Accounting Practices And The Field Of Accounting - 1393 Words

Introduction to the authoritative resources in the field of Accounting In the era of technological advances, access to information of any subject is abundant. With this vast array of information to tap into, the credibility of the material presented becomes questionable. But throughout history, there are sources of material that have been highly regarded. These sources include Scholarly peer reviewed journals, Trade publications, and information presented by respected institutions or organizations. Technology has also allowed users to easily access a pool of information through electronic databases, which have their own set of criteria for collecting credible information. Every field of work and subject have their respected Scholarly journals, Trade magazines, and organizations that fosters the growth of that field. Accounting is the language businesses speak, therefore it is vital for publications to provide ethically sound information to conform with rules and regulations established by Generally Accepted Accounting Principles. There are many ethical practices that have serious consequences, for example unethical accounting practices resulted in the Enron scandal. Events like this require publishers to provide ethically sound information to their audience. These journals and magazines uphold these ethical values through rigorous and unbiased reviews on future articles. These sources are highly regarded and often used within the field due to their strong history ofShow MoreRelatedResearch on the Influence of Informatization1698 Words   |  7 PagesInformatization On The Accounting Theories and Practices and Real-time Control in China Yang Lu Fairleigh Dickinson University RESEARCH ON THE INFLUENCE OF INFORMATIZATION 2 Abstract The 21st century is an information age of rapid development and the computer is more and more widely used in every country. As a development country, China is effecting by the increasing improvement of modern science technology in every field. In the accountingRead MoreAccounting : Financial And Management Accounting1025 Words   |  5 PagesAccounting is one of the three careers that is being discussed that a business majors are able to embrace in. Accounting is where employees are keeping up with the company’s records. Accountants take actions on keeping up with the company payroll cost, expenditures, and the sales revenues. 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As opposed to principles, we all have our own personal practices and traditions, which determine our behavior in the society. These practices are determined from our culture, society, ancestors, experiences and religion etc. But since we live in a world where every person has their own set of practices and traditions, we cannot expect to live the way we want and this is whe re rules and principles come in. The very foundationsRead MoreGaap Essay1520 Words   |  7 Pagesthe United Kingdom (UK). UK Generally Accepted Accounting Practice (GAAP) has been in place for a long period of time and was harmonized in 2005 so as to comply with the international accounting standards. The UK embraced the principles of the International Financial Reporting Standards (IFRS) in 2005 after the European Union (EU) mandated that all members that were publicly listed companies be subject to reporting under the International Accounting Standards (IAS). 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The purpose of this essay is to highlight my experiences at Accounting Firm X to shed light upon key learning experiences that can contribute to a holistic educational experience. In this essay I will first describe my goals and expectations. Next, I will go in to detail about myRead MoreAcc 541 Accounting Standards Board Paper1116 Words   |  5 PagesAccounting Standards Boards Leslie Brian ACC/541 November 14, 2011 Delphine Agnor Wolsker Accounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. 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The profession of accounting has become a mockery due to the accounting scandals that took place all over the world in the last decade (Smith amp; Smith, 2003). The major companies involved in it are Enron , WorldCom, etc

Introduction to Global Economics and Business Assignment

Essays on Introduction to Global Economics and Business Assignment The paper â€Å"Introduction to Global Economics and Business" is a   potent example of an assignment on finance accounting. What steps have been taken by the IMF to undo some of the criticisms that it has been subjected to by economists? There is a widespread critique of the IMF that states its policies hurt local populations and the environment (due to cuts in social spending in its policies). Will these measures address these criticisms as well?IMF has been criticized for its conditionalities, which exist because of the Structural Adjustment Policies (SAPs), which can greatly reduce the level of government spending in the economy, an increment of interest rates, and deregulation and privatization. However, this has hurt the local populations, because the inflation rates have increased, and the standard of living in many countries have been witnessed to decrease. Privatization, although done to provide competition has its disadvantages, as well. Private firms may be largely ign orant of the environment, because they may exploit the resources to a great extent. However, one of the steps that the IMF has undertaken to reduce this criticism of conditionalities is to introduce programs, which do not have conditionalities in certain circumstances. The Flexible Credit Line (FCL) does not have the traditional conditionality. Sometimes, when a complete revamp of the economic system is not required, the IMF offers financial assistance under Rapid Financing Instrument (RFI) and Rapid Credit Facility (RCF). Prior actions may be required, but no present actions will need to be warranted (IMF.org, n.d).Read the following and answer the questions that follow.Australians fret about their almighty dollar, By Sid Astbury May 2, 2011.Economists tell you that the 380 workers sacked when Germany's Robert Bosch GmbH shifted car parts manufacturing from Melbourne to South-East Asia could jump on a plane for Perth and land better-paying jobs driving big trucks in the labor-starv ed ore pits.It would show in a microcosm that Australia was behaving according to international trade theory and giving up manufacturing. Specialization has worked a treat, according to Chris Richardson, an economist with business consultancy Deloitte Access. 'The world is throwing more money at us than we've seen in more than a century and unemployment is already less than five percent and headed lower,' he said.Sounds too good to be true? It is.The mining boom has helped inflate the value of the Australian dollar. It has gained 11 percent in value against the US dollar in the last six weeks. A higher dollar makes imports cheaper but it makes life hell for manufacturers, for those in tourism and for those hawking services like education in foreign markets.'Businesses are seeing competitiveness stripped from beneath them,' said industry lobby group leader Heather Ridout.Calling on the Reserve Bank of Australia to intervene in the money markets to help save manufacturing and trade-ex posed service industry jobs, she said that when currency appreciation 'starts to drive structural change in the economy, people should be asked to justify whether it is a good thing or not.'The central bank does trade currencies, but currently, it is sitting on its hands. Ridout and others would like to see the bank follow its counterparts in the United States, China, and Japan, and engineer devaluation. The chief job of the central bank is to hold down inflation and a strong currency helps with that.'Increasing interest rates is hard work,' HSBC economist Paul Bloxham said. 'If the exchange rate does some of the work for you in terms of slowing down some parts of the economy, I think that's regarded as a good thing.'One reason the Aussie dollar is soaring is that the markets are betting that the bank, which has kept the cash rate steady at 4.75% for six months, will be forced to raise interest rates in the coming months to choke off inflation.A rate rise will make holding the dolla r even more attractive - and strip even more competitiveness from the manufacturers that Ridout wants protecting.Griffiths University economics professor Tony Makin estimated the rising dollar had the equivalent effect of chopping 40 percent from the protection that some Australian manufacturers receive. But he does not see the central bank able to help the withering manufacturing sector.'All in all, the staggering commodity price hikes worldwide cannot be ignored as a signal of higher inflation to come, with the Reserve Bank will be obliged to try to counter by raising domestic interest rates,' he said.Manufacturing employs 10 times as many people as mining. And most new mining jobs will be in city-based professional services like accountancy rather in positions that could be filled by those thrown off Bosch's production lines in Melbourne.So far, the central bankers are resisting pressure on them to bash the local unit down. What Ridout fears may come to pass: a high Aussie dollar and even higher interest rates.Questions:2a. The article makes a reference to international trade theory as if there were only one such theory.   As a little review of last week, which trade theory is being used?  Theory of Comparative Advantage, because specialization is being done, in such a way that Australia is benefitting. Other countries may also be in the mining industry, but Australia is better on the edge. Manufacturing has also been forsaken because it does not provide that much effectiveness.2b. Based on the Lufthansa case, explain the options that Australian manufacturers would have to deal with the currency issue in the article.  Since imports have become cheaper, the Australian manufacturers face the problem that the people in the country will not buy their goods, because they would be expensive compared to imported goods. Additionally, the manufacturers will not be able to compete in the international market effectively, because the Aussie dollar has gotten so expensive that people will not trade their currency to buy an Aussie product. This will also lead to a balance of trade deficit because the volume of imports will increase and the value of exports will fall. The Lufthansa case (1985), in which the dollar was greater than the German currency, involved an aero-plane, which had been pre-ordered and the dollar was bound to increase. In this way, the company was going to lose out. However, the current situation in Australia is completely reversed. Hedging can be used by Australian manufacturers in much the same way that was done in the Lufthansa case. Before adopting the Euro, the Greek currency was the drachma. Setting aside the debates around who’s to blame for the crisis, why would a Greek business owner be interested in keeping the Euro? Which industries? Conversely, why might other firms/industries prefer to return to the Drachma? If the currency were reintroduced, let us assume that the drachma would depreciate against major currencies after its release.A Greek business owner would be interested in keeping the Euro, because he/she will be able to trade easily with the European world, even if the exchange rate market fluctuates, his business would not be affected. Business owners, belonging to the manufacturing industry (because they can import raw materials at much the same price) and those belonging to the tourism industry will find it beneficial because traveling would become easier and cheaper for everyone. Tourism would definitely increase. Other industries might prefer a return to Drachma because, in times of depreciation of the Drachma against major industries, manufacturers who are exporting abroad widely will benefit because the price of the Greek goods will below. However, those producers, who are producing goods that have elastic demand will benefit in such times.What are the key factors that have contributed to the increased growth of the international equity markets? Why is this good for fi rms?The main reason for the increase of the international equity markets includes this idea that the investors will gain access to markets, in which the demand for shares for equity ownership is quite high. In the 1990s, this trend increased, especially in Europe. Privatization, liberalization and open trade have led to the growth of international equity markets. It is good for different firms, because it leads them to be diversified, which means that if they lose in some other investment or another area, they can avail the profits from another equity market.

Liberty Adam Smith And Alexis De Tocqueville Both Adam Smith And Alex Essay Example For Students

Liberty: Adam Smith And Alexis De Tocqueville Both Adam Smith And Alex Essay is de Tocqueville agree that an individual is the most qualified to make decisions affecting the sphere of the individual as long as those decisions do not violate the law of justice. From this starting point, each theorist proposes a role of government and comments on human nature and civil society. Smith focuses on economic liberty and the ways in which government can repress this liberty, to the detriment of society. De Tocqueville emphasizes political liberty and the way that government can be organized to promote political liberty, protect individual liberty, and promote civil liberty. Adam Smiths theory makes a strong argument for the assertion that a free market will provide overall good for society, but, as de Tocqueville points out, it provides little or no protection for the poor. Smiths picture of human nature given in The Theory of Moral Sentiments suggests that people would do good and take care of the weak because of characteristics of their nature. Unfortunately, this image contrasts with the picture of the individual which emerges from his economic argument in Wealth of Nations and is a generally unsatisfying answer. We will write a custom essay on Liberty: Adam Smith And Alexis De Tocqueville Both Adam Smith And Alex specifically for you for only $16.38 $13.9/page Order now In attempting to define liberty, Adam Smith is mostly concerned with negative liberty, or freedom from constraint, especially market constraints. According to him, in a free market, as long as they are not fettered by government regulation, actions are guided toward the public good as if by an invisible hand. Furthermore, the economic sphere is the determining section of society. Therefore from his economic model, he derives his argument for the best role of government and asserts that the resultant society will be the best overall for civilization. Since he defines the individual as sovereign (within the laws of justice), and he defines liberty as freedom from constraint, his argument begins with the individual, defining a mans labor as the foundation of all other property. From this it follows that the disposition of ones labor, without harm to others, is an inviolable right which the government should not restrict in any way (Smith 215). He uses his economic theory to support his belief that this limitation on government action creates the most overall good for society. First, he defines all prices as being determined by labor (Smith 175). Since labor causes raw materials to have value, Smith asserts that labor confers ownership, but when stock is used there must be something given for the profits of the investors, so labor resolves itself into wages and prices (185). The support for the free market lies in the way the prices are determined and the inner workings of the market. The prices ultimately come from the value of labor. A capitalist will want to produce as much as possible, in order to make the greatest profit, therefore his demand for labor will rise. As the demand for labor rises, wages will rise. As more people begin working to meet the increased demand for labor, production will rise, and prices will fall. Following this argument, in a free market, everybody is working for his or her own personal gain, but maximum production occurs, which increases overall wealth and prosperity. If the government interferes by setting minimum wages, charging prohibitive taxes, or regulating prices, it interrupts the natural flow of the market. Therefore, Smith argues that the market prices of wages and of goods should be regulated by the market rather than by the government. Smith then identifies three classes of people who develop from capitalism: laborers, landlords, and capitalists. Each of these groups act purely out of self-interest, and for this reason Smith does not think any of them will be able to effectively rule with the good of society in mind. The laborers are incapable of comprehending that the interest of the labourer is strictly connected with that of the society. .. (Smith 226). The landlords are the most impartial of the classes and therefore the least likely to use government for any plan or project of their own, but they are too often, not only ignorant, but incapable of that application of mind which is necessary in order to foresee and understand the consequences of any public regulation (226). By process of elimination, Smith settles on the capitalists as the most fit to rule, but stipulates, the proposal of any new law or regulation of commerce which comes from this order ought always to be listened to with great precaution, and out never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention (227). Due to the lack of a class which would be able to lead with societys interests in mind and because the unfettered free market in which everyone is selfishly motivated produces the most, Smith relegates to government only the three tasks of the defense of the nation, the administration of justice, and the maintenance of certain public works (289). This plan will prevent too many unnecessary restrictions on perfect liberty, or complete freedom from restraints, and will allow a system of natural liberty to establish itself in which every man, as long as he does not violate the laws of justice, i s left perfectly free to pursue his own interest his own way. This role of government also solves the impassable lack of information problem that, according to Smith, is faced by any government which takes the responsibility for superintending the industry of private people. .uf1f821b76b07ea2e321171692487d278 , .uf1f821b76b07ea2e321171692487d278 .postImageUrl , .uf1f821b76b07ea2e321171692487d278 .centered-text-area { min-height: 80px; position: relative; } .uf1f821b76b07ea2e321171692487d278 , .uf1f821b76b07ea2e321171692487d278:hover , .uf1f821b76b07ea2e321171692487d278:visited , .uf1f821b76b07ea2e321171692487d278:active { border:0!important; } .uf1f821b76b07ea2e321171692487d278 .clearfix:after { content: ""; display: table; clear: both; } .uf1f821b76b07ea2e321171692487d278 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uf1f821b76b07ea2e321171692487d278:active , .uf1f821b76b07ea2e321171692487d278:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uf1f821b76b07ea2e321171692487d278 .centered-text-area { width: 100%; position: relative ; } .uf1f821b76b07ea2e321171692487d278 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uf1f821b76b07ea2e321171692487d278 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uf1f821b76b07ea2e321171692487d278 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uf1f821b76b07ea2e321171692487d278:hover .ctaButton { background-color: #34495E!important; } .uf1f821b76b07ea2e321171692487d278 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uf1f821b76b07ea2e321171692487d278 .uf1f821b76b07ea2e321171692487d278-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uf1f821b76b07ea2e321171692487d278:after { content: ""; display: block; clear: both; } READ: Context is all Essay No government official could possibly account for all of the chains of cause and effect, and no government can truly know what is in the best interest of every individual. Furthermore, it is important to recognize that in Smiths theory, the government is actually defending the rich against the poor. The poor, according to Smith, are often driven by envy and need to invade the possessions of the rich. It is only under the shelter of the civil magistrate that the owner of that valuable property, which is acquired by the labour of many years or perhaps of many successive generations, can sleep a single night in security (294). Note the assumption that the rich are entitled to their wealth because it is acquired by hard work either of the person or his family. Because of this, Smith considers civil government a necessary institution. One objection to this view of government and to the economic reading in general is that one of the duties of government is to protect the poor from the tyranny of the rich. In fact, in Smiths economic perspective, money demonstrates preferences. Therefore, people with more money are able to influence the market much more than people with less, and would therefore be less needing of government protection. It is the people with less money who can least afford change and bad times. Thus, these people are in the least position to combat unfair practices or to change their position. Alexis de Tocqueville recognizes this fault in Smiths system. First, laborer becomes more and more involved in his labors, and therefore more focused on the small details for which he is responsible, while the industrialist becomes increasingly interested in the larger workings of the factory. In this way, the two classes become less alike and mobility between them becomes more difficult. Finally, the industrial aristocracy of our day, when it has impoverished and brutalized the men it uses, abandons them in time of crisis to public charity to feed them (de Tocqueville 558). In Smiths governmental plan, there are no provisions for taking care of the poor when they are not taken care of by the market system. In his Theory of Moral Sentiments, Smith suggests that human nature will turn the beneficence of the rich to the poor out of sympathy for their condition (136), but this response does not offer strong enough promise that the poor will be cared for when the market fails. One can only hope that the de Tocqueville analysis is wrong and the laborers will always make high enough wages. Yet in Wealth of Nations, Smith says, A man must always live by his work, and his wages must at least be sufficient to maintain him, (197), but is later forced to admit that when society is in decline, wages fall even below what is barely enough to enable to bring up a family, or to continue the race of laborers (226). It is the capitalists who are calculated to be the most qualified to serve as government officials, it is the capitalists who have the most control over the market through manipulation of their money, and in the end it is still the capitalists who Smith thinks need to be protected from the poor. This lack of provision for the laborer makes Smiths system rather unsatisfying. Alexis de Tocqueville offers a more satisfying system stemming from the same faith in individual sovereignty. Where Smith states, Every individual . . . can, in his local situation judge much better than any statesman or lawgiver can do for him (265), de Tocqueville says, Providence has given each individual the amount of reason necessary for him to look after himself in matters of his own exclusive concern. That is the great maxim on which civil and political society in the United States rests.. . (397) The phraseology of these similar arguments is demonstrative if the different emphasis of the authors. Smiths phrase inherently limits government whereas de Tocquevilles includes it in government. By turning his focus to political society, de Tocqueville highlights the role of positive liberty 5 in government and builds an argument for the protection of political liberty and individual freedom, which he considers to be built into aristocratic society, but easily lost in democratic society. In defining liberty, de Tocqueville applauds the following definition of freedom by Winthrop: There is a civil, a moral, a federal liberty, which is the proper end and object of authority: it is a liberty for that only which is just and good; for this liberty you are to stand with the hazard of your very lives. . .This liberty is maintained in a way of subjection to authority; and the authority set over you will in all administrations for your good be quietly submitted unto, by all but such as have a disposition to shake off the yoke, and lose their true liberty, by their murmuring at the honour and power of authority (46). .u3719c25fdd9617cb4a0c3a976d76c45f , .u3719c25fdd9617cb4a0c3a976d76c45f .postImageUrl , .u3719c25fdd9617cb4a0c3a976d76c45f .centered-text-area { min-height: 80px; position: relative; } .u3719c25fdd9617cb4a0c3a976d76c45f , .u3719c25fdd9617cb4a0c3a976d76c45f:hover , .u3719c25fdd9617cb4a0c3a976d76c45f:visited , .u3719c25fdd9617cb4a0c3a976d76c45f:active { border:0!important; } .u3719c25fdd9617cb4a0c3a976d76c45f .clearfix:after { content: ""; display: table; clear: both; } .u3719c25fdd9617cb4a0c3a976d76c45f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u3719c25fdd9617cb4a0c3a976d76c45f:active , .u3719c25fdd9617cb4a0c3a976d76c45f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u3719c25fdd9617cb4a0c3a976d76c45f .centered-text-area { width: 100%; position: relative ; } .u3719c25fdd9617cb4a0c3a976d76c45f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u3719c25fdd9617cb4a0c3a976d76c45f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u3719c25fdd9617cb4a0c3a976d76c45f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u3719c25fdd9617cb4a0c3a976d76c45f:hover .ctaButton { background-color: #34495E!important; } .u3719c25fdd9617cb4a0c3a976d76c45f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u3719c25fdd9617cb4a0c3a976d76c45f .u3719c25fdd9617cb4a0c3a976d76c45f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u3719c25fdd9617cb4a0c3a976d76c45f:after { content: ""; display: block; clear: both; } READ: Crew Resource Managament Essay This definition emphasizes positive liberty, which is maintained through subjection to the authorities which have liberty as their goal. Implicit in this definition then is the assertion that government will has the power to act in the name of society. In an aristocratic society, negative liberty in the form of freedom from arbitrary control is built into the system. Also, for the aristocrats, positive liberty in the form of ability to act as a group exists. The question which de Tocqueville faces in describing democracy is how to expand these liberties to include all people. Positive liberty is opened to all people by extending the suffrage and electing a representative government, but there are no structural barriers to protect the negative liberties. Alexis de Tocqueville is especially concerned with the tendency towards tyranny of the majority. He therefore examines the institutions in American society which will balance the tendency of the majority to overpower its opposition. One such system is that of strong local government. De Tocqueville agrees with Smith that people should be allowed to take care of their own affairs because they are closer to them. He then extends his analysis beyond this to include the social benefits of strong local government. Local liberties . . . bring men constantly into contact, . . . and force them to help one another (511). Such social benefits are the more important consideration for de Tocqueville. If society can be maintained in a way which counteracts the overpowering strength of the majority, liberty will continue. Unlike Smith, however, de Tocqueville does not think that this argument for strong local government leads to the conclusion that federal government should be extremely limited. In fact, de Tocqueville expects the tasks of government to perpetually increase. This conclusion is based on the assertion that men will be less and less able to produce the bare necessities (515). Smith agrees with this statement but expects the market to step in and provide all that is desired. De Tocqueville does argue that the government must never wholly usurp the place of private associations. Implicit in his criticism of Adam Smiths industrial economy, which argued that the industrial aristocracy would abandon the poor to government support, is the assertion that government will take responsibility for the poor. De Tocqueville observes that in the United States the framers of government had a higher and more comprehensive conception of the duties of society toward its members than had the lawgivers of Europe at that time, and they imposed obligations upon it which were still shirked elsewhere. There was a provision for the poor . . . (44). The phrases chosen demonstrate de Tocquevilles support for the programs. While Adam Smith would argue that these provisions would hinder the free market by redistributing income and interfering taxation, de Tocqueville is clearly asserting that the duty of society to its members does include obligations to protect the weaker members of society. One of Smiths reasons that government should be limited is because there is no group of people who will rule with the good of society in mind. By turning the focus away from the individual or class of people who will be the magistrates and towards the system of selection, de Tocqueville makes a case for not needing to limit democratic government as severely as Smith would like. It is certainly not the elected magistrate who makes the American democracy prosper, but the fact that the magistrates are elected (512). The people collectively will elect a group of representatives who will have the power to make laws, but the power of executing them will be left to the lower officials. Often only the goal to be aimed at is indicated to , and they are left to choose their own means (206). In this way, the power of government is great, but the power of each individual to turn it to personal gain is small. It is not the definitions of liberty offered by the two theorists which are wholly incompatible, but rather the assertions about the workings of society and the conclusions about the role of government. Adam Smiths account provides a good argument for the power of the market and for a laissez-faire governmental policy. Unfortunately, his theory fails to account for the societal problems such as maintenance of the poor. Alexis de Tocquevilles theory uses the same considerations of individual rights and self-interested motives, but examines more closely the societal institutions which can balance governmental action. He therefore relegates a larger role to government which includes a duty to take care of its members through legislation aimed at liberty.

Dynamics of Open Systems Model

Question: Describe about the dynamics of open systems model. Answer: Introduction Open Systems have porous or open ended boundaries that allow the exchange of information from inside to outside of the organization and vice versa. The organizations are increasingly adopting open systems so that they can be more aware of the external environment as well as the needs of the customers (Scott and Davis 2015). The open systems need to find more than one ways to achieve the organizational goals. In this essay, the open systems management model is discussed in an organizational perspective. One incident is also discussed, which showcases the application of the open system organizational approach. Discussion The systems that exchanges feedback to and from its external environment, is known as Open Systems. The open systems consist of inputs, outputs, processes, assessments, goals, evaluation and others (Steghfer et al. 2013). The healthy open systems engage in the sharing of information beyond the barriers of the organization. The boundaries of the organization are extremely porous, which allow transmit of the information. The external environment comprises of the influences and the needs, which affect the organizational functioning. There can be a lot of influences like economic, political, ecological, technological and societal in nature (Scott and Davis 2015). The highly effective organizations are regularly exchanging feedbacks with the external environment of the organization. The organizations try to scan the business environment by carefully assessing the market dynamics. The organizations use market research and market evaluations for the purpose of understanding of the external environment (Drori and Honig 2013). The organizations take initiatives of influencing the external environment by the use of various tools like public relations, promotions, advertising, advocacy and others. The organizations are concerned about the outcomes of their business (Steghfer et al. 2013). The outcomes are considered as critical factors responsible for the functioning of the business (Reich and Benbasat 2013). The outcomes are considered as the benefits that are accomplished by the business entity. The outcomes are measured by knowledge, behaviors, attitudes, conditions and values. The organizations strive for discovering more than a single way of ac complishing the same outcome. This explains the fact that there is no right way of doing a particular job. There are four characteristics of an open system like Inputs, Processes, Outputs and Outcomes (Schmutz and Manser 2013). The inputs consist of the standard concepts used by the organization in their day to day functioning. The examples of the inputs are ideas, people, time, money, technologies, facilities, customers, locations and others. The processes include the subsystems that are responsible for processing the inputs and the generation of desired outputs. These comprises of the individuals, teams, programs, projects, products, functions and others. The outputs consist of the tangible results from the organization (Steghfer et al. 2013). This includes the satisfied customers, revenues, patients, fixed cars, furniture, houses and others. The outcomes imply the benefits to the customers (within the external environment) after using the concerned outputs. The customers who are financially strong, happy, content, employed, literate, healthy, independent, healthy and others are conside red to have reached the optimum level of outcome (Schmutz and Manser 2013). The technological advancements are widely common in todays world. For example, Hospital ABC is one decade old and is successfully running its operations. It is a 100 bedded hospital. In recent times, I have taken feedback from the external environment and found out that the competitors are implementing the Electronic Medical Records in their systems (Gottesman 2013). I have found out that it is the needs of the customers as well as the organizational needs to install an electronic medical record system. The electronic record would help the company to improve its overall functioning and decreasing the turnaround time. This would lead to higher patient satisfaction rates. This would imply that the organization would be enjoying greater level of profits. I have scanned the external environment and found out the profitability of the electronic medical record. As a result, I took initiatives to formulate an action plan and consulted with the IT department to implement the most awaited ele ctronic medical record. I have successfully implemented the new software. The output of the implementation was satisfied customers and the increasing revenues. The outcomes of this software implementation were the customers were happy, delighted, healthy and satisfied. Conclusion The open systems management approach in organizations is flexible in nature. It is important for the organizations to get a thorough idea of the external environment. The analysis of the external environment is essential for the better services and products of the company. The open exchange of information between the internal and external environment ensures that both the organization and the customers are well aware of each other. References Drori, I. and Honig, B., 2013. A process model of internal and external legitimacy.Organization Studies,34(3), pp.345-376. Gottesman, O., Kuivaniemi, H., Tromp, G., Faucett, W.A., Li, R., Manolio, T.A., Sanderson, S.C., Kannry, J., Zinberg, R., Basford, M.A. and Brilliant, M., 2013. The electronic medical records and genomics (eMERGE) network: past, present, and future.Genetics in Medicine,15(10), pp.761-771. Reich, B.H. and Benbasat, I., 2013. 10 Measuring the Information SystemsBusiness Strategy Relationship.Strategic Information Management, p.265. Schmutz, J. and Manser, T., 2013. Do team processes really have an effect on clinical performance? A systematic literature review.British Journal of Anaesthesia, p.aes513. Scott, W.R. and Davis, G.F., 2015.Organizations and organizing: Rational, natural and open systems perspectives. Routledge. Steghfer, J.P., Anders, G., Siefert, F. and Reif, W., 2013. A System of Systems Approach to the Evolutionary Transformation of Power Management Systems. InGI-Jahrestagung(pp. 1500-1515).