. (2010) Cause of the global financial crisis:Learning from the competing insights. International Journal of Disclosure and Governance, 7, 42-69. GSBS6484-Corporate Governance and Social Responsibility 3098673

Thursday, May 14, 2020

Client Centered Therapy Concepts Of Human Nature,...

Client-centered therapy is a concept that was developed from the humanistic psychology approach and a term coined by Carl Rogers. Humanistic psychology views individuals as autonomous and capable beings, that have the ability to overcome challenges, change their lives for the better and realize their full potential (Seligman, 2006). Rogers emphasized the humanistic approach to working with clients by establishing a therapeutic relationship with them, promoting the individual s self-esteem, supporting them and helping them to realize and utilize their own strengths and have a sense of actualization and authenticity in their lives (Seligman, 2006). This therapeutic approach encourages clinicians to see client’s as a â€Å"person: self-determining and self-realizing, a sovereign subject† (Rogers, 1986). The foundation of client-centered therapy is based on the core concepts of human nature, motivation and the person (Rogers, 1986). The person or individual is the key to client-centered therapy. Being able to view the individual as a separate entity and identify them as such is at the foundation of understanding; although this seems like a commonsense notion, there are many contexts in which an individual is lumped into larger classes, such as gender, social class, ethnicity, etc. (Seligman, 2006). The individual is the tool that guides the therapeutic process and environment, setting the tone for what works for them and what the goals for therapy will be. Motivation is also anShow MoreRelatedHistorical Perspective : What You See Yourself862 Words   |  4 Pagessummary Key concept # 1 self concept describes how you see yourself. overall perception of your abilities, behaviors, and personality. Ideal self is the person you dike to be. Not shaped by your desires for yourself but is shaped by other’s perceptions and evaluations and acceptance of you. If these two match up, youre happy. The greater the difference, may caue anger, depression. Key concept # 2 actual self making progress towards ideal self is self actualization, the basic motivation for all humanRead MoreFreud s Theory Of Human Sexuality1641 Words   |  7 Pagesthe nature of human sexuality can be developed through genetics, imitated through socialization, influenced by unconscious decisions or if it can be altered after childhood. There are a variety of theories that have been created to help understand the uncertainty of how human sexuality is developed. Uncovering the influence of neuroscience on sexuality and evaluating the appropriateness of Sigmund Freud’s Psychoanalytic Theory, Albert Bandura’s Modeling Theory and Carl Roger’s Person Centered TheoryRead MoreThe Father Of Person Centered Therapy And Humanistic Psychology1420 Words   |  6 Pages Carl Rogers is widely known as the father of person-centered therapy and humanistic psychology. He quietly revolutionized counseling theory and practice with his basic assumptions th at â€Å"people are essentially trustworthy, that they have a vast potential for understanding themselves and resolving their own problems without direct intervention on the therapist’s part, and that they are capable of self-directed growth if they are involved in a specific kind of therapeutic relationship†. Rogers wasRead MoreCompare and Contrast Psychoanalytic and Person-Centered Therapies2470 Words   |  10 Pages Compare and Contrast: Psychoanalytic and Person-Centered Therapies Leslie A. White Central Missouri State University ` The purpose of this paper is to compare and contrast the differences and similarities associated with Carl Roger’s Client-centered theory and Sigmund Freud’s Psychoanalytic theory. The focus of the comparisons will fall into the three main topic areas: that of optimal personality development, that of the nature of problem formation, and that of the process of learningRead MorePerson Centered Therapy : A Humanistic Approach1667 Words   |  7 Pages Person-Centered Theory Brian L. Brooks II Lindenwood University â€Æ' Abstract Person-centered therapy was founded by Carl Rogers in the 1940s. Person-centered therapy was a humanistic approach different than Sigmund Freud’s psychoanalytical theory. Person-centered therapy was a non-directive approach where counselors guided their clients towards self-actualization in hopes of attaining fulfillment. Rogers (1979) had an optimistic view of the client’s ability to achieve fulfillment under theRead MoreOccupational Therapy Has A Long-Standing History Of Being1347 Words   |  6 Pages Occupational therapy has a long-standing history of being a client-centered profession that aims to understand each person individually to best meet occupational performance needs in their day to day life. Occupational therapists utilize a multitude of resources to best create a plan of care for each client. Resources that are used often include: standardized assessments, evaluations, client-centered interventions and theoretical frame of reference. A theoretical frame of reference is defined asRead MoreOverview of Humanistic Psychology Essay1399 Words   |  6 Pagespsychological perspective that highlights the study of a person in whole. These psychologist look at human behavior not just through the eyes of the viewer, but also through the eyes of the client that has the behavior. These psychologist believe that an individuals behavior is associated to his or her intimate feelings and their self image. Humanistic psychologist accepts human beings are not just a commodity of the environment. These psychologist study human meanings, understanding, and experiences involvedRead Moreexplore the behavioral and humanistic theory6235 Words   |  25 Pageshumanistic psychology was Abraham Maslow; he established the hierarchy levels of needs and believed that by achieving the needs in the correct order would allow individuals to become self-actualized. However, Carl Rogers a psychologist and father of Client–centered theory felt that in addit ion to Maslow’s hierarchical needs, in order for someone to achieve self-actualization they need to be in a positive environment. Which would provide them with, approval, understanding and authenticity, and if one wereRead MoreEvaluate the Claim That Person-Centred Therapy Offers the Therapist All That He/She Will Need to Treat Clients2502 Words   |  11 Pagesâ€Å"Evaluate the claim that Person-Centred Therapy offers the therapist all that he/she will need to treat clients† The humanistic movement was established as a way to expand and improve upon the two other schools of thought; behaviourism and psychoanalysis, which had, up until the first half of the 20th century dominated psychology. An American theorist called Abraham Maslow began to research creativity in humans through art and science. He first introduced his concept of a hierarchy of needs inRead MoreIntegrated Approach For Counseling And Counseling1653 Words   |  7 PagesIntegrated approach to counseling is when you combined theories to cover the clients’ feelings, cognitive patterns, and behavior (Corey, Theory and Practice of Counseling and Pschotherapy 8e, 2009). Each theory focuses one of these key components of a client but in counseling you need to focus on each of these to fully help a client. The key to integrative counseling is to have multiple theories function in harmony (Corey, Theory and Practice of Counseling and Pschotherapy 8e, 2009). Psychotherapy

Wednesday, May 6, 2020

History of Loki, The Trickster God Essay - 1025 Words

Loki is known as the trickster god of Norse mythology and is even said to be one of the first anti-heroes. He is also probably one of the most well-known tricksters as well. In the Norse myths, he is often portrayed as being very mischievous and is always causing trouble for the gods. In fact, â€Å"he was so outrageously mischievous that he even sneaked his way into becoming a god† (Allen, and Saunders, par. 1). However, even though he almost always seems to be getting the gods into some kind of trouble, he also helps them at times in an attempt to get them out of their predicaments†¦even if those predicaments are his own fault to begin with. Even though Loki was considered to be one of the Aesir, the Norse gods, he was actually the son†¦show more content†¦Some of his most well-known transformations are those of the â€Å"flea, fly, giantess, salmon, seal, and bird† (McLeish, par. 2). He uses these transformations for various reasons, such as  "to benefit others†, â€Å"to trick them†, and â€Å"to save his own butt† (McLeish, par. 2). One of the most significant attributes of Loki is his connection to Ragnarà ¶k, or the end of the world according the Norse mythology. He triggers Ragnarà ¶k by â€Å"arranging the death of Baldur,† (Lindow, par. 6). He does this by tricking the blind god Hod into throwing a mistletoe spear at Baldur, killing him (McCoy, par. 9). He then turns against the gods and takes the side of the giant. Some of the major incidents that take place during the battle include: Jormungand, the giant serpent, slaying Thor; Fenrir, the wolf, killing Odin; and Loki and Heimdall mortally wounding each other (McCoy, par. 3 and 8). As punishment, the gods â€Å"tie him down to three rocks inside a cave† while â€Å"a venomous serpent sits above him, dripping poison onto him† (McCoy, par. 9). One myth in Norse mythology that features Loki’s ever-famous troubl e-making is â€Å"The Stealing of Iduna,† which is featured in the book â€Å"Asgard Stories: Tales from Norse Mythology† by Mary H. Foster and Mabel H. Cummings. In Foster’s and Cummings’s version of the story, it begins with Odin, â€Å"the wise father of the gods† (60), along with his brother Hà ¶nir and Loki, traveling aroundShow MoreRelatedTrickster-God-Creator1433 Words   |  6 PagesTricksters appear in the mythology and folklore of many cultures around the world. Although the power and relative divinity of each Trickster varies from tradition to tradition, Tricksters have important roles in the creation, development, and sometimes destruction, of each culture. The Coyote of Native North American traditions is often depicted as assisting the â€Å"Great Mystery† or â€Å"Great Spirit† in the creating and populating of the world (Leeming). 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Tuesday, May 5, 2020

Operational Management Analysis

Questions: 1.The current production systems and processes used by Hawkesbury Cabinets (a technical analysis). 2.The effect of the new builders kitchen line on Hawkesbury Cabinets operations (problem definition). 3.The effect the move to producing builders kitchens might have on the companys financial structure. (broader organisational issues caused by operational problems). Answer: 1. Hawkesbury Cabinets Pty Ltd is an Australian based company which deals with the manufacture of Kitchen cabinetry. This company is established in Mulgrave, Sydney in the year 2008 by two siblings Fung and Mei Chen. Both of the siblings are expert as a master cabinet maker and interior design that renders the complete understanding of the essential operational activity in the mentioned business. The business mainly orients in producing kitchen cabinetry with the intention to satisfy the requirements of the Chinese community in the Hawkesbury. There are basically two types of kitchen cabinetry manufactured in this business, which include (i) Custom-made kitchen (ii) Standardised kitchen. The custom-made kitchen is basically the kind of kitchen, where the customers state their requirements the desired architecture as specified will be implemented in kitchen design by Hawkesbury. On the other hand, standardised kitchen cabinetry is that type of kitchen where contracts have been signed to supply regular products but of high quality. Both types of kitchen design are manufactured in a single production unit, in which the total volume production in the standardised kitchen is approximately around 40 percent. Likewise, the total volume production in the custom-made kitchen is approximately around 60 percent. Interestingly, the revenue earning based on profit margin is high in case of the custom-based kitchen (75% of total revenue earning) compared to that of the standardised kitchen. Though two different types of kitchen cabinets are produced, but these are produced by the same machinery and the same manpower. Hence, the critical aspect of operational management is linked with time and labour investment in both types of kitchen products (Van Kersbergen Hemerijck, 2012). Various types of instruments and machinery are placed within the manufacturing unit of the factory, which are equitably shared as per the order demand and production requirement. Likewise, all the raw materials, intermediate product, and finished pr oducts are kept in the warehouse of the factory. The equipment used for making the kitchen cabinet consist of high quality and costly machinery for designing of the custom cabinets. Importantly, since the customer required design have more profit margin, thus particular attention is given to this type of product manufacturing (Hagedorn, 2015). With the increase in sales and more earned reputation, the workload in production unit also increases that demand of more time and skill investment (Van Kersbergen Hemerijck, 2012). The technical aspect involved in machinery and production unit is of a high standard and comply with the modern world customers requirement. The change in the work pattern assigns notable role like production and operation management to Fung. On the other hand, Mei negotiates the responsibility related to finance and general managerial duties of the company. 2. The standardised kitchen comprises of 40 percent of production volume but fetches only 25 percent of overall revenue earning. On the other hand, standardised kitchen has more profit margin that accounts for 75% of relatively. Regulated kitchen products sales are found to be increasing for the company in a steady manner which accounts for the market reputation of the company; whereas the profit earned and demand level for custom kitchen product is significantly high that accounts for companys profit (Shao, 2013). In the present time, there is an increased demand for the product in both custom as well as standardised division. This leads to increase work burden of manpower; inventory consumes space of the warehouse; along with having an impact on delaying overall production process. As the factory produces both types of kitchen cabinetry, thus there is pressure on the overall production system, especially for the skilled time of craftsmen. Same machinery and manpower are used for th e manufacture of the both the types of kitchen cabinetry, which as a result, reduces the flexibility of the production system, and production is delayed. This is reflective of increased inventory size that comprises of raw material, intermediate products, and end-stage furnished products. This causes shortening of warehouse storage as well as additional cost for renting warehouse space for product/intermediate part storage (Guo, Yu De Koster, 2016). Another problem is related to financial consideration. The total cost related to the production of the standardised kitchen started increasing, which proved as a barrier in terms of total production cost. The increase in cost is also linked with renting charges for arranging newer inventory and warehouse space (Guchhait, Maiti Maiti, 2013). Overall, these issues are reflective of the fact that profit margin is not equitably shared to all the production dimension. In conjunction with increased ordering and production demand, the problem arises due to lack of machinery and manpower. The result of this problem is reflective in terms of delay time in the production of both custom as well as the standardised kitchen. Moreover, more workload is shifted on the existing machinery and manpower of the factory that probably can also give rise to frustration for employees (Schaufeli Salanova, 2014). The production of custom products is also hampered by the bulk amount of raw materials, and intermediate products are piling up. As a result, there is an increase in processed pressure, and hence they fail to supply the final product in time. 3. Standardised kitchen product accounts for 40 percent of the factory volume but in return, there is only 25 percent revenue earning. Standard kitchen in this consideration comprises of fixed number of cabinets and low volume production, but it requires high-quality machinery for bulk production. The impact of this issue on the overall financial structure is reflective in terms of: Effect on the manufacture of custom kitchen products: The production of the standardised kitchen has several indirect effects on the production of a custom kitchen. As the same machinery and craftsman are engaged in the production of both the kitchen cabinetry, hence production time of custom kitchen is delayed. Moreover delay in the supply of finished products also affects the company and customer relationship. This results in service failure and dissatisfaction to custom clients, which can lead to decreased profit margin (ElMaraghy, 2013). Money investment for space: There is also a lack of space for storing the inventory in the warehouse. Thus, extra space is accommodated for storing the raw materials, intermediate materials and final products (La Lond Lambert, 2013). All these arrangements indirectly increase the cost of production of both standardised and custom kitchen products. The cost of production for standardised kitchen products: Standardised product render specified cabinets in the kitchen architecture. On the other hand, these products have fixed price criteria that result in marginal profit earning for the company. It is also noteworthy to mention that the bulk production system requires high-quality product as well as must be processed according to a stringent delivery system. All these issues lead to increase in the cost associated with the production of standardised products. Furthermore, this also leads to a reduction in the profit margin of the company (Raz, Druehl Blass, 2013). Piling of revenue in different production stages: The increase in production demand also leads to increase in storage space requirement for products and parts. The inefficiency in a production system that is attributed to increased production demand leads to piling of raw materials, intermediate products, as well as furnished product in the inventory, factory space, and in warehousing. Indirectly, this blockage of product flow leads to retention of money in a different segment that are not accountable in the overall financial analysis (profit margin) (Hagedorn, 2015). The same issue is thus linked with increased investment in the Hawkesbury Cabinets Pty Ltd into the production system. Dissatisfaction among employees: Lastly, by virtue of increased pressure on craftsmen, machine operator, and labours, it is likely to find a ray of dissatisfaction among the employees. Correspondingly, with increased sales activity, it is likely to conclude that employees will be expecting a higher salary, additional perks, and incentive for motivation. Failing to comply these requirements is likely to impose an adverse financial impact on the overall operational measure of companys activity (Panaccio, Vandenberghe Ayed, 2014). References: ElMaraghy, H., Schuh, G., ElMaraghy, W., Piller, F., Schnsleben, P., Tseng, M., Bernard, A. (2013). Product variety management. CIRP Annals-Manufacturing Technology, 62(2), 629-652. Guchhait, P., Maiti, M. K., Maiti, M. (2013). Production-inventory models for a damageable item with variable demands and inventory costs in an imperfect production process. International Journal of Production Economics, 144(1), 180-188. Guo, X., Yu, Y., De Koster, R. B. (2016). Impact of required storage space on storage policy performance in a unit-load warehouse. International Journal of Production Research, 54(8), 2405-2418. Hagedorn, H. (2015). The functioning of the model. In A model of Austrian economics (pp. 49-59). Springer Fachmedien Wiesbaden.