The Oil Crisis in the Seventies and The Monetary Policy

In the early seventies of the past century, most of the developed countries’ economies started to tremble due to the unexpected oil shock, fired up by the OAPEC (Organization of Arab Petroleum Exporting Countries) proclaiming a severe restriction in the oil’s supply. Regarding to the macroeconomic theory, at this point the dominant one was still the Keynesian macroeconomics, even though the monetarist theories, coming especially from relevant articles like Friedman (1959, 1968) or Friedman and Schwartz (1969), were starting to get widely accepted by many economists. At this point, most of the Keynesian economists thought that the role of the government in the economy was to play successfully with the so-called Phillips Curve, Phillips (1958), hence adjusting the monetary policies in order to control the unemployment through the inflation rate. At that point, neoclassical economists kept trying to explain growth mostly with basic deterministic models that were completely unable to explain business cycles which, empirically, were shown by the historical data. With the explosion of the oil crisis, many central banks applied what the dominant theory suggested, thus expanding the monetary policy in order to reduce the unemployment with the payoff of a higher inflation rate. As Nelson (2004) points, the results were not as expected: many countries got into severe inflation spirals while not correcting the unemployment and, therefore, while falling deeper into the crisis. ThisShow MoreRelatedA Report On Nigerian Government1250 Words   |  5 Pagescountry makes thru the oil companies operating in their country. Most profits are taken from the public and are kept held with Nigerian officials. People in the Nigeria are currently living in extreme poverty. 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Exchange rate has been very instrumental in formulation of government policies in these regions. In fact, â€Å"many analystsRead More Economic Policy Essay1579 Words   |  7 Pages Economic Policy in Recent U.S. History In the highly materialistic world that we live in, success is generally measured in financial terms. The same is true in politics, where the success of a politician, especially the President, is measured by how well the economy did during his term in office. It is specifically measured by how well they bring down unemployment, grow the economy and fight inflation. Two basic modes of thought on the subject have pervaded public policy since World War II: supply-sideRead MoreEssay about The fed under alan greenspan2517 Words   |  11 Pagesbanks also sorts checks that are written for other banks and transfer it to the appropriate bank. By far the most important job the Federal Reserve has is maintaining a sound monetary policy. nbsp;nbsp;nbsp;nbsp;nbsp;The high rate of inflation, in the early nineteen-seventies, caused the government to adopt a disastrous policy of direct controls on wages and prices. These controls not only screwed up the functioning of markets in allocating resources, leading to widespread shortages, but these controlsRead MoreThe United States Relations with the Middle East2681 Words   |  11 Pagesconsequently, the U.S. for its backing of Pahlavi’s rule. In the 1970’s, tensions between the Iranian citizens and the government escalated as the people suffered from economic and social inequalities. The country was characterized by urban overpopulation, monetary inflation, and rampant corruption regarding the election of military and political leaders. 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National banks assisted in bailouts to prevent large financial institutions from collapsing, and that was only prevented by the help of national banks, who assisted in bailouts. Although national banks stepped in, stock markets dropped all over the world. The crisis is the cause for the failure of many businesses and a loss of trillions of U.S. dollars in consumer wealth, along with decreased economicRead MoreChile : An Engine O f Global Growth1471 Words   |  6 Pages2015, and may even encounter a fifth negative year in 2016. In the past couple months; developing countries have begun to see the repercussions of low prices for oil and key commodities (The World Bank, 2015). According to World Bank President Jim Yong Kim, Developing countries were an engine of global growth following the financial crisis, but now they face a more difficult economic environment†(The World Bank, 2015). Despite recent downturns for emerging markets, Chile has been on the up rise since

Barriers to Effective Communication - 2071 Words

Table of Contents What barriers to effective communication do you detect in this case? 2 Perception barrier 2 Personal barrier 3 Information overload / Work overload 3 Gender barrier 4 Language barrier - Ambiguity 4 Is anyone wrong in this situation? By what other means could Randell have requested the information from Tom Ballard? What do you think of Tom Ballard’s reaction? Why? 6 Tom Ballard 6 Leigh Randall 7 While communicating information vertically up or down the organization does not present a major problem, why is horizontal communication more difficult to attain? Give your recommendations to improve communication in this organization. 8 Horizontal communication 8 References 10 APPENDIX 11 What barriers†¦show more content†¦The main problem in this situation is the lack of communication between Tom and Randell. Both should have thought of the company above everything. Randell’s communication channel should have been changed when she didn’t get a response at first and Tom could have given a feedback to Randell’s giving priority to the company’s future. Tom Ballard * Not responding to Randell’s memos Even though he isn’t directly responsible to give information to Randell, he could have asked it from his boss whether he should answer her memos, as soon as he got them. Even though they were in two different departments they are in the same level of the organization horizontally. Because of that they may not have a good communication link. But Tom could have responded to Randell even though she asked information from him when he was busy. He could have given the information she requested after receiving the 1st memo. Since Randell has seven years of experience including five years at some other airline Tom should not have disregarded her. And also the information she requested may be very important to her to improve the system. So Tom could have regarded Randell’s opinions and respond to her. After all, she also has the authority to take decision to upgrade the efficiency of the system. * Casual and irresponsible behavior of Tom If we accept the fact that Tom was busy during the past two months, it is possible that Tom forgot to respond to the 1st memo. But heShow MoreRelatedBarriers to Effective Communication1654 Words   |  7 PagesBarriers to Effective Communications Everyone has experienced, at one time or another the frustration of feeling misunderstood and being unable to make ourselves understood by another person. Anything which, blocks the meaning of a communication, is a barrier to communication. Effective communication is like a house built one block at a time. First to build a house trust must be built; trust is not a group process it is created in one to one connections with each individual. 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Physical barriers Physical barriers in the workplace include: marked out territories, empires and fiefdoms into which strangers are not allowed closed office doors, barrierRead MoreBarriers to Effective Communication1479 Words   |  6 Pages1 Barriers Barriers to Effective Communication Paper Robin Mravik Due Date: Monday October 10, 2011 CJA/304 Instructor: Janette Nichols 2 When it comes to communicating with people in our daily lives, there are many people that think there is just talking and listening to the other people in the communicating process. However, there is actually five step in the communication process; which are as follows: 1.) sending the message out to someone, 2.) sending the message through a mediumRead MoreEffective Communication And The Barriers Of Communication Essay1203 Words   |  5 Pagesstudy of effective communication and the barriers of communication is very important in the workplace in order for the company to be successful. Every person in the business will have to communicate in one form or another. The better the communication in the workplace the better the relationships with each other. In this article I will help you to understand the processes needed in order to have effective communication in the workplace. I will discuss the importance of effective communication, theRead MoreBarriers to Effective Communication Essay1713 Words   |  7 Pagesbecause they are the managers those who do run the company and therefore they need to be excellent in dealing with people. However, when the issue of communication is discussed, it is understood that there are more than two people in communication. Moreover, as there would be a number of people working in organisations, there is a lot of communication among companies’ staff everyday. From this context, it can easily be inferred that the organisations’ employees should also be able to communicate effectivelyRead MoreBarriers to Effective Communication Essay1046 Words   |  5 Pagesb Barriers to Effective Communication University of Phoenix CJA/304 Barriers to Effective Communication Effective communication is a complex phenomenon that involves the verbal and nonverbal components in their cooperation. The main target of communicational process is transmission of information when the sending party wants the recipient to decode the message in the same way as it is coded. Nevertheless, the communicational process consists of the various components that may become the

Management Approach Stakeholder And Issues -Myassignmenthelp.Com

Question: Discuss About The Management Approach Stakeholder And Issues? Answer: Introduction As said by Albert Schweitzer, Ethics is the activity of man directed to secure the inner perfection of his own personality. Ethics is one of those important factors that set the foundation of a well-developed leader (Tai and Chuang 2014). The term refers to a system of the moral principles, which governs an appropriate conduct for a person or a group of person (Trevino, Linda and Katherine 2016). It deals with an individuals character and the moral rules that governs him and sets limit to his overall conduct. It is something that investigates the questions about the right and wrong, duties and obligations, justice and injustice, fairness and unfairness and the other values, which should guide an individual. Similarly, adherence to a careful of ethical guidelines is one of the important traits of a leader or professional. This essay will elaborate on the answer to the question that, whether or not a accountant need to be ethical. No matter is the profession, an individual belongs to, good ethics is an extremely vital part of work and it is a key requirement of every profession (Crane and Matten 2016). Every success or the results that is expected is directly or indirectly related to how the worker deals with the very situation. If the situations are handled ethically then there is a high chances of positive result for the growth and further development. It is also fundamental to prosperity of the business as well. Maintaining a good ethics is being constant with the ethics of accurate moral conduct continually (Butterworth 2014). It not only leads to operate the business prosperously but with the same, it also serves numerous other ways for the development and growth of the same by conveying a sound impression about the organization or business in the market. A company aspires continuously in order to be tracking of its goal during profiting the employees for developing up their foremost proficiency. In this process, the adhesion to a high ethical standard of the staffs or the employees could be very much conducive to the splendid success of the business goals that are being disclosed as deliberated. The term ethics concerns to the human conduct for making judgments in between the rights and the wrongs (Weiss 2014). There are several different factors that have the potential to encourage an individual to adopt the unethical behaviors in their work place. Still, the right person is the person who, notwithstanding of facing various ethical dilemmas, evaluates the situation and makes the distinction in between the thing that is morally good and the thing that is morally bad so that to emanate the codes and rules of professional conduct. A good ethics leads to acquire the trust of the superiors and promotes integrity that means to carry on doing the things that are right even when they are not watched (Peus et al. 2015). Ethics is highly important in every professional life, and it can be e vidence by a huge number of instances and scandals that showed failure of the business, and it might be rightly said that those circumstances would not have been so inflamed if there has been scrutiny of the ethical standards (Ciulla 2014). Hence, preserving the ethical standards in the profession is necessary for the success of the firm as well as ones own overall personality (Burgess 2016). The accountants deal with intimate financial and personal details of an individuals or organization (Fields 2016). Some assists with safeguarding the retirement funds of the social workers or the cab drivers while some have the ability to carry out millions and millions of dollar transactions. Hence, ethical codes are the key principles that an accountant choose to comply with in order to enhance his profession, demonstrate his fairness and honesty and to maintain the public trust (Hammersley 2015). Appropriate ethics as well as ethical behavior are highly important in the accounting sector numerous reasons. Firstly, the accountants are frequently privy to sensitive and confidential information, such as bank account details and social security that are related to their clients. This gives the accountants a nice deal of power concerning their clients and customers and it is also important to ensure that the faith and belief in between the clients and the accountants is not abused in a ny way (Gupta 2014). Similarly, it is also important that the respective organization or the industry does not become condemned as an unethical organization (industry), which is something that has the potential to harm the business of all the accounting companies. Poor ethics in accounting may lead to many negative consequences. The very first is usually a lag in the business. The accounting companies heavily depend on the word-of-mouth for their promotion and therefore, it is very easy for the few bad unethical stories about the companies to sweep away the prospective clients from these firms (Tracy 2016). In addition that, there can be serious legal consequences for the firms that are found to be breaching the legal codes or standards for their jurisdiction. However, sadly, not very accountant is trustworthy. Regular violation of the private as well public trust takes place and resolving those ethical dilemmas not always end favorably. Integrity, Independence, confidentiality, pro fessional competence and professional behavior are the five important areas, which deserve the attention of everyone who are considering working in the accounting field (Soltani and Maupetit 2015). Good ethics and independence goes hand in hand in the profession of accounting. One of the critical components of trust is building unbiased recommendations and decisions that will benefit the clients. Benefiting the clients from the sale of a financial product that is over another may result in bias, which skews the financial advice to the client. Along with this, demonstrating integrity refers to being straightforward in every business and the professional relationships. Endorsing integrity needs that the accountants do not relate themselves with the information, which they doubt is significantly misleading or false. With the same, revealing or disclosing the financial information of the clients by an accountant and that too without expressing the clients permission breaches the trust of the customers, which is said to be the foundation of a professional relationship, until and unless there is a professional or legal reason to do so. In addition to these, the legislation, technolog y and best practices change with the time. Like, for example, the accounting legislation of Germany is governed by the tax law, in Sweden, it is governed by the accounting law, whereas in the United Kingdom, the same is done by the company law (Begg and Henning 2016). Also, there are several countries, which have their own personal organization that regulates accounting. Therefore, a professional accountant must also remain updated. In order to practice the sound judgment, the accountants should always stay abeam of the developments, which may affect the outcome of the outcome. He must also ensure that his subordinates receive accurate trainings and guidance while he carry out his responsibilities. Ethical behavior requires the accounting professionals to obey with the rules or laws and regulations, which governs their jurisdiction and their conduct of work. Eluding the actions, which could unsupportively affect the goodwill and reputations of the entire profession, is a sensible co mmitment that the business partners and the others should expect. Finance and accounting could be said as the lifeline of the companies. Every company is formed with one common goal and that is to make money. Therefore, finance and the proper recording of the transactions that are made is something that keeps each of the companies going. The nature of work that is carried out by the accountants needs high ethical levels. The shareholders or potential shareholders or the other users of financial statements depends heavily on the companys annual financial statements, since they use these information in order to make informed decisions about the investment (Collier 2015). They depend on the accountant who made the statements and the auditors who have verified it in order to present a fair and true view of the organization (Knechel and Salterio 2016). The knowledge of ethics has the potential to help an accountant to overcome every ethical dilemma in his professional life. Conclusion From the above discussion, it is clear that ethics plays a very important role in every aspect of life and a good ethics in professional life will lead an individual to maintain his honest image in the organization as well as in society. Whether it is a profession of a doctor, engineer or an accountant, ethics does play a vital role in each professional career. The job of an accountant I to secure every confidential information of his clients starting from their financial details to social information. Hence, they do need to be ethically fair in their professional field. Although, maintaining ethical behavior in the workplace sometime may not assist the organization but will surely serve the public who depends on the accountants reporting. References Begg, P.F. and Henning, J.J., 2016.Corporate acquisitions and mergers. Wolters Kluwer. Burgess, J.T., 2016. Reconciling social responsibility and neutrality in LIS professional ethics: a virtue ethics approach. InInformation Cultures in the Digital Age(pp. 161-172). Springer Fachmedien Wiesbaden. Butterworth, J., 2014. The ethics of success: paradoxes of the suffering neoliberal self in the Andean Peruvian music industry.Culture, Theory and Critique,55(2), pp.212-232. Ciulla, J.B. ed., 2014.Ethics, the heart of leadership. ABC-CLIO. Collier, P.M., 2015.Accounting for managers: Interpreting accounting information for decision making. John Wiley Sons. Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press. Fields, E., 2016.The essentials of finance and accounting for nonfinancial managers. AMACOM Div American Mgmt Assn. Gupta, A.D., 2014. Ethics in Business Practice: Accounting. InBusiness Ethics(pp. 115-129). Springer India. Hammersley, M., 2015. On ethical principles for social research.International Journal of Social Research Methodology,18(4), pp.433-449. Knechel, W.R. and Salterio, S.E., 2016.Auditing: Assurance and risk. Taylor Francis. Peus, C., Kerschreiter, R., Traut-Mattausch, E. and Frey, D., 2015. Ethics and economic success.Zeitschrift fr Psychologie/Journal of Psychology. Soltani, B. and Maupetit, C., 2015. Importance of core values of ethics, integrity and accountability in the European corporate governance codes.Journal of Management Governance,19(2), pp.259-284. Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility.Ibusiness,6(03), p.117. Tracy, J.A., 2016.Accounting for dummies. John Wiley Sons. Trevino, L.K. and Nelson, K.A., 2016.Managing business ethics: Straight talk about how to do it right. John Wiley Sons. Weiss, J.W., 2014.Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.