Yahooo Essay Example

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Leadership Theories Essay Example | Topics and Well Written Essays - 250 words

Authority Theories - Essay Example ing and filtering the earth, training individuals working under him, making standard contribution to crafted by subordinates, and overseeing exercises (Hackman and Wageman, 2005). Value-based hypothesis contends that a pioneer ought to have force and formal position which is utilized to control, reward, and rebuff representatives. Initiative is viewed as a give and take among pioneer and his subordinates. This hypothesis requires a pioneer to ensure that workers are roused enough to perform at their most elevated potential. Transformational hypothesis is centered more around getting workers and approaching them with deference so as to accomplish great outcomes. This hypothesis doesn't consider authority to be simply an exchange between two gatherings yet significantly more than that. This hypothesis contends that a leader’s work is to make a domain that is doable for work and in which representatives can cooperate like an all around oiled machine. A pioneer attempts to build up this condition and afterward the rest is finished by representatives. Possibility hypothesis takes on an alternate view and contends that compelling administration is intensely reliant on factors like condition and innovation (Woodward, 1958). A decent pioneer needs to assess nature and settle on choices in like manner. As indicated by this hypothesis, there is no set blueprint that a decent pioneer can follow rather the individual in question needs to choose distinctively dependent upon the situation. The hypothesis that best diagrams successful authority in an association is the transformational initiative hypothesis. This hypothesis calls for persuading representatives and giving them force and freedom. This hypothesis offers significance to subordinates and perspectives them as resources. This is the reason transformational hypothesis of authority is the best and can help encourage successful administration in an

How Does Conformity Influence Behavior

How Does Conformity Influence Behavior Theories Social Psychology Print How Does Conformity Influence Behavior? By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Updated on December 08, 2019 More in Theories Social Psychology Behavioral Psychology Cognitive Psychology Developmental Psychology Personality Psychology Biological Psychology Psychosocial Psychology In This Article Table of Contents Expand Overview Types Research and Experiments Influential Factors View All Back To Top Conformity involves changing your behaviors in order to fit in or go along with the people around you. In some cases, this social influence might involve agreeing with or acting like the majority of people in a specific group, or it might involve behaving in a particular way in order to be perceived as normal by the group. Verywell / Brianna Gilmartin   Definitions Psychologists have proposed a variety of definitions to encompass the social influence that conformity exerts. Essentially, conformity involves giving in to group pressure. Some other definitions include: Conformity is the most general concept and refers to any change in behavior caused by another person or group; the individual acted in some way because of influence from others. Note that conformity is limited to changes in behavior caused by other people; it does not refer to the effects of other people on internal concepts like attitudes or beliefs ... Conformity encompasses compliance and obedience because it refers to any behavior that occurs as a result of others influence - no matter what the nature of the influence.??Conformity can be defined as yielding to group pressures, something which nearly all of us do some of the time. Suppose, for example, you go with friends to see a film. You didnt think the film was very good, but all your friends thought that it was absolutely brilliant. You might be tempted to conform by pretending to agree with their verdict on the film rather than being the odd one out. ?? Why Do We Conform? Researchers have found that people conform to a number of different reasons.?? In many cases, looking to the rest of the group for clues for how we should behave can actually be helpful. Other people might have greater knowledge or experience than we do, so following their lead can actually be instructive. In some instances, we conform to the expectations of the group in order to avoid looking foolish. This tendency can become particularly strong in situations where we are not quite sure how to act or where the expectations are ambiguous. In 1955, Deutsch and Gerard identified two key reasons why people conform: informational influence and normative influence.?? Informational influence happens when people change their behavior in order to be correct.?? In situations where we are unsure of the correct response, we often look to others who are better informed and more knowledgeable and use their lead as a guide for our own behaviors. In a classroom setting, for example, this might involve agreeing with the judgments of another classmate who you perceive as being highly intelligent. Normative influence stems from a desire to avoid punishments (such as going along with the rules in class even though you dont agree with them) and gain rewards (such as behaving in a certain way in order to get people to like you).?? Types As mentioned previously, normative and informational influences are two important types of conformity, but there are also a number of other reasons why we conform. The following are some of the major types of conformity. Normative conformity involves changing ones behavior in order to fit in with the group.Informational conformity happens when a person lacks the knowledge and looks to the group for information and direction.Identification occurs when people conform to what is expected of them based on their social roles. Zimbardos famous Stanford Prison Experiment is a good example of people altering their behavior in order to fit into their expected roles. However, the experiment has come under intense scrutiny in recent years.??Compliance involves changing ones behavior while still internally disagreeing with the group.Internalization occurs when we change our behavior because we want to be like another person. Research and Experiments Conformity is something that happens regularly in our social worlds. Sometimes we are aware of our behavior, but in many cases, it happens without much thought or awareness on our parts. In some cases, we go along with things that we disagree with or behave in ways that we know we shouldnt. Some of the best-known experiments on the psychology of conformity deal with people going along with the group, even when they know the group is wrong. Jennesss 1932 Experiment: In one of the earliest experiments on conformity, Jenness asked participants to estimate the number of beans in a bottle. They first estimated the number individually and then later as a group. After they were asked as a group, they were then asked again individually and the experimenter found that their estimates shifted from their original guess to closer to what other members of the group had guessed.??Sherifs Autokinetic Effect Experiments: In a series of experiments,  Muzafer Sherif asked participants to estimate how far a dot of light in a dark room moved. In reality, the dot was static, but it appeared to move due to something known as the autokinetic effect. Essentially, tiny movements of the eyes make it appear that a small spot of light is moving in a dark room. When asked individually, the participants answers varied considerably. When asked as part of a group, however, Sherif found that the responses converged toward a central mean. Sherifs resul ts demonstrated that in an ambiguous situation, people will conform to the group, an example of informational influence.??Aschs Conformity Experiments: In this series of famous experiments, psychologist Solomon Asch asked participants to complete what they believed was a simple perceptual task. They were asked to choose a line that matched the length of one of three different lines. When asked individually, participants would choose the correct line. When asked in the presence of Confederates who were in on the experiment and who intentionally selected the wrong line, around 75% of participants conformed to the group at least once. This experiment is a good example of normative influence; participants changed their answer and conformed to the group in order to fit in and avoid standing out.?? Influential Factors The difficulty of the task: Difficult tasks can lead to both increased and decreased conformity. Not knowing how to perform a difficult task makes people more likely to conform, but the increased difficulty can also make people more accepting of different responses, leading to less conformity.Individual differences: Personal characteristics such as motivation to achieve and strong leadership abilities are linked with a decreased tendency to conform.The size of the group: People are more likely to conform in situations that involve between three and five other people.Characteristics of the situation: People are more likely to conform in ambiguous situations where they are unclear about how they should respond.Cultural differences: Researchers have found that people from collectivist cultures are more likely to conform. Examples A teenager dresses in a certain style because he wants to fit in with the rest of the guys in his social group.A 20-year-old college student drinks at a sorority party because all her friends are doing it and she does not want to be the odd one out.A woman reads a book for her book club and really enjoys it. When she attends her book club meeting, the other members all disliked the book. Rather than go against the group opinion, she simply agrees with the others that the book was terrible.A student is unsure about the answer to a particular question posed by the teacher. When another student in the class provides an  answer, the confused student concurs with the answer believing that the other student is smarter and better informed.

The Oversight And Authority Over Public Accounting Firms

Title I increases the oversight and authority over public accounting firms which was lacking before SOX was enacted. The public accounting firms were able to focus in their own interest rather than public interest since there is no law enforcing them. The routine inspection for public accounting firms and the threat of any wrongdoing publication will keep the firms to act at their best behavior. The inspection will catch their wrongful doings before it is too late to recover. The individual auditors will reconsider before they commit any frauds as they might not want to face fines or CPA licenses revocation. Title II focuses on eliminating conflict of interest between the audit firms and their clients in the audit process. Prohibiting some non-audit services that can be performed by the audit firms reduces the auditor’s motive of overlooking the wrongdoing in order to gain more revenue from consulting. This is what happened in Arthur Andersen with Enron. Requiring the audit partners rotate every five years eliminate the familiarity threat which CPAs having a longstanding relationship with a client that can lead to things being overlooked or inappropriate opinions being given. Prohibiting the auditors being hired by clients reduces the lack of auditor’s independence because of potential job opportunities. Title III focuses on preventing fraud, mostly related to CEOs and CFOs of public companies. Before SOX and this requirement, CEOs and CFOs simply deny in any knowledge ofShow MoreRelatedSarbanes Oxley Act # 11 Titles Essay889 Words   |  4 PagesSarbanes-Oxley Act contains 11 titles, which provide the specific guidelines and regulations for financial reporting. The titles are: Public Company Accounting Oversight Board (PCAOB), Auditor Independence, Corporate Responsibility, Enhanced Financial Disclosures, Analyst Conflict of Interest, Commission Resources and Authority, Studies and Reports, Corporate and Criminal Fraud Accountability, White Collar Crime Penalty Enhancement, Corporate Tax Returns and Corporate Fraud Accountability. The introductionRead MoreSarbanes Oxley Act # 11 Titles971 Words   |  4 PagesSarbanes-Oxley Act contains 11 titles, they provide specific guidelines and regulations for financial reporting. The titles are: Public Company Accounting Oversight Board (PC AOB), Auditor Independence, Corporate Responsibility, Enhanced Financial Disclosures, Analyst Conflict of Interest, Commission Resources and Authority, Studies and Reports, Corporate and Criminal Fraud Accountability, White Collar Crime Penalty Enhancement, Corporate Tax Returns and Corporate Fraud Accountability. In the introductionRead MorePublic Company Accounting Oversight Board1217 Words   |  5 PagesThis report provides information about the Public Company Accounting Oversight Board for Dr. Mack. The information includes the history and creation of the PCAOB, its structure, and its duties in today’s accounting world. The PCAOB is a nonprofit corporation created by congress. It was established by the Sarbanes-Oxley Act and was a response to the accounting scandals in the early 2000s. The SEC is authorized by congress to oversee the PCAOB’s operation. Additionally, the Securities and ExchangeRead MoreEthical and Legal Obligations in Accounting1329 Words   |  6 PagesMarshall (2004), accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements (p. 3). Specifically, financial accounting refers to the process that results in the preparation and reporting of financial statements for an entity (Marshall, McManus, Viele, p. 5). While many entities prepare their own financial statements, firms can also contract with a public accounting firm or a CertifiedRead MoreEthical And Legal Obligations In Accounting Essay1330 Words   |  6 PagesMarshall (2004), accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements (p. 3). Specifically, financial accounting refers to the process that results in the preparation and reporting of financial statements for an entity (Marshall, McManus, Viele, p. 5). While many entities prepare their own financial statements, firms can also contract with a public accounting firm or a CertifiedRead MoreSarbanes Oxley Act # 11 Titles1734 Words   |  7 PagesSarbanes-Oxley Act contains 11 titles, which provide the specific guidelines and regulations for financial reporting. The titles are: Public Company Accounting Oversight Board (PCAOB), Auditor Independence, Corporate Responsibility, Enhanced Financial Disclosures, Analyst Conflict of Interest, Commission Resources and Authority, Studies and Reports, Corporate and Criminal Fraud Accountability, White Collar Crime Penalty Enhancement, Corporate Tax Returns and Corporate F raud Accountability. The introductionRead MoreExtra Credit639 Words   |  3 Pagescreation of the SEC? Why was the SEC created? The SEC was created due to the stock market crash of 1929 which led to the great depression. The SEC was created to protect investors in security exchanges such as the stock market. It is responsible for oversight of both private investment and corporate investment dealings. b. What are the five divisions of the SEC? Briefly describe the purpose of each. The five divisions of the SEC are corporate finance, enforcement, economic and risk analysis, investmentRead MoreGenerally Accepted Auditing Standards1068 Words   |  5 Pages†¢ Explain the effect that the Sarbanes-Oxley Act of 2002, and the Public Company Accounting Oversight Board (PCAOB), will have on audits of publicly traded companies. †¢ Discuss the additional requirements that are placed on auditors from this act and the actions of the PCAOB. Format your paper consistent with APA guidelines. JPMorgan Chase Bank is a publicly traded company and uses an external-independent auditing firm, PricewaterhouseCoopers LLP, to provide an annual audit. JPMorganRead MoreQuestions On Public Accounting Firms Essay841 Words   |  4 PagesAuditing Assignment 1-20 Public accounting firms are sometimes grouped into categories of local firms, regional firms, national firms, and international firms. Explain briefly the characteristics of each. Include in your answer the types of services stressed in each group. Local accounting firms are owned and managed by one or two CPAs. The firm usually has several staff accountants that usually operate in an informal manner. Work is performed in the firm’s accounting office’s rather than the client’sRead MoreThe Ethics Of Sarbanes Oxley Act1667 Words   |  7 Pagesto internal control. For an accounting perspective, internal control is a system for internal and external auditors to measure performance and recommend the improvement of the control. It is definitely correct that both enforcement and the system are to address the risks of frauds. In the meantime, a new regulatory agency, the Public Company Accounting Oversight Board (PCAOB) was created to monitor the work of public accountants. Among SOX and the PCAOB, accounting information system (AIS) is

Plato V. Augustine Essay - 1107 Words

After reading both Plato’s Symposium and Saint Augustine’s Confessions, one can see how the latter holds certain ideas and concepts that are parallel to those found in the former. Despite the differences in time, men are hindered from their pursuit of goodness, truth, etcetera, by similar, if not entirely identical, desires. That being said, of all of the speeches found in the Symposium, Augustine would connect most deeply to that of Alcibiades. Alcibiades is depicted as a prominent Athenian statesman, a successful orator, and a well accomplished military general. On top of such admirable prestige, he is also quite physically handsome. With this knowledge in mind, he seeks to seduce Socrates into a lover-beloved relationship in which he†¦show more content†¦Ã¢â‚¬Å"I aspired to honors, money [and] marriage†, he writes [VI.vi (9)]. By polishing his skills as an orator, Augustine manages to procure a highly revered position within society, and at one point h e finds himself betrothed to a young woman. Despite his well deserved success, he remains anxious. How is it that such accomplishments con not result in happiness? Whiles speaking with his colleagues he notes, â€Å"†¦we had no goal other than to reach a carefree cheerfulness. That beggar was already there before us†¦ There is no question that he [the beggar] was happy and I racked with anxiety† [VI.vi (9)]. Just as Alcibiades felt as though Socrates’ way of life was far superior to his own [Plato, Symposium, 216a], Saint Augustine was aware that the teachings of the Catholic church and a wholehearted obedience to God would lead to the peace of mind that he sought; â€Å"†¦there was a firm place in my heart for the faith, within the Catholic church, in your Christ, ‘our Lord and Savior’† [VII. v (7)]. He also includes a passage from Matthew 11:29 which reads, â€Å"Learn more of me†¦ and you shall find rest for your souls† [VII. ix (14)]. Still, Saint Augustine admits, â€Å"I was attracted to the way, the savior himself, but was still reluctant to go along its narrow paths† [VIII.i (1)]. Why is this so? Of all of the secular pleasures that Saint Augustine possessed, he holds the most attachment to one in particular: the fulfillment of his sexual appetite. This is mentioned severalShow MoreRelatedAnalysis Of The Republic And Augustine On City Of God1714 Words   |  7 Pagesparadoxical manner that this may actually not be possible, he is the most persuasive author when considering the knowledge of the divine alongside Plato in â€Å"The Republic† and Augustine in â€Å"City of God†. Ghazali considers both belief and knowledge as necessary for knowledge of the divine while Plato focuses solely on knowledge. On the other side, while Augustine does support the idea of a rational soul, he refutes his own claim when considering the miracles of God. In this essay I will argue that incorporatingRead More The Book of the City of Ladies Essay1696 Words   |  7 Pagesthe renaissance period. Shakespeare and Christine de Pizan’s views align most closely with Plato’s. Christine de Pizan’s view also aligns with Augustine’s medieval view of leadership. Machiavelli’s view, however, strays the farthest from Plato and Augustine. In The Book of the City of Ladies, Christine presents an allegorical city made up of great ladies from history. Allegorical characters Reason, Rectitude, and Justice guide Christine to the proper view of women by dispelling slanderousRead MoreEssay on A Review of Peter Brown’s Augustine of Hippo1539 Words   |  7 PagesA Review of Peter Brown’s Augustine of Hippo   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Peter Brown’s Augustine of Hippo is a dense, scholarly work outlining the entire life of the Catholic bishop.   The University of California Press in Berkeley, California published the work in 1967.   My version was the 1973 second paperback printing, found in the University library.   Its smallish, scholarly, serifed, typewritten font allows for a instant respect for the subject matter:   the words are at first imposing, but then revealing asRead MoreThe Apostle Paul, Saint Augustine Martin Luther Essay3381 Words   |  14 PagesThe Apostle Paul, Saint Augustine Martin Luther Their impact on the Christian Faith March 12, 2009 The Apostle Paul, Saint Augustine, and Martin Luther have been three very important figures in the Christian church. Each went through a unique personal experience that changed the course of their lives. Those experiences were important to them and they should be important to anyone of the Christian faithRead MoreEuthanasia: An Ethical Dilemma Essay1810 Words   |  8 Pagesthe contemporary thoughts, and (4) the thoughts of Plato, Aristotle, and Aquinas. The author has attempted to present the basic history of euthanasia dating from ancient Greece and Rome to the contemporary. There has been a discussion of the legal formalities of this ethical issue, which included the cases of Washington v. Glucksberg, Gonzalez v. Oregon and Baxter v. Montana. This study also presents information that looks at the thoughts of Plato, Aristotle, Aquinas, Kant and Nemeth and their viewsRead MoreEuthanasia and Assisted Suicide1645 Words   |  7 Pagesrecognized as legally acceptable options in the care of dying or severely ill patients. It is noteworthy that the present debate about assisted suicide and euthanasia, among academics, has drawn so slight from its rich history – from Plato and Aristotle in ancient Greece to Augustine and Thomas Aquinas in the Middle Ages, and Locke, Hume, and Kant in more modern times. Some views and practices centering on suicide are engrained in specific cultures and politics, which have little significance for modernRead MoreBeowulf : A Pattern And Traditional Form Of Heroism1023 Words   |  5 Pagesgod. This essentially is what made up the divine plan. He believed that it not only made the person human but also gave people the chance to choose or deny god by using reason. He’s like a mix of reason and faith. Philosophers before him like Plato and Augustine believed that physical things didn’t matter and it was all spiritual. Aquinas like Aristotle disagreed. They believed the soul and body are inextricable. That the body needs the soul to live. It all compl etes each other. He believed that experienceRead MoreEssay Moral and Ethics: Euthanasia and Physician-Assisted Suicide 1776 Words   |  8 Pagesunavoidably lead to circumstances where some persons will risk having their deaths hastened against their will. This belief, based upon spiritual values, considers human life blessed and sacred. No person may take the life of another. For instance, â€Å"St. Augustine interpreted the biblical prescript against killing as being absolute, even including the taking of ones own life.† Another quarrel for the sanctity of human life is that this â€Å"constitutes one of the pillars of social order that must be maintainedRead MoreRoman Technology And Inventions Of The Roman Century1464 Words   |  6 Pages2. Art E. Roman Technology in Agriculture F. Roman Technology in War 1. Roman War Strategy 2. Instruments of War IV. Daily Life A. The daily life of merchants B. The daily life of farmers C. The daily life of the rich D. The daily life of the poor V. How Roman Technology Changed Everyday Life A. Differences for Romans (what could they do which was new?) B. Long-Lasting Effects on Society VI. Conclusion Thesis: Although Roman innovations were very groundbreaking, they still had the ability to affectRead Morehistory of philosophy5031 Words   |  21 PagesLogic Metaphysics Political philosophy Branches Aesthetics Epistemology Ethics Logic Metaphysics Political philosophy Social philosophy Lists Index Outline Years Problems Publications Theories Glossary Philosophers   Philosophy portal v t e The  history of philosophy  is the study of philosophical ideas and concepts through time. Issues specifically related to history of philosophy might include (but are not limited to): How can changes in philosophy be accounted for historically?

P Emergency Bail Out Free Essays

â€Å"We in America today are nearer to the final triumph over poverty than ever before in the history of any land† was Herbert Hoover’s message to voters in the US Presidential race of 1928. However, once elected into office, within months, he came to terms with his own short sightedness as the world plunged into a downward economic spiral, unparallel in history . . We will write a custom essay sample on P Emergency Bail Out or any similar topic only for you Order Now . at least until now. The sub prime mortgage crisis and the ensuing credit crunch is by all means a haunting reminder of Black Tuesday, when on October 29, 1929, the NYSE crashed as a result of panic selling and led to the Great Depression. Without dwelling much on history, it can be concluded that the NYSE crash of 1929 and the Housing market crash of 2007 are both characterized by speculation and greed, a fundamental failure of pristine capitalism. Secondly, both crashes have followed an era of loose monetary policy and lax credit regulations for which hot shot individuals at the Central Banks and the commercial banks themselves share the blame. To add on to this, we have the menace created by the alluring yet highly risky business of derivatives. With nothing much to defend, the question arises, are we headed towards a depression as in 1929 or is the situation still under control? The likely scenario that we face is a gloomy one. The level of debt that individuals hold is high. The housing crash has wiped out a large portion of the banks credit portfolios. Other advances are also suffering as falling income levels, losses on a highly volatile stock market and rising unemployment are triggering people to default. This is making depositors uneasy as they are shifting money between Banks causing liquidity issues for them. Some Banks have closed down, unable to honor commitments. Others are set to follow. Low liquidity and capital losses means that these financial institutions are refraining from new lending despite the availability of cheap credit. Lack of financial facilitation means that businesses are suffering a lack of confidence and the economy is slowing down, marred with deflation, unemployment, high debt levels and low production. The Secretary of the US Treasury, Mr. Hank Paulson’s Emergency Bail out Plan, is set out to counter these problems and save America and the world from recession. The original idea was that the purpose of the plan would be to purchase bad mortgage related assets, reduce uncertainty regarding the worth of the remaining assets, and restore confidence in the credit markets. The treasury was given sweeping powers with 250 billion dollars of immediate funding. If need arose, an additional 100 billion dollars would be available on the discretion of the President and another 350 billion dollars following a congressional resolution. Over time, the plan has come to embody a whole list of objectives including provisions on how to prevent foreclosures, deposit insurance, restrictions on executive pay and equity interests in financial institutions. The plan has met a mixed reaction. While there is a strong argument that the plan could be inflationary (Hudson, 2008), some argue that it would tend to be the opposite (UBS, 2008). There is also argument that this plan is aiming to fix a bruised and battered system and that we need a new and revitalized system for credit screening. Detractors also point to the fact that the plan keeps on changing. It seems, from the looks of it, that the treasury is determined to stop the bloodshed with its 700 billion dollars but lacks any coherent strategy to do so. Whatever the case, lets build on basic macroeconomics to see how the plan will affect the American and the world economy and then make an informed conclusion on what the US Treasury should instead aim at. To take a short trip back down history lane, when the 1929 depression struck, John Maynard Keynes argued that Government intervention through a budget deficit would alleviate these conditions. Initially the private sector is unwilling to invest. However, as government spending increases, it raises the private sector’s interest. Gradually, confidence returns. Monetarists held an opposing view. While Keynes argued that higher incomes would lead the poor strata of society to consume more, monetarists held that this additional income would go back to paying off debts and accumulated obligations and not add to the value of the multiplier. (Lipsey Harbuy, 1992) The US Treasury and the Federal Reserve it seems are following a middle line here. While the Federal Reserve is cutting interest rates to stimulate business activity, capital infusions by the US Treasury is intended to help banks lend more freely. Thus, we are witnessing a mixture of Keynesian and Monetarist school of thought. Although there is little argument to the fact that this plan is inflationary in nature, the problem that it fails to address is that the US Treasury, despite making equity infusions in banks, buying troubled assets, lowering interest rates and taking steps to reduce uncertainty cannot force banks to lend. While some point to the inflationary nature of the program and its evolving nature, it seems that the major flaw is that it cannot help but wait when banks start lending freely and unfreeze the credit markets, stimulating business activity. Thus, as far as the effects go, it seems likely that if the banks refrain from lending even at the now cheaper interest rates and merely choose to sit on the cash, it is highly likely that the plan would fail plunging America into a recession. This lack of financial facilitation will also affect the world as the USA is acting as a demand powerhouse for the world. It is likely that the World may move into recession too as export markets in America contract. On the other hand, if the plan was to succeed in unfreezing the credit markets and stimulating business activity, we will see inflation followed by bouts of constrained monetary betterment. This would help the world economy too as exports will be less affected and American consumption will fuel their growth. However, in either case, these 700 billion dollars will ultimately affect the taxpayer in future years, in the form of an increased tax liability. However, the most worrying thought is that the recovery could be a jobless one. The bail out plan may put back business and consumer confidence back on track but the increased money supply might not affect unemployment levels in a major way as US firms continue to move production facilities abroad. Therefore, a coherent strategy aimed at increasing industrial production and reducing unemployment inside the US is augmented. For this reason, other counties, possibly China will have to step up and act as a demand generator. (Shafi 2008) To conclude, if the plan is not able to unfreeze the credit markets, there is little chance that the world might escape a depression. If the plan was to work, two scenarios present themselves. By returning to the old way of consuming more, the US Treasury will allow the legacy of the old system to survive. Instead, if the focus would be towards industrial and export led growth, the system of budget deficits and trade deficits and the large sums of money conjured in maintaining them will die and a new world order built on fiscal facilitation and sound monetary management will evolve. References: Hudson, Michael (2008). The bailout is a giveaway that will cause hyperinflation and dollar collapse. The Real News. Retrieved on 13-12-2008 Lipsey G. , H. Harbury, C. (1992) First Principles of Economics. London: Oxford University Press. Shafi, A. (2008). A Walk Down Memory Lane: The Sub Prime Mortage Crisis and the Great Depression revisited. The Financial Flicker Retrieved on 13-12-2008 UBS. (2008) There is no alternative. â€Å"Policy measures are anti-deflationary. They are not inflationary. † Retrieved on 13-12-2008 How to cite P Emergency Bail Out, Papers

Corporate Law Limited Liability of Parent Companies

Question: Discuss about the Corporate Law for Limited Liability of Parent Companies. Answer: Legal Issues on Cases under Section 206 In the cases of ASIC v Somerville [2009]NSWSC 1149, there was the refusal by Somerville to leave from managing his legal practice that is incorporated under Section 206G of the Corporations Act of 2001. It is because the business partner of Somerville and his co-director had already the entire responsibility that was imposed by Section 140 of the Legal Profession Act of 2004 for making the management of the legal services that are provided by the said corporation. The said burden as a responsibility in the statutory terms is not subject to increase in case the person is left as the only director. Section 206A of the Corporations Act of 2001 stipulates expressly that the persons who are disqualified, cannot be engaged in managing corporations. Under Section 206G of the Corporations Act 2001, it is provided expressly that the Court bears the power to give leave. According to the first subsection of Section 206G, it is provided that in case any person is disqualified from the management of the corporations, may make an application to the Court for leaving to manage any corporation, any specified class of corporation or any particular corporation. The Section in its second subsection mentioned that the person willing to leave any corporation must make the lodging of a notice with the ASIC before at least 21 days that is before the commencement of the proceedings. The notice also needs to be in the form that is prescribed. The Section also states that the order that grants the leave must be expressed to certain conditions and exceptions, which are subject to determination by the Court. In case the Court gives any person the permission to leave the management of any corporation, then such person might be appointed as a secretary or director of any company. The section also provides that any person must be involved in lodging a copy of that order that grants the order of leave with the ASIC within a time of 14 days after such order is delivered[2]. The Court under Section 206G of the Corporations Act of 2001, grants the power to the Court to make the revocation of an order of leave by an application by ASIC[3]. The Section also m akes it clear that the order that revokes the leave does not come into effect unless the same is served on that person. Legal Issues on Cases on Section 79 In the case of ASIC v Somerville (no 2) [2009]NSWSC 998, it was held by the Court that Somerville would be disqualified from doing the management of companies for a time-period of six years. The judgment that emerged, in this case, depicts that there happens to be the breach of the duties of the directors that is related to the activity of Phoenix. The Court also makes the finding that the solicitor on behalf of the company was complicit in the relation to the misconduct of the directors under Section 79 of the Corporations Act of 2001[4]. The said section also involved in the imposition of liability to those persons who are involved in making the contravention of law by other persons. The announcement of the commencement of the proceedings of the Court was made in the year 2008 by ASIC. In that announcement ASIC made the allegation against the activity of phoenix. The Court made the hearing of the argument that it is supposed to be extraordinary if any solicitor only by rendering advice becomes liable under Section 79 of the Corporation Act of 2001[5]. The Judge made the point that the issue of an extraordinary factor depends on upon the advise that was rendered actually. The Court held that in case the advise that is given results in bringing about an action of breach of significant sections of the Corporations Act by the directors and the solicitors perform all the function in carrying out those activities other than putting their signature, then there arise no questions on whose part the liability arises. In the simple terms, the Court held that in case any solicitor gives advice for carrying out any improper activity to any director, and the solicitor carries out the entire work without signing the documents, then there would be the liability on the part of the solicitors. It was mentioned by ASIC that the activity of phoenix is an important issue, and its focus has also been broadened by the ASIC that is related to the misconduct for making the inclusion of not only the directors of the company but also the other persons who are helped in helping in the facilitation of those transactions. The ASIC also mentioned that the other persons might include the accountants, financial advertisers, and the solicitors. Conclusion There are certain sections that are contained in the Corporations Act of 2001 that clearly states that any person who is involved significantly in the contravention of the Act by another person, then that person would also hold to be doing the contravention of the Act. This makes that person expose to several orders such as orders of civil penalty, orders of compensation and orders from disqualification from the management of corporations for a fixed period of time that the Court decides. It is provided expressly by Section 79 of the Corporations Act of 2001 that if any person is involved in making the contravention of the provisions of the Act if he has aided, counseled, procured or abetted the contravention. The Section also states that any party would be liable for contravening the Act in case he induced any other party by way of promise or threat to contravene any provisions of the Act. If any person also makes any omission or act that directly leads to the contravention or leads to conspire with any other to make the contravention, then such person would also e liable for the contravention of the Act. Reference List Anderson, Helen. "Challenging the Limited Liability of Parent Companies: A Reform Agenda for Piercing the Corporate Veil."Australian Accounting Review22.2 (2012): 129-141. Btiz-Lazo, Bernardo, and Masayoshi Noguchi. "Auditors and the supervision of retail finance: Evidence from two small-sized building societies, 19761978."Accounting History18.1 (2013): 77-97. Corporations ACT 2001 - SECT 206G(1st ed, 2001) Corporations ACT 2001 - SECT 79(1st ed, 2001) Vasudev, Palladam Madhavrao, and Susan Watson, eds.Corporate governance after the financial crisis. Edward Elgar Publishing, 2012. Zindoga, Washington Tawanda.Piercing of the corporate veil in terms of Gore: Section 20 (9) of the new Companies Act 17 of 2008. Diss. University of Cape Town, 2015