Economic Freedom Essays

1. Adam Smith and Karl Marx were perhaps the most well-known economists of their time, however, their viewpoints on economics and economic development differed to a great extent. Adam Smith is most famous as a founder of the Classical Economics and a strong supporter of economic freedom and trade. Unlike mercantilists, Adam Smith tried to establish principles, which could benefit the whole nation, rather than some individuals. In his book â€Å"Inquiry into the Nature and Causes of the Wealth of Nations† he introduces the term â€Å"system of natural liberty†, which is equivalent to the current definition of capitalism. According to Smith economic freedom is a prerequisite for competitiveness and prosperity. He considered all kinds of interventions into the mechanism of the market unfavourable, since they destroyed the balance, which was established by the so called â€Å"invisible hand†. People in a free market were assumed to make rational decisions, which were based on self-interest (Twigg). Karl Marx, on the other hand, was a supporter of socialism/communism in economics and a fierce anti-capitalist. His theory advocated collective or governmental ownership of the factors of production and asserted that labour was the key element in determining the real value of goods/services. He was strongly opposing the capitalistic society of the 19th century, which separated people into social classes and favoured the rich. Communism, according to Marx, had no classes, therefore there was no competition in the society and everyone got free access to all the available resources (Twigg). Although capitalist and communist societies differ greatly, some of the aspects of the theories by Karl Marx and Adam Smith can be found similar. Thus, in both of them labour is considered the key element for calculating the product value. Moreover, they were both trying to achieve extended benefits for the society as a whole, however they were doing it through different means. The success of these two theories could be now assessed looking back at the economic development patterns. Pure capitalism in the nineteenth century led to mass exploitation of the working class by the rich and to further widening of the income gap. Karl Marx’s communism could not be implemented successfully in the real world either, and it resulted in a collapse of many communism-oriented countries. However, the ideas of Karl Marx and Adam Smith have not lost their relevance because of their unsuccessful implementation. They have found reflection in the economic policies of most contemporary countries, which try to create a functional economic policy based on the two models. Thus, free trade and competition are currently pursued by many countries in the world, while limiting â€Å"the invisible hand† by introducing governmental regulations of working conditions, trade regime and income redistribution. Therefore, neither pure communism nor pure capitalism has a chance to exist, since they are only models, which represent the reality in an oversimplified way. However, both of them can be incorporated into a hybrid model, which would be able to reflect the needs of the modern world and to ensure country’s successful development and economic prosperity (Twigg). 2. Dr. Lawson, one of the developers of the â€Å"Economic Freedom of the World† index believes that economic liberty, advocated by Adam Smith, is a crucial element of economic development even today. Economic freedom, according to Lawson, is a system, which consists of free trade, property rights, private property, free markets and the rule of law. The role of government, in this case, is limited to protecting rights and providing infrastructure for further development. The results of the economic freedom assessment show that countries, which have adhered to the principles of capitalism, are usually doing much better than those, where economic and political freedom are still lagging behind. Thus, countries with high ranking in economic freedom usually have higher average income per-capita and economic growth rates, than in the countries with low rating. Income inequality in less free countries does not differ significantly from that in the economically and politically free co untries, therefore the basic argument against economic liberalization fails to hold in reality. However, poor people in free countries have a per-capita income approximately 10% higher than the poor in the least economically free countries. Therefore, it is possible to conclude that the poor contribute from economic freedom just as much as the rich. 3. Bahrain has been ranked 11th in the level of economic freedom out of 141 countries, which were considered for the Economic Freedom of the World: 2011 Annual Report. Its score of 7,59 placed Bahrain right below the United States of America and above such European countries as Germany and Finland. The country has seen a significant improvement from 2005, when it ranked only 54th.   Such results were achieved through gradual, but consistent improvement in the area of access to sound money and through stable high levels of freedom in governmental size, security of property rights, freedom of international trade as well as in credit, labour and business freedom. Although the overall rating indicates a relatively high degree of economic and political freedom, there are still some aspects, which need further improvement, especially in the areas â€Å"size of government† and â€Å"legal structures and security of property rights†. Thus, governmental consumption is very hig h in Bahrain, which indicates that personal choice is being substituted by governmental decisions and provisions. The number of governmental enterprises in the economy also indicates that there is a large degree of centralized decision-making. The impartiality of the courts is another concern for Bahrain, because inability to provide impartial court system undermines the rule of law and the security of property rights. Hiring and firing laws in Bahrain should be also reconsidered, since they limit economic freedom in the country. Lastly, price control in Bahrain indicates high level of governmental intervention and infringes economic freedom. The improvement in the abovementioned areas could benefit the overall rating of Bahrain and increase economic and political freedom in the country (Gwartney, Lawson Hall, 2011). References Gwartney, J., Lawson, R., Hall, J. (2011). Economic freedom of the world: 2011 Annual report. Vancouver, B.C.: Fraser Institute. Retrieved from   http://www.freetheworld.com/2011/reports/world/EFW2011_complete.pdf Twigg, L. M. (n.d.). Karl Marx versus Adam Smith. Retrieved from http://rebirthofreason.com/Articles/twigg/Karl_Marx_versus_Adam_Smith.shtml

Essay about Emily Dickinson Poem Analysis - 572 Words

The Last Night that She Lived nbsp;nbsp;nbsp;nbsp;nbsp;After evaluating my perception of The Last Night that She Lived, by Emily Dickinson. The message in this poem is we take life for granted and we don’t appreciate it until we are threatened with losing it. Emily used what seems to me as free verse with no apparent rhyme but alliteration at times. This is a Narrative poem that tells a story about a death of a young woman. nbsp;nbsp;nbsp;nbsp;nbsp;In the first verse Dickinson was saying when she wrote, â€Å"The last Night that She lived It was a common night Except to the Dying--This to Us Made Nature different† nbsp;nbsp;nbsp;nbsp;nbsp;In that verse the poet was describing that to the ordinary person it was a regular†¦show more content†¦nbsp;nbsp;nbsp;nbsp;nbsp;Realizing that her life was slipping away, the woman became jealous of the people who were alive and well. They were taking their lives for granted, as she too, did at one time. So far this poem seems to be telling a story about a woman’s death, before and after. This poem was written in Quatrains. Every stanza in the poetry consists of four lines. nbsp;nbsp;nbsp;nbsp;nbsp;Her death was a very long process. When the woman’s loved ones found that out they became saddened. â€Å"Too jostled were our souls to speak† the time to talk to her passed so quickly because they were grieving over her condition. When she was finally dead the days seemed endless. nbsp;nbsp;nbsp;nbsp;nbsp;The woman finally gave up the battle and realized that her time had come to die. We were the ones left behind; and all we had left was the memory to revisit our times together. â€Å"And then and awful leisure was Belief to regulate-† The belief to regulate was how her friends would have to believe they could get through it and get over her death because she wasn’t coming back. nbsp;nbsp;nbsp;nbsp;nbsp;The poem really had a lot of meaning to me. It was a touching narrative poem, which had a big story behind it. The story was about a woman’s last day on earth and the aftermath of her death. It also had an aphorism that you don’t realize what you have until it is gone. The mainShow MoreRelatedAnalysis Of Emily Dickinson s Poem The Poetries Of Emily Essay1414 Words   |  6 PagesThe poetries of Emily Dickinson has intrigued and enthralled many people after her death in 1886. Dickinson is known for leading a mainly reclusive and introverted existence in most of her life, exploring her own world of emotions and feelings through her poetry. 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Her poems were uniquely written and she wrote about the uncertainty, which makes her poetry easy to empathize with in the 21st century. The 21st century, is a period of science which is used as a tool to make sense of the uncertainty. Emily Dickinson uses her poetry as a means to question and observe the t rauma of human existence. For instance, she doesn’tRead MorePoem Analysis : I m Nobody ! Who Are You894 Words   |  4 Pagesare you?† Poem Analysis The poem, â€Å"I’m Nobody! Who are you?† a poem by Emily Dickinson explains that in life it is best to be a humble person than a proud person who need spend their life maintaining their status in front of others. The central focus of this poem is just being humble and being yourselves. 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Philosophy of Health Care for Women Free Essays

Philosophy of Health Care for Women The enhancement of my philosophy of health care for women, through a re- examination of my original three specific concepts emotional, social and spiritual which I would blend with my knowledge that I have gained In this course. Also, how it Is related to the actual clinical care of women. At the end of this quarter, my philosophy of health care for women as expanded. We will write a custom essay sample on Philosophy of Health Care for Women or any similar topic only for you Order Now The health of the women In any society Is the most essential piece of the health care system In countries around the world. I still believe that the health and well-being of women will determine the future empowerment and economic strength of women-owned businesses In the communities. This Is also the belief of Wall-Mart’s (2011) global women’s economic empowerment Initiative to Improve elite of women and children. It often Involves the empowered developing confidence In their own capacities, In caring for themselves and their families in order to feel empowered. According to Kali (2008) empowerment refers to increasing the spiritual, political, social and economic strength of individuals in the communities. The important part of this empowerment process is helping women understand how their bodies work. Self-Knowledge on a physical and emotional level helps women feel in control of the things that can be controlled. During my clinical care of women this quarter my preceptor and myself encounter a lot of women want to and do make their own decisions. For an example one of our patients took the decisions upon herself that she does not want Pesaro in for support uterine prolapsed. She is 31 years old, GIG 3, PIP. Her religion would not allow her to use any preventive contraceptive. Instead of doing surgery or putting foreign thing in her body she stated that, she still believe that her God will heal her by doing exercise and come back for follow-up in six weeks. In this situation it took gentle, yet firm, teaching of practical skills, informing all of the options of care, and much encouragement to dealt with the care of the woman. I see my role as a women’s health nurse practitioner, as an assistant to the autonomous decision making process of Informed consent; to lay out the options of care for women, answer their questions, give my opinion upon asking, and support heir decision, is the most Important, empowering step In actualization women’s autonomy. As I mentioned before In my first paper that, we look at our bodies, minds, emotions and spirit as If each part Is fully separate from the other rather than totally Intertwined. Western society rewards specialization, the examination of a piece of the whole, Gurus (2001 Every society In the world has felt the need to thoroughly socialize Its citizens Into conformity with Its norms, and colleens derive many benefits technology reflects and perpetuates the value and belief system that underlies it. Pregnancy and chill tidbit is a crucial time in a woman’s elite tort near to explore empowerment. For an example, one of the books that I read this quarter in the Conceptual Frameworks for Women’s Health course by Robbie Davis-Floyd (2004), has written a brilliant feminist analysis of childbirth rites of passage in American culture. These rites, she argues take away women’s power over their bodies, naturally designed to bring life into the world and for no physiological reason give it to the medical system. She believes that society, intimidated by women’s ability to give earth, has designed obstetrical rituals that are far more complex than natural childbirth itself in order to deliver what is from nature into culture. Finally, my philosophy of health care for women at the end of this course is that, women deserve the best that is available in modern medicine; the technocratic, humanistic, and holistic models of medicine also, combined with clear communication and education through the best evidence-based research from health care providers How to cite Philosophy of Health Care for Women, Papers

Auditing and Professional Practice Planning Implies

Question: Describe about the Auditing and Professional Practice for Planning Implies. Answer: Case Study 1(a) Audit planning implies preparing a road map to achieve the audit objectives. The auditor needs to plan for the resources needed for auditing, timing of verification and extent of verification of the financial statements. As per auditing standard 2101, Audit Planning, while planning an audit, the auditor should take into account all the facts and circumstances giving rise to suspicion or reflecting risky situations (PCAOB, 2016). In regard to the current case of City Ltd, the main audit planning issues are identified as under: The business risk is very high as is reflected from the fact that commercial property sector is on downturn due to governmental regulations in the city. Further, the company has not been able to secure any buyer for the projects under process, which gives rise to significant doubt on the companys ability to continue its business (PCAOB, 2016). The business of company is in critical condition and thus, there exists a possibility of manipulations in the books of accounts. The circumstances of the case also warrant that the auditor evaluates legitimacy of the managements use of going concern assumption in preparation of the financial statements (PCAOB, 2016). Case Study 1(b) In the current case of Web Ltd, installation of the new computer software adds to the IT capabilities of the company and requires following audit planning considerations: The auditor needs to take into account the change in the information system of the company occurred due to installation of the new computer software. The internal processes of accounting system would have also got changed due to new information system being installed, thus, auditor should consider a thorough evaluation of the internal control system of the company (Omoteso, 2016). Highly customized computer software also gives rise to the risk of manipulations in the financial statements, thus, the auditor should make a fresh evaluation of the risk of material misstatement (Omoteso, 2016). Case Study 1(c) In this case of Beauty Pty Ltd, the event requiring attention of the auditor while planning the audit is the establishment of a foreign branch. The following audit planning considerations are required: Firstly, the auditor is required to assess the materiality of the foreign operations in the context of overall audit of Beauty Pty Ltd. Second, the auditor should consider employing serious checks on the internal control system in respect of inventory because the inventory is transferred from domestic unit (Pickett, 2006). The auditor should plan the resources needed to verify the book records and assets kept at the foreign branch, if foreign branch is considered material in the context of overall audit. Further, the auditor should take into consideration while planning, the aspects of financial reporting relating to consolidation of the foreign branch operations with the domestic operations in the book records (Pickett, 2006). Case Study 2(a) The test of controls is employed to assess the adequacy of the internal control system while the substantive test is performed to collect persuasive audit evidence. In this regard, following are the general issues encountered in deciding the use of test of control or substantive test: The objective of auditor is the main issue. If the auditor wants assurance in regard to the adequacy of the internal control system, the test of controls will be suitable to employ. However, if the auditor wants corroborative evidences to confirm an amount disclosed in the financial statements, the substantive testing would be more appropriate (Delaney Whittington, 2010). Further, the assessment of risk at the initial level also affects the choice between test of controls and sustentative testing. Case Study 2(b) The inherent and control risk relates to the risk of inadequacies in the internal control system of the entity while the detection risk relates to the auditors verification. The auditor makes initial assessment of the inherent and control risk and based on this assessment, the extent of verification (substantive testing) is determined. At the initial level, if the auditor assesses the inherent and control risk as high, the extent of substantive testing is enhanced to reduce the detection risk. The detection risk is reduced if the auditor collects sufficient audit evidences by performing substantive testing. Thus, in this way the assessment of risk (inherent and control) is related to the choice of audit approach (Delaney Whittington, 2010). Case Study 2(c) In respect of accuracy and completeness of depreciation expense, the inherent and control risk is assessed as low. Further, the auditor plans to employ tests of controls in a stringent way to keep the inherent and control risk low as assessed with few substantive procedures at the yearend (Gray Manson, 2007). In regard to accuracy of the depreciation expense, following audit procedures are preferred: Check the accounting system and level of automation. Check the education level and skills of the staff responsible to process the accounting records. Perform recalculations on test check basis. Further, in regard to completeness assertion of the depreciation expense, following audit procedures are suggested: Perform test of control on the authorization of the purchase and sale of the fixed assets. Tests check the physical available assets with the book records. Case Study 3 The accounting information is communicated through the financial statements to the investors and other stakeholders. These financial statements are prepared by the management of the entity and are thus required to be authenticated by a third party to generate faith among the users (Kaklar, Kangarlouie, Motavassel, 2012). The process of verification and authentication of the financial statements is called auditing. Precisely, auditing is an examination conducted by an independent third party of the information conveyed by the entity through its financial statements. The information given in the financial statements is not only useful for the investors, but it also matters for the government and banks and financial institutions, which have lent money to the entity. The government requires information as regards profits earned by the entity so that tax could be levied appropriately. The lenders require information that assists them to take decision as regards lending to the entity. Since, the financial statements are prepared by the management of the entity and the investors do not take part in day to day management of the business affairs, thus, it is possible that information in the financial statements might have been manipulated for personal gains. In order to curve out these practices, the auditing of the financial statements has been made compulsory by the regulators all around the world (Kaklar, Kangarlouie, Motavassel, 2012). References Delaney, P.R. Whittington, O.R. (2010). Wiley CPA Exam Review 2011, Auditing and Attestation. John Wiley Sons. Gray, I. Manson, S. (2007). The Audit Process: Principles, Practice and Cases. Cengage Learning EMEA. Kaklar, H.M., Kangarlouie, S.J., Motavassel, M. (2012). Audit Quality and Financial Reporting Quality: Case of Tehran Stock Exchange (Tse). Innovative Journal of Business and Management, 1(3), pp. 43-47. Omoteso, K. (2016). Audit Effectiveness: Meeting the IT Challenge. Routledge. PCAOB. (2016). AS2101: Audit Planning. Retrieved November, 27, 2016, from https://pcaobus.org/Standards/Auditing/Pages/AS2101.aspx [Accessed on: 27 November 2016]. Pickett, K.H.S. (2006). Audit Planning: A Risk-Based Approach. John Wiley Sons.