Conjugate All Tenses of the German Verb Werden

Confucius Paper - 663 Words

According to tradition, Confucius was born in the state of Lu (present-day Shandong Province) of the noble Kung clan. His original name was Kung Chiu. His father, commander of a district in Lu, died three years after Confucius was born, leaving the family in poverty, but Confucius nevertheless received a fine education. He was married at the age of 19 and had one son and two daughters. During the four years immediately after his marriage, poverty compelled him to become a sevant for the chief of the district in which he lived. His mother died in 527 BC, and after a period of mourning he began his career as a teacher, usually traveling about and instructing the small body of disciples that had gathered around him. His fame as a man of†¦show more content†¦He spent the remaining years of his life in retirement, writing commentaries on the classics. He died in Lu and was buried in a tomb at Chà ¼-fu, Shandong. Confucius did not put into writing the principles of his philosophy. These were handed down only through his disciples. The Lun Yà ¼ (Analects), a work compiled by some of his disciples, is considered the most reliable source of information about his life and teachings. One of the historical works that he is said to have compiled and edited, the Chunqiu (Spring and Autumn Annals), is an annalistic account of Chinese history in the state of Lu from 722 to 481 BC. In learning he wished to be known as a transmitter rather than as a creator, and he therefore revived the study of the ancient books. His own teachings, together with those of his main disciples, are found in the Shih Shu (Four Books) of Confucian literature, which became the textbooks of later Chinese generations. Confucius was greatly known during his lifetime and in succeeding ages. Although he himself had little belief in the supernatural, he has been revered almost as a spiritual being by millions. The entire teaching of Confucius was practical and ethical, rather than religious. He claimed to be a restorer of ancient morality and held that proper outward acts based on the five virtues of kindness, uprightness, decorum, wisdom, and faithfulness constitute the whole ofShow MoreRelatedHum 111 Confucius and Aristotle Paper814 Words   |  4 PagesHUM 111 CONFUCIUS AND ARISTOTLE PAPER Click Link Below To Buy: http://hwcampus.com/shop/hum-111-confucius-and-aristotle-paper/ Choose one (1) of the topics from the list of topic choices below. Read the topic carefully. Write a three to four (3-4) page paper (750-1,000 words) that follows instructions and covers each part of the topic. (The title page and References list do not get included in this word count). For the topic you choose: 1. Establish a clear thesis about your topicRead MoreConfucius : The Principle Of The Moral992 Words   |  4 Pagesinspiration from the philosopher and I can think the question clearly in ways. However, the Confucius brings me a big influence and it is a very interesting because there are lots of ideas and concepts in a book called The Analects. In this paper, I will examine Confucius. Confucius is one of the most famous philosophers in China and he is a venerable teacher in the ancient China. The main concept of Confucius’ â€Å"Ren†. In Chinese, â€Å"Ren† means humanity and it is the principle of the moral. For peopleRead More Confucius Curry and a Mountain Dew1373 Words   |  6 PagesPepsi. We could use some manners, or maybe just a reintroduction. Confucius thought is constructed on kindness and propriety, as well as holding the morally virtuous to be the ideal person. This philosophy exceedingly expresses value in benevolence, education, and the treatme nt of other people, but has hidden innuendos that would knock the petals off any flower child. In this reflection paper, I will dabble with how incorporating Confucius thought and practices would help in some areas of American societyRead MoreConfucianism Is An Ethical And Philosophical System1226 Words   |  5 PagesConfucianism is an ethical and philosophical system, originated from the teachings of the Chinese philosopher Confucius (551–479 BCE). Often viewed as a religion, Confucianism can be understood as a way of thinking or living. Confucius thought the world was made of orderly hierarchies in both of family and government, and that people at the top of the hierarchy should rule with kindness to win the respect of their people. Where Legalism emphasizes law. The law rewards who obeys and punish who breakRead MoreThe Is The Ideal Role Model For Society990 Words   |  4 Pagesto understanding the self. The teachings of Confucius heavily influenced the Tang, Han and S ong dynasties as an ethical model for family, social and political interactions. The political leaders were urged to practice self discipline, humility, and compassion as leaders in order to effectively lead by example. Confucius’ li directed human behavior as based upon proper conduct, ritual, or propriety that is codified in the Li ji or Record of Rites. Confucius also believed that beyond the values of humanityRead MoreConfucianism Of Han Chin Synthesis And Syncretion1581 Words   |  7 PagesTerm Paper Draft Naresh Hing INT 196J 14 November 2014 Confucianism in Han China – Synthesis and Syncretion Abstract: The American Oriental Society suggests that historians consider the fall of the Han Dynasty in negative perspective, viewing the fall of the Han Dynasty as â€Å"the failure of Confucian ethics.† After scrutinizing the available information, one is led to think otherwise. The studies of Confucian traditions are mostly approached by historical and philosophical views. Based on the ChineseRead MoreThe Three Empires963 Words   |  4 PagesPost Classical politics first came to be when Kong Fuzi or Confucius brought it up during the classical era. Confucius was an educator and a political advisor. At the time, China was experiencing problems and Confucius helped to settle everything. He passed his knowledge on to students who then created analects which are political and cultural traditions that Confucius had taught. Confucius was a very wise man. He did not answer philosophical questions because it did not help to solve the problemsRead MoreThe Behavor of the Chief in the Film T he Story of Qui Ju1535 Words   |  7 Pagesdignity of her husband and of hers, only a simple apology – an explanation could. The chief, being a superior, did not act in accordance with the philosophy of Confucius; his actions and behavior did measure up to the Confucian standards of benevolence and governance. This all caused a lot of troubles and to her and her family. This paper will try to prove it, scrutinizing his behavior closely following the plot of the movie. According to Confucian philosophy, the most important quality a human beingRead MoreA Reflection On Confucius Philosophy1555 Words   |  7 Pagesthousand years ago, Chinese philosopher, Kongzi, also known as Confucius, taught his disciples how to follow the path to goodness. In The Analects, Confucius’s disciples describe the actions of their â€Å"Master,† and his journey to achieve goodness by performing rituals in his everyday life in order to break out of patterns. By taking steps to break out of the patterns of everyday life, one can more fully strive for goodness. But Confucius was clear that this journey of self-cultivation was not easy orRead More Confucius Curry and a Mountain Dew1396 Words   |  6 PagesPepsi. We could use some manners, or maybe just a reintroduction. Confucius thought is constructed on kindness and propriety, as well as holding the morally virtuous to be the ideal person. This philosophy exceedingly expresses value in benevolence, educat ion, and the treatment of other people, but has hidden innuendos that would knock the petals off any flower child. In this reflection paper, I will dabble with how incorporating Confucius thought and practices would help in some areas of American society

Woodrow Wilson 28th President of the United States

Autism Is Affecting Children Of The U.s. - 1483 Words

Autism is affecting children of the U.S.at a rate of one out of every 68.Meaning one out of 68 children will be diagnosed with ASD. This disorder occurs more often among boys than girls. ASD affects over 3 million individuals in the U.S. Statistics show that the number of people diagnosed has increased by 17% within a year. There is no explanation, Scientists do not know the cause nor is there a cure for ASD. However it is definitely on the rise. It is unknown whether the growing number shows a real increase or is the sudden increase as a result of improved detection by physicians. The term â€Å"spectrum† refers to the wide range of symptoms, skills, and levels of impairment that children with Autism can have. Some children are mildly affected, while others are severely delayed. Scientists believe that both genes and the environment are important factors. Some argue that some vaccines cause autism which is yet to be proven. Many parents have noticed changes an indefinite amount of time after they were given routine vaccinations at their well child checkups. The symptoms were sudden loss of communication and less interactions. Scientists thought possible reasons for these changes in development were possibly due to Mercury which has now been excluded from vaccinations (Allsopp 2009). One family even received compensation for the damages in the state of Georgia Symptoms of autism spectrum disorder vary quite a bit. I have a total of 9 kids in my class and I must say thatShow MoreRelatedEducating the Autistic Essay1471 Words   |  6 PagesAutism is a developmental disorder characterized by a cluster of behaviors that has rapidly became more prevalent in recent years. With the increase of children on the autism spectrum and the severity of their diagnosis becoming more pungent, public schools have found themselves braced in finding methods to educate autistic children. A complex disorder needs complex help. The idea of creating an environment at which every student will be able to meet their highest potential in their education, includingRead MoreAutism Spectrum Disorder1446 Words   |  6 PagesPublic Health Problem Autism or autism spectrum disorder ( ASD) is a developmental disorder that has been found world wide. However unlike many other disorders, autism is fairly new in the sense that there is no cure nor a set factor causing it. Today, the public is more aware of the disorder, yet there is still concern about how to treat autism in children as well as what risk factors are more likely to lead to autism. Autism has been around for the past hundred years, however previous to theRead MoreVaccines And Immunizations On Children And Their Development952 Words   |  4 Pagesâ€Å"Vaccines are harmful to children they cause Autism, allergies, and death.† We have all heard someone say gruesome things about Vaccines and Immunizations, but what is the truth? In my research I have found that vaccines and immunizations can cause harmful effects on children and their development, but I have also gathered that they can cause a safer environment. Immunizations and vaccines are two different things, which is very misunderstood making parents stop vaccinations and immunizations toRead MoreChildhood Apraxia Of Speech : A Motor Speech Disorder1715 Words   |  7 Pagesdisorders, neurological impairment due to stroke or brain injury and or other syndromes such as Autism or Fragile X. Due to the limited data available regarding CAS it is difficult to quantify the number of individuals who hav e CAS. It has been noted that CAS is on the rise, but this data could be influenced by an increased awareness of CAS, the increase of research on CAS within the last few years, and children undergoing evaluations at an earlier age who are now being identified. CAS may have alwaysRead MoreThe Diagnostic And Statistical Manual Of Mental Disorders Essay1570 Words   |  7 PagesNumerous studies have been conducted on the diagnostic features and potential definitions of autism, and the accompanying developmental, social and behavioral deficits found in individuals diagnosed with autism. The various editions of the Diagnostic and Statistical Manual of Mental Disorders (5th ed.; DSM-5; American Psychiatric Association, 2013) have changed in their definitions and diagnostic criteria of autism over time. In past editions, Autistic Disorder, Asperger’s Disorder and Pervasive DevelopmentalRead MoreChildren Should Be Mandatory For Children999 Words   |  4 PagesAndrew Wakefield rele ased a paper linking the MMR vaccine to autism. This article caused panic among parents, leaving a trail of unvaccinated children. This trail eventually lead to a nationwide outbreak of the measles virus. This is the worst outbreak the US has seen since 1994. Even though Wakefield’s publication has been discredited, there are still parents that choose not to protect their children because of his study. These children not being vaccinated is hurting our nation by lowering ourRead MoreEssay A Medicinal and Statistical Outlook On Autism1498 Words   |  6 Pagesat Colorado State University, said of Autism, â€Å"Autism is an extremely variable disorder.† Autism is an extremely variable disorder because of the many different characteristics shown in children diagnosed with the disorder. Many Americans are clueless about Autism and Asperger’s Syndrome. In order to understand Autism one needs to know the definition of the disease, ascertain the characteristics o f the disease, know the probability of being diagnosed with Autism, look at the inception of the diseaseRead MoreStudies and Techniques for Teaching Children with Autism1296 Words   |  5 Pagesdiseases and disorders that plague today’s world, but one of the most serious of those disorders is autism. In fact, autism is the third most common developmental disability affecting four hundred thousand people worldwide (Autism Society of America). As of yet there is no treatment for autism, only a variety of dealing with this disorder. Autism is a process disorder of brain function. People with autism have trouble in communication, social interactions and play activities. This disorder makes it difficultRead MoreSoar Research Paper: Theories Of Autism. Autism Is Known1454 Words   |  6 PagesTheories of Autism Autism is known as a profound neural development disorder marked by an inability to communicate and interact with others. In many families, there appears to be a pattern of autism or related disabilities, further supporting the theory that the disorder has a genetic basis. (Autism and Neurodevelopment) While no one gene has been identified as causing autism, researchers are searching for irregular segments of genetic code that children with autism may have inherited. Autism symptomsRead MoreAutistic Spectrum Disorder1718 Words   |  7 PagesAutistic spectrum disorder, otherwise known as autism, is a complex disorder of the central nervous system and a developmental disability that comes from a neurological disorder that affects the normal functioning of the brain. (Dowshen, 2008). It is not something one can catch or pass along to someone else. It makes interacting with other people incredibly difficult. Autism was first identified in 1943 by Dr. Leo Kanner of Johns Hopkins Hospital. Autism spectrum disorder can usually be reliably diagnosed

Mandatory Sentencing Free Essays

string(30) " different set of influences\." Many changes have occurred over the past three decades with regards to the sentencing systems from both the state and federal levels.   In 1975, all states and also the federal system principally relied on an indeterminate sentencing system that accorded judges wide discretion with respect to sentencing and gave parole boards practically unchecked discretion regarding the release of prisoners (Tonry Hatlesad, 1997). All jurisdictions placed great emphasis on the philosophy of tailoring sentences to reflect offenders’ characteristics. We will write a custom essay sample on Mandatory Sentencing or any similar topic only for you Order Now This strategy represented an attempt to achieve the rehabilitation of the offender. That uniform response to sentencing has disappeared; in the year 2000, there is no common philosophy or common sentencing practices across jurisdictions in America (Tonry, 1999). All states, however, have adopted statutes requiring mandatory minimum prison sentences for certain violent, drug, and property offenders. The result has been increased sentence lengths (and numbers of admissions to custody) for a wide range of offenses. This, in turn, has led to overcrowded prisons across the country. Mandatory Sentencing Despite many legislative changes regarding specific crimes, 30 states still rely primarily on an indeterminate sentencing system which incorporates parole release (Tonry, 1999). Fourteen states have eliminated early release at the discretion of a parole board for all offenders, and many more states have substantially reduced â€Å"goodtime† credits, by which prisoners may earn their early release (Ditton and Wilson, 1999). Some jurisdictions have attempted to structure sentencing through the use of presumptive or voluntary sentencing guidelines. Several states have made a conscious effort to avoid populist punitive policies by requiring legislators to consider the impact of a law on criminal justice resources. For example, before approving legislation, Louisiana legislators must consider an impact statement on how a mandatory sentencing bill would affect jury trials, plea bargaining, overcrowding in prisons, and the corrections budget (DiMascio, 1997). In stark contrast to the federal sentencing guidelines, eight states have adopted â€Å"front-end resource matching†; the resources required for the implementation of a sentencing law must be approved before the sentencing law is enacted. This focus on resource matching may create more rational sentencing and allow legislators some breathing space in which to resist intense public pressure arising from high-profile cases (Frase, 1995, p. 179). These efforts, however, are infrequent, and policies reflecting penal populism still carry the day more often than not in contemporary America. Criminal Control Truly, the complexity of the criminal justice problem is such that issues like the etiology of crime and the impact of drug addiction on criminal behavior may never be completely understood. Because of this, there is much room for the purveyors of scientific snake off to sell their wares to an unsuspecting public. Proponents of the various programs that are engineered as solutions to such problems as recidivism and crime prevention are so diverse in their political philosophies and theoretical schools as to cause the head to reel. Still, the public demands that there be answers, and politicians have mandated that they be found – and they have been. Bureaucrats and academics, professional consultants and political activists, government commissions and high-powered think tanks have all been analyzing data and constructing better programs for the alleviation of crime. Each of the many camps that have sprung up around this industry has a particular theory to espouse and a specific agenda to promote. Most of them have budgets, jobs, and political turf to protect. And whether one is trying to deflect attention away from the failure of law enforcement and its allies or pursuing failure as a means of promoting a political agenda of scapegoating the poor, nothing will achieve the goal better than the latest and most fashionable pseudoscientific technique for reducing crime. Evaluating the Criminal Justice Policy Criminological research, just as any other body of scientific knowledge, can serve ideological or bureaucratic ends just as readily as it can serve the advancement of positive social goals. Indeed, this is the entire point of Jeffrey Reiman’s Pyrrhic defeat theory. By selectively collecting and analyzing some data while ignoring others, one can frequently arrive at whatever conclusion will support the practitioner’s or researcher’s favorite theory. At the very heart of Reiman’s assessment of the American system of justice is the contention that the police focus on street crime while ignoring white-collar and corporate crime. He notes, for example, that while 9,285 members of the work force lost their lives due to crime in 1972, 100,000 of them died as the result of occupational hazards (Reiman 1979, p. 66). It is Reiman’s contention that many of the latter deaths were preventable, and thus were tantamount to negligent homicides. It is no wonder, then, he contends, that corporate interests use their influence to ensure that no legislation that would make such negligence prosecutable comes into being while, at the same time, supporting the aggressive pursuit of street gangs, burglars, and robbery suspects. Samuel Walker and the Criminal Justice Policy Samuel Walker does an excellent job of illustrating the impact of ideology on criminology and the American system of justice. In his book Sense and Nonsense About Crime and Drugs, he describes what he refers to as the conservative theology (pp. 17-19) and the liberal theology (pp. 19-20) of crime control: â€Å"Conservative crime control theology envisions a world of discipline and self-control; people exercise self-restraint and subordinate their personal passions to the common good. It is a place of limits and clear rules about human behavior. The problem with criminals is that they lack self-control† (p. 17). So goes Walker’s account of the stance of the right. He goes on to asses the position of the left on issues of crime as well: â€Å"Liberal crime control theology views the world as a large and idealized school. It explains criminal behavior in terms of social influences. People do wrong because of bad influences in the family, the peer group, or the neighborhood, or because of broader social factors, such as discrimination and lack of economic opportunity. The liberals’ solution to crime is to create a different set of influences. You read "Mandatory Sentencing" in category "Essay examples" Rehabilitation involves shaping the offender in the direction of correct behavior† (p. 19). Samuel Walker and the Mandatory Sentencing Having set the stage, Walker goes on to explain that each of these camps has set upon a quest for its own brand of success. He describes the liberal push for reforms in the area of corrections as â€Å"the story of a continuing search for the Holy Grail of rehabilitation† (p. 19). As for the conservative tendency to equate deterrence with parental discipline, he tells us that â€Å"The real world, unfortunately, does not work like family discipline† (p. 18) Walker then supports these characterizations of the liberal and conservative schools of criminology by debunking several of the programs the two sides support and the claimed successes for each. One example used by Walker is that of the mandatory sentencing programs so near and dear to the hearts of law-and-order conservatives. The state of New York’s 1973 drug law mandating lengthy prison terms is one of those examined. The law provided that convicted heroin dealers would serve minimum, mandatory prison terms ranging from one year to life for minor offenders, and fifteen years to life for major offenders (those who either sold an ounce of heroin or possessed two ounces of the substance). It was found, however, that between 1972 and 1976, â€Å"the overall percentage of arrests leading to conviction fell from 33.5 to 20 percent† (Walker 1994, p. 92). Walker points out that members of the â€Å"courtroom work group† (p. 48) (prosecutors, judges, and defense attorneys) were able to evade the intent of the law by selectively charging and dismissing the offenders. Although he concedes that there was some modest success, in that the rate of incarceration did go up for those who were convicted, the effect of the law was essentially nullified (p. 92). The claim that mandatory sentencing program are, by and large, not successful is further supported by the experiences of both the state of Florida and the federal system. Even though Florida passed mandatory sentencing laws in 1975 and 1988, no significant impact on sentencing practices has resulted. Walker again points out that such factors as judicial discretion and â€Å"good time† reduction of prison terms effectively negated the laws’ impact as an effective tool for reducing crime (pp. 87-88). The story for the federal system is similar, though it must be conceded that the length of prison terms for those convicted did increase. Walker points out that this served to greatly increase the prison population and add to overcrowding. At the same time, however, correctional officials employed a greater use of â€Å"good time† programs in an effort to ease these conditions. The result is that whatever benefit might have been realized has again been negated (p. 95). An example of how Samuel Walker explains the failure of the left to come up with the right answers to the question of how to control crime is found in his account of the Martinson Report. This 1974 criminological report by Robert Martinson resulted from a review of all of the evaluations of correctional programs that were available in English-language publications between 1945 and 1967. Walker informs us that most of this universe of data was eliminated as not bun scientifically valid, for the Martinson team found that they were lacking such vital research components as control groups or drew â€Å"questionable conclusions from the data† (p. 209). The upshot of the study was that although Martinson did find some positive results from correctional rehabilitation, he also stated that â€Å"with few and isolated exceptions, the rehabilitative efforts that have been reported so for have had no appreciable effect on rehabilitation† (pp. 208-209). Follow-up studies of the type conducted by Martinson, Walker indicates, have resulted in similar findings, fueling a long-term debate on the efficacy of rehabilitation programs. Samuel Walker makes it clear that practitioners and researchers alike are guilty of wishful thinking and of stacking the deck in favor of their individual arguments. Time and again he demonstrates that many of the so-called successes in rehabilitation have been invented rather than achieved. Closer attention to ethical decision making might have served to advance the state of criminology in these instances, just as it might aid in achieving a more effectively run police department. A brief look at two of Walker’s examples will be illustrative. Diversion is one of the programs Walker examines, and he chooses the Manhattan Court Employment Project as an example (p. 212). In this program employment services were provided to underemployed and unemployed defendants-not facing homicide, rape, kidnapping, or arson changes. Such persons were granted a delay of prosecution and could have their cases dismissed if they secured stable employment. A program evaluation conducted shortly after the project was initiated gave it high marks, including a 48.2 percent success rate and a very low cost. Later, however, another study found that recidivism was not abated and that the cost figures were misleading. Walker explains that this was due to the â€Å"net-widening syndrome,† (p. 213) a situation in which low risk offenders who would otherwise have their cases dismissed were selected for inclusion in the diversion program. The result, of course, is a skewing of statistics and the incurring of a cost that would otherwise not have been necessary. â€Å"The net-widening phenomenon suggests that the ‘old’ diversion did a better job,† writes Walker (p. 214). Walker notes that what he means by this is that district attorneys who declined to prosecute and police officers who elected not to arrest offenders for minor violations of the law did a far more cost-effective and less intrusive job of diversion than did the Manhattan Court Employment Project. Walker also takes a look at intensive probation supervision (IPS), another of the many fads to hit the rehabilitation scene. In IPS programs, probationers are closely supervised with a great number of contacts between the client and the probation officer, frequent testing of drugs, and generally much tighter restrictions on behavior and movements. Not all that surprisingly, Walker finds that such programs are not new. As evidence of this he cites the San Francisco Project, an IPS program that was put into place during the 1960s. The San Francisco Project, a federal program of intensive probation supervision, was subjected to systematic evaluation at the time. Control groups were set up, reports Walker, for the purpose of comparing the new intensive measures with more traditional and less restrictive ones. The evaluators learned that there was â€Å"no significant difference in the recidivism rates of offenders in the various groups† (p. 214). Walker points out that there are similar findings in studies of the newest wave of IPS programs. Evaluations recently conducted in California, New Jersey, and Georgia are equally disheartening. â€Å"IPS suffers from both confused goals and exaggerated promises,† he writes (p. 220). Conclusion After all, a question still remains as to what are we to make of all of these?   Confusion and a seemingly endless series of fits and starts appear to constitute our best effort at finding a solution to crime and violence.   Samuel Walker provides us with a very solid explanation in his book as he goes about the task of illustrating the significant issues that encompass the current criminal justice policy. References DiMascio, W. M. (1997). Seeking justice: Crime and punishment in America. New York: Edna McConnell Clark Foundation. Ditton, P. M., and D. J. Wilson (1999). Truth in sentencing in state prisons. Bureau of Justice Statistics: Special Report (NCJ 170032). Washington, D.C.: U.S. Department of Justice. Frase, R. S. (1995). State sentencing guidelines: Still going strong. Judicature. 78(4): 173–179. Reiman, Jeffrey (1979). The Rich Get Richer and the Poor Get Prison. New York: John Wiley and Sons. Tonry, M., and K. Hatlestad, eds. (1997). Sentencing reform in overcrowded times: A comparative perspective. New York: Oxford University Press. Tonry, M. (1999). The fragmentation of sentencing and corrections in America. National Institute of Justice: Research in Brief. NCJ 175721. Washington, DC: U.S. Department of Justice. Walker, Samuel (1994). Sense and Nonsense About Crime and Drugs: A Policy Guide. Belmont, CA: Wadsworth.       How to cite Mandatory Sentencing, Essay examples

Industrial Relations Practices free essay sample

This chapter seeks to review the thoughts of other experts on industrial relations practices in state owned organisations. The purpose is to have a reference in terms of what others believe and perceive in relation to industrial relation and its practices in state owned organizations using Ghana as a case study. State-Business Relations and Economic Performance in Ghana by Charles Ackah, Ernest Aryeetey, Joseph Ayee Ezekiel Clottey In their executive summary, Charles Ackah, Ernest Aryeetey, Joseph Ayee Ezekiel Clottey, talked about the fact that relationship between the state and business community in Ghana had varied since independence. Though each government has had distinct relations with business and private sectors, civilian governments have generally promoted and enjoyed good rapport with the business community while military governments especially in the 1980s have tended to have confrontations with the private sector. Their study used a multi-disciplinary approach that included both qualitative and quantitative aspects of the disciplines of political science, economics, history, sociology and organizational management. They were seeking to understand what constitutes effective state-business relations, and to assess how state-business relations are related to economic performance, their study relied on historical institutionalist inductive theories- comparative historical analysis and path-dependence, among others. For their analysis, their study relied on both primary data, from interviews with selected formal and informal enterprises and regulatory agencies within Ghana, and their secondary data were derived from a review of statutory literature such as the Constitution of Ghana, Acts of Parliament, Statutes, Codes, Contracts, rules and procedures and conventions establishing institutions. Their purpose was to examine the characteristics of formal and informal rules and regulations governing the establishment and operation of foreign and indigenous businesses, how these have evolved over time and how they may have impacted economic performance. For their quantitative economic analysis, their study used a panel of 256 Ghanaian manufacturing firms over the period 1991-2002 to analyze the extent to which an effective state-business relationship is beneficial to economic performance. Focusing on total factor productivity, they found out that an effective State Business Relations (SBR) or a sound investment climate correlates positively with better firm performance, possibly channeled via a more optimal allocation of resources in the economy. Concerning the effect of the investment climate indicators, their results showed that an ‘unfriendly’ investment climate illustrated through firms’ perceptions about economic and regulatory policy uncertainty affecting their operations and growth are negatively correlated with productivity. With regards to the SBR measures, they found that social networks as indicated through the extent to which firms or their managers have close contacts within the government or bureaucracy had a statistically positive correlation with firm performance. Their results indicated that being well connected with those who make and implement government policy increases the chances of being able to lobby to overcome some of the difficulties confronting normal business enterprises, such as the number of procedures it takes to obtain licenses and permits and the number of days it takes to clear imported goods from the port. Narrative analysis of state agencies and Private Enterprises Foundation’s perceptions of SBRs in Ghana from 1992 to 2008 which also coincides and extends beyond the period of econometric analysis of SBRs on firm performance confirms the results discussed above. Both state and BAs agree on a shift from a predominantly ad hoc and informal clientelistic relationship to a more formal and synergistic SBRs in Ghana since 1992. Formal and regularized meetings between state agencies and businesses have positively impacted on firm productivity. They conclude for instance, PEF’s formal advocacy role and function resulted in the use of GCNET to expedite clearing of imported goods. Business concerns of firms are channeled more often through formal by BAs to state agencies. Firms through their BAs make inputs into budget and other policy on formalized basis. Moreover, strong formal relationship between the executive and BAs such as the investors advisory council have helped firms stay close to government and bureaucracy. Overall, their findings contribute to understanding that link between an effective state business relations and economic performance. Their paper adds to the work done by Qureshi and te Velde (2007) by investigating the key determinants of firm performance and also assessing the relationship between an effective SBR and firm productivity in Ghana. The results of their study stress the need for an enabling environment for the private sector. Experiences from East and Southeast Asian economies have also shown that investment and productivity growth critically hinges on an effective and vibrant private sector underpinned by a sound investment climate. Promoting a sound investment climate is one of the core responsibilities of the state in both developed and developing countries to achieve rapid capital accumulation and sustained growth and poverty reduction. Markets are good but are not without flaws. Thus, in order for inequalities in incomes and opportunities not to be exacerbated by the markets, it is important that the many constraints that inhibit the private sector from responding effectively to market incentives are removed, complemented with an increased effectiveness of government involvement in supporting private sector activities. Apart from the positive effect of SBRs on economic performance, the other lesson which can be drawn from their paper is that even though successive governments in Ghana have shown some commitment to supporting a viable private sector that commitment has, at the same time, been undermined by governments own fear of a strong private sector acting as a countervailing force and thereby weakening their monopoly over neo-patrimonialism. Consequently, the commitment may be seen as a public relations hoax. An effective SBR in Ghana requires sustained formalized political commitment to policies that sees the private sector as a catalyst and initiator of pro-poor growth and development. In their Introduction, they pointed out a number of theoretical models which provides many compelling reasons why effective SBRs would stimulate economic growth and poverty reduction. Economic growth has been an important topic of discussion in almost every economy for a very long time. Previous research has found steady increases in investment and productivity to be crucial to a country’s long-run economic growth and poverty reduction. Experiences from East and Southeast Asian economies have also shown that investment and productivity growth critically hinge on an effective and vibrant private sector underpinned by a sound investment climate. Promoting a sound investment climate is one of the core responsibilities of the state in both developed and developing countries to achieve rapid capital accumulation and sustained growth and poverty reduction. The economic reform programmes introduced in many developing countries during the 1980’s stressed the need for a propitious enabling environment for the private sector. Initially there were high expectations that a package of macroeconomic reforms (‘getting the prices right’) would give quick dividends in terms of economic growth. There has been growing disappointment with the growth record in many developing countries. Increased globalization and trade liberalization have led to a realization of the huge potential for the private sector but has also led to a considerable shift in the relationship between the public and private sector actors. Empirically, the size and role of the private sector is clearly evolving with globalization. Many high-growth nations have relied on markets to allocate resources. Markets, however, are not without flaws. And in order for inequalities in incomes and opportunities not to be exacerbated by the markets, it is important that the many constraints that inhibit the poor from responding effectively to market incentives are removed. A well-functioning market system, underpinned by strong institutions, with adequate protection of intellectual and physical property rights, and ‘smart’ interventions by the state, provides an enabling environment for businesses and individuals to innovate, compete and create value for all. This encapsulates the paramount importance of inclusive growth, i. e. , creating economic opportunities through sustainable growth and making the opportunities available to all including the poor. The relationship between the state and business in forging economic growth and development has been an enduring area of research for both economists and political scientists since the Industrial Revolution of the 17th Century. Literature and research findings have emphasized both the positive and negative roles of the state in promoting markets and economic developments. By the early 1980s, many interventionist states had been judged to have failed in their quest to directly promote economic development. The public sector in most states became big and excessive, while government control of economic activities was counterproductive as pricing and subsidies favoured the urban few. Among developing countries, Import Substitution Industrialization (ISI) misallocated resources, discouraged exports and limited importation or transfer of much needed technology (Kohli, 2000). Quite contrary to the neo-liberal economic views held by most international development agencies that state interventions in economic growth and development was counterproductive, the role of states in development and the enhancement of pro-poor growth cannot be overstated (Amsden, 1989; Wade, 1990). Notable examples of states like Japan, South Korea in the 1980s and most recently China and India in the late 1990s show the positive role states can play in promoting development and poverty reduction among developing economies. Chalmers (1982) shows that in the case of Japan the state’s ability to prioritize areas for economic development, support private entrepreneurs and undertake direct and indirect interventions in economy promoted economic development. Such developmental states positively alter market incentive structures, manage conflicts, reduce risks and give direction to entrepreneurs (Kohli, 2000). Similarly, the World Bank Report of 1997 acknowledged the important roles of both the state and market, saying that â€Å"an effective state is vital for the provision of goods and services that allow markets to flourish and people to lead healthier, happier lives† (World Bank 1997:1). In short, the state also needs to establish and maintain the institutions that encourage or allow growth-related economic activity. While neoliberal growth theorists officially support a minimal role for government in economic affairs, it is still the case that economic growth generally depends upon a strong government and also relies on the state to construct and organize markets (MacEvan 1999:2-19). Since independence in 1957, Ghana has been making slow and unsteady progress in achieving structural change and economic transformation. Successive Ghanaian governments have undertaken a number of reforms targeted at improving the investment climate and promoting private sector participation in the economy. In 1992, when the Fourth Republican Constitution was promulgated to usher in multi-party democracy, several other development policies were introduced to augment market interventions for sustainable private sector development. The country adopted and implemented neoliberal structural adjustment programmes and market reforms. Apart from pursuing a vigorous free-market economic, industrial and trade policy, it also adopted a liberalized investment policy, with the goal of attracting foreign investment as well as promoting joint ventures between foreign and local investors. Certain social, political and economic patterns of change have emerged, such as, an expanding private sector and the establishment of legal and regulatory structures. Some improvements have also been attained in the provision of infrastructure, health and education, macroeconomic stability, and ongoing reforms in the financial sector. These changes, however, are unlikely to guarantee the needs of the private sector in today’s complex globalized world. Fundamental problems in the political and administrative system still persist despite many attempts at reform. Problems remain in relation to formalizing business operations in the country and corruption continues to be a problematic factor for doing business in Ghana. Many private companies encounter difficulties with regulations and continuing administrative inertia and corruption. A fairly high percentage of companies surveyed by the World Bank and IFC Enterprise Survey in 2007 report that they expect to pay informal payments to public officials to ‘get things done’ such as securing an operating license, meeting tax obligations and securing government contract. The survey also indicates that the burden of customs procedures in Ghana is quite cumbersome and constitutes a competitive disadvantage. Delays in customs procedures are sometimes deliberate as they create opportunities for officials to request unofficial payments. Against this backdrop, the purpose of their study was to examine the efficacy or otherwise of institutional arrangements put in place by various governments since to promote state business relations aimed at promoting economic growth and reducing poverty. The main objectives of their study were to: †¢? ssess the political and economic factors that have either promoted or undermined the effective functioning of private sector growth in Ghana; †¢? identify and discuss the influence of formal and informal institutions on pro-poor policy decision- making and implementation; and †¢? examine the key determinants of state-business relations (SBRs) and their effects on corporate performance in Ghana. Their study too k a multi-disciplinary approach that includes both qualitative and quantitative aspects of the disciplines of political science, economics, and organizational management. Primary data include interviews with selected formal and informal enterprises and regulatory agencies within Ghana. Secondary data included review of statutory literature such as the Constitution of Ghana, Acts of Parliament, Statutes, codes, contracts, rules and procedures and conventions establishing institutions. Their purpose here is to examine the characteristics of formal and informal rules and regulations governing the establishment and operation of businesses, how these have evolved over time, and how they may have impacted on economic performance. For the quantitative economic analysis, the study uses micro-econometric methods based on firm level data to investigate the linkages between measures of SBRs and firm performance. Cross-sectional and panel data regression analyses were employed to analyze how measures of effective SBRs relate to firm-level productivity. In their conceptualizing state-business relations, they highlighted that, most development theories that emerged in the early 19th century discussed economic and political relations among both developed and developing countries. Many theorists commented on the relations between the state and society which also comprised economic groups. While development remained the overarching focus of such studies, much of what was discussed had direct bearings on the relationship between emergent states in the developing world and how economic agents interacted. Then, the relationship between states and markets were conceived in ideological terms. Capitalists who wrote after Adam Smith emphasized the importance of markets in generating wealth. Most commentators claimed markets can self-regulate. Marxists writers on the other hand introduced class relations in how state and markets operate with claims that dominant classes who control wealth creation in most polities capture the state to pass laws and institutions that favour their cause. In between these two extreme positions on state and markets, many variant views were suggested to explain specific circumstances. Conventional economic theorists see the state as â€Å"an important initiator and catalyst of growth and development† (Martinussen, 1997:220). What still remains contentious is how states are conceptualised. Martinussen (1997:222) lists two major approaches and four dimensions of the state. A ‘society-centred’ approach attaches much importance to societal structures and social forces that exert greater impact on what become the state such that state power, apparatus and functions derive from economic agents and social forces of societies (Poulantzas, 1978). State-centred’ approaches give greater autonomy to state apparatuses and state personnel who act independently of economic agents, social classes or interest groups (Clark and Dear, 1984). Myrdal’s point about discretionary powers of political leaders is shared by dialectic modernization theorists like Jackson and Rosberg (1982) who noted that African rulers’ personality takes precedence ov er rules. State-business relations take place in such political environments where patron-client relationships exist throughout Africa (Sandbrook, 1985). In the absence of a legal framework that ensures security of property; impartial public services that directly facilitate production; and the regulation of foreign economic relations that maximises national interest, informal ties like blood relations, ethnic origins and personal access to political leadership dictate the pace of SBR in many parts of Africa. More recently since the early 1980s, following the monumental role played by states in Asia to transform third world economies into developed states, many theorists have offered explanations on the role of states and markets (Johnson, 1987, Evans, 1995). Conclusions made by such scholars indirectly places emphasis on the ‘magical’ blend between the developmental goals of the state and the profit maximization drive of private sector institutions in Asia. On macroeconomic impacts, the articles revealed the factors responsible for market failure are the existence of monopoly, public goods (goods which are non-rival and non-excludable) and externalities. Others include imperfect and asymmetric information and increasing returns to scale. These factors disturb the optimal allocation of resources in the economy necessitating government intervention. For example, firms in their activities generate an externality which may end up affecting other firms or individuals with the cost or benefit of doing so not reflected in the value of their transactions. Similarly, these firms in the absence of training and adequate knowledge on the importance of investing in transferable worker skills, may under- invest in the skills and capacity of its general workers. The government or public sector is also not exempt from failures. Government failure is said to occur when government action results in a less efficient allocation of resources. As such government intervention though necessary, may not be sufficient in addressing the failures in the market. This is because often, particularly in developing economies, governments lack the institutional and structural capabilities such as perfect information, practical and feasible development plans, essential logistics and structures that are required for addressing the failures which arise from the market. Also, government intervention in the market may result in crowding out which occurs when the government expands its borrowing more to finance increased expenditure or tax cuts in excess of revenue, crowding out private sector investment by way of higher interest rates. Similarly, government intervention activities may suffer intense lobbying and rent-seeking activities especially in countries with high records of corruption, eventually resulting in the misallocation of resources in the economy. With this background, it is obvious that a SBR is extremely essential. Such a relationship provides the solution to state, market and coordination failures. In principle, business associations play a significant role in facilitating the formulation, implementation, and monitoring of economic policies and provision of feedback to the government (Hisahiro, 2005). In addition, such a relationship between the state and the private sector plays a central role in providing a bridge between the business community and political circles. Further, these relations establish communication links between the government and businesses to exchange wide-range economic information, such as on industrial development, export markets and research and development (RD). In short, by establishing networks between the state and the market, concrete and practical data on industries, markets and technologies are obtained and shared which may serve as an important information bureau for effective industrial and state policies. Harriss (2006) argues that a favorable collaboration between the state and business may have positive consequences for the growth of the economy as a whole, as long as certain mechanisms are in place which facilitate the following: transparency- the flow of accurate and reliable information, both ways, between the business and government; reciprocity between the business and the government; credibility- such that the market is able to believe what the state actors say and; high levels of trust through transparency, reciprocity and credibility. Hence, appropriate government policies, necessary for promoting economic growth in general and private sector development in particular are made possible by an efficient and fruitful state business relations and dialogues. On microeconomic impacts, the article suggested that, a well-structured, organized and effective relationship between the state and the market which satisfies the conditions of transparency, reciprocity, credibility and trust enhances the productivity of the firm in so many important ways. Firstly, an effective SBR helps to reduce policy uncertainties in the economy. Expectations play a major role in the activities of firms and investors particularly when it comes to savings decisions, the type of investment to undertake or the type of goods to produce, the period of production, the quantities to be produced, the technology to be used, how and where to market what has been produced and even how pricing of the commodities should be done. All these decisions are taken based on anticipated market conditions and expected profitability. As such any uncertainty in the economy tends to affect the activities of these firms, the level of investment and consequently the level of economic activity, which translates into economic growth. The absence of clear policies causes these firms to operate in uncertain environments, exposing their businesses to undue risks and resource shortages. Dixit and Pindyck (1994) argue that uncertainty tends to have significant negative effects on investment, especially when investment involves large sunk and irreversible costs. Against this backdrop, it is quite clear that businesses which have a better and effective relationship with the government may not be in the dark when it comes to policy decisions. Several studies confirm the negative effect that uncertainty has on investment. For instance, Bonds and Cummins (2004), in a survey of publicly-traded US companies, found that uncertainty has a negative effect on investment in both the short- and the long -run. Similarly, Ghosal (2003) was also able to show that periods of greater uncertainty have a crucial effect on industry dynamics and thus results in a decrease in the number of small firms and establishments and also a marginal increase in industrial concentration. In short, a greater correspondence and interaction between the state and the business enhances the free flow of information on prospective policies and reduce the level of uncertainty in the business environment, which is expected to result in a greater business confidence, quick firm-decision making and more accurate forecasting. Secondly, an effective liaison between the state and the market results in tailor-made, accurate and efficient government policies and institutions. In other words, an effective SBR will ensure that government policies towards businesses are appropriate and of good quality. This is because, in the presence of such an effective relationship between the state and the market, the design of government policies will be done, among other things, using the input of and in consultation with the private sector. Regular interactions and sharing of information will ensure that the private sector objectives coincide with public action and that local level issues are inputted into the centralized policy processes. The private sector through that will be able to identify opportunities and constraints, as well as possible policy options for creating incentives, lowering investment risks and reducing the cost of doing business. This result in more efficient and convenient government regulations and policies such as tax regimes, licensing requirements and propriety rights obtained through policy dialogues and advocacy which will go a long way to reduce the risks and costs faced by firms and eventually enhance their productivity. Finally, a good relationship between the state and businesses brings about an improvement in the quality, relevance and appropriateness of government taxing and spending plans. An effective relationship will help to ensure that certain facilities and mechanisms necessary for the survival of businesses are available and operational. This is because what motivates a firm to take risks, innovate and improve its performance depends crucially on the availability of certain services, much as it may depend on the private incentive facing the firm. Examples of these public services are good infrastructural system, information and communication technology, legal and judicial services, defense and security, availability of finance as well as the availability of human and physical capital. These facilities and systems affect the firms’ productivity both directly and indirectly. For example, the provision of basic amenities like water and electricity affect productivity directly by facilitating the smooth running of businesses. On the other hand, the provision of infrastructure though may not directly affect productivity will indirectly enhance the transportation of inputs and output to and from the production sites which will enhance the speed of production and also the quality of marketed products and eventually enhance their productivity. The efficient delivery of these public services require an active participation of the private sector which will be responsible for lobbying the government to increase its spending in those areas, creating a more favorable environment for investment. Again, a good SBR is also able to stimulate and sustain innovation. Schumpeter (1940) explains that innovation is one of main forces behind firm dynamics and economic growth. Also, sometimes such collaboration between the government and businesses may result in the government taking the lead to encourage and motivate the private sector to engage in research and development by providing incentives, venture capital for new enterprises and also appropriate property rights. All these activities by the government affect the productivity of the firms directly and encourage further investment. In effect, effective and sustained SBR can ameliorate both market and government failures, which are pervasive in most developing countries, and consequently bring about an increase in the growth of the economy. In conclusion and policy implications, they concluded that the relationship between states and businesses in forging economic growth and development has been an enduring area of research for economists and political scientists since the Industrial Revolution of the 17th Century. The relationship between the state and business community in Ghana has varied since independence. Though each government has had distinct relations with business and private sector, civilian governments have generally promoted and enjoyed good rapport with the business community while military governments especially in the 1980s have tended to have confrontations with the private sector. This study used a multi-disciplinary approach that included both qualitative and quantitative aspects of the disciplines of political science, economics, history, sociology and organizational management. To seek to understand what constitutes effective SBR, and to assess how SBR are related to economic performance, the study relied on historical institutionalist inductive theories- comparative historical analysis and path-dependence, among others. For this analysis, the study relied on both primary data, from interviews with selected formal and informal enterprises and regulatory agencies within Ghana, and secondary data derived from a review of statutory literature such as the Constitution of Ghana, Acts of Parliament, Statutes, Codes, Contracts, rules and procedures and conventions establishing institutions. The purpose here was to examine the characteristics of formal and informal rules and regulations governing the establishment and operation of foreign and indigenous businesses, how these have evolved over time and how they may have impacted conomic performance. For the quantitative economic analysis, the study used a panel of 256 Ghanaian manufacturing firms over the period 1991-2002 to analyze the extent to which an effective SBR is beneficial to economic performance. Focusing on total factor productivity, we have found that an effective SBR or a sound investment climate correlates positively with better firm performanc e, possibly channelled via a more optimal allocation of resources in the economy. Concerning the effect of the investment climate indicators, our results show that an ‘unfriendly’ investment climate illustrated through firms’ perceptions about economic and regulatory policy uncertainty affecting their operations and growth are negatively are negatively correlated with productivity, while social networks as indicated through the extent to which firms or their managers have close contacts within the government or bureaucracy have a statistically positive correlation with firm performance. These results indicate that being well connected with those who make and implement government policy increases the chances of being able to lobby to overcome some of the difficulties confronting normal business enterprises, such as the number of procedures it takes to obtain licenses and permits and the number of days it takes to clear imported goods from the port. Narrative analysis of state agencies and PEF’s perceptions of SBRs in Ghana from 1992 to 2008 which also coincides and extends beyond the period of econometric analysis of SBRs on firm performance confirms the results discussed above. Both state and BAs agree on a shift from a predominantly ad hoc and informal clientelistic relationship to a more formal and synergistic SBRs in Ghana since 1992. Formal and regularized meetings between state agencies and businesses have positively impacted on firm productivity. For instance, PEF’s formal advocacy role and function resulted in the use of GCNET to expedite clearing of imported goods. Business concerns of firms are channeled more often through formal by BAs to state agencies. Firms through their BAs make inputs into budget and other policy on formalized basis. Moreover, strong formal relationship between the executive and BAs such as the investors advisory council have helped firms stay close to government and bureaucracy. Overall, our findings contribute to understanding the link between an effective SBR and economic performance. This paper adds to the work done by Qureshi and te Velde (2007) by investigating the key determinants of firm performance and also assessing the relationship between an effective SBR and firm productivity in Ghana. The results of the study stress the need for an enabling environment for the private sector. Experiences from East and Southeast Asian economies have also shown that investment and productivity growth critically hinges on an effective and vibrant private sector underpinned by a sound investment climate. Promoting a sound investment climate is one of the core responsibilities of the state in both developed and developing countries to achieve rapid capital accumulation and sustained growth and poverty reduction. Markets are good but are not without flaws. Thus, in order for inequalities in incomes and opportunities not to be exacerbated by the markets, it is important that the many constraints that inhibit the private sector from responding effectively to market incentives are removed, complemented with an increased effectiveness of government involvement in supporting private sector activities. Apart from the positive effect of SBRs on economic performance, the other lesson which can be drawn from the paper is that even though successive governments in Ghana have shown some commitment to supporting a viable private sector that commitment has, at the same time, been undermined by governments own fear of a strong private sector acting as a countervailing force and thereby weakening their monopoly over neopatrimonialism. Consequently, the commitment may be seen as a public relations hoax. An effective SBR in Ghana requires sustained formalized political commitment to policies that sees the private sector as a catalyst and initiator of pro-poor growth and development.

The Corporate Governance Policies Samples †MyAssignmenthelp.com

Question: Discuss about the Corporate Governance Policies. Answer: Introduction The corporate governance policies implemented by a company ensure that the corporation is fulfilling interest of each stakeholder. The directors are responsible for ascertaining the importance of each stakeholder, and they have to formulate regulations that are focused on the satisfaction of their interest. Traditionally, the theorists provides that maximisation of shareholders interest in the primary goal of an enterprise. Shareholder theory asserts that the shareholder faces the primary risk in a firm by investing their capital, therefore, it is the moral duty of directors to maximise their return. The stakeholder theory ensures that the directors do not violate the moral rights of different stakeholders in a firm and equal balance should be maintained between the interest of shareholders and stakeholders. A company can benefit a large section of society by implementing a broader approach. This report will analyse various article on shareholder and stakeholder approach to determine their role in the development of company and community. The benefit of stakeholder approach over the society will be discussed in the report as well. Further, the report will evaluate theories of justice to analyse the moral duties of directors towards the stakeholders and provide a few suggestions for better implementation of stakeholder approach. Purpose The main purpose of this report is to review the articles on shareholder and stakeholder approach to analyse their impact on a company. Mainly the report will focus on theories given by R. Edward Freeman and Milton Friedman to understand the social responsibility of an organisation towards different stakeholders. Further, the report will examine the influence of adopting a stakeholder approach by an enterprise over the welfare of society. Many theories of justice will be discussed in the report to understand the moral and ethical duties of the company towards its stakeholders. The secondary purpose of this report is to analyse various theories of corporate social responsibilities and provide recommendations to directors for better implementation of stakeholder theory. Scope Mainly, the report will focus on studies of R. Edward Freeman and Milton Friedman regarding shareholder and stakeholder approach and its impact on corporations performance. Various other theories of corporate governance will be included in the report to understand the responsibility of directors towards stakeholders. The thematically approach is adopted in the report to review various studies of the theorist. Literature Review According to Ferrell Fraedrich (2015), a company is an artificial person created by the association of peoples to carrying on a commercial activity, the capital of the corporation is divided into small parts called shares, and people who invest their money into companies business is called shareholders. Previously, it was considered that a firm is liable towards its shareholders because they face the primary risk in an enterprise. Therefore, the directors should prioritise the interest of shareholders and formulate strategies to maximise the value of shareholders stock; this theory is called shareholders primacy. As per Shah Bhaskar (2007), due to the advancement of technology, regulations, and policies, modern companies did not prefer to implement a shareholder primacy model. For decades, maximising shareholders return was the primary focus of companies, this goal has been an inextricable factor of legislation in modern communities. In recent years, the growing popularity of stake holder approach has challenged the perception of shareholder primacy model. The companies adopt stakeholder approach rather them shareholder primacy model because it assists firm in fulfilling their social responsibilities. According to Smith (2003), the fundamental distinction provides that company should always focus on fulfilling the interest of stakeholder even if it reduces the corporations profitability. Friedman (2007) argued in his paper that the theory of stakeholder interest is against the growth of an enterprise, it is disadvantageous for the future progress of a firm. A company is an artificial person, therefore, it has artificial responsibilities, only human beings are socially responsible towards the society. Friedman (2007) stated in his article that the policy of stakeholder approach is started by trade unions and socialist groups to justify the activities of a company which is against its core values. A company is formed to satisfy the requirement of shareholders since they face the primary risk in a firm. Friedman (2007) provided that executives are the agent of shareholders and their primary responsibility is towards them. Boatright (2006) gives a similar theory in his article by providing that managers are not liable towards stakeholders, the directors failed to appreciate the benefit of shareholder primacy and how it benefits the interest of other stakeholders. Boatrig ht (2006) argued that it is not the responsibility of directors to formulate stakeholder-based policies in the firm, the shareholder primacy model automatically benefit the interest of multiple stakeholders. Freeman, Harrison, Wicks (2007) argued that the directors are not just answerable to shareholders, it is their duty to consider the interest of each individual or group to which affected by the operations of an organisation. The role of corporations is not just doing business anymore; the process of manufacturing has changed by the advancement of technology such as assembly line, which requires specialisation and hard work on employees to work correctly. According to Post (2003), while operating business in domestic or international markets, company has to follow new regulations provided by the government. The ownership of companies has become more dispersed because the corporations have the option to raise capital from different sources such as banks, financial institutes, and shareholders. Freeman, Harrison, Wicks (2007) stated that it is necessary that directors satisfy their employees, unions, government, investors, and shareholders to become successful, therefore, effective st akeholdermanagement policies are required in a company. The managing of stakeholders means creating as much value as possible for multiple stakeholders, without resorting to compromises. The directors manage the corporate governance of a company, therefore, it is their duty to formulate policies for the satisfaction of multiple stakeholders interest. Jensen (2002) argued that stakeholder theory should not be considered as valid because it does not focus on the satisfaction of fundamental corporate principles of a company. There is clarity in having a single objective model, such as shareholder primacy theory because stakeholder approach creates confusion, dispute, unproductivity and competitive failure of the company in the market. Another concept of Director Primacy Model is provided by the Bainbridge (2005), this model provides that directors are responsible for establishing corporate governance objectives, therefore, they should have the power to ensure relevancy of each stakeholder. The shareholders should not review the director's decision and the directors should focus on maximising shareholder stock value. This model has multiple flaws such as lack of review mechanism, no preference to creditors interest and no method to measure good faith of directors. According to Coelho, McClure Spry (2003), the modern corporations are not just profit machines; they have a social responsibility towards different sections of society and directors should formulate policies for the satisfaction of stakeholders interest. The growth of an enterprise is directly linked to the satisfaction of stakeholders interest; the directors should fulfill their ethical duties by satisfying the benefit of stakeholders. Benefit of Society by Stakeholder Approach The stakeholders in a corporation can be defined as individual or group who influenced or get affected by the achievement and failure of a firm. According to McVea Freeman (2005), a stakeholder invests money into firms operations and gets directly or indirectly affected by the actions of the enterprise. Stakeholders are divided into three categories: primary, secondary and excluded. The primary stakeholders have economic relationships with the firm, and they directly affected by the practices of a corporation. The primary stakeholder includes shareholders, employees, creditors, consumers and many others. The secondary stakeholders did not have any financial interest, but they get affected by actions of a firm. The example of secondary stakeholders is society, media, public and many others. The excluded stakeholders neither have a financial interest, nor they get affected by companys actions, but their opinion has significant influence over enterprises operations. The excluded stakeh olders include government, socialist groups, environment and many others. The primary and secondary stakeholders include a large part of society, and they assist company into attracting a large number of shareholders. It is necessary that directors satisfy the stakeholders interest to benefit various sections of society. As per the research of Martin (2010), a company cannot satisfy consumer and shareholder at once because it is impossible to meet two variables. The directors preferred shareholders approach but the satisfaction of stakeholders interest attracts a large number of a shareholder in a company. Zhang, Dawes Sarkis (2005) provided that the return of shareholders is determined after reduction of statutory payments such as taxes, wages and interest on debts; therefore, shareholders focus on future profits rather than present value. The directors can attract shareholders by enhancing future profits of a company which can only be achieved by fulfillment of stakeholders interest. The stakeholders approach equally distributes the capital between a so ciety which assists in the development of communities and corporation, and it is the responsibility of the firm to satisfy the interest of stakeholders. Theories of Justice Regarding Stakeholder Approach As per Ekvall, Tillman Molander (2005), the normative ethics examine the beliefs of a person; they are part of theoretical ethics. The normative ethics inspect the rightness or wrongness of an opinion, for example, if a person believes that stealing is incorrect than normative ethics analyse is it correct to hold such beliefs. Rawls (2009) describe justice as fairness of the acts; he further provided two concepts of justice. The first principle provides that equal freedom should be given to each individual and second provision retrain discrimination between parties unless it is the necessary to the benefit of minorities. The company should consider the interest of each stakeholder as equal, and directors should avoid discrimination to ensure proper implementation of justice theories. In shareholders primacy model, a company uses the peoples (other than shareholders) as a means to achieve the value maximisation of shareholders, the stakeholders of corporations are a means to an end t hat is increasing shareholders value. According to Jones, Felps Bigley (2007), Immanuel Kant provided that it is morally wrong of a company to use stakeholders merely as a means to an end, the peoples should always be treated as an end. As per Kantian view theory, each stakeholder has an equal position in a company and directors should not discriminate in their interest, in order to achieve the benefit of one section, the interest of other parts should not be violated. The Utilitarian theory is opposite of Kantian view model; it provides that it is not the duty of directors to consider the interest of stakeholders. The directors have agent principle duty towards shareholders, and they should perform every such action which is necessary for maximising their value, by following the law. The stakeholders interest will automatically fulfill by maximisation of shareholder value. Many theorists believe that this theory has no practical use in modern corporations since satisfaction of stakeholders assist in shareholders value maximisation. Rawls (2009) emphasis on equal wealth distribution between peoples because it assists in the overall development of the society. The directors have a duty of care and loyalty towards different stakeholders, the duty of care is analysing the interest of each stakeholder while formulating corporate governance policies. The duty of loyalty provides that directors should take appropriate actions to avoid the conflict of interest of various stakeholders. These duties force directors to fulfill the moral responsibilities of the company and ensuring that the firm adopts stakeholder approach. Other Stakeholder Theories Several theories apply stakeholder approach in a company and assist in the fulfillment of moral duties of a corporation. In recent times, corporate social responsibility approach is significantly popular among modern enterprises. According to Matten Moon (2004), the corporate social responsibilities implement various environmental and social measures into the framework of a firm which ensures that interest of different stakeholder being fulfilled by the company. The CSR policies focus on fulfilment of statutory principles along with the improvement of the society. There are numerous benefits of implementing CSR policy such as brand recognition, positive image, higher sales, ease in attracting investment and better retention of qualified employees. Another theory is Creating shared value model; it focuses on connecting competitive advantage with the CSR principles because it establishes health competition in the market. Porter Kramer (2011) stated that the director could apply Creating shared value theory by implementing a specific mechanism, such as reorganisation of objectives, redefining of products, and better serving in markets. The director can also apply a circular economy approach which can be beneficial for the corporation and society. According to Lieder Rashid (2016), the circular economy implements a regenerative system improve the impact of the company on community and environment. Various methods can be executed by the company, such as recycling, reusing, manufacturing better products, repairing and maintenance, which assists in the reduction of wastage, saving energy and better utilisation of resources. In case of modern corporations, the stakeholder approach is more beneficial since it helps in sustaining the future development of the firm. Conclusion and Recommendations In conclusion, adopting a stakeholder approach is beneficial for modern corporations because of its multiple benefits; it also assists companies in fulfilling their duties towards society. The enterprises have numerous responsibilities towards society, therefore, they cannot adopt a shareholder primacy approach since it is discriminating against other stakeholders. Various sections of society are benefited due to the implementation of stakeholder approach by a firm. As per the theories of justice, the directors have a duty of care and loyalty towards stakeholders, and they should ensure that equal benefits are provided to stakeholders. The directors can implement various approaches, such as circular economy, CSV, and CSR, to ensure that company fulfills the interest of its stakeholders. As per my recommendations, the company should change the focus from shareholders primacy approach by altering the terms such as maximising shareholders value to maximising companys values. The proper examination of companys operations should be performed by the directors to evaluate the number of stakeholders and their requirement. The directors should ensure that an adequate stakeholder approach is implemented by the company to fulfill its moral responsibilities towards the society. The director must analyse any external or internal factor which affects the interest of stakeholder, and proper regulation should be made regarding such elements. The directors should also continuously monitor the corporate social responsibility principles and update them as per the requirements. References Bainbridge, S. M. (2002). Director primacy: The means and ends of corporate governance.Nw. UL Rev.,97, 547. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=300860 Boatright, J. R. 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