Paying Less for Fashion Essay

Payless ShoeSource, Inc. is the largest footwear retailer in the United States. The company operates about 4,700 stores in all 50 states as well as Puerto Rico, Guam, Saipan, the U.S. Virgin Islands, Canada, Central America, the Caribbean, Ecuador, and Japan. It also sells footwear via the Internet at www.payless.com. Payless has built its success by offering a large selection of shoes at very low prices, most selling for less than $15 as of 2004. The company has been able to maintain its affordable prices by sticking exclusively to a self-service format, keeping a tight rein on cost structure, and insisting on efficient sourcing and inventory controls. Payless ShoeSource targets as its main customers women from 18 to 44 years of age with household incomes of less than $75,000, and it estimates that in any given year, 40 percent of the women in this target group buy at least one pair of footwear at a Payless store. The company remained a May subsidiary until 1996, when it was spun off to May shareholders as an independent, publicly traded firm. Payless ShoeSource founded in Topeka, Kansas in 1956 by brothers Louis and Shaol Pozez that is owned by Collective Brands, Inc, on a revolutionary idea – selling shoes in a self-select environment. In 1961, it became a public company as the Volume Shoe Corporation which merged with the May Department Stores Company in 1979. More than 50 years later, Payless continues the self-select model combined with leading customer service to provide a fun and engaging shopping experience for our customers. Today, Payless serves millions of consumers through its powerful global network of stores in all 50 U.S. states, as well as in Puerto Rico, Guam, Saipan, the U.S. Virgin Islands, Canada, Central America, the Caribbean and South America. The company also has an expanding presence in the Eastern Hemisphere through franchising arrangements. UPDATING 1956: Pay-Less National is founded in Topeka, Kansas, by two cousins, Louis and Shaol Pozez, to open self-service stores selling budget footwear. 1962: The Company goes public as Volume Distributors. 1967: The company is renamed Volume Shoe Corporation; an accelerated expansion program is launched. 1978: The Payless ShoeSource name is adopted for the bulk of the company’s retail outlets. 1979: Volume Shoe is acquired by the May Department Stores Company. 1991: The company name is changed to Payless ShoeSource, Inc. 1996: May spins Payless off to shareholders, making it once again an independent, publicly traded firm. 1997: The mid-priced shoe chain Parade of Shoes is acquired from J. Baker, Inc.; the first Canadian Payless stores open. 1999: The firm launches e-commerce at payless.com. 2000: Payless enters into a joint venture to expand into the Central American region. 2004: As part of a major restructuring, Payless announces that it will close down the Parade chain and close hundreds of Payless ShoeSource outlets. PEOPLE AND ORGANIZATIONS INVOLVED Matt Rubel: Nowadays he is Senior Advisor at TPG Capital, L.P. and TPG Growth and served as the Chief Executive Officer and President at Collective Brands. He served as the Chief Executive Officer and President at Payless Shoesource Inc., a subsidiary of Collective Brands. He served as the Chairman, President and Chief Executive Officer of Cole Haan, Inc from February 1999 to July 2005, where he transformed it into a global lifestyle brand celebrating American luxury. Prior to joining Cole Haan, Mr. Rubel served as an Executive Vice President of J. Crew Group. He is responsible for the success of Payless, Cole Haan and J. Crew. His involvement in this case is vital to these brands. http://investing.businessweek.com/research/stocks/private/person.asp?personId=23134722&privcapId=23307 Cole Haan, J. Crew: specialty retailers throughout the United States. Matt Rubel is the one responsible for the success of this two brands. They are competitors of Payless, but they also sell clothing. Carrie Bradshaw: fictional character and lead character of the HBO romantic sitcom Sex and the City, portrayed by actress Sarah Jessica Parker. This character was the icon of the decade and every woman wanted to look like her and dress like her. She was a fashionista and the sitcom revolved around fashion and clothing. Payless understood this trend and tried to approach women who wanted to look just like her, without spending that much money. Kenneth Cole, Michael Kors: top designers who were hired to fulfill their places in the Payless Design Team. They both had their own clothing lines, but Payless created an alliance strategy with their names and brands, so women would buy their shoes. This was a smart move by Matt Rubel. Lela Rose, Stacey Bendet, Christian Siriano: Haute Coture up-and-coming designers from New York City. One of them actually won a competition show named Project Runway. Payless asked them to take over their collections, aiming for haute couture, in other words, avant garde designs. They intended to sell cheaper shoes, but with great innovative designs. The typical fashionista was in for it. Mardi Larson: principal, owner and chief Marketing & Communications consultant at Mardi Larson Communications and has served a range of clients with consulting services and as a contract associate for more than a decade. Also included in her roster of clients are footwear brands like Sperry Top-Sider, Keds and Stride Rite, among others. She was the head of public relations of Payless, and developed the target marker for them. Maxine Clark: Maxine Clark was born on March 6 of 1949 in Florida, had her degree in law from St. Louis University. In 1996, Maxine Clark found â€Å"Build-a-bear workshop†. Prior to founding Build-A-Bear Workshop in 1997, Ms. Clark served as the President and Chief Merchandising Officer at Payless Shoesource Inc. from November 1992 to January 1996. Recognized the strategy of Payless, as to sell cheap and chic. Marian Salzman: American advertising and public relations executive. She is currently president of Euro RSCG Worldwide PR North America and a member of the holding company, Euro RSCG Worldwide’s Executive Committee, with brand reputation oversight for the company and key executives globally. She forecasted this trend that made Payless grow. Tiffany, Gucci, Armani: top brands that can be found in New York’s Fifth Avenue. They are the ones to set trends and women look forward to dress in their clothes. They are very expensive, and the middle class woman cannot buy them. This is where Payless supplies their demand of high fashion and affordable prices. Isaac Mizrahi: American fashion designer and TV presenter, best known for eponymous fashion lines. First big fashion designer to make an alliance with Payless. This made other brands and designers to focus on the company. They also wanted to work with Payless in a long-lasting alliance, with great benefits for both of the parts. Walmart, Kohl’s, Target: American retailers that were seen as great discount one-stop shops that had become the vendors of choice for tight budgets for buying shoes. Payless was competing with this major retailers and they needed something to differentiate from them. Their cheap and chic strategy was the solution to overcome this competitors. Elle, Vogue, W: fashion magazines that set the trends and state what is IN and what it’s not. Payless ran full-page ads featuring their new tagline â€Å"Look Again†. This was a strategy directed to fashionistas and frequent buyers of this magazines. They intended to show them that their shoes were so good that they were featured by this great magazines. Sophia Bush, Brittany Snow: both are actresses and fashion icons. Every teenager and young woman wanted to look like them. They were invited into the backstage of Lela Rose’s fashion show in New York Fashion Week, and were spotted wearing Payless shoes. They featured this Payless shoes and wore them proudly, announcing the fashion world that it was okay to wear something affordable and chic. Karl Lagerfeld & H&M, Vera Wang & Kohl’s, Ralph Lauren & JC Penney, Todd Oldham & Old Navy: this are examples of strategic alliances between great and recognized fashion designers and big retailers. This process of benchmarking made Payless realize that they also needed to make alliances with some big designers and brands. This is where Isaac Mizrahi decided to take the plunge with them, and design a whole collection of couture shoes. MAIN PROBLEM The main problem this company, Payless Shoesource, was facing was that in 2005 Payless was losing market share and began to close some stores. The retail landscape had changed and giant discount shops like Walmart, Target and Kohl’s had become the vendors of choice for budget conscious shopper’s buying shoes. With thrift as its positioning point, the company had lost its edge; they were producing the same shoes year after year hoping that price will bring customers to their doors. As we see the problem here was that Payless wasn’t innovating, they were pretending that the same styles would attract the same people to its stores because of the affordable price. STRATEGY When they noticed they have this problem Payless had to engineer a new strategy, it began with the new CEO Matt Rubel, he was hired because of its extensive experience with high-end brands, he knew that the company would have to design shoes that exclusive people would wear with prices that they could afford. Their new job was in charge of changing its image from the dusty cheap footwear into the fun, hip merchant of fashion. Rubel’s objective of their new strategy was not only give the brand image makeover but also position the company in such a way that the price increasing would seem like a bargain. Been more specific Rubel’s strategy plan was based on four major components. 1) Expanding the Brand Portfolio; this stage consisted in implementing what he calls â€Å"House of Brands† strategy instead of one product line create a well-known national brands. In terms to organize the new corporate structure and keep track of all its brands, he created a collective Brand. 2) The Payless Design Team; they want to develop products that would enter to the customers minds, that would resonate better with consumers, they were making emphasis on fashion, they Payless Design Team dedicated itself to develop original footwear and accessory designs to keep new styles on target with changing fashion trends. 3) Designer Collections; Payless created a strong relationship with some designers for the past, they have forged these three top New York based designers, so their homework was creating strong bonds with these designers, this benefits of this alliances are plentiful, because Payless gets brand cachà ©, making consumers get runway styles they can afford. 4) Fun Inspiring Store Formats; Payless redesigned its logo to reflect the new image and communicate change to consumers, they make some store formats, creating a new atmosphere, making a drastic improvement, stores more open, light and airy with a more satisfying consumer experience built around style and design rather than price. This new strategy implemented by the CEO Rubel will energize the old customers who they lost and also attract new ones. This trendy new image is perfect for existing customers. Payless has truck a formula for value that customers love. It remains confident that this strategy to democratize fashion will produce great results, regardless of future economic conditions. Furthermore of the implementation of the new strategy created by the CEO Rubel, Payless since its inception began with low prices or affordable prices, making a competitive advantage for the company, providing good profits. In 2008 when the global recession happened Payless took a hit, while other retailers were suffering because of its huge losses, Payless stores fared much better. Whereas the other retailers had loss many money in 2008, Payless gain a net profit of 88 million in 2009. To conclude, as well as the company manage two strategies to stay in the market and be competitive it would be great that for strengthen its strategy they can work in one of its four P ´s of the marketing mix, promotion, to attract more consumers, making more publicity of its brand and new designers that are part of the company, probably and we pretty sure they will bring more customers. If people know that those famous designers’ works for Payless, people are going to be more enthusiastic for buying good quality, good design for an affordable price. 1- Which of the different product mix pricing strategies discussed in the text applies best to Payless’s new strategy? From my point of view they are using a mix of different strategies. Firstly, skimming pricing. This is about selling a product at a high price, sacrificing high sales to gain a high profit, therefore ‘skimming’ the market. They have invested a lot of money to hire top notch designers, rebranding effort like remodeling stores etc. There needs to be some mechanism (read, strategy) to recover this cost. For some items they have even employed premium pricing. Interestingly, Payless came up with some really good product like Lela Rose, Abaete etc. On the other hand, they have products which are low as $12. As best strategy that they are employing; I would say that they are going for Product Line Pricing. They want their customers to get attracted by the big brands in their portfolio. In that way, other products will gain due importance too. So to customers, overall portfolio will look very attractive. The strategy for setting a product’s price often has to be changed when the product is part of a product mix. Companies usually develop product lines rather than single product. Product mix means in the same companies have many type product with they are brands it sold. Product mix pricing strategies consist of five elements which is product line pricing, product bundle pricing, by-product pricing, captive product pricing and optional-product pricing. In this case, the product mix pricing strategy Payless use is product line pricing. Product line pricing is setting the price steps between various products in the product line based on cost differences between the products, customer evaluations of different features and competitor’s prices. Payless has strategy product line, from one comprised almost entirely of store brands to one dominated by well-known national brands. Payless now sells shoes under numerous brand names that it either owns or licenses, including Airwalk, Champion, Spalding, Dexter, Shaquille O’Neal-endorsed Dunkman, and various Disney brands. Customer can buy many types of products with different prices by looking at size, width, color and design. For example, for boys’ shoes, they have many shapes, size, color, design, and numerous brands which they can get with difference price from $ 12.99 until $26.99. For girls, there are shoes in differences brand like Fioni, Amerian, Eagle, Dexter, Lela Rose, and Smartfit from $14.99 until $24.99. Most products Payless offers are under $50. Other than that, Payless has relationship with top New-York based designers Laura Poretzky, Lela Rose, Stacey Bendet and Patricia Field. The four are designing everything from pumps to boots to handbags for Payless. Payless sets most of the stores product line below $15. The company’s CEO, Matt Rubel also has suggested that in many cases, price increases may be as little as 50 cent per pair of shoes. But the expansion of its brand portfolio to include famous labels will certainly give payless greater pricing flexibility. 2- How do concepts such as psychological pricing and reference pricing apply to the Payless strategy? In what ways does Payless’s strategy deviate from these concepts? By definition, psychological pricing on the theory that certain prices has a psychological impact. The retail prices are often expressed as â€Å"odd prices†: a little less than a round number, e.g. $19.99 or  £2.98. There is no explicit reference given in the case where we see that they are using this strategy. As a matter of fact, we see that though Payless is increasing the price of their products. So, sudden upward movement of price may come as a shock to customers. This strategy of Psychological pricing can be employed in this scenario. Payless actually did not pay a heed to that and did not come up with any proper plan towards psychological pricing. In what ways does Payless’s strategy deviate from these concepts? By definition, psychological pricing is a pricing approach that considers the psychology of prices and not simply the economics. The price is used to say something about the product. Psychological pricing occurs when sellers consider the psychology of prices and not simply the economics. In the other hand, reference pricing is prices that buyers carry in their minds and refer to when they look at a given product. Consumers usually perceive higher-priced products as having higher quality. But what happen in Payless is, they did not increase the price of their product to gain higher quality product perception, but changed the image from dusty dungeon of cheap footwear into the fun, hip, merchant of fashion. In addition, Payless even re-designed their logo for the first time in 20 years. They then launched new â€Å"Fashion Lab and â€Å"Hot Zone† store format. It was a drastic improvement. As the result, Payless store now have more open, light, and airy thus creating a more satisfying consumer experience. Payless is now looking forward into style and design rather than price. This is where Payless’s strategy deviate from psychological pricing concept. Payless focuses more towards style and design of their product rather than price. They even upgrade their store environment into more comfortable places which then create customer satisfaction. With the new store environment, it makes the $12 shoe looks like a $20 shoe. However, Payless’s manipulating the reference pricing by implementing a drastic improvement in their store. They launched a new â€Å"Fashion Lab† and â€Å"Hot Zone† store format to create more open, light, and airy with a more satisfying consumer experience built around style and design rather than price. The new format not only attracts more customers, but they even make the customer willing to pay a little bit more than they have in the past. All new Payless stores now have one of the two new formats and old stores are being progressively remodeled. 3- Discuss the benefits and risks of the new strategy for both Payless and the designers with whom its partners. Which of these two stands to lose the most? Benefits of the new strategy would be for both, for the designers and for the company, those designers when working for Payless are going to be more recognized for most of the people, they are going to become more famous, they are going to outstand from the others, also people who really knows this designers would buy more frequently shoes on this store making this company richer. Now talking of the risks of the new strategy would be that for the designers maybe they are not well-paid for their work and also they lose status for working to a shoe retailer. Some people might not like these designers anymore because they are working on that company, so they lose credibility. A risk for the company would probably that maybe making these relationships with those designers they have more costs so it would not be sustainable for the company. We think that designers would go to lose more, because as we mentioned before they would lose credibility and consequently they are going to lose loyal customers. 4- Consider the scale on which Payless operates. How much of a price increase does Payless need to achieve to make this venture worthwhile? Payless was looking to move its average price point up a notch or two, due to the expansion of its brand portfolio to include famous labels that will certainly give Payless greater pricing flexibility. What they can do it’s a price adjustment strategy, looking for some variables they can apply to that specific company. For example they can use segmented pricing, they can segment their market. Psychological pricing, buyers have a reference of its price in their minds, also they can use geographical pricing; they can design different types of shoes for a different country depends on the fashion and the weather and also international pricing, analyzing some specific factors of the country, like laws and regulations, economic conditions. Looking all this price adjustments strategies they can achieve a good price depending on the place and making this venture worthwhile for the company and for the customers.

A Case Analysis on Sealed Air Corporation

The context in which the decision is to be made is that Sealed Air is facing competition from unexpected quarters. The company Sealed Air had achieved market leadership by differentiating its AirCap cushioning materials by using the â€Å"barrier-coating† making AirCap cushioning material more versatile and reliable.The company had depended on this crucial differentiating factor that had been communicated to its customers in different ways. In addition, its salespersons had also been trained to project the superiority of coated bubble cushioning. Sealed Air technology is patented and so it enjoyed leadership in the cushioning market. What is more important is that the brand AirCap was positioned as high quality, premium-cushioning material.Currently, there is an increase in competition from two quarters. First, there are several small manufacturers that have invented processes similar to that of Sealed Air and have produced cheap substitutes. Second, there is an increase in un coated bubble cushioning manufacturing and marketing in the USA especially by a new competitor that is GAFCEL.The issue to be decided is whether Sealed Air should commence manufacturing uncoated bubble operations to counter this new competition or should Sealed Air continue with its strategy of emphasizing the benefits of coated bubble technology. There are pressures from several quarters on Hauser to make the decision.The GAFCEL sales are increasing very quickly, the distributors of AirCap have also taken up the distribution of GAFCEL and the distributors are actively asking for uncoated bubble cushioning. On the other hand Hauser is torn because Sealed Air has been positioned as a coated bubble company, it has communicated the benefits of coated bubble technology over the years and its sales force is also oriented towards selling coated bubble cushioning.There are several requirements and limitations. The requirement for Sealed Air is to stem the falling market share at home and a broad. For example, in England, Sealed Air needs to counter the challenges thrown to it by the Japanese firm that is selling uncoated bubble products at 50% less price than AirCap cushioning. Similarly, in France the market share of AirCap has fallen from 50% to 30% because of increased competition from uncoated products.Finally, In Germany, AirCap was losing its share at the rate of 20% to 30% per year. Even though the gross sales of AirCap in the US market are increasing, the rate of increase is much slower than what it was in early ‘70s. For instance the increase in sales from 1973 to 1974 was 30%, the increase in sales from 1979 to 1980 was only 19% (Dolan p4).   The basic requirement for Sealed Air is to counter the fast eroding market for its coated AirCap.It must be able to regain its market share to at least 1978 levels. Sealed Air has other requirements; it must be able to protect its current positioning in the market, it should be able to protect its coated bubble sales and must not dilute the brand equity of AirCap. Further, Sealed Air should endeavor to follow the twin objectives of providing market leadership through technological leadership.Till now Sealed Air has technological leadership as well as market leadership because AirCap had been selling coated bubble cushioning. Sealed Air also needs to ensure that its distributors continue to sell its coated bubble products as they have done in the past.  Ã‚   However, Hauser has some limitations. These are that the company does not have any means of differentiating if it goes in for uncoated bubble products. It has to compete on price with GAFCEL. There is no technological leadership for Sealed Air if it goes in for uncoated bubble technology.Moreover, the sales force of Sealed Air is oriented towards selling strongly differentiated high quality premium AirCap products. This sales force is not suitable for uncoated products.The sales of AirCap products are limited by the demand for high qu ality versatile packing material. Similarly, the distributors and their selling methods are suited more for uncoated bubble cushioning rather than AirCap products that needed more demonstration and selling time.

Detailed Description of the Qualifications Essay

Full Day Care This is a structured care service where children attend for more than 5 hours per day and which may include a sessional pre-school service for pre-school children not attending the full day care service. Providers typically care for children from 3 months to 6 years. Some services may also include an after-school facility, typically for children from 4 to 12 years of age. In full day care, sleeping arrangements and food preparation must meet standards laid down by the Health Service Executive (HSE) and the Child Care(Pre-school Services) Regulations 2006. Providers include day nurseries and crà ¨ches. These services mainly meet the needs of parents who are involved in work, education and training and cater for the broadest age group of children. Full Day Care provisions can be private or community based. Structures can be based on voluntary boards of management, limited companies, private ownership or companies with investors. Childcare Assistant Childcare assistants must hold a certificate for a major award in childcare/ early education at a minimum of level 5 on the National Framework of Qualification (NFQ) of Ireland or an equivalent nationally recognised qualification.The minimum qualification under the ECCE Scheme is a full FETAC Level 5 ( previously NCVA level 2) award or equivalent on the National Framework of Qualifications. Childcare assistants work under supervision and within the line management system of the childcare service. Desirable levels of experience range from 1 to 2 years relevant experience in childcare post qualification. Childcare assistants work together with other childcare staff to ensure safety and well-being of the children in their care and to implement and adhere to the standards and policies laid down by management and the Child Care( Pre-School Services) Regulations 2006. Childcare assistants have a clear understanding of the Child Protection Policy of the childcare service and participate in its implementation. Childcare assistants are responsible for ensuring that activities in each session allow the children to experience creative,  imaginative, physical, social and cognitive play. Childcare assistants require an excellent knowledge of child development and record the progress of each child on daily basis. Childcare assistants require excellent communication skills in dealing with children and parents and to participate in a team. Childcare assistant have to know Aistear as it helps them plan for and provide enjoyable and challenging learning experiences, so that the children who have access to this curriculum can grow and develop into competent learners who have loving relationships with others. Childcare assistants have to use Siolta in conjunction with the Aistear curriculum framework. Childcare assistants are required to treat all information they receive with the strictest confidence and professionalism. The job requires a high level of physical activity. Childcare assistants are required to attend regular meetings to discuss curriculum, activities and child development. They are also required to attend relevant training courses and childcare network meetings on an ongoing basis.

Economic Development Objectives Essay Example | Topics and Well Written Essays - 500 words

Economic Development Objectives - Essay Example Structural transformations include â€Å"diversion of economic production away from agriculture, increase in the scale of productive units, shifts in organization and in the status of labor, and shifts in the structure of consumption† (Lundberg 445). Advanced technology increases the potential of an economy recording high economic growth rates. This therefore means that technological improvements are necessary conditions and not sufficient conditions since economic development is much wider than just economic growth (Kuznets, 419). There is therefore need to factor in the structural changes associated with improved technology since the net change might be negative or zero after including the costs of structural changes to quantifying economic development. Structural shifts and developing countries As much as everyone in developing countries wants economic developments, they should be aware of Kuznets and that with structural shifts long-term end results could be detrimental to the welfare of their less developed economies.

Mid3 Essay Example | Topics and Well Written Essays - 1500 words

Mid3 - Essay Example This was swiftly followed by the addition of Florida as a slave state (Brinkley, 440). Additionally, the US-Mexican war was potentially provoked during Polk’s presidency, as they were already annoyed by the annexation of Texas. He was also interested in purchasing Baja California and New Mexico, which was seen as an insult and the Mexicans felt disarmed by this new president and his choices (Brinkley, 443). Polk himself provoked the war, using the new Texas-Mexico border as justification. The US-Mexican war was another provocation towards disunion because many of those living in the Southern states and former Mexican territories were in support of the war, but those living in the north felt it to be unnecessary. Ulysses S. Grant felt the war to be immoral, which suggests the position of many of the Northern Whigs. At the time, there was mounting tension about a number of issues in the U.S. which eventually led to a break-up of the Union between 1848 and 1861. Slavery was a gro wing concern, with many slave-owning states being concerned about the lack of economic security that would come from abolition, and those in the north feeling slave ownership to be immoral. Millard Fillmore became the last Whig president. Fillmore hated slavery but enforced the new Fugitive Slave Law, which meant that many African Americans were being arrested and had to escape to Canada to escape slavery (Brinkley, 425). The Whig party was also affected by many of the developments at the time, as they felt offended by the compromise of 1850, and there was a divide in the presidential candidate backed by Southern Whigs and Northern Whigs. This dissent in the party ranks eventually led to the dissolution of the Whig party, and is the reason why Millard Fillmore was the last Whig president. Additionally, Pierce was elected President by the majority but is widely acknowledged to be one of the worst U.S. presidents in history (Brinkley, 424). He attempted to save the Union by backing pr o-slavery sentiments, which makes him unusual for a Yankee. He signed the Kansas-Nebraska Act drafted by Illinois Senator Stephen Douglas, allowing the people of all Western Territories to vote whether or not to permit slavery (Brinkley, 426). This meant that there could be a change in the divide between pro- and anti-slavery states in the United States, starting a period of intense turmoil. It is important to note that slavery was not the only important aspect of the break-up of the Union, but is a major contributing factor to a number of problems that were occurring across the new continental United States, which was growing in size. Part TWO: The Civil War: In what way did the Confederacy embody Calhoun’s version of Jeffersonianism? In what way did the Union under Lincoln embody the Whig/Republican version of Hamiltonianism? How did Lincoln turn the war into a Second American Revolution? Why were Antietam, Vicksburg, Gettysburg and the election of 1864 important? How and w hy did the Union eventually prevail? The Confederacy was born out of several states, started by South Carolina in 1860, declaring their independence from the United States as it was (Brinkley, 451). There were several issues that led to this disillusion, one of which being slavery. The Confederacy can be said to embody Calhoun’s version of Jeffersonianism by promoting minimal government, preventing the use of tariffs and funding public works. This is in stark contrast to Hamiltonianism and many of the elements of the United

The Impact of Economic Crisis on Sweden and Norway Research Paper

The Impact of Economic Crisis on Sweden and Norway - Research Paper Example The main theme that runs across this entire piece of writing is the effects of economic crisis in Sweden and Norway, their negative impacts and ways in which the countries are trying to fight the same. The paper also compares the effect of these crises to the two mentioned countries. In Sweden, the monetary deregulation began a few years ago. The financial intermediaries hastily stretched loans as an outcome of the monetary deregulation. Mortgage institutions, banks, and finance firms freely competed to grant loans. The total lend increased by 136 % from 1986 to 1990. A tax increase was also experienced due to the rise in housing costs. According to Perrels, when people borrowed from financial institutions to purchase houses, interest expenses were wholly deductible from taxable salary. High-leverage monetary savings were used in the standard market. The standard market became lively and stock amounts persistent in rising. The redundancy rate continued to drop to the lowest levels in 1989. Mutually, high increase anticipation and a tax benefit decreased the after-tax actual interest rate to a lower level. Conversely, the bubble unexpectedly busted after 1990, when the financial strategy was tautened. A tax improvement also contributed to the severe drop in asset costs. A reduction of the interest expenses from taxable earnings was strictly forced by the change. The stock market on the other hand also adversely responded and began to drop. Specifically, the real estate stock cost index had dropped by 52%. The bust of the bubble was initiated by a taut monetary strategy. The fundamental change of financial strategy was triggered by international interest rate hiking, succeeding the German reintegration and Riksbank’s plan alteration to focus on inflation.

What is the value in having, as well as the disadvantages in relying Essay

What is the value in having, as well as the disadvantages in relying on the Rondas campesinas to provide an alternative justice system in highland Peru (Text, pp. 287-288) - Essay Example While on the other hand, one arm of the state attempted to co-opt them and their leaders were accused of taking over the functions of the police and the judiciary; they therefore faced criminal charges that often led to incarceration. At the beginning Rondas Campesinas was comprised of primarily autonomous farmers who were mestizo and Spanish; since they had no confidence in the police or the courts of being able, or enthusiastic to protect them from organized bunch of hooligans involved in theft of cattle and other violent crimes (Hancock, 2007). They supposed that the police were too slow and incompetent in responding to unlawful activities; moreover, they thought that more could have been done to manage the routes used to move the cattle out of the area and the centre where the stolen cattle were sold. In its composition, the Ronda consist of The General Assembly, made up of peasants who posses land in a particular ham let, elects the members of the Ronda committee. The committee is further divided into sub-sections; each sector is also organized by a delegate appointed by the Rondas. Men aged 18 to 60 are expected to serve in the Ronda patrols, in as much as women do not take part in the night patrols; they support the work of the Rondas by providing food and other additional services (Starn,1990). When a suspect has been found, the Rondas’ work is to hand him over to the General Assembly for further interrogation but not to the police. The General Assembly is assigned with the task of deciding whether the suspect has committed an illicit offence, and if that is the case, what punishment should be administered. Formerly, they were not allowed by the constitution to become directly involved in the administration of justice, but latter, the comunidad campesina performs jurisdictional functions. And in most cases they use physical punishment in order to re-establish

Control labor costs Essay Example | Topics and Well Written Essays - 750 words

Control labor costs - Essay Example The company has to satisfy both the customer and the laborer in order to run a profit oriented business in a highly competitive world. Laws and legislations governing the workforce have evolved over the passing decades. Labor issues have always been sources of conflict and they are highly problematic. The employer has to study and develop techniques to control labor costs; he must create solutions which can be implemented and enforced in his company, with a view to garner maximum profits. One of the major reasons for spiraling labor costs is the unauthorized and unscheduled absenteeism of the workforce. The attendance and the time spent by the workforce must be monitored and the wages must be calculated on the basis of the percentage of the hours worked. This kind of labor monitoring can definitely lead to increasing efficiency. But such a timekeeping system must be devised which does not in anyway question the employee's integrity, but at the same time enables the employer to track the workforce. Labor costs can be kept under control by improving the productivity and efficiency of the employees. This can be done by imparting good training to the workforce and through the use of cost and time saving equipment. The government plays a major role in decisions regarding the compensation rendered to the employees. It is the duty and the responsibility of the government to ensure that the laborers are not subjected to any kind of wage or gender discrimination. The government must prevent exploitation of the workforce, especially child labor. The unemployed and disadvantaged who are on the dole need both minimum wages and insurance cover, which is provided by the government. The federal and state governments have laws concerning minimum wages for even jobs with low productivity. Standards have been set by the federal government regarding the compensation of employees. They are: Davis Bacon Act (1931), Copeland Act (1934), Walsh-Healey Act (1936), Fair Labor Standards Act (FLSA)(1938), Equal Pay Act (1963), Title VII of Civil Rights Act(1964), Service Contract Act (1965), Age Discrimination Act (1967) and Wage Garnishment Law (1968). This is an age of increasing mobility. Multi-national companies employ global nationals, expatriates, local nationals, and third-country nationals. Employees move around the world; therefore it is a highly complicated task to devise compensation packages for employees working in disparate situations. There are different types of employees in multi-national corporation - third country nationals, expatriates and local nationals. Third country nationals are those who belong to another culture or nation having similarities with their place of work. Expatriates are those living outside their country of citizenship. Local nationals are those who are employed in the nation of their origin. Employers, by and large, have adopted different paths toward controlling labor costs. Most of the employers have discovered that investment in labor management can reap the reward of greater efficiency. This in turn, would give rise to happier employees. Efficient labor management techniques can control spiraling labor costs. Data collection for creating the payroll of employees and the automation of the payroll system reduces labor cost to a great extent. A survey conducted by Clark Consulting in 2004 found that institutional investor limits and uncertainty about the future accounting treatment for stock-based compensation

Global Governance in the 21st Century Essay Example | Topics and Well Written Essays - 2500 words

Global Governance in the 21st Century - Essay Example However, defense spending as percentage of the federal budget was high: 17.53% in 1940, 47.15% in 1941, 73.06% in 1942, 69.18% in 1943, 86.68% in 1944, and 89.49% in 1945 (Tassava, 2010). In contrast, inflation in America during the war was not too high: annual rate of 3.5% from April 1942 to June 1946, annual rate of 10.3 percent in six months prior to April 1942, and annually rate of 28% six months prior to June 1946 (Tassava, 2010). In addition, according to Tassava (2010), American wages rose by 65 percent during the war and this indicated that â€Å"many American civilians enjoyed a stable or even improving quality of life.† Yet, the period from the end of World War II to the current century has been associated with a decline in British power also known as the â€Å"British decline† (Reynolds, 2002, p. 215). Axis power (Japan, Germany, and Italy) adventurism and expansionism made the idea of the United Nations appealing to many of the world’s countries in th e mid-20th century. The combination of economic power and moral ascendancy in the fight against the axis powers gave America the influence and capability to support the organization of the United Nations, the International Monetary Fund, and the World Bank. In 1947, President Harry Truman made a declaration known as the Truman doctrine in which America â€Å"pledge to assist virtually any government threatened by communists† (Higgs, 2005, p. 3). The US has taken several initiatives worldwide. â€Å"To secure the U.S. position in Europe,† America devised Marshall Plan and â€Å"entered the North Atlantic Treaty Organization (NATO) in 1949† (Higgs, 2005, p. 3). During the 1950s, the U.S. intervened in the Korean War and has... This essay analyzes the subject of Global governance in the 21st century and also describes the United States during the early 20th and mid-20th century, when America managed to overcome her setbacks during the great depression by significant nominal gross domestic product growths. The researcher also discusses the relevance of World War II to America’s rise to global leadership in 1945 and US interest and role in creating the institutional and ideological foundations of the post-World War II international system. Finally, the researcher also assess the validity of the criticisms leveled against the IMF with reference to policy prescriptions for Third World countries. With reference to key economic indicator for any third world country of your choice, the researcher aims to illustrate the difference between the traditional economic notion of development (i.e., economic growth) and human development. In addition, the researcher also aims to discuss four factors, which militate against human development and economic well-being of the people in Philippine country. This essay also suggests several reforms, that were necessary to make multilateral institutions such the IMF and WTO more responsive to the interest of third world countries in human development in the global south. In conclusion, it is clear that not only are the problems of development cutting across several dimensions but the roots of underdevelopment can also be multi-dimensional or not limited to economic variables.

POLICY BRIEFS Essay Example | Topics and Well Written Essays - 2000 words

POLICY BRIEFS - Essay Example Tianyi Luo, Andrew Maddocks, and Betsy Otto reported that last July 2012, China’s government sought to establish 363 coal-fired power plants for construction all over China, with planned capacity of more than 557 gigawatts, a momentous 75% increase on generating capacity that can fit its rabid energy demand. The rest of the world fears that China is over-exerting itself on the global atmosphere. China asks: Why should it curb its own economic growth when first world countries before had no check and balance system on its energy use? The answer is because without global actions in reducing emission, the world is running faster toward a state of alarming global warming. Global warming is important to all of us because we all share the same atmosphere. Joseph Eugene Stiglitz, an American economist and a recipient of the Nobel Memorial Prize in Economic Sciences and the John Bates Clark Medal, asserts: â€Å"No issue is more global than global warming: everyone shares the same at mosphere† (7). Aside from a Nobel Prize economist who is certain that global warming is our issue, several scientists are also concerned of global warming- principally, its causes and effects on people. Those who say that global warming is not human-made and not based on carbon-dioxide emissions are facing increasing evidence that prove them otherwise. The Intergovernmental Panel on Climate Change, a body that is composed of hundred scientists that won the Nobel Peace Prize in 2007, stated that though the rise of global temperature can be as low as 2.7 degrees, if carbon dioxide emissions double for the next few years, the rise will be higher. Justin Gillis of The New York Times reported the potential effects of higher global temperatures all over the world, based on the findings of the Intergovernmental Panel on Climate Change: Warming the entire planet by 5 degrees Fahrenheit would add a stupendous amount of energy to the climate system. Scientists say the increase would be greater over land and might exceed 10 degrees at the poles. They add that such an increase would lead to widespread melting of land ice, extreme heat waves, difficulty growing food and massive changes in plant and animal life, probably including a wave of extinctions. In other words, global warming is a global issue because it will not only affect plant and animal life, it will affect human life as well. President Jim Yong Kim, you are in a unique position to help stop global warming because you hold a powerful position in one of the most dominant global institutions in the world. The World Bank has the primary functions of promoting world development, boosting productivity standards and standards of living in less developed countries, and assisting in-need countries’ reconstruction plans. You can support our proposal for financing changes that can curb global emissions. Furthermore, in your speech, â€Å"Within Our Grasp: A World Free of Poverty† delivered at Georgeto wn University last April 2, 2013, you showed awareness for the impact of global warming on poverty. You said: â€Å"The World Bank Group is now working on a revamped strategy to significantly strengthen our climate change interventions and help catalyze urgent action among global partners on the scale required.† Indeed, I agree that with the World Bank’s financial resources and global political and social power, it can do more to help address global warming. DISCUSSION OF GLOBAL WARMING AND POTENTIAL SOLUTIONS: Global warming is real. Richard A. Muller, a professor of

PTSD among our reurning veterans Speech or Presentation

PTSD among our reurning veterans - Speech or Presentation Example Consequently, appropriate health interventions can be recommended for treatment. To this end, the article defines PTSD as Post Traumatic Stress Disorder. It is a mental disorder that manifests itself after a person undergoes or witnesses a traumatic event such as war, death or physical harm. Consequently, its characteristic symptoms include hyper arousal, avoidance, re-experiencing and numbing. Over and above this, the prevalence rates of PTSD in the population indicated that women had a 13% probability rate of developing it while men had 6.2% probability rate. In total, its prevalence among the general population is 7.8%. However, of interest is the prevalence rate of PTSD among the veterans. To this end, the article acknowledged that PTSD was highly prevalent among American war veterans. For example, statistics showed that 27% to 31% of veterans from Vietnam had experienced PTSD, and 12% to 13% of Iraq veterans had been affected by PTSD. Consequently, the article focuses on the war veterans and the role of nurses as primary caregivers. This is in recognition that while seeking medical care, the veterans first point of contact is with the nurses. Consequently, the article seeks to emphasize the need for all nurses to be conversant with the signs and symptoms of PTSD. Moreover, they are expected to be conversant of all the resources at their disposal to aid in the treating of PTSD. In addition, the nurses are expected to be conversant with the conditions of military sexual trauma and consequently recommend screening and treatment for the victims. Seeking to establish the prevalence of Post Traumatic Stress Disorder among war veterans, the article identified its research basis through statistical studies conducted on past and present wars. To this end, the article cited the National Vietnam Veterans Readjustment Study that was conducted in 1998. The results were indicative that between 27% and 31% of Vietnam War veterans had been affected by PTSD. Moreover, rese arch conducted by the Walter Reed Army Institute on veterans from the Iraq war revealed that 16 to 17% tested positive for PTSD, anxiety or depression. In addition, studies conducted on 289, 328 veterans who had been involved in wars at Afghanistan or Iraq revealed that 21.8% were diagnosed with PTSD. Over and above this, investigations revealed that following the invasion of Iraq, prevalence rate of PTSD among veterans increased between four to seven times. Consequently, the research recognized that PTSD was highly prevalent among war veterans. To this end, the research equally ascertained that a number of cases were not reported or recognized. Consequently, there was a need for emphasizing the role of nurses in identifying the signs and symptoms of PTSD during veteran assistance. In recognition of the prevalence rate of PTSD among veterans, there existed a gap in dispensing appropriate health intervention to the PTSD patients. This was in recognition that most cases of PTSD were n ot reported or offered due recognition. Consequently, the principal nursing issue is that veterans suffering from PTSD are not offered sufficient treatment. The main reason has been due to lack of a collaborative effort by all health care providers in the dispensing of treatment. To this effect, the specific nursing psychiatric issue lies in the isolation of the symptoms of veterans suffering from PTSD. My choice in selecting the article was spurred by the wish to discover various mental

Regional Integration Essay Example for Free

Regional Integration Essay The Pacific Forum region seeks a region of peace, harmony security, and economic prosperity. The diversity of its peoples seek value, honor in their cultures. The Pacific Region’s objectives include obtaining respect for its governance, sustainable management of its resources and its democratic values. The partnerships with their neighbors, to improve communications and secure a sustainable economy for all are the primary objectives for its members. Established in Bangkok, Thailand on August 8, 1967 the Association of Southeast Nations (ASEAN) was founded by Indonesia, Malaysia, Philippines, Singapore and Thailand. ASEAN is now comprised of 10 members including Brunei, Cambodia, Laos, Myanmar and Vietnam (ASEAN, 2013). An important and landmark agreement that ASEAN entered into was the ASEAN-China Free Trade Agreement. The region in which the ASEAN- China Free Trade Agreement will reach is about 1. 9 billion people. This agreement will surely test not only the members of ASEAN, but China as well. The region in which the ASEAN- China Free Trade Agreement will reach is about 1. 9 billion people. This agreement will surely test not only the members of ASEAN, but China as well (ASEAN, 2013). Positive Influence of the Asean-China Free Trade Agreement January 10, 2010 marked a ten year negotiation with China, when the ASEAN-China Free Trade Area Agreement became effective. Tariff reductions between China and six ASEAN members Malaysia, Brunei, Indonesia, the Philippines, Singapore and Thailand, will experience more than a 90 percent of products with a drop to near zero in both parties’ tariffs. The agreement was established with the idea that ASEAN countries’ natural resources and China’s large market would both benefit (Shamsi, 2010). Countries like Cambodia and Laos will benefit from the ASEAN-China agreement with zero tariffs on over 7000 goods from China, which will benefit these under developed countries tremendously. Less developed countries especially those with no stock market system will welcome this agreement and benefit greatly (Shamsi, 2010). The ASEAN-China Free Trade Agreement is China’s first free trade agreement and the first negotiated agreement ASEAN has been involved in with another country. The importance of this agreement will be seen when ASEAN nations being to use China’s currency Yuan. This can drive China’s Yuan to become a major global trading currency. This agreement is important in the movement for the regional economic environment (Shamsi, 2010). Negative Impact of the ASEAN-China Free Trade Agreement The economic head of ASEAN is Indonesia. The idea of the ASEAN-China Free Trade Agreement is not beneficial to ASEAN countries and should be re-considered. Indonesia has pointed out that the economy of China has recently increased and become powerful in global terms. The exemption from custom duties for Chinese goods ill challenges the local business survival with an influx of less expensive Chinese goods (Shamsi, 2010). Bankruptcy is a real possibility for industrial areas in the small and medium sized zones according to the chairman of the Indonesian Young Entrepreneurs Association. The automotive industry in Malaysia is also wary of this agreement in that the impact on local auto industries could be hit hard. The view from many ASEAN members is that the agreement much more benefits China than the ASEAN countries. China in size alone has a large market for domestic consumption and ability to export on a grander scale than that of ASEAN countries (Shamsi, 2010). The overall feelings in most ASEAN countries are that of mixes feelings, but mostly worry concerning the agreement. The population of China with 1. 3 billion people compared to the 600 million combined of ASEAN region is notable differences in terms of markets. The concept that took ten years to come to light, seems that with the changes seen in the economy of China, that the agreement still has the same fruitful benefits initially anticipated (Shamsi, 2010).