Credit crunch Essay

The credit crunch which is also known as a credit crisis, finance crunch or credit squeeze is best described as a condition that makes investment capital hard or difficult to obtain. It is the sudden reduction in the availability of credit and loans or the abrupt tightening of loan borrowing conditions by financial institutions. Therefore credit crunch is generally associated with reduced credit availability although it might be independent of interest rates increase. During this period investors and lenders seek investments that they consider to be less risky and make flight to quality. This is usually at the expense and disadvantage of medium and small sized business enterprises. The price of liability and debt products is therefore driven up by the wariness of the banks and investors to lend money to corporations. The credit crunch condition is usually considered as a product or an extension of recessions. What causes credit crunch  The sudden wariness of banks and other investors to lend to corporations may be the result of a variety of reasons. First and foremost the slow lending activity could be as a consequence of the central government imposing or forcing direct credit controls on banks and the banking system in general. It could also be the product of banks anticipation decline with regard to the collateral value used they used to secure their loans. Additionally it could be a result of an unexpected raise in reserve requirements or other monetary conditions by the central bank. Moreover perceived increase in risks concerning the solvency of lending institutions within the system of banking could also cause a slow down in lending activity. Credit crunches could also be the effect of sustained periods of careless lending that consequently leads to losses and huge bad debts for investors. The institutions are then forced to react by raising interest rates and decreasing credits that can be made available for lending purposes. Because of the losses that these institutions and investors had earlier incurred it becomes hard for them to lend further than the fixed levels even if they wished to do so. The crunch can also be generally as a result of a decline in the prices or value of assets that had been previously over inflated. The price collapse then substantially leads to a financial crisis. Consequently new entrepreneurs or investors in the market may be forced to foreclosure or bankruptcy as the values of the assets that had been previously inflated go down. In the event of credit crunch especially if the capital available will not be sufficient to survive the credit cycle businesses may prefer to go into liquidation, sell or mark to market. Credit crunch occurs in cycles. During its upward phase assets can experience leverage bidding and induced inflation in prices. Effects of credit crunch on the economy. Generally the crunch has acted to decrease economic growth by disabling major industries and key factors of production which are important to ensure a thriving economy. The credit crunch has not only affected the financial markets in the country but it has gone ahead to affect the ordinary customer and consumer who usually support and also benefit from a booming economy. The credit crunch in the United Kingdom has basically meant that customers are experiencing an increase in the rates and fees charged to them by banks and other financial institutions. For the customer more security is required in cases where the individuals want to take new loans or make overdrafts. For suppliers the situation remains the same with equipment loans getting even harder to acquire and overdrafts being called in or basically being reduced. The rates offered by the financial institutions have soared way past most suppliers’ capabilities and guarantees and debentures have become the order of the day (OL 2007, 2-4). The increased lending rates have resulted to restricted people spending and have also left individuals at a loss not knowing from which other sources to tap their finances. Additionally the economy’s supply capacity has been dramatically affected. The economy’s potential output has been reduced leading to a shortage of goods and services. This also means that the ability to produce innovative goods and services has also been deterred as this also depends on lending services provided by financial institutions that are incapable of lending out enough at the moment. Lack of profitability as a result of reduced innovation has thus become a norm leading to a further economic slowdown. The economy has been deeply affected also because investor confidence and trust in the financial markets has gone down. This means profitable business has ceased and that making losses has become the norm for the economy the implication being deficits in the government budget. More so as a consequence the public sector has gone into deficits (BBC News 2008, 3-5). This is a devastating situation for the economy after enjoying not less than fifteen years of economic growth. Big financial firms have been forced to closure or have had to be rescued with massive damage having been experienced on their banks balance sheets. Investment banks have recorded major losses in their financial books and further aggravated by the decline of structured credit values. Money markets short term lending has become way too expensive and the medium period unsecured lending and securitization which were among the key sources of funds for financial have dried up. Most companies have additionally been forced to direct their income towards debts servicing. The effects have been contracted earnings and increased unemployment rates as companies struggle to cut costs. So far the largest job cuts and unemployment rates have been recorded in the housing and financing sector. In fact towards the end of this year the rates are expected to shoot to five percent which is double the figure that was previously recorded during the end of 2007. The labor market has since been weakened as the result of the crunch as more people get out of working capacities. The housing market is among the worst hit and has continued to weaken as the crunch proceeds. The prices in this market have fallen to devastating levels leading to a further decline of employment rates and real income. Obviously the investments in this sector have gone to a record low. Mortgage rates have also increased, its lending decreased and thus pushing the house prices down. The housing sector is in fact expected to experience a 24 percent drop this year (Pritchard 2009, 3-6). What Is Being Done? Over the last months the economy of the country has declined by a figure not less than 0. 8% making it even harder for the government to map out the way to recovery (Channel 4 News 2009, 1-5). Despite the governments efforts to revive and redeem the people and economy from the disastrous effects of the credit crunch most citizens are not yet satisfied and they are in fact of the opinion that very little is being done to fix the situation. The general feeling is that politicians have been merely throwing words at each other and therefore failing to turn their words into significant action. The government despite these feeling from the public is trying all it can to undo the damage, for example the Prime minister has been caught encouraging people to strive to pay their debts instead of overspending on some household commodities like food. The government is therefore trying to encourage its citizens to ensure that they have enough funds in store to clear or pay their debts and loans. This is for the reason that the more people are able to clear the amounts of money they owe as loans the easier it will be for the credit crunch to fade away after some time. Additionally people are being encouraged to take loans that have rates that they will be able to afford. This is because if people keep up the habit of borrowing loans with high rates and therefore unaffordable to them, the worse the credit crunch situation is going to be. Taking up loans with higher interest rates only create greater debts for lenders because people eventually end up struggling to pay or not paying at all, the effect will then be a prolonged credit crunch (Gillepse 2009, 5-7) Additionally the government opted to increase guarantee on savings in order to discourage or stop mass withdrawals of financial institutions. The implication is that savers have their first not less than 35,000 pounds guaranteed in full unlike the previous years where only savings of not more than 2000 pounds would be guaranteed in full. The government in addition made various attempts to maintain interest rates and keep them on hold for a while due to the turmoil in the economy. They have also severally in the past year cut the rates with the aim of easing the situation, trying to bring it under control and to assist borrowers. The government has moreover tried to persuade its citizens to stay clear of overvalued assets which are all hostage within the credit cycle such quartet resources include for example those in the travel, chemicals and construction industries. The government has also tried to carry out systemic injections in an effort to help fix the crisis. It has furthermore tried to come up with various rescue packages for the financial sector to add to their numerous efforts to restore investor confidence. But until the investor trust in the markets is restored it seems there is little that the government can do as at now to ease the crisis. The government has as well sort the help of the globe to fix this situation for the reason the country is also highly dependent on banking flows that cross the county’s borders. Question marks and eye brows have been raised about the banking systems fiscal policy, regulation and general governance and their ability to guard the system form excessive risk taking. In conclusion recession is a condition that has devastating effects on the economy of any country. Especially in this decade the market forces operate in such a way that it has become very hard for economists to precisely predict any looming crisis to ensure that governments take preventive measures early enough. Market forces have served to increase the cost of living not only in the country but also globally. Wealth distribution has consequently become uneven with the margin between the rich and the poor becoming even wider. All the governments’ have left is to institute the right regulations and policies that will especially work to enhance the operations of our financial systems and then hope that when the markets recover from this crunch that will be the end of financial crises.

The leading founders of the United States of America

Explain why you think one of the following made a significant contribution to American political thought prior to 1800: Benjamin Franklin, James Madison, George Mason, Abigail Adams, Alexander Hamilton, John Jay, or Tom Paine. Explain his or her role in these important deliberations and why you think it was significant to the process, and may have influenced final outcomes. BENJAMIN FRANKLIN Benjamin Franklin was born on January 1, 1706 In Boston Massachusetts; he was the youngest child and the tenth boy in a family of 17 children.He was one of the leading founders of the United States of America, a member of the committee that draft6ed the declaration of independence and was one f its signatories. Despite the fact that his formal education ended early, this never terminated his education, he believed that the doors of wisdom are never shut, in connection, he learned simple algebra, navigation, logic, history, science, English grammar and a wide knowledge of several other languages.A s will be discussed below, Benjamin Franklin’s contribution or role or influence on the American political thought prior 1800 was and still remains significant both in America and in all the other parts of the world. To begin with his contribution is shown or rather confirmed in his belief in the fact that good citizenship included an obligation of public service. He himself served in United States of America in one way or the other for most of his life, for him there was no greater purpose in life than to live peacefully.Again, Benjamin as a political activist and writer, more than anyone, invented the idea of an American nation; furthermore, he was an early proponent of colonial unity. He also founded the roots of American characters and values, a marriage of the practical and democratic Puritan values of thrift, community spirit, self government institutions and opposition to authoritarianism both political and religious with the scientific and tolerant values of enlighten ment.Benjamin Franklin also spearheaded the effort to have parliament repeal the unpopular stamp act, this was in the American governing body. He became involved in politics after which he was selected as a council man then he became a justice of the peace for Philadelphia. Later on after being appointed the deputy master general, his most noticeable services in domestic politics was his reform of the postal system (Woolman, 2004). He also affected diplomatic service in connection with the relations of the colonies with Britain and later with France.He also protested against the political influence of the Pennsylvania family in England who were the proprietors of the colony. Another factor which shows contribution politically is that he was a member of the club of honest Whigs alongside other thinkers like Richard Price; this is when he became involved in active politics. He is also the founding father to four of the major documents of the United States; the declaration act, the tre aty of Paris, the treaty of Alliance and the United States constitution and all these form a very vital part of the American political system.The other significant thing he did that helped to tighten the American political system was that he advocated for the abolition of slavery which in turn led to stable political government. Among his many political roles there are some of the most evident ones which are discussed below; he was a representative in the Pennsylvania assembly, a colonial agent at London and a representative to the continental congress at Philadelphia in 1776 and the United States ambassador at Paris in 1783. At each of these pints, his political and social roles had changed.He was well situated and well positioned in his area of leadership that he was able to participate directly in the formation of government policies, by worship1785, he was on the periphery of the forums of political power and social privileges Although Benjamin Franklin’s use and discover ies in science and innovation are well rounded accomplishments, he is most credited for his action in the political office. Benjamin’s ethical mind and thoughts helped make the nation of America what it is today. He believed that America had to separate itself from its control under Great Britain.It is therefore a justifiable conclusion that perhaps his most heroic act is the work he contributed to make America the free nation it is today. Benjamin stood firm in his ground and belief that the Americans had to branch off from England even if there was strong opposition. He had to take the risk to as great depths as compromising with his fellow politicians yet he proved really heroic in the time of the political turmoil in the land for his ability to reason with others, stand true to his belief and the courteous nature at all time. Precisely, his work as a politician paid off greatly, more than he may have expected (Tomasi, 1999).Benjamin Franklin was truly the first American t o live the American dream, the dream that everyone, regardless of gender, race or background can be anything they desire through honesty and hard work. To cup it all, Benjamin Franklin was and still remains a hero in that through the voice he had in America, he has since brought hope to so many a people and through him, everyone seems to be having a bright future in the United States of America. He is truly a hero. Works cited Woolman, J. Autography of Franklin. Harvard: Kessinger Publishing, 2004. Tomasi, M American History. NY: Oxford, 1999.

Functions of Philosophy Essay

The functions of philosophy are the uses of the subject to us as individuals and as members of a society. Some contemporary thinkers called the Analytic philosophers see philosophy as a study that essentially simplifies and analyses issues and statements pertaining to other subjects in order to enable us understand them better. The functions of philosophy are explained as follows: 1. Analytical Function This has to do with the analysis and clarification of ideas, issues, and statements to enable us understand the subject matters of other disciplines. This analytical function is considered to be the primary function of philosophy. 2. Speculative and Normative Function The mind is a very essential instrument for doing philosophy. The mind is one gift to man which enables him to think about himself, the people around him and the world in general. With it he can speculate about things he is not sure of; he can imagine things that are possible and even those that are not possible. It is to be noted however, that, when we think about things or speculate on issues it is done within the context of our social and cultural environment. 3. Inspirational Function The educational process is constantly inspired by philosophers. Such works as Plato’s Republic and others like it have become the reference book for many educators because they obtain a lot of insight from these books to guide their activities. For one thing, every society has its ideal and thus, strives to attain it. Plato’s ideal in the Republic is one in which education serves as an important criterion for assigning social positions and responsibilities. It is therefore, believed that, people should be educated in order to enable them achieve self-fulfillment. Even though Plato’s society does not pretend to strive for equality of all people, it is still a model to inspire the Kenyan educator in his effort to bring about a measure of equality in society. 4. Prescriptive Function Every nation has its problems which call for solution. It is expected that every one would contribute to the best of his ability. Although philosophy has a lot to contribute, philosophers are sometimes excluded from the decision making process. This appears to have made the situation worse. For example, before adopting a new educational or social policy in the country, one would expect that philosophers would be included in the planning. Such contributions would benefit all concerned. Some educational philosophers in the country hold the view that the poverty of Kenya’s philosophical base is responsible for our technological under-development. They also blame the country’s social political instability on the weakness of its philosophical foundation. Philosophical prescription is therefore, made to help to overcome these difficulties. Indeed every society expects some guidance from its philosophers, especially in education. It is on this score that philosophy is made compulsory in all Teacher Education and Law Program. 5. Coordinating Function Since it is well known that all other disciplines are generated from philosophy, philosophy cannot be seen as competing with its offspring. In view of the fact that these disciplines have established their knowledge base solidly, philosophy has mapped out for itself other responsibilities. The fact that there exist at present such area as philosophy of science, philosophy of social science, philosophy of law and philosophy of education among others, shows the contribution that philosophy still makes to learning. Consequently, the coordinating role of philosophy in articulating the knowledge base of these disciplines should not leave anyone in doubt about the prescriptive function of philosophy.

Proposal of Dissertation Essay Example | Topics and Well Written Essays - 1000 words

Proposal of Dissertation - Essay Example Though, this particular research is carried out primarily with an academic interest, yet if carried out in an objective manner, research not only helps the researcher in knowing about many unknown aspects, but it often provides a benchmark for future researches as well. Quite often industry too takes a cue from such studies in their policy papers etc. depending upon the objectives and inferences of the study. Research philosophy is a belief about the way in which data about a phenomenon should be gathered, analyzed and used. This dissertation is a more of a qualitative case study focusing on an analysis of the e-business phenomenon in general and analysis of some specific examples. While the concept has proved to be a revolutionary one, there are some concerns as well. During the course of the research an effort would also be made to analyse such concerns. To carry out such a study in general we resort to the following main approaches; In addition to reviewing the existing literature available in the public domain, efforts would also be made to seek opinion of some people involved in e-business operations. This sample group of people would comprise of users, technology service providers, company owners/ managers and some government functionaries or regulators. This will not only help in finding out some primary data, but it will also provide me an opportunity to gain some first-hand information. Whilst this study required participation of human subjects, consent and confidentiality will be a significant issue. If we need to conduct interview or solicit responses to the questionnaire during the course of the research, all possible efforts would be made to communicate the aim and purpose of the study to the participants beforehand. Acquiring informed consent is vital to a researcher. Such a consent document serves as protection both for

Medical Management and Healthcare Information Systems Case Study

Medical Management and Healthcare Information Systems - Case Study Example rmation often becomes fragmented and disorganized in a setting where there is still only manual tracking, and there is much greater likelihood in this situation that vital information may be lost, delayed, or result in errors in care. Ending these delays through technology is a main gain for the new system. The organization also faces challenges because today’s healthcare environment is one that is quickly changing as new technology is constantly being adopted, and this technology brings risks as well as rewards. Patient privacy and confidentiality also remain relevant concerns from an ethical as well as a legal perspective in the healthcare environment. In today’s healthcare setting, â€Å"Computer systems designed for clinical use apply technology that is protective of data. In addition, an electronic patient record is backed up according to hospital policy†¦ and as the chart is modified by caregivers, those changes are automatically saved and an audit trail created† (Ford et al., 2005). But at the same time, this efficient means of keeping data could lead to possible compromises in patient confidentiality, because even encryption and passwords are not fool proof security systems. As noted above, client confidentiality is one possible barrier to a new electronic tracking system based on EHR. Many facilities are taking advantage of new technologies and systems to improve client care and make the organization and its professional caregivers work faster, better, and with more efficiency. One of these new technologies, developed in the last few decades and getting into common use presently and at the forefront of change at the organization in the case, is the use of the electronic health records, or EHR. EHR are used by many different types of healthcare delivery systems, from large capacity hospitals, to private practice. By definition, â€Å"To be defined as an Electronic Health Record, an electronic approach to collecting storing and manipulating data

Power within Agencies Research Paper Example | Topics and Well Written Essays - 250 words

Power within Agencies - Research Paper Example In their pursuit of power, bureaucratic agencies seek assistance from interest groups. These interest groups also have their individual interests. In order to establish strong backing from various interest groups, administrative agencies resort to managing government programs, which are of interest to these supportive interest groups or constituencies. As such, agencies usually focus on controlling programs with strong backing from significant constituencies (Milakovich & Gordon, 2012). Governmental bodies (including agencies) actively participate in exercising power and decision-making process (Milakovich & Gordon, 2012). Institutions may perform as integrated bodies in pursuit of maximizing their influence on share of political benefits. Administrative agencies usually seek to balance off their capability and what they desire in order to achieve their programmatic welfare with the essentials for their survival. Agencies must have the capacity to study accurately and understand both long-term and short-term political predictions in order to maintain the balance (Milakovich & Gordon, 2012). In order to maintain power base within the government, administrative agencies must be able to maintain fundamental sources of bureaucratic power. First, the agencies must maintain proficiency in the area of specialization of their program accountabilities. They must also woo political support in order to retain influence within the

Primary Motivation for non-managerial employees Literature review

Primary Motivation for non-managerial employees - Literature review Example It is, therefore, very important for the managers to find out the factors that motivate the non-managerial employees of the organization. The reason for this investigation is to find the primary motivation of the non-managerial employees that drives them to meet the business goals of the organization (Verweire and   Berghe, 2004, p.47). Literature Review The review of literature would provide us with deep insights on the primary motivational factors for the non-managerial employees working in the organization. It has been observed over the years that the non-managerial employees are not held responsible for the business outputs and the effectiveness of the decision taken in following certain business models for improving the productivity (Goold and  Luchs, 1996, p.95). ... The Theory X identifies set of non-managerial employees who are lazy and lacks motivation in carrying out their daily work. These employees lack sense of ownership and do not have the self motivation to drive the business processes. They are only concerned with the monetary benefits (Cunningham and  Harney, 2012, p.46). According to the Theory X, the managers often hold the non-managerial employees responsible for not meeting their work targets. The Theory X identifies a work environment where the employees exhibit a laid back attitude and the entire business output depends on the driving force of the managers. The managers blame the employees for not carrying out the assigned work. In order to resolve the issue, the managers under Theory X have often resorted to the optimal compensation package to be offered to the non-managerial employees which includes fixation of appropriate remunerations, offering stock options, bonuses, etc. By getting the desired remuneration for their work, the non-managerial employees have found the required energy and the effort to be put for producing the required output as instructed by their managers (Marr and  Gray, 2012, p.62). The Theory Y as described by McGregor identifies another set of employees. These set of employees form the productive part of the workforce. The managers under the Theory Y have viewed their workforce as self-motivated. These set of employees have taken necessary initiative to follow the instructions of the managers and meet the targets set by the business. The employees and the managers who have followed this theoretical framework have developed a relationship of mutual trust which has worked to the advantage of the

E-MARKETING Essay Example | Topics and Well Written Essays - 2000 words

E-MARKETING - Essay Example It now offers more effective and efficient ways for communicating the messages of the company to the consumers. The report will highlight on the difference between the traditional marketing communication and the E-marketing communication. The report will also highlight marketing tools which are presently being used in amazon.com. Apart from that the assignment will also try to explain on how amazon.com can utilize the diffusion adoption process in the context with its newly released Amazon kindle reader. And at the end the report will try to put some of the benefits of using viral email, interactive advertisement campaigns and E CRM. The key findings of the project are that amazon.com makes use of different kinds of marketing tools for its promotional purposes and increasing the customer experiences. Introduction Amazon.com Inc. is a global electronic commerce company which facilitates online buying of different kinds of products. The company was founded in the year 1994 and is headq uartered at Seattle, Washington, United States of America (Amazon, n.d.). Amazon.com is considered as the biggest online retailer of the planet. The company started its venture as an online book store but later diversified into other business lines. The company serves the customers via its retail websites and mainly focuses on the price and expediency. Apart from being a platform of online buying for the customers it also provides them with the opportunity to sell the product. One of the noticeable aspects is that the company has offered separate retail websites for countries like United Kingdom, United States, France, Germany and Italy among others. This course of action has been mainly undertaken to offer better customer experiences. Recently amazon.com has started developing Kindle e-reader which is gadget used for reading online e-books. The company also offers other services such as various promotional and marketing agreements like co-branded cash cards and different kind of on line advertisements (Yahoo finance, n.d.). E-Marketing vs. Traditional Communication Slowly and steadily many companies started to incorporate the use of modern marketing techniques in order to get the best out of it. One of the most significant ways of marketing communication came forward with E-marketing. Buzzwords such as digital marketing, online marketing and internet marketing are considered as synonymous with E-marketing (Pannu & Tomar, 2010, p.118). In simple words E-marketing or electronic marketing is the application of the principles of marketing and techniques of marketing within the electronic media and to be more specific by making use of internet. Internet marketing or E-marketing includes both direct as well as indirect marketing and a set of different technologies for making effective connection and communication to the customers. The growing importance of E marketing is the reason for its high return on investment from the traditional marketing. The benefits of E- marketing includes its reach to the mass customers, scope of offering a range of products and services, interactivity or interaction, provides immediate effect and targeting different group of customers across the national boundaries of the business. Amazon.com is a company which is based only on E- marketing, and makes use of different kinds of marketing tools to promote its product. The company also feels that their most

An examination of the ranging and merchandising of a selected product Essay - 1

An examination of the ranging and merchandising of a selected product category in a retail store - Essay Example The effectiveness of the food retail market of Tesco by supermarkets can be assessed by stating the incidence of Hungary wherein, even during the crisis Tesco displayed its dominance in the food supermarkets. Tesco supermarket has a dominant position in the UK and has rendered services to millions of the customers and increased the level of profit. Tesco, one of the principal retailers, reported a fall in the profit for the first time since 1990s due to the wastage of food in the supermarkets. Thus, Tesco is now facing competition from its key competitors such as Sainsbury’s as the grocery supermarket is alleged to face wastage in the food products. The customers of the supermarket of Tesco have been viewed to express their anger against the quality of the food sold. The study intends to examine and evaluate the food product in the supermarket with reference to Tesco and critically evaluate the strategy of merchandise employed by Tesco to gain its dominance in the market (Cori olis Research, 2004; BBC, 2013). The supermarket of Tesco is a well-designed grocery store with various food products to satisfy the requirements of the people. Supermarket of Tesco is one of the largest and has a large floor space with a variety of food products available. The architecture and the layout create greater convenience for the customers to locate the required food products in Tesco. The supermarket of Tesco is of great relevance because of the different availability of the food products at a reasonable price under one roof. The various food products such as grocery, packaged food, bakery and baby food satisfy the desires of every customer due to the availability of different food items. To meet the customer requirements, Tesco offers different products of a single company based on the food product range. The product line offered by Tesco food include the bakery items, Fruits, vegetables, diary , eggs, meat, fish, poultry, frozen

Trust in E - Commerce Essay Example for Free

Trust in E Commerce Essay Introduction The composition of this essay will concentrate on the topic about Trust in E-Commerce. Hence, this would focus in rendering a clear understanding on how such trust in E – Commerce would work in the actual practice of electronic business. The completion of this essay is up to provide general information about the importance of trust in E – Commerce. In addition to this, it will give an evident rationale in the primary functions of trust in actual practice of business in E – Commerce. Moreover, this paper holds on the purpose of providing comprehensive details on trust in E – Commerce. The following will be discussed: 1. A Brief Back Ground: Trust in Online environment 2. Importance of Trust in E Commerce 3. Major Risks in E-commerce 4. Arguments, Issues and More At the end of the paper, its goal includes determining the importance of trust in the practice of E – Commerce. Nevertheless, this essay would work to tackle prominent issues about E – Commerce with regard to trust. The Definition of Trust in an Online Environment Singh (1996) differentiates between two types of trust, which is that of soft trust and hard trust. Under the concept of soft trust, the important elements are that which â€Å"involve human psychology, brand loyalty, and user-friendliness† (Bollier 1996: 21 as cited in Singh 1996: 145). On the other hand, that of hard trust has factors, which â€Å"involve authenticity, encryption, and security in transactions† (Bollier 1996: 21 as cited in Singh 1996: 145). There is distinction that is to be made between the two that is the main reason for its separation. However, both sets of factors enable the users to have a sense of trust in a virtual environment where the virtual characteristic of the online environment has produced uncertainties.   Likewise, it is to be noted that the factors included for the â€Å"soft trust† involves those which are relative to the customers and are points where the online environment interacts with the users. These are the things, which are related to the client and would vary from every user. On the other hand, those elements under the category of hard trust leans towards those characteristics of the online environment which the users look for and which the different participants in the online environment should provide and possess in order for trust to be built. Moreover, Sutherland and Tan (2004) define trust as the element of the users that allow them to be vulnerable and take risks. It results to their acceptance of both the positive and negative consequences of their use of the online environment. The level for such may vary from one person to another depending on the elements of hard and soft trust placed above. Figure 1. E-Commerce Diagram for Secure Transactions Importance of Trust in E – Commerce Trust in a sense has always been significant aspect in doing business (The Importance of Trust and Credibility n.d.). Hence, establishing trust and credibility is a helpful way to gain the confidence of consumers or the customers (The Importance of Trust and Credibility n.d.). In sales, establishment of such trust is an efficient way to reach higher rate of sale (The Importance of Trust and Credibility n.d.). Likewise, trust and credibility is significant in building firm relationship with consumers and attract potential customers or buyers in the future (The Importance of Trust and Credibility n.d.). The E-commerce is a type of a socio-technical system in exchanging business data and information, upholding business relationships, and accomplishing business transactions through the used of telecommunications networks (E – Commerce Relationships n.d ). In literature, trust is commonly characterized as the confidence or predictability in individual’s potentials (Pavlou n.d ) and the confidence or faith in others goodwill (Trust in Electronic Environment n.d.). In the practice of E – Commerce, trust is considered to be the focal point of creating a firm relationship with the clients or the consumer (E – Commerce Relationships n.d.). This is due to the fact that in such environment the presence of risks, uncertainties, and interdependencies are prevalent (E – Commerce Relationships n.d.). Hence, such trust in the field of E – Commerce is significant for the fact that it serves as the key factor in establishing social capital (On-line trust: concepts, evolving themes, a model n.d.). In addition to this, trust in E-commerce is important in achieving positive outcomes or results such as improving supplier performance, attaining consumer’s satisfaction increasing competitive advantages, and other substantial economic achievement (Building E-commerce Trust Applying Usability Principles n.d., eCommerce and the electronics industry n.d.). In citation of these facts and information it is reasonable enough to say that such trust in the field of E –Commerce is proven to be significant and effectual in many ways. Moreover, apart from the significance of trust in E –Commerce, it also entails positive benefits. Such reward of trust is measurable in a broader range in E – Commerce such as reducing the transaction costs, endorsing advantageous behaviors to attract and limiting the extent of formal contracts (E – Commerce Relationships n.d., Egger n.d.). Nonetheless, trust plays a significant role in e-commerce due to the scenarios like lack of physical proximity, inefficiencies in web technology, anonymity, potential opportunism and lack of control (E – Commerce Relationships n.d.). Major Risks in E-commerce With the speedy development and improvement of technologies, more specifically that of the Internet, it is a fact that this entails a broader range of significant and new opportunities (Hunter n .d.). However, such new opportunities have come with new risks that are commonly not included in the company’s actual risk management strategy (Hunter n .d.). Likewise, the utilization of risk management has been part of the part of the business industry and is widely implemented in such environment (Hunter, n .d.). This is in support of protecting the company’s tangible assets that are exposed to different perils or risks (Hunter, n .d.). Thus, in the field of E –Commerce, such management strategy relies more in the use of technology such as the internet (Hunter, n .d.). Nonetheless, with the appropriate and accorded utilization of such risks management program, possible perils in E – Commerce could be addressed accordingly (Hunter, n .d.). In a sense, it is considered that the possible risks or perils in the field of E – Commerce is associated in different detrimental form such as, viruses, hackers and abuse of credit card numbers used in the transactions over telecommunication lines (Managing Risks in Electronic Commerce n.d.). However, such risks in E – Commerce could possibly be addressed by means of utilizing technological advances (â€Å"Managing Risks in Electronic Commerce n.d.). Certainly, in E – Commerce, major risks are categorized in three primary areas which are business risks, information risks, and technology risks (Managing Risks in Electronic Commerce n.d.). In a sense, the Information Risks are perils that involve information published and depicted in the web page or sites, which are associated with the manner of e-commerce (Managing Risks in Electronic Commerce n.d.). In addition to this, such category of risk in E – Commerce is considered to be the threats that are associated with the mismanagement of vital information such as violation of laws in a given state and other countries (Managing Risks in Electronic Commerce n.d.). The Technology risk is defined as the hazard that is associated with the databases, telecommunications, software and hardware (Managing Risks in Electronic Commerce n.d.). Also, these specific risks entails consequences that result to the mismanagement or misuse of technology and the utilization of inappropriate technologies in support of addressing the business needs (Managing Risks in Electronic Commerce n.d.). Business risks, on the other hand, are all about the relationship between the customer or consumers and the supplier. Also, this include risks that are associated with products and services, which are marketed and distributed over the Internet (Managing Risks in Electronic Commerce n.d.). In addition to this, such risk in E – Commerce also involves the possible risks associated with managerial factors in the business, which includes contractual and personnel matters (Managing Risks in Electronic Commerce n.d.). Furthermore, the risk of Credit Card Fraud is also perceived as one of the detrimental threats or danger in E – Commerce (Electronic Commerce n.d.). It is believed that such business peril has been in the system ever since credit cards are introduced (Electronic Commerce n.d.). As such, this risk of fraud is anticipated in the business as far as the credits cards are utilized mainly in the E – Commerce transactions (Electronic Commerce n.d.). Likewise, most of the companies involved in the E – Commerce industry is considered to be exposed to such risk by means of credit card utilization and losses for such (Electronic Commerce n.d.). By citing the actual process of utilizing the credit card in E – Commerce, it is clearly evident that such risk of fraud is prevalent in the business (Electronic Commerce n.d.). However, through the use of simple, but effective, strategies such risks in E –Commerce could possibly be addressed (Electronic Commerce n.d.). For instance, the service-based businesses with returning transactions from recognized client or customers entails a much lower risk of fraud (Electronic Commerce n.d.). Nonetheless, with the appropriate implementation of strategies and utilization of effectual business system, it is a fact that companies in E – Commerce could mitigate and prevent the possible risks that are stated above and gain positive benefits from online businesses such as credit transactions (Electronic Commerce n.d.). Arguments, Issues and More Just like any other business industry, the E – Commerce also experiences different issues that could be harmful in a sense. From a personal point of view, issues and arguments in business sectors is part of its actual practices. Thus, this could also serve as the valuable source of learning, which could be used for improvement and development of the company. In the industry of E – Commerce, it is perceived that the notion of trust is a significant matter that is considered in different issues. Moreover, â€Å"trust† is a notion that everyone clearly understands at a given personal perception (A Thoughtful Approach to Web Site Quality, E Commerce | Trust Trustworthiness n.d.). However, it is considered that one of the main issues with regard to trust in E –Commerce is associated with the people’s difficulties in expressing specific definition of such idea (A Thoughtful Approach to Web Site Quality, E Commerce | Trust Trustworthiness n.d.). Some of the public entails stricter basis in measuring and evaluating their trust in a person or a company (A Thoughtful Approach to Web Site Quality, E Commerce | Trust Trustworthiness n.d.). Moreover, the strategy to provide or render a reliable state of trust in the field of E – Commerce is considered to be one of the most pervasive issues in the industry that is still in search of possible resolution (Trust Issues in Ecommerce n.d.). This is due to the fact that such traditional method of face-to-face contact and reputation is far from occuring as compared to that of the actual business transaction of E – Commerce (Trust Issues in Ecommerce n.d.). Thus, the new method that is based on the utilization of digital certificates and cryptographic algorithms rendered by Certification Authorities are one of the common issues in E – Commerce as it is not enough to solve the issues with regards to trust (Trust Issues in Ecommerce n.d.). Conclusion With the above facts and information depicted in this essay, it is clearly reasonable to say that trust in E – Commerce plays a profound role in the industry. Hence, such notion is indeed significant in the entire process and actual practice of electronic business. As such, trust in Electronic Commerce works as the essential component towards the achievement of business success. In addition to this, such trust is important in rendering rooms for improvement and development in terms of financial aspects, operational, and over-all business performance. Thus, such is significant in the industry of Electronic Commerce as it is considered to be the key factor achieving various positive outcomes and results in the business. Nonetheless, the completion of this essay renders definite information on the primary uses and significance of trust in Electronic Commerce practices and business transactions. Moreover, this depicts the major issues of trust in E – Commerce and incorporated with the accorded reasons on such topics together with the appropriate mechanism or methodology to accordingly address such trust issues. References A Thoughtful Approach to Web Site Quality, E Commerce | Trust Trustworthiness [online] available from http://www.philosophe.com/commerce/trust.html [August 15, 2008]. Building E-commerce Trust Applying Usability Principles [online] available from http://www.nicolasdeproft.be/pages/ecommercetrust/conclusion.html [August 15, 2008]. eCommerce and the electronics industry [online] available from http://www.ferret.com.au/n/eCommerce-and-the-electronics-industry-n686364 [August 15, 2008]. E – Commerce Relationships [online] available from http://goliath.ecnext.com/coms2/gi_0198-239216/E-commerce-relationships-the-impact.html [August 15, 2008]. Egger F. (n.d.) Affective Design of E-Commerce User Interfaces: How to Maximise Perceived Trustworthiness [online] available from http://www.ecommuse.com/research/publications/CAHD2001.htm [August 15, 2008]. Electronic Commerce [online] available from http://www.responsivesystems.com.au/ecommerce/index.html [August 15, 2008]. Hunter S. (n.d.) E-commerce Risks [online] available from http://www.marsh.com.au/ECommerceRisks.htm [August 15, 2008]. Managing Risks in Electronic Commerce [online] available from http://www.muhlenberg.edu/depts/abe/business/miller/ecrisks.html [August 15, 2008]. On-line trust: concepts, evolving themes, a model. (n.d.) [online] available from http://www.sciencedirect.com/science?_ob=ArticleURL_udi=B6WGR-48DXRCC-1_user=10_rdoc=1_fmt=_orig=search_sort=dview=c_acct=C000050221_version=1_urlVersion=0_userid=10md5=9893dfb675be4b1cc30748424542452e [August 15, 2008] Pavlou p. (n.d.). The Transitional Role of Institutional Trust in Online Interorganizational Relationships [online] available from http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.3.6276 [August 15, 2008] Singh, S. (1996). The social impact of electronic money. In G. Rosston D. Waterman (Eds.), Interconnection and the internet (135-154). NJ: Lawrence Erlbaum Associates, Inc. Sutherland, P. Tan, F. (2004). The nature of consumer trust in B2C electronic commerce: A multi-dimensional conceptualism. In Information Resource Management Association International Conference, Innovations through information technology: 2004 Information Resources Management Association International Conference, New Orleans, Louisiana, USA, May 23-26, 2004. UK: Idea Group Inc. The Importance of Trust and Credibility. (n.d.) [online] available from http://www.zeald.com/Resources/The+Importance+of+Trust+and+Credibility.html [August 15, 2008] Trust Issues in E – Commerce. (n.d.) [online] available from http://www.unsw.adfa.edu.au/~lpb/research/trust/ [August 15, 2008] Trust in Electronic Environment. (n.d.) [online] available from http://rds.yahoo.com/_ylt=A0oGki7BHKhIaHYAmwpXNyoA;_ylu=X3oDMTBydHRjbmRzBHNlYwNzcgRwb3MDMwRjb2xvA3NrMQR2dGlkAw/SIG=12fkedrf3/EXP=1219063361/**http%3a//www.hicss.hawaii.edu/HICSS36/HICSSpapers/STFMS01.pdf [August 15, 2008]

The Differences Between The English Colonies History Essay

The Differences Between The English Colonies History Essay In the 17th and 18th century, many English people sought after religious freedom and riches, so they migrated to North America, where they established different colonies to create better lives for themselves. Some colonies faced many struggles, while others were better off. British colonies differed from each other by the types of settlers, intent for the colonies, environment, and indigenous people encountered. Between the late 16th and early 17th century, Englands population grew twice its size due to the new nourishing American crops. With more people, came the higher demand for food and clothes, thus creating high inflation (Norton et al. 2-3a). There were also not enough jobs or land for the newly increased population. According to Norton et al., Steady streams of the landless and homeless filled the streets and highways. With that said, the rich did not like how things were going and said that Britain was way too crowded. They believed that better opportunities awaited them in America. Everyone thought that there was plenty of land available for the taking in America as well (Norton et al. 2-3a). With these recent economic changes, came a religious transformation. The English reformation started when Henry VIII wasnt granted a divorce by the Pope. He decided to leave the Roman Catholic Church to create the Church of England. He originally did this so he could get a divorce from his wife because she gave birth to a daughter instead of a son. He wanted a King to rule after him, not a Queen (Norton 2-3b). The Church of England Robinson 2 collected a lot of taxes, which upset many of the other Christian religions (Norton 2-3d). These would include the Puritans, Separatists, and Presbyterians. The Church soon tried to conform the people of England. No one wanted to be prosecuted for their different religious beliefs so they fled to America for religious freedom (Norton 2-3d). The settlers that came to the Southern colonies were wealthy, merchants, and gentry (Hollitz 17). The southern colonies included Maryland, Virginia, Georgia, South Carolina, and North Carolina. The people in the South were mostly Anglican or Catholic, but unlike the settlers in the middle and northern colonies, the southern colonists were not that interested in converting the Natives to Christianity; they were focused on making a profit (Hagen, trexxpublishing.wordpress.com). Some of the northern colonies were Rhode Island, Massachusetts, Maine, and New Hampshire. The North was colonized by the Puritans. The Puritans were a group of radical English Protestants that wanted to purify the Church of England. They also wanted to be able to practice their religion freely without people trying to convert them, so they moved to America, specifically to the North. At first, the middle colonies were called New Netherlands because they were originally founded by the Dutch, but the British took over in the early 18th century. The middle colonies consisted of Pennsylvania, New York, New Jersey, and Delaware. After the British crown took over New Netherlands, it was founded by the Quakers. The Quakers believed that there should be equality for all. They were originally in the North with the Puritans, but soon colonized in the middle region because they faced scrutiny over their religious views (Hagen Robinson 3 trexxpublishing.wordpress.com). Some of their views were the total opposite of the Puritans, and they were beaten and unfairly treated because of this (Hagen trexxpublishing.wordpress.com). After being founded by the Quakers, many people of other religions such as the Lutherans, Jews, Catholics, Baptists, Orthodox, Calvinists, and Presbyterians joined in the colonization process (The Middle Colonies). The middle colonies became a melting pot and took on different qualities of the northern and southern regions. At first the colonists in the South were mainly attracted to finding gold, but that ended fairly quickly. The realization that the colonists had to be able to support themselves in order to survive eventually kicked in (Searle helium.com). People of the South were looking to make a profit, and according to Searle, they did find rice, tobacco, and cotton to be profitable exports. The most popular of the three at the time was tobacco. For the colonists that owned big plantations, life was easy, but for those that didnt own that much land, life was horrible (Searle helium.com). The owners of the plantations made a lot of money off of their slaves and tobacco, while the small land owners had a hard time staying alive (Searle helium.com). The South was focused on harvesting, which was different than the North. The Puritans in the northern colonies were mainly focused on religion. Their whole lives revolved around their religion. According to Norton et al., many devoted themselves to self- examination and Bible study, and families often prayed together each day under the guidance of the husband and father. If you didnt practice religion the same as the Puritans, you were looked down upon and sometimes even beaten. Even though the Puritans primary focus was religion, Robinson 4 they did trade and manufacture goods (Hagen trexx.wordpress.com). Some of these goods included ships, fish, and lumber. The Quakers came to the middle region to escape the scrutiny they received in the North. They were excepting of others, which was good because they middle colonies were filled with many different religions. Everyone tolerated each other because no one was in control of the others (The Middle Colonies). At first, most of the focus was put on religion. Later, the settlers became interested in profit, like the south. The middle region produced goods such as wheat, corn, and tobacco. Whatever was produced in each region was largely dependent upon their environments. In the South, the climate was much hotter and had richer soil, leading to their incredible farming abilities. In the North, the soil was unfit for agriculture, which is why their economy was based on their industrial business. The middle region was a mixture of both the North and the South because it had rich soil for farming, but also traded and created goods (Economic Differences Between the Northern Southern Colonies). Even though the South was flourishing with the tobacco business, the colonists had a hostile relationship with the indigenous people there. When the colonists first came to the south, they encountered the Powhatans, and then later they met the Algonquians. The Powhatans and the colonists agreed to a peace treaty (Hollitz 17). In return the Powhatans wanted items that would make them more advanced than the neighboring tribes (Hollitz 17). The relationships that the southern settlers had with Powhatans started off okay, but soon grew bad. According to Hollitz, the fragile relationship soon foundered on mutual mistrust. The trust between the two Robinson 5 faltered because neither was able to rule over the other, thus leading to the colonists kidnapping the chiefs daughter, Pocahontas. With the Algonquians, the exchange between the southern colonists and them were hostile because of cultural differences. For instance, Native men didnt do agricultural work, while English men did. Even their views on property ownership were seen as a major problem. The English thought that they were superior to the Algonquians, so they constantly showed disrespect towards them (Hollitz 18). In the North, the colonists initially had a very peaceful relationship with the Natives. When the settlers came across the Pokanets, they signed a peace treaty. The natives provided the colonists with food in return for certain items (Norton et al. 2-6d). The Pokanets helped keep the colonists in the North alive. In the middle region, the colonists had a relatively peaceful relationship with Iroquois. The Quakers thought that it was imperative to have a good relationship with Natives (The Middle Colonies). In conclusion, there were many differences between the British colonies based on which region they were in. As the colonies develop over time, the many differences between them may prevent the colonists from coming together in a united front to fight a common cause. If everyone has views that clash, then how can they agree on anything? When conflict comes in to play, the colonists will have to put their contrasting ideas on the backburner and fight for their independence. Robinson 6