Why is graduate study important at this time in your life Essay

Why is graduate study important at this time in your life - Essay Example As an initial matter, I am vested with many supervisory and training responsibilities. I am directly responsible for training staff in routine clerical and administrative matters. My function is to ensure that these staff members are familiar with Department of Transportation policy and able to accomplish the purposes of our office. In addition to initial training, I continue to supervise these workers and keep them up-to-date with changes in policy and duties. In addition, my job requires a great deal of planning. This involves the delegation of assignments, matching personnel to work projects, and evaluating alternative courses of action for certain work projects and assignments. Another important aspect of my job involves the need to keep detailed and comprehensive reports and records. As a state agency, these are important and time-consuming responsibilities. I prepare charts, tables and reports and enter them into our computer program for evaluation by my superiors. I maintain the agency manual, the electronic tracking system, and make modifications when necessary. The final aspect of my job is related to a more generalized administrative support function. ... This is because I believe that I have completed the previous steps in my educational and professional career that are necessary for graduate study to become both more meaningful and more necessary. In addition, I believe that I have exhausted a great many challenges thus far in my professional life, and that it is time to expand my theoretical knowledge and to prepare myself more full for additional challenges and opportunities. Really, there couldn't be a better time for me to pursue graduate study. I earned my BA in Business Administration from Baruch College back in 2001, and I have updated my professional skills and work experience over the past five years. I have, for example, completed an income tax course through H&R Block, became a notary public and joined the Notary Public Association, improved my technical and computer software skills, and worked closely with many experienced workers and supervisors at the New York Department of Transportation. I have, in sum, developed a more comprehensive theoretical background to a variety of substantive and administrative issues, and also attained a wealth of work experience. I am familiar with many successful methods of operation and also aware of certain shortcomings which need improvements or different approaches. Based on the foregoing, I believe that I am at the perfect stage of development for graduate study. This is because I have the experience to value the knowledge, the interactions, and the opportunities offered by graduate study. I will enter as a graduate study with real-world experience, with questions to ask and consider, and with an understanding of how these issues play out in the real world.

Rationale of the Stability and Growth Pact Given the Maastricht Treaty Essay

Rationale of the Stability and Growth Pact Given the Maastricht Treaty Criteria and its Advantages and Disadvanatges - Essay Example These monetary advantages augment in relation to volume of trade and with the intensity of economic integration. As for the cost of the monetary union, it emanates from the savings in loss of the exchange rate as a fine-tuning variable to soothe the aggregate demand. (Quere et al 2010:390).Further, Exchange rate movements are liable to be a basis of asymmetric shocks and Mundells approach found the monetary union as a mode to condense asymmetric shocks and enhance insurance against them (Quere et al 2010:390). As per Mundells, elimination of Transaction costs will be the direct gains whereas price transparency will be the indirect gain. Many empirical studies have shown that there will be many gains from a monetary union and one of the main benefits will be the elimination of exchange rate transaction’s costs as there will be reduction in the size of price discrimination between national markets. (Llirjani 2006:73). According to Taylor (2005), transaction costs will include sa vings in currency conversion charges , reduction in bank commissions , charges and delays linked with cross-border payments by banks. As per an EU study , the elimination of transaction costs involving conversion of one currency into another is likely to enhance the GDP of the nations concerned by an aggregate of 0.4% for the EU as a whole per annum. (Macdonald 1999:201). Single monetary union will help to attain lower transaction costs as there will be no commission on foreign exchange transactions and there will be an elimination of costs of hedging the exchange rate risk. Under single monetary union, all member nations will enjoy lower interest rates. (Grauwe 2007:78). Many of the analysis of costs and benefits of Europe’s common currency is footed upon the theory of optimum currency areas . According to this concept, the benefits that accrue by sharing a common currency across nations’ frontiers include more uniform prices (price parity), greater certainty for inve stors , lower transactions costs and increased competition.(Carbaugh 2011 :307). A single monetary union will offer more advantages to exporters as it will put a full stop to domestic currency volatility and a diminution of peripheral currency volatility, which would facilitate exporters to visualise prospect markets with larger conviction. This will let loose a larger possibility for expansion of economy for participants of the monetary union. For instance ,in the recent years , Germany experienced economic development which is footed on vibrant corporate investments and export growth in the export sector(Herr & Kazandziska 2011:194) The chief advantage connected with a monetary union is that there will be welfare advantages due to better prospects or from less uncertainty for companies to maximise their revenues as future returns will be less risky. (Llirjani 2006:73).Further, less uncertainty will also fetch financial stability among member nations. For instance ,it is interestin g to observe that Spain, Italy and France attained 100%, 100%, and 68% respectively of their prior-EMU window variances that were greater than the post-EUM variation. (Mafi-Kreft & Sobel 2006). According to Balwin, Skudelny and Taglioni (2005), due to single

Moving through levels of care in health

Moving through levels of care in health A Health system can be defined as a group of people whose primary focus is to improve the health or wellbeing of others (WHO, 2005). These entities could include organizations such as hospitals and other health care services that respond to the needs of the population. This essay will focus on the three levels of care: Primary, Secondary and Tertiary and explore how patients move through these three levels of health care in New Zealand (NZ), the United Kingdom (UK) and the United States (US). The similarities and differences between these systems will be highlighted and the accessibility of these providers will be discussed. There are three different levels of care in terms of Health Systems, each addressing the necessities of the patient and are organized into Primary, Secondary and Tertiary Care (Bodenheimer Grumbach, 2009). Primary care is usually the first point of contact for many individuals and focuses on ambulatory care such as general practitioners (GP’s), midwives and pharmacists. Healthcare at this level tends to be family orientated and situated around communities, treating ordinary, every day health problems (Alberta Physician Link, n.d.). The Secondary care level usually involves much more specialized services and is generally hospital based; examples include specialized physicians like pediatrics and obstetrics (Bodenheimer Grumbach, 2009). Tertiary care typically involves specialist physicians such as cardiac surgeons and immunologists. Care at this level comprises of the treatment of uncommon and complicated diseases (Bodenheimer Grumbach, 2009). The margin between secondary an d tertiary health care is difficult to distinguish between as enhancements in modern day technology means that surgeries that are associated with tertiary level is being introduced to local hospitals (French, Old, Healy, 2001). Patient flow through the three levels of Primary, Secondary and Tertiary care differs from country to country and is dependent on the country’s focus and organization. Each country operates differently in order to respond to the needs of the population. Patient flow in most cases is a stepwise process and enables efficiency in Health care systems. In New Zealand, individuals who have health problems will go directly to their GP as their first contact (French et al., 2001). The reason for this is, unless it’s an accidental and emergency situation, New Zealanders’ can only gain access to secondary and tertiary services by referrals from their GP’s. GP’s can be described as ‘gate keepers’ who hold the key to higher levels of health care (French et al., 2001). Only by obtaining this key – in this case a referral, will patients in NZ be able to gain access to secondary and tertiary care. The same situation also applies to private health sectors (French et al., 2001). If further diagnosis is required after seeing the GP, the patient will be referred to a specialist at a public hospital who will be the sole decision maker in deciding the urgency of the situation. If specialized assistance is required, the patient and their GP will be notified within ten days and will have an appointment within six months (Cumming et al., 2013). GP’s taking on the role as gate keepers will lead to the development of a strong patient-caregiver relationship, which eventually leads to better health outcomes (Bodenheimer Grumbach, 2009). In the United Kingdom, the British National Health Service (NHS) provides health care. The GPs here also take on the role of gatekeepers and apart from treating every day problems; they also provide prevention services such as immunization to prevent diseases and vaccinations (Boyle, 2011). Similar to New Zealand, patients are unable to gain access to secondary services unless they have a referral from their general practitioners (Bodenheimer Grumbach, 2009). This system differs from New Zealand in that a referral from a GP to access health care at the tertiary level is quite unusual and is usually attained by a referral from the secondary care level (Wheeler Grice, 2000). The exceptions to these regulations are accidental and emergency situations, for example, a trip to the Accidental and emergency department (AE) would not require a referral. The US health system focuses more on care at the tertiary level. This health system differs from NZ and UK in that patients are able to access secondary and tertiary levels of care without a referral (Bodenheimer Grumbach, 2009). In the US, patient flow is not as efficient and it has become customary for individuals to approach any doctor of their choice depending on their health problems (Bodenheimer Grumbach, 2009). The numerous roles specialists and doctors have to undertake accentuate the huge gap in primary care. In NZ and the UK where physicians specialize in providing health care at the secondary level, tertiary physicians in the US have to provide health care at both the primary and secondary level in order to make up for the lack of primary care providers (Bodenheimer Grumbach, 2009). Access to health care is how obtainable medical care is. There are numerous barriers to access and these include factors such as cost, transport and locations of hospitals relative to where individuals live. Each country differs in the way they attack certain barriers. The US health system focuses more on the concept of the dispersed model in terms of organization and is more orientated towards tertiary care (Bodenheimer Grumbach, 2009). Health insurance is a major factor that influences individual’s access to healthcare. Individuals in the US have employers who aid in the costs of health insurance. However, individuals who have employers that do not cover health insurance, have to figure out their own way to access health care (Bodenheimer Grumbach, 2009). More often than not, it is these individuals who do not fit the criteria for public health insurance and do not have the means to obtain private health insurance due to expensive premiums (Bodenheimer Grumbach, 2009). The number of uninsured people has been increasing and countless employers have responded to the ever-growing costs of health insurance by no longer providing it for their employees. Health insurance in the US poses as the biggest financial barrier towards access and Bode nheimer and Grumbach accentuates this point. Their findings reveal that those who are not insured receive less care, resulting in bad health consequences. The two main public health insurance companies in the US are Medicare and Medicaid. Medicaid’s target audience is for citizens aged 65+ and in low-income families while Medicare’s targets disabled individuals and residents who are 65+, under 65 year olds are funded by private insurance (The Commonwealth Fund, 2012). However, many physicians do not accept people with Medicaid insurance as this means they receive less payment. Compared to the individuals who are uninsured, those who are insured with Medicaid have a much more stable source of health care and access to other services. However, in contrast to the others who are privately insured, they are more likely to have difficulties when pursuing medical care and other prescriptions (Bodenheimer Grumbach, 2009). Numerous residents are underinsured and uninsured (The Commonwealth Fund, 2012) resulting in less people obtaining access to medical care. People are entitled to refer themselves to any level of health care depending on their situation, resulting in a large out of pocket fee if they were uninsured. However, access to health care is incredibly beneficial for the well off individuals who are able to afford private insurance. The US health system primary focus on the tertiary level impacts access as it allows entry into any level of care depending on the patient’s choice and this is incredibly advantageous for those who are well off, but poses as a disadvantage for the poor and those who cannot afford health insurance. In NZ, the health system focuses more on the regionalized model in terms of organization and is orientated towards primary health care. The Government along with the District Health Boards (DHB) and Primary Healthcare Organizations (PHO) plays a huge role in delivering health care to individuals in NZ (Gauld, 2012). There are two types of PHOs established, interim and access (Malcolm, 2004). Access PHOs subsidies 60-70% of GP costs for those in disadvantaged areas, whereas Interim PHOs subsidies 30-40% of GP costs for those who are in less disadvantaged areas (Malcolm, 2004). This will enable those who live in underprivileged areas to gain access to health care, without worrying about costs. Most hospital fees are free of charge with some additional expenses depending on different situations (Cumming et al., 2013), the government also subsidizes visits to the GP. This means that those who struggle financially will be more likely to access primary health care, enabling better health o utcomes, especially because a referral is needed in order to access secondary and tertiary levels of care. Individuals are also able to obtain private health insurance, allowing them to receive a private appointment with a surgical consultant before individuals who are noninsured, resulting in a reduction in wait times for surgery (Cumming et al., 2013). However, there could be a limit in choices of private providers as they are mainly situated in the main centers, limiting access for those in rural areas (Cumming et al., 2013). Large distances and small numbers of care providers make it difficult for populations in rural areas in NZ to access health care (Cumming et al., 2013). This poses as a significant barrier that limits access as those who live a great distance away have a limited amount of options in terms of health care. The distribution of health care services and physicians in rural areas is smaller as this life style is undesirable, reducing rural populations’ acce ss to health care (Cumming et al., 2013). Access in NZ is beneficial as hospitals are situated in good geographic locations as studies reveal that 90% of individuals are able to reach a district hospital within an hour (Cumming et al., 2013). NZ’s focus on the primary health care level impacts access as it allows individuals whom require specialized care to gain access by referral from a GP. Compared to the US, access to health care in NZ is favorable for those who live in good geographical locations but poses as a disadvantage for those in rural areas. In the UK, the health system is similar to NZ in that its health system is structured like the regionalized Dawson model and orientated towards primary health care (Bodenheimer Grumbach, 2009). The British National Health Service (NHS) provides primary care and hospital services (Boyle, 2011). Most primary health care is free and is covered by the NHS, although there are some out of pocket payments that are not covered (Boyle, 2011). Free primary health care would maximize access, as those who struggle financially will still be able to seek treatment without concerns of payment. Boyle’s research also reveals that there has been many unnecessary trips to the AE were not considered as crucial, possible reasoning for this could be due to their inability to obtain primary health care. Waiting times in the UK poses as a barricade to health care, with some patients waiting up to 18 months for surgeries, however, the average waiting time has now been reduced to 18 weeks (Boyle, 2011 ). Long waiting times reduces access which means that less people will be able to receive the care that they need in the time that they require it. These wait times could’ve instigated numerous avoidable AE trips that could’ve been solved by the GPs. The UK is quite successful in terms of access as it has many after hour services including AE, NHS Direct and after hour GP services (Boyle, 2011). These services will maximize access to health care, as more people will be able to obtain the care they need in the time that they require it. The structure of the UK’s health system primarily focuses on the primary level, its impact on access just like NZ, enables entry into higher levels of health care through a referral from a GP. Access in the UK is beneficial to all residents due to the free primary health care being provided along with after hour services. No health system is perfect. Every health system has certain flaws that could be improved. However, all health systems have something common, they all have a goal to provide care for those in need.

Childhood Influences Impact the Writing of F. Scott Fitzgerald Essay

Childhood Influences Impact the Writing of F. Scott Fitzgerald On Wednesday February 12 of 1890 F. Scott Fitzgerald's parents were married in Washington D.C. Six years later on September 24, 1896 Francis Scott Key Fitzgerald was born at his home 481 Laurel Ave. in St. Paul, Minnesota. His two infant older sisters had died from a violent influenza so that by the time Fitzgerald came along Mollie Fitzgerald had become the proverbial nightmare that known as an overprotective mother. Fitzgerald's mother was no traditional mother though, for she was known for her eccentricities. These eccentricities disturbed young Scott's life, "Fitzgerald later described his mother as 'half insane with pathological nervous worry'" (Bruccoli 15), but nothing worried anyone in the family so much as his father's failure to hold down a job. It was because his father lost his job as a wicker furniture manufacturer and salesman the family was forced to move from St. Paul to Buffalo in April of 1898, where his father began work for Proctor and Gamble. In January of 1901 the family moved from Buffalo to Syracuse where Edward had been transferred by his employer and where, on Sunday July 21, 1901 Scott's younger sister Annabel was born. Just two years later the family was back in Buffalo and just five years after that the family had returned to St. Paul and Grandma McQuillan's money. Grandma, born Louisa McQuillan, was a widow. Her husband Phillip Francis McQuillan was a man of Irish ancestry who had been a successful business man and grocer and when he died at age 43 he left behind a good $500,000 dollars to the family. Because of their financial problems the Fitzgerald family was often reliant on family money to survive. The Fitzgera... ...-occupation with glamour describe some of the main themes of his writing and indeed were some of the main themes of his childhood. Works Cited Bruccoli, Matthew J. Some Sort of Epic Grandeur. New York: Harcourt Brace Jovanovich, Publishers, 1981 Caudle, Bill. "F. Scott Fitzgerald Walking Tour of St. Paul, MN". January 8, 2003. September 9, 2003 <http://home.att.net/~caudle/fscotwlk.htm> Prigozy, Ruth. "The Fitzgeralds". F. Scott Fitzgerald Society. September 9, 2003. <http://www.zeldafitzgerald.com/fitzgeralds/index.asp> The Board of Trustees of the University of South Carolina. "Quotations". January 28, 1997. University of South Carolina. September 9, 2003 <http://www.sc.edu/fitzgerald/quotes/quotes1.html>

Leadership Approaches

Leadership implies the ability to guide, direct, or influence people. In a certain family owned coffee plantation, the need arose for a quick decision on enlisting the company into the stock exchange. Given its rising fortunes, future prospects and need to acquire addition expansion capital, this was a good move. But this is a family-owned business, and selling its shares to the public might amount to selling the family’s fortune away. The first son who had the running of the company under his hands had to take the decision. He was not a professional in the business, so he called for two separate meetings of the company board and the family. Having heard collectively, he was able to sell 50% of the company shares to the public, leaving 50% to the family members, discretionary rights to buy as much of the public offers as they are able. Groups  of  people  living in bands have no formal leadership, and all people have input in making group decisions. Most decision-making in tribes occurs within households. Occasionally, most or all members of lineages or clans convene to make important village decisions, such as about dealing with neighboring tribes. Descent groups may also regulate access to crucial resources, such as favored hunting areas, and choose where people will live. (Bodley, 2006) According to Max de Pree  (1924  Ã¢â‚¬â€œÃ‚  ), the best management process for today's environment is participative management based on covenantal relationships. Industrial Management, in business, is a term used to describe the techniques and expertise of efficient organization, planning, direction, and control of the operations of a business. Industrial management and the managerial grid Thus the style approach tends to analyze the individuals involved and see how best to harness their collective contributions to realizing the collective company goals. This is explained below: Technical: The technical ingenuity of an individual alone can not accomplish the required task and as such technical expertise is best utilized in team work, especial at the middle and supervisory levels. Human: The Human Resources of a skilled employer depends on training. For the top levels, this is most essential because it defines the course the company has to follow. Also, for the supervisory and middle level, an average proficiency is needed. Conceptual: the conceptual power of the middle level brings up growth while that of the top level drives this growth and ensures its sustenance. The managerial grid simply defines a hierarchy of flow of management in a leadership set-up. It clearly defines positions of authority and responsibility by all involved. A managerial grid, which consists of the CEO as the boss, includes the administrative, finance, operational and marketing management is it line of responsibilities. Work flows progressively, with each division taking decisions it is well vested on or its line of duty. Major decisions are taken by the board comprising of the CEO and managers. This enables the company to take sound and fair decisions which is responsive to the general interest of the company’s sustenance. In the theory of industrial management, organization has two principal aspects. One relates to the establishment of so-called lines of responsibility, drawn usually in the form of an organization chart that designates the executives of the business, from the president to the foreperson or department head, and specifies the functions for which they are responsible. The other principal aspect relates to the development of a staff of qualified executives. The Managing Director or CEO is the most senior manager of a company. The managing director is responsible for the day-to-day running of the company, but has a seat on the board of directors. The managing director may also be the chairman of the company, but in large companies the role of chairman is usually separate from that of managing director. He works with the Board of Directors or a group of directors elected by stockholders at the annual general meeting of a company to supervise the running of the company. Executive directors are managers of a company, working full time and with salaries paid by the company. Nonexecutive directors have no management position and are likely to look after the affairs of the company on a part-time basis. The  top  managers  of  a corporation are appointed or dismissed by a corporation’s board of directors, which represents stockholders’ interests. However, in practice, the board of directors is often made up of people who were nominated by the top managers of the company. Members of the board of directors are elected by a majority of voting stockholders, but most stockholders vote for the nominees recommended by the current board members. Stockholders can also vote by proxy—a process in which they authorize someone else, usually the current board, to decide how to vote for them. Businesses  rely  on  effective human resource management (HRM) to ensure that they hire and keep good employees and that they are able to respond to conflicts between workers and management. HRM specialists initially determine the number and type of employees that a business will need over its first few years of operation. They are then responsible for recruiting new employees to replace those who leave and for filling newly created positions. A business’s HRM division also trains or arranges for the training of its staff to encourage worker productivity, efficiency, and satisfaction, and to promote the overall success of the business. Finally, human resource managers create workers’ compensation plans and benefit packages for employees. Planning in industrial management has three principal aspects. One is the establishment of broad basic policies with respect to production; sales; the purchase of equipment, materials, and supplies; and accounting. The second aspect relates to the implementation of these policies by departments. The third relates to the establishment of standards of work in all departments. Direction is concerned primarily with supervision and guidance by the executive in authority; in this connection a distinction is generally made between top management, which is essentially administrative in nature, and operative management, which is concerned with the direct execution of policy. Control involves the use of records and reports to compare performance with the established standards for work. Industrial management as just defined dates from the latter part of the 19th century. A notable impetus to its evolution was provided by the American engineer Frederick Taylor, who developed techniques for analyzing the operations involved in production and for setting standards for a day's work. The techniques originally devised by Taylor were adapted by industrialists to other phases of business, including the employment of qualified workers, and wage incentive programs either to replace or to supplement the piecework system that had previously prevailed. Industrial management experts who succeeded Taylor have applied his techniques to a wider range of business problems. Among the leading successors are the Austrian-American management consultant and educator Peter Drucker and the American economist, writer, and diplomat John Kenneth Galbraith. New  explanations  and  fresh policies were urgently required; this was precisely what Keynes supplied. In his enduring work The General Theory of Employment, Interest, and Money, the central message translates into two powerful propositions. (1) Existing explanations of unemployment he declared to be nonsense: Neither high prices nor high wages could explain persistent depression and mass unemployment. (2) Instead, he proposed an alternative explanation of these phenomena focused on what he termed aggregate demand—that is, the total spending of consumers, business investors, and governmental bodies. When aggregate demand is low, he theorized, sales and jobs suffer; when it is high, all is well and prosperous. From  these  generalities flowed a powerful and comprehensive view of economic behavior—the basis of contemporary macroeconomics. Because consumers were limited in the amounts that they could spend by the size of their incomes, they could not be the source of the ups and downs of the business cycle. It followed that the dynamic forces were business investors and governments. In a recession or depression, the proper thing to do was either to enlarge private investment or create public substitutes for the shortfalls in private investment. In mild economic contractions, easy credit and low interest rates (monetary policy) might stimulate business investments and restore aggregate demand to a figure consistent with full employment. More severe contractions required the sterner remedy of deliberate budget deficits either in the form of spending on public works or subsidies to afflicted groups. Some  big  corporations established overseas operations and became multinational. Producers in the United States depended on world markets to buy oil, iron, steel, and food that they exported. They also increased their overseas investments. Standard Oil (later Exxon), for instance, developed oil resources in Venezuela and the Middle East. Coca-Cola swept through Europe, where it set up bottling factories. New types of bureaucrats ran the big businesses of postwar America. In The Organization Man (1956), sociologist William H. Whyte wrote that employers sought managers who would adapt to corporate culture, which rewarded teamwork and conformity. The essential characteristic of the behavioral approach to learning is that events in the environment are understood to predict a person’s behavior, not thoughts, feelings, or other events that take place inside the person. Strict behaviorists believe that it is dangerous and unscientific to treat thoughts and feelings as the causes of a person’s behavior, because no one can see another person’s thoughts or feelings. Behaviorists maintain that human learning can be explained by examining the stimuli, reinforces, and punishments that a person experiences. According to behaviorists, reinforcement and punishment, along with other basic principles such as generalization and discrimination, can explain even the most advanced types of human learning, such as learning to read or to solve complex problems. Conclusion In the situation described above, the head of the family coffee company simply executed collective leadership. The leader behavior thus makes sense when you realize the amount of gains that has been added to the company based on this sharp approach. This supports the leadership theory described and it has helped me to understand my feelings and behavior in this particular situation. Business  plays  a  vital role in the life and culture of countries with industrial and postindustrial (service- and information-based) free-market economies such as the United States. In free-market systems, prices and wages are primarily determined by competition, not by governments. In the United States, for example, many people buy and sell goods and services as their primary occupations. In 2001 American companies sold in excess of $10 trillion worth of goods and services. Businesses provide just about anything consumers want or need, including basic necessities such as food and housing, luxuries such as whirlpool baths and wide-screen televisions, and even personal services such as caring for children and finding companionship. A typical example of a non-collective leadership is in a one-man business. The Entrepreneur thus is one who assumes the responsibility and the risk for a business operation with the expectation of making a profit. The entrepreneur generally decides on the product, acquires the facilities, and brings together the labor force, capital, and production materials. If the business succeeds, the entrepreneur reaps the reward of profits; if it fails, he or she takes the loss. In his writings, the Austrian-American economist Joseph A. Schumpeter stressed the role of the entrepreneur as an innovator, the person who develops a new product, a new market, or a new means of production. One important example was Henry Ford. In the industrialized economies of the late 20th century, giant corporations and conglomerates have largely replaced the individual owner-operator. There is still a place for the entrepreneur, however, in small businesses as well as in the developing economies of the Third World nations. (Redmond, 2006) References Bodley, John H. â€Å"Culture.† Microsoft ® Encarta ® 2006 Dryzek, John. â€Å"Political Science† Microsoft ® Encarta ® 2006 Redmond, WA â€Å"Entrepreneur.† Microsoft ® Encarta ® 2006 Redmond, WA â€Å"Industrial Management.† Microsoft ® Encarta ® 2006 Redmond, WA â€Å"Invention (device or process).† Microsoft ® Encarta ® 2006

Is Wal-Mart Good for America? Essay

This direct quote from Wal-Mart founder Sam Walton, was placed at the top of their website to nform its consumers of their general management philosophy. It is meant to instill a feeling of comfort that such an enormous multinational retailer still manages to hold on to its small town founder’s values. Provide people with the lowest possible prices on items that they need, whatever the cost. This slogan of always providing the lowest prices has made Wal-Mart the largest retailer on the planet and they generate billions of dollars in profit annually. But is Wal-Mart good for America? On the surface it would seem that providing a customer with an item at the lowest possible revailing question, one must more closely examine the mechanisms by which Wal- Mart is able to provide merchandise at such bargain basement prices. Providing people the lowest possible prices, whatever the cost. In this case, these low prices are being provided at the cost of the environment, Wal-Mart vendors, Wal-Mart employees, and even the American taxpayer. As the â€Å"Wal-Martization† of America is forcing businesses to outsource their Jobs oversees Just to stay solvent, it creates a problem here back home of people not being able to pay their bills and maintain adequate living standards. Is Wal-Mart creating the greatest good for the greatest number? Or are they Just creating the greatest good for their executives and investors? This reflection paper will attempt to analyze and answer these questions as we dive deep into the culture of Wal-Mart and its effect on society domestically, as well as globally. The two dominant points of view used to analyze corporations and their overall purpose could be summarized by the terms â€Å"stockholder† and â€Å"stakeholder† management. The former was championed by the well-known economist Milton Friedman. He believed that â€Å"a corporation’s primary and perhaps ole purpose is to maximize profits for stockholders†¦ † (Arnold, Beauchamp ; Bowie, 2013) Friedman would view Wal-Mart as a corporation that acts solely in the best interest of their stockholders. Wal-Mart is notorious for not paying their employees very high wages and not offering much to their employees in terms of retirement benefits and health care coverage. At least when compared to other successful competitors such as Costco, Wal-Mart clearly comes up short in this department. The latter point of view mentioned was made popular by Edward Freeman in his essay, â€Å"Managing for Stakeholders. In it he argues that â€Å"the primary responsibility of the executive is to create as much value for stakeholders as possible, and that no stakeholder interest is viable in isolation of the other stakeholders. (Freeman, 2007) When we speak of stakeholders, we are referring to the five basic groups that stand to gain or lose from corporations. These groups are customers, suppliers, employees, the local community and the stockholders. Freeman argues that no one stakeholder’s interest should be taken at the expense of the others and that all must be considered by a corporation when it comes to making the best decision. While the â€Å"Friedmanite† view has been seen as the classical dominant view on corporations and their purpose, the stakeholder view on management has been gaining speed over the last thirty years and cannot be underestimated or undervalued these days as companies struggle to stay competitive in a massive global economy. In terms of all stakeholders involved, both Friedman and Freeman would agree that Wal-Mart is acting in the best interest of their stockholders primarily. This benefit to the shareholders is at the expense of all the other stakeholders. The customers will suffer due to the lack of uality of items purchased. Wal-Mart outsources a great deal of their production to China to save on labor and production costs. As a result, the common saying â€Å"you get what you pay for† holds true. These items that Wal-Mart sells in their stores tend to be of inferior quality, and that â€Å"quality’ is passed on to the consumer. The employees suffer because they are not able to earn a decent wage to live on. According to an article written by Wayne Cascio, Decency Means More Than â€Å"Always Low Prices†: A Comparison of Costco to Wal-Mart’s Sam’s Club, he indicates that â€Å"The age is hardly enough to live on these days with gas prices where they are and the average cost of living going up. I know I couldn’t live on 10 dollars per hour. These low wages actually end up costing the American tax payer in the forms government assistance programs such as Medicaid and food stamps. In a study conducted by the Institute for Labor and Employment at the University of California, Berkeley, â€Å"taxpayers subsidized $20. million for medical care for Wal-Mart employees in that state alone. † (Cascio, 2006) Suppliers suffer because they are forced to accept the ontracts that Wal-Mart offers them to provide their products in their stores that essentially eat up their profits. The local community suffers because when a new Wal-Mart is built, smaller stores struggl e to stay competitive due to the fact they cant keep up with the prices that Wal-Mart charges for their product. They do not have the ability to outsource production and so they eventually go out of business. While Friedman and Freeman would believe that Wal-Mart is primarily serving the interests of their stockholders while disregarding all other stakeholders, John Boatright would ffer an alternative hypothesis on the issue. In his article, what’s wrong-and what’s right-with stakeholder management, he argues that â€Å"†¦ a business organization in which managers act in the interest of the shareholders can also be one that, at the same time, benefits all stakeholder groups. † (Boatright, 2013) He goes on to provide his definition of what a firm is and what their purpose should be. Boatright defines a firm â€Å"†¦ s a nexus of contracts between a legal entity called a firm and its various constituencies, which include employees, customers, suppliers, investors, and other roups. † (Boatright, 2013) It is believed that by each group providing their own services in a Joint effort with a firm, that the greatest financial return will be achieved. From Boa tright’s point of view, he would view the business philosophy of Wal-Mart as one that does benefit all the stakeholders. Customers benefit by having more purchasing power. They can walk into a Wal-Mart and purchase more items than they could at any other retailer.