The Tyger Essay -- essays research papers

â€Å"The Tyger† Ana Melching Does god create both gentle and fearful creatures? If he does what right does he have? Both of these rhetorical questions are asked by William Blake in his poem â€Å"The Tyger.† The poem takes the reader on a journey of faith, questioning god and his nature. The poem completes a cycle of questioning the creator of the tyger, discussing how it could have been created, and then returns to questioning the creator again. Both questions about the tyger’s creator are left unanswered. William Blake uses rhythm, rhyme, and poetic devices to create a unique effect and to parallel his theme in his work â€Å"The Tyger.†   Ã‚  Ã‚  Ã‚  Ã‚  William Blake’s choice of rhythm is important to his poem â€Å"The Tyger† because it parallels the theme of the poem, that the tyger may have been made by god or another harsher creator. Most of the poem is written in trochaic tetrameter as can be seen in line three, when Blake says, â€Å"What immortal hand or eye.† This rhythm is very harsh sounding, exemplifying the very nature of the tyger. Some of the lines in the poem were written in iambic tetrameter, such as in line ten, when Blake says, â€Å"Could twist the sinews of thy heart? .† Iambic tetrameter has a much softer sounding beat than does trochaic tetrameter. This implies the gentle nature of god, and if he could create such a beast. The last word of each quatrain is written in a spondee. This h...

David Berman Essay

David Berman reviewed the macroeconomic numbers on inventory turns as he prepared for his regular appearance on CNBC’s â€Å"Squawk Box† as a morning co-host. A leading expert on â€Å"consumer related† stocks, Berman and his colleagues including portfolio manager Steve Kernkraut, a seasoned retail executive and analyst, were frequent contributors to various TV shows. On April 4th 2005, Fortune magazine ran a story on Berman called â€Å"King of the Retail Jungle†, and on December 13th, 2004, Barron’s ran a story called â€Å"Smart Shopper† where Berman’s four stock picks as identified, appreciated 30% on average over the next quarter. â€Å"Off air† he was a fund manager as well as founder and president of Berman Capital (which managed proprietary funds) and founder of and general partner in New York-based Durban Capital, L.P. (which managed outside and proprietary capital). Glancing at his notes on macro trends in retail inven tory turns, Berman wondered if he should talk about his impressions on the show. Berman held a bachelors degree in finance and masters equivalency in accountancy from the University of Cape Town in South Africa. He had also passed the South African chartered accountant and the United States CPA examinations. Berman obtained his CPA qualification in California while an auditor for Arthur Andersen and Company where he examined the financial statements and operations of a number of retail clients. He had been the auditor of Bijan, the notable men’s upscale clothing store on Rodeo Drive and 5th Avenue. Prior to starting his own funds Berman worked as a portfolio manager and analyst primarily at two Wall Street firms. He evolved his investment style under the tutelage of Michael Steinhardt of Steinhardt Partners, which he joined shortly after graduating with distinction from Harvard Business School in 1991. From 1994 to 1997 Berman worked in consumer-related stocks at another large hedge fund. He subsequently launched Berman Capital in 1997 and Durban Capital i n 2001. Professor Ananth Raman of Harvard Business School, Professor Vishal Gaur of the Stern School of Business at New York University, and Harvard Business School Doctoral Candidate Saravanan Kesavan prepared this case. Certain details have been disguised. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright  © 2005 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. Copying or posting is an infringement of copyright. Permissions@hbsp.harvard.edu or 617-783-7860. 605-081David Berman Berman believed that his training as an accountant together with his MBA and practices he developed over the years to refine accounting estimates enabled him to notice aspects of retail accounts that would be missed by most investors. The relationship between inventory and earnings and therefore share price, for example, while obvious to a retailer, was seldom recognized by analysts or investors. â€Å"This relationship,† Berman observed, â€Å"is ASTOUNDINGLY powerful, but surprisingly few understand why. Most think it’s just a function of inventory risk. It’s not. It’s primarily a function of how the operating margins can be manipulated by management in the short term by playing around with inventories†. â€Å"For example,† said Berman, â€Å"if a retailer’s inventories are growing much faster than sales, then gross margins would be higher than they ordinarily should be, as the retailer has not taken the mark-downs that a solid disc iplined retailer should take.† â€Å"Interestingly,† Berman beamed, â€Å"there is no law in GAAP that limits the number of days’ inventory to any â€Å"norm,† and as such, the practice of increasing inventories beyond any â€Å"norm† goes unfettered.† Berman continued â€Å"managements sign-off on the inventories as being fairly valued, and the auditors pretty much rely on their word.† Berman believed that â€Å"from an investor’s perspective, it’s a game of musical chairs; you don’t want to be the last person standing. In other words, you don’t want to be an investor when sales slow and when mark-downs of the bloated inventory finally need to be taken to move the goods†. The relationship of inventories to sales was also an important one that Berman focused on. â€Å"In a period of rising inventories on a square foot basis†, Berman says â€Å"it is quite obvious that same store sales should rise as the offering to the customer is that much greater. Simply put, the more offerings you put in a store, ceteris paribus, the bigger sales should be.† â€Å"It is at this time,† Berman argued, â€Å"that the stock price rises, as investors place higher valuations on retailers with higher sales, despite that this higher valuation is achieved primarily due to the higher inventories†. An excellent example of the inventory to sales relationship was Home Depot: In 2001 and 2002 Home Depot’s new CEO, Bob Nardelli1, seemed to struggle in managing the transition from a cash-flow GE-type philosophy to a retailer Home Depot-type philosophy. In his DeeBee Report2 dated June 10th 2003, Berman stated: â€Å"Bob Nardelli learned the power of inventory the hard way. In focusing on cash flow improvement, he dramatically lowered inventories – and yes, increased cash balances – only to see a huge decline in same store sales, and in its stock price {the stock went from around $40 to $22}. And so, under immense pressure, Nardelli reversed course and focused intensely on increasing inventories. Since Q2 of last year, inventories had been building until they were up 25% year over year. And yes, same store sales did improve, as did the stock price.† Recognizing this as potentially a short-fix, Berman continued â€Å"Now the cynical would view this increase in sales with skepticism, noting that it wasn’t of â€Å"high quality† as it was due, in part, to the massive inventory build. It is, however, pleasing to note that Home Depot simply got inventories back to â€Å"normal†, in that it now has turns similar to its’ competitors†. The stock, following the same store sales and earnings increases, which in essence followed the inventories increase, rose from $22 at the start of 2003 to $36 by the end of 2003. When asked about this â€Å"fix†, Berman responded â€Å"it will be more challenging for Nardelli to increase same store sales and margins going forward because his increasing inventories and therefore same store sales is arguably a one-time benefit and is essentially what caused the â€Å"fix†. Berman concluded by 1 Nardelli had worked at General Electric (GE) before taking over as CEO of the Home Depot. 2 A periodic report where Berman discusses his thoughts on retail, focusing on inventories. Given his insights as articulated, Berman believed his fund could value firms more accurately through better valuation of inventory. This was pivotal to his investment strategy. â€Å"You see,† Berman elaborated, â€Å"Wall Street basically ignores inventory. It’s actually quite amazing to me! This gives us one of our edges.† Comparing recently gathered retailer numbers that examined total sales in the U.S. economy to total inventory, for almost 300 retailers, Berman remarked: â€Å"The total sales to total inventory numbers is also a crucial relationship over time, and it gives us a macro edge, if that’s possible to believe. Indeed, at the end of Q2, 2003 I knew there would be serious inventory rebuilding in the economy going forward, as overall sales had grown at a faster rate than inventories. Indeed, in Q3, 2003 we saw a rapid and unexpected increase in GDP from 2.3% to 3.5% thanks in part to inventory rebuilding. This increase continued through Q1, 2 004 when GDP growth reached 5%.† Berman loved to discuss investment opportunities he had spotted by looking carefully at firm inventory: One of the clearest examples was Saucony (Nasdaq: SCNYA), a shoe company based near Boston, MA. Berman identified this company as a strong buy when he noticed in 2003 that even though sales were flattish, inventories had declined about 20% year over year. To Berman, this bode well for future gross margins. He started buying the stock at $14 in late 2003 due primarily to these lean inventories, despite that the stock was illiquid thus presenting greater risk, and despite that management was remarkably coy about sharing information. A year later, the stock had doubled. During this time period, sales rose, as did inventories, and of course, the gross margin expanded significantly, as expected. Earnings per share rose from $0.85 in 2002 to $1.29 in 2004. Berman’s selling, which came shortly after management asked him to ring the Nasdaq bell with them, was again based on a function  of his inventory analysis. This time it was the opposite scenario – inventories were now growing at the same pace as sales, so the trend of sales to inventories had deteriorated – and Berman was worried. To make matters worse, calls to management were not being returned. Sure enough, in March 2005, before Berman had gotten out of this illiquid position, Saucony announced it would miss earnings estimates and the stock cratered 20%. Yet another clear example was Bombay (NYSE: BBA). In November 2003, Bombay Company, a fashionable home accessories, wall dà ©cor, and furniture retailer, announced that sales were up 19% with inventories up 50% year over year. While the retailer beat earnings estimates, the company spoke of early November sales weakness, and the stock declined 20% that day to $10. Despite the decline, and noticing that inventories were up way too much, Berman felt the â€Å"music had stopped.† â€Å"Going into Q4 it was clear they would have to miss numbers again unless the consumer saved them, which would be a shocker†, he said. Just over two weeks later they lowered earnings again and the stock crated another 20% to $8. Remarkably, just four weeks later, after Christmas, management lowered earnings yet again, and the stock declined yet another 20%. â€Å"It was so sweet† exclaimed Berman, â€Å"to see the classic inventory / earnings relationship at work so quickly.† In just one and a half months, the stock declined 50% primarily because of inventory mismanagement along with weaker sales. As Berman prepared to leave for the studio, Christina Zinn, a young apprentice he had just hired from Harvard Business School, walked in and presented him with a stack of papers containing the valuation of John B. River (John B. River Clothiers, Inc. NASDAQ: JONR). â€Å"JONR is undervalued,† Zinn remarked, â€Å"and I think we should invest in this stock. Sales were up 24% in 2004 over the previous year, and gross margins, having risen for four straight years, seem to have peaked at 60% (one of the highest gross margins in all of US retail). 2005, the company’s price/earnings ratio is less than that of its primary competitor, Men’s Wearhouse, which is at 17.5 times estimated earnings. This is particularly strange given that John B. River has been growing faster than Men’s Wearhouse during the last few years.† Inventory Productivity in the Retail Sector Inventory turnover, the ratio of cost of goods sold to average inventory level, was commonly used to measure the performance of inventory managers, compare inventory productivity across retailers, and assess performance improvements over time.3 But wide variations in the annual inventory turnover of U.S. retailers year to year not only across, but also within, firms made it difficult to assess inventory productivity in practice, as evidenced by the following example and questions. Between 1987 and 2000 annual inventory turnover at Best Buy Stores, Inc. (Best Buy), a consumer electronics retailer, ranged from 2.85 to 8.53. Annual inventory turnover at three peer retailers during the same period exhibited similar variation: at Circuit City Stores, Inc. from 3.97 to 5.60; at Radio Shack Corporation from 1.45 to 3.05; and at CompUSA, Inc. from 6.20 to 8.65. Given such variation how could inventory turnover be used to assess these retailers’ inventory productivity? Could these variations be correlated with better or worse performance? Could it be reasonably concluded from this example that Best Buy managed its inventory better than Radio Shack? Inventory turnover could be correlated with other performance measures. Strong correlations, as between inventory turnover and gross margin, might have implications for the assessment of retailers’ inventory turnover performance. (Figure 1 plots the four consumer electronics retailers’ annual inventory turnover against their gross margins (the ratio of gross profit net of markdowns to net sales) for the period 1987-2000.) Relationships among Management Measures Relationships among inventory turns, gross margins, and capital intensity were central to deriving suitable benchmarks for assessing corporate performance. (Figure 2 presents a simplified view of an income statement and balance sheet. Table 1 presents mathematical definitions for inventory turnover, gross margin, capital intensity, return on assets, sales growth, and other management measures based on Figure 2 .) Whereas return on assets, sales growth, return on equity, and financial leverage tended not to vary systematically from one retail segment to another, variation in the components of return on assets was observed between and within industry segments. (Table 2 lists retail segments4 and examples of firms.) Table 3 presents gross margins, inventory turns, GMROI5, and asset turns for supermarkets, drugstores, convenience stores, apparel retailers, jewelry retailers, and toy stores.) Retailers with stable, predictable demand and long product lifecycles such as grocery, drug, and convenience stores tended to have better â€Å"efficiency ratios† (asset turns and inventory turns) than other retailers, retailers of short lifecycle products such as apparel, shoes, electronics, jewelry, and An alternative measure of inventory productivity, days of inventory, could be substituted for inventory turnover for the present analysis. Classification of segments is based on S&P’s Compustat database. GMROI is defined as gross margin return on inventory investment. Variation in gross margins, inventory turns, and SG&A expenses within and between segments ROE could be decomposed into gross margin and inventory turns, and further into the relationship between capital intensity and inventory turns (see below).Anticipating roughly similar ROE measures for different retailers, all else remaining equal, a change in any of the component metrics on the right side of the equation would be expected to result in a compensating change in some other component metric. For example, for ROE among retailers to be equivalent a retailer with higher gross margins would need to experience a compensating change in some other component, such as inventory turns. Gross margin and inventory turns: Gross margin and inventory turns were expected to be negatively correlated, that is, an increase in gross margin was expected to be accompanied by a decrease in inventory turnover. A retailer that carried a unit of product longer before selling it (i.e., a retailer with slower inventory turns) would expect to earn substantially more on its inventory investment than a retailer that carried the inventory item for a shorter period. For example, Radio Shack, which turned its inventory less frequently than twice a year,  was expected to realize higher gross margins on each sale than retailers such as CompUSA, which turned its inventory more than eight times per year. Retailers such as Radio Shack were said to be following the â€Å"profit path† (i.e., earning high profit with each sale), retailers such as CompUSA the â€Å"turnover path† (i.e., earning quickly after making an inventory investment small profits with each sale). Retailers within the same segment were expected to achieve equivalent inventory productivity. Inventory productivity could be estimated as the product of a firm’s gross margins and inventory turns, termed gross margin return on inventory investment or GMROI (pronounced â€Å"JIMROY†). If GMROI remained stable within a segment an inverse relationship between gross margin and inventory turns would be observed. (Figure 3 depicts the expected relationship.) A correlation between gross margin and inventory turns, although expected, did not, however, imply a causal relationship between the two variables. That is, a firm that increased its gross margin by better managing its inventory turns would not necessarily decline commensurately. The correlation between gross margin and inventory turns could instead reflect mutual dependence on the characteristics of a retailer’s business. Capital intensity and inventory turns: Investments in warehouses, information technology, and inventory and logistics management systems involved capital investment, which, being accounted for as fixed assets, was measured by an increase in capital intensity. Firms that made such capital investments often enjoyed higher inventory turns. Hence, inventory turns could be positively correlated with capital intensity. That an increase in inventory turnover and concurrent decrease in gross margin was not necessarily indicative of improved inventory management capability suggested limits to the use of inventory turnover in performance analysis. If, however, two firms had similar inventory turnover and gross margin values but different capital intensities the firm with the lower capital intensity might possibly have better inventory management capability. It was thus desirable to incorporate changes in gross margin and capital intensity into evaluations of inventory productivity. Zinn’s Analysis of John B. River Berman fidgeted in his chair. He enjoyed opportunities to evangelize to and educate television audiences, but found the wait in the studio tedious. Until called to hold forth on various aspects of managerial performance and investment strategy he would, he decided, wade through the report Zinn had prepared for him. Company Background On November 8, 2004 John B. River Clothiers, Inc., a leading U.S. retailer of men’s tailored and casual clothing and accessories, opened its 250th store. The retailer employed, in addition to the physical store format, two other channels: catalogs, and the Internet. Production of John B. River’s designs according to its specifications was contracted to third party vendors and suppliers. John B. River’s product suite, intended to dress a male career professional from head to toe, was identified with high quality and value. Its upscale, classic product offerings included tuxedos, blazers, shirts, ties, vests, pants, and sports wear. Excepting branded shoes from other vendors, all products were marketed under the John B. River brand. Trends in workplace clothing were an important determinant of John B. River sales growth. Thus, the early 1990s trend towards acceptability of informal clothing in the workplace was cause for concern to a retailer that emphasized men’s formal suits. But in the early 2000’s the pendulum seemed to swing back, with increasing numbers of employees preferring to dress more formally for the workplace. The material in this section is from John B. River Clothiers, Inc’s 2004 10-K Statement Retail stores were John B. River’s primary sales channel. Eighty percent of store space was dedicated to selling activities, the remaining 20% allocated to stockroom and tailoring and other support activities. Tailoring was a differentiating service highly valued by the retailer’s clientele. John B. River catered to high-end customers and so located its retail stores in areas with appropriate demographics. Its seven outlet stores provided a channel for liquidating excess merchandise. John B. River’s catalog and Internet channels accounted for approximately 11% of net sales in fiscal 2003 and 12% of net sales in fiscal 2002. Approximately eight million catalogs were distributed over these two years. Catalog sales were supported by a toll-free number that provided access to sales associates. The primary competitors of John B. River were Men’s Wearhouse Inc. (Ticker: MW) and Brooks Brothers (privately held). Apart from competing with these  specialty retailers, John B. River competed with large department stores such as Macy’s and Filenes, which enjoyed substantially greater financial and marketing resources. Supply Chain John B. River’s merchandise buying and planning staff used sophisticated information systems to convey product designs and specifications to suppliers and third party contract manufacturers and manage the production process worldwide. Approximately 24% of product purchases in fiscal 2003 were sourced from U.S. suppliers. Mexico accounted for 15% and none of the other countries from which products were sourced accounted for more than 10% of purchases. An agent was employed to source products from countries located in or near Asia. All inventory was received at a centralized distribution center (CDC), from which it was redistributed to warehouses or directly to stores. Store inventory was tracked using point-of-sale information and stock was replenished as necessary. John B. River expected to spend between $3 and $4 million in fiscal 2004 to increase the capacity of its CDC to accommodate 500 stores nationwide. Growth Strategy and Risks John B. River had developed a five-pronged strategy for achieving growth. First, it planned to further enhance product quality by elevating standards for design and manufacture. Second, it planned to expand catalog and internet operations. Third, it intended to introduce new products. Fourth, it was moving towards eliminating middlemen from the sourcing of products Fifth, it was committed to providing consistently high service levels by maintaining high inventory levels. Anticipating that growth relied on opening new stores, John B. River planned to expand to 500 stores. Approximately 60 stores were opened in fiscal 2004, increasing store count to 273, and about 75 to 100 stores were planned from  2005-08. Upfront costs associated with opening a new store included approximately $225,000 for leasehold improvements, fixtures, point-of-sale equipment, and so forth and an inventory investment of approximately $350,000, with higher inventory levels during peak periods. John B. River’s growth strategy was sensitive to consumer spending. John B. River relied on its emphasis on classic styles to retain a niche in men’s suits, a strategy that rendered it less vulnerable to changes in fashions but dependent on continued demand for classic styles. Zinn’s Analysis of John B. River’s Financial Statements Inventory: John B. River used the first-in-first out method to value inventory. During price increases FIFO valuation generated higher net income than LIFO valuation. John B. River’s inventory had been growing rapidly over the past four years. Zinn was surprised by the inventory growth, especially that inventory had grown faster than sales. Although inventory grew by 54% in 2003, corresponding sales growth was only 23%. In 2004 however, sales grew 24% while inventory grew by only 4%. Inventory at the end of 2004 however continued to be high at 303 days. Further the days’ payables increased from 54 days in 1998 to 82 days in 2004. Payables as a percentage of inventory however had declined from roughly 33% in 1998 to roughly 27% in 2004. But Zinn was not sure these concerns had much impact on her valuation of the company. Financial ratios: Current ratio and quick ratio had been hovering around 2 and 0.2, respectively.10,11 The large difference between these two ratios reflected the fact that most of John B. River’s current assets were inventory. Obsolescence costs would consequently be fairly high and could place the retailer in financial distress. The other financial ratios were indicative of a healthy company. ROE had increased from 15% to 27% since fiscal 2000. This increase had been largely fueled by an increasing profit margin (0.7% to 5.5% over the same period). John B. River had enjoyed rapid growth in sales over the last few years. Annual Sales growth had increased from 9% in 1998 to 24% in 2004, fueled by sales growth in existing stores (approximately 8% per year) as well as the opening of new stores and increased sales from the retailer’s catalog and internet channels. John B. River enjoyed a healthy increase in gross margins from 51% to 60% over the same period. Tables 4 and 5 provide key operational metrics for John B. River and Men’s Wearhouse. Prospective Analysis: Zinn had taken the Business Analysis and Valuation (BAV) class at HBS and discovered the â€Å"BAV tool.†12 She had used this tool to create a simpler model (used in the present analysis) to capture key aspects of valuation. Table 6 provides some key historical operational metrics for John B. River that Zinn used for her prospective analysis. Current ratio, defined as the ratio of current assets to current liabilities, was an indicator of a company’s ability to meet short-term debt obligations; the higher the ratio the more liquid the company. Quick ratio (or acid-test ratio), defined as the ratio of (cash + accounts receivable) to current liabilities, measured a company’s liquidity. The BAV tool was an Excel-based model developed by Harvard Business School faculty for valuing companies. Key assumptions made by Zinn in performing the prospective analysis of John B. River included the following. 1) Time horizon: Zinn chose a five year time horizon from 2005 to 2009 based on expected sales growth (derived from management projections). Beyond 2009 Zinn assumed the company to have reached a steady state defined by terminal values. 2) Sales growth: Zinn assumed that management’s projections for new stores were reasonable and that the new stores would be equivalent in size and productivity with the retailer’s existing stores. Using growth assumptions about stores and same store sales, Zinn computed sales growth for fiscal years 2005-2008 to be 18% (based on 15% square footage growth and 3% same store sale growth), and 10% for 2009. Sales after 2010 in Zinn’s analysis were expected to grow at the 4% industry standard for retail apparel stores13. 3) Gross margin: Gross margin had been steadily increasing; Zinn expected it to hover around 60% for the next five years and then assumed gross margin to reach its terminal value to reflect increased competition. 4) Other assumptions about the income statement: Zinn assumed that SG&A to sales and other operating expenses to sales would continue at the 2004 levels for the near term (till 2008). 5) Assumptions about the balance sheet: Zinn assumed that current assets to sales, current liabilities to sales, and long term assets to sales would continue at their 2004 levels, that is, the company would maintain a similar capital structure and remain as productive with its long term assets as in 2003. Zinn obtained terminal values from industry norms for â€Å"Men’s and boys’ clothing stores†14. The market risk premium was assumed to be 5%, risk free rate 4.3%, marginal tax rate 42%, and cost of debt 4.5%. Based on these assumptions, the value of a JONR share was estimated to be $43.58. Given the current (April 11th, 2005) closing price of $34.37 (see Figure 4 for historical stock prices of JONR), Zinn rated the stock a â€Å"strong buy.† You’re On the Air in Five Minutes! Berman knew he had to return to thinking about the bigger questions that would be posed by the host of the TV show. Yet he could not take his mind off of Zinn’s analysis. Berman smiled, knowing that his apprentice’s results were diametrically opposed to his own intuition. He recollected his conversation with the CEO and CFO of John B. River during one of the quarterly earnings calls when he was trying to learn about the retailer. When questioned about the steep increase in inventory, the CEO had mentioned that John B. River was planning to grow inventory in certain basic items like white shirts, khaki pants etc. as well as increase product variety to enhance service levels to its customers. Berman was not sure about this strategy of John B. River and wondered if the company’s gross margins were temporarily inflated based on increased inventories over the years. On the other hand, inventory management had improved of late. As reported on the 4th April 2005, Q4, 20 04 sales had increased 24% while inventories were up only 4% year over year.

Jfk And The President Jfk - 1368 Words

On November 22, 1963 shortly after noon the 35th president of the United States of America John Fitzgerald Kennedy (JFK) was assassinated in Dallas Texas. The nation and the whole world was shocked in that day. In fact, president JFK was preparing for his next combine in Texas, he took a road trip by a motorcade with his wife Jacqueline Kennedy, Governor John Connally, and his wife Nellie. The road trip went through Dealey Plaza in downtown Dallas towards the trade mart, where the president was scheduled to give a speech there. The road that the president JFK was traveling on by his motorcade was fully crowded by citizen, reporter, and photographer, which all came out to see the president. Around 12:30, the president motorcade was on Main Street and less than ten minutes away from the trade mart, a gunshot was fired from Texas school book Depository which was on Main Street. President JFK was shot on his neck and his head, and the Governor John also was shot on his chest. The preside nt was taken to nearby hospital Parkland Memorial hospital. Half an hour later, it was announce that the president JFK was dead, and Governor John after a serious surgery. According to (John F. Kennedy Presidential Library Museum). The day that the president JFK was assassinated in Dallas, TX is unforgettable day for all American. Many reporters and journalists where at Main Street watching the president waving his hands when they heard the shooting. Most eyewitnesses recall that, they haveShow MoreRelatedJfk : The Assassination Of President Kennedy1448 Words   |  6 PagesEssay July 26, 2016 JFK On November 22, 1963 national tragedy struck America after the catastrophic death of the thirty-fifth president of the United States, John F. Kennedy. Kennedy arrived in Dallas with his wife, Mrs. Jacqueline Kennedy, by his side and rode in a convertible limousine behind John and Nellie Connolly through Dealy Plaza. When the motorcade took way through downtown Dallas, shots were fired at president Kennedy soon killing him. The assassination of president John F. Kennedy madeRead MoreJFK: Americas Best President867 Words   |  4 PagesIn my opinion, John Fitzgerald Kennedy was America’s best President to serve from 1865 to the present. John F. Kennedy was born in Brookline, Massachusetts on May 29, 1917 to a wealthy Catholic Irish family. Kennedy was the second oldest in a family with nine children. He attended Catholic prep schools in his childhood and graduated from Harvard University in 1940. After graduation, he joined the United States Navy and fought during World War Two. He received the Purple Heart for the injuries heRead MorePresident Jfk s Inaugural Speech2098 Words   |  9 Pageslarge roll in the viewers’ initial impressions of their newly elected president. 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JohnRead MoreKennedy Is an American Tragic Hero1695 Words   |  7 PagesJack Fitzgerald Kennedy, the thirty-fifth president of the United States is a tragic hero, because he possess four of the six traits a tragic hero must possess. This will be proven through the use of credible sources and explanation of these four traits. President Kennedy easily qualifies for the first rule of being a tragic hero because, he was a man of noble stature and greatness. Kennedy accomplished noble stature and greatness before he became president when he wrote a Pulitzer Prize novel, savedRead MoreA Brief Look at John F. Kennedy835 Words   |  4 Pagesby a U.S President whose term of office was cut short by a belligerent man. John F. Kennedy or JFK would grow to become one of the United States’s smartest and youngest Presidents in history. Unfortunately for JFK his life and term as President was cut short after being assassinated by Lee Harvey Oswald. 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Pantheon A Masterpiece of Roman Architecture - 725 Words

Il Pantheon (Pantheon) â€Å"pan† means all, â€Å"theon† means God. It is a preserved intact Roman Empire building, located in the centre of Rome, Italy. It was built in 27-25 BC by Marcus Agrippa, and Emperor Hadrian rebuilt it in 125 AD. Pantheon is a masterpiece of Roman architecture; it was a unique building that combined two different styles. Michelangelo praised it as an angel design. It becomes the object of learning of Italian architects during Renaissance. Besides, many famous artists such as Raphael were buried here, but also the kings like Vittorio Emanuele II and Umberto I. In 609 AD, Byzantine Emperor dedicated Pantheon to Pope Boniface IV; the Pope renamed it as Santa Maria ad Martyrs, which is the official name of the Pantheon today. Nowadays, Pantheon is still used as a Catholic church; the people will celebrate the Mass and wedding there. It is also a world-famous tourist attraction. B a. Holly Hayes discovered that Pantheon was built by Octavians lieutenant Agrippa about 27 BC in order to commemorate Octavian defeated Mark Antony and Cleopatra in the Battle of Actium. Pantheon was used as a temple to worship the gods of Olympia Mountains during that period but this original temple was destroyed by fire in AD 80. It only left a rectangular portico and 16 12.5-meter-high granite columns, which was later rebuilt as part of the pantheon porch. In AD 125 years, the Roman Emperor Hadrian rebuilt the building. Hadrian was not only a wise emperor, he also an architectShow MoreRelatedPantheon and Hagia Sophia863 Words   |  4 PagesPantheon and Hagia Sophia Pantheon and Hagia Sophia are two extremely outstanding architectural pieces of their times. They have been built according to the traditions of those particular times. 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How far has current social work organisation and practice been shaped by the values of the Enlightenment Free Essays

In the following assignment, I will briefly define the ‘Enlightenment’ and the specific circumstances when it emerged. I will identify and discuss, if the ‘Enlightenment’ has core values and I will give reasons to backup my decisions. Then there will be a brief discussion about the current features of Social Work organisation and anti-discriminatory practice in relation to women. We will write a custom essay sample on How far has current social work organisation and practice been shaped by the values of the Enlightenment? or any similar topic only for you Order Now I will explain if the current feature of Social Work Practice demonstrates any link with the ‘Enlightenment’ values. Due to word limitation, it is difficult to discuss and analyse all of the ‘Enlightenment’ values. I will focus on two of the values: ‘tolerance and freedom’ to discuss and analyse them with the conjunction of the Social Work Practice. Benson et al (cited in Spybey, T. 1997) explains that â€Å"The ‘Enlightenment’ is a term used to describe those thinkers of the eighteenth century who established the basis of looking at the society in a scientific way†. The’ Enlightenment’ movements started in 16th and 17th century. Thus â€Å"It’s roots go much farther back in western history and it continued to develop long after the 18th century, Hollinger (1994) calls it â€Å"a programme for improving human life was worked out†. It took place in 18th century but mainly in the second half of the18th century, French educated men and women called themselves ‘Philosophes’ who became known as the ‘Enlightenment’. According to Porter (1990 cited in Hall et al 1992: 24) â€Å"The Enlightenment was the era which saw the emergence of a secular intelligentsia large enough and powerful enough for the first time to challenge the clergy. The key domain in which ‘Enlightenment’ intellectuals involved in supporting existing, man and society, which was sustained by the church authority and it’s monopoly over the information media of the time†. The ‘Enlightenment’ challenged the traditional and religious views and ideas. The society, the world, human-beings and nature, all were seen in the light of the traditional and religious views which were dominated by Christianity. Hamilton (1997 cited in Handouts, 2003) and Hall et al (1992: 7) explains that â€Å"From around 1760, â€Å"A perspective summed up in Voltaire’s phrase ‘à ¯Ã‚ ¿Ã‚ ½crasez l’infame’: means ‘crush the infamous thing’ and †¦ it became a nutritious catchphrase†. It opposed the Catholic Church and religious beliefs for example Script of Bible, miracles associated with Jesus and other prophets, God and angel’s existence, the church’s authority and people’s beliefs were criticized, which were based on the religion and tradition. Hall et al (1992: 20) expresses that â€Å"The ‘Enlightenment is the foundation of ‘Modernity’ and ‘Modern Social Science’. It changed the way of thinking by comprehending it as systematic, scientific and practical†. Its emergence gave ‘Philosophes’ a wider scoops to explore beyond their religious and traditional beliefs. It created an atmosphere for ‘Philosophes’ to believe in the â€Å"pre-eminence of empirical, materialist knowledge: the model in this respect furnished by science, an enthusiasm for technological and medical progress and a desire for legal and constitutional reform† (Johnson, I. Handouts: 2003). Basically, the ‘Enlightenment laid a foundation for people to think liberally and have some sense of equality in the society. In my view, the above significant factors were the bases of the ‘Enlightenment’s values, which let the ‘Enlightenment’ develop and progress steadily. Because it was the first time when it was made possible for people to explore and express their personal beliefs and view and test the validity of their thoughts, through scientific, systematic ways and without being bounded by religious and traditional restrictions. The ‘Enlightenment’ values brought in changes and development in the society and in the people’s views and thoughts. It set the milestone for our new modern world that we live in today. It also opened up the opportunities for ‘Philosophes’ to work, explore and experiment in a wider context and relay their ideas and views with some freedom. It abolished the traditional and superstitious thoughts and prejudices. It created opportunities for legal and religious reformation to take place. I think that all the changes and development have only taken place because the ‘Enlightenment’ values were in existence and were strong enough to challenge the strongest authority; the churches of that time. As churches and its authorities have had a great influence and power over people, economy, politics, law, social, every day life even the ruler/s of that time. Hall et al (1992: 21-22) had defined the core values of the ‘Enlightenment’ which are summarised as the following: * Reason (nationality): systemized acquaintances (pragmatic or experimented). * Empiricism: human-beings; views and awareness that being gained through their perceptions and judgements. * Science: based on scientific methods and theories and can be tested systematically and scientifically. * Universalism: motives and science can be functional in all and every situation; if the principal were the same. * Progress: the concept of improvement in the natural and social conditions of human beings. * Individualism: a society is based on the thoughts and beliefs of its members and each member id origin of all â€Å"knowledge and action and his reasons can not be subjective to a higher authority. * Toleration: the notion of that all human-beings are essentially the same, despite their religious or moral convictions and that the beliefs of other races and civilization not inherently inferior to those of European Christianity. * Freedom: an opposition to feudal and traditional constraints or on believes: trades, communication, social interaction, sexuality, and ownership of property (although as we shall see the extension of freedom to women and the lower-classes was problematic for Philosophies)† (Hall et al. 1992: 22-23). * Uniformity of human nature: all the humankinds are the same all around the world. * Secularism: non-religious and non-traditional authorities and an opposition to the traditional religious authority and myths. Now, I will discuss the ‘Enlightenment’s values: ‘toleration’ and ‘freedom’ in the correlation with the current Social Work practice especially in relation to anti-discriminatory practice regarding to women, to establish if the Enlightenment’s values are linked or have influenced Social Work practice. I have experienced through my work experience with different communities that generally, women are treated unfairly and unequally in the society at most levels. Women have less freedom and rights than men. Globally, the women of 21th century are still struggling to gain an equal place as men in the society. Guru (2003: class-notes) stresses that â€Å"From birth to death women have to struggle in their lives to access their rights e.g welfare, personal, social, political, human, cultural, traditional, religious, labourer, employment†. The Social Work emphasises strongly on anti-oppressive and anti-discriminatory practice. â€Å"During the late 1980s social work education became increasingly aware of the impact of oppression and discrimination on clients and communities. There was a growing and recognition of relative neglect of such issues in traditional approaches to social work in 1989, the Central Council for Education and Training in Social (CCETSW) laid down the regulations and requirements for the students† of Social work to practice in anti- discriminatory ways. †¦CCETSW also seek to ensure that students are prepared to combat other forms of discrimination based on age, gender, sexual orientation, class, disability, culture or creed† (CCETSW 1989: 10 cited in Thompson, N. 1997: 1). The change in the CCETSW’s regulation indicates that the discrimination still exists especially against certain groups and women are one of them and there is a need to combat discrimination. Moreover, it also states that it was recognised that the discrimination was linked with ‘traditional approaches’. It may mean that the ‘traditional views’ still exists in our today’s society, which the ‘Enlightenment’ wanted to get rid of, to give people ‘freedom’ and to promote equality for all individuals without their differences they had through ‘toleration’. Obviously, the â€Å"Enlightenment certainly propagated concept of equality (limited), democracy and emancipation †¦.† (Hall et al.1992: 33). But when it comes to women then it seems like that the women were almost invisible in the ‘Enlightenment’. Hall et al (1992: 60) expressed that â€Å"There was no Enlightenment for women. However they (Enlightenment) challenged the champion the rights of commons, the rights of Citizens, slaves, Jews, Indians and children but not those of women†. Under the ‘Enlightenment’s values of ‘toleration and freedom’: â€Å"all the human-beings are essentially the same† but it was not applied to women. Porter (2001: 69) explains that â€Å"The ‘Enlightenment’ helped to free a man from his past†¦.by declaring that â€Å"all human-beings are equal despite their race, religion, beliefs, civilization and moral convictions†¦ and Lock (1992 referred in Hall et al. 1992: 66) adds in that according to the ‘Enlightenment’, â€Å"Every man has an equal right ‘to his natural freedom†. Similar, the ‘Code of Practice for Social Care Worker (CPSCW) requires that the social care workers must â€Å"promote equal opportunities for service users and†¦ respecting diversity and different cultures and values† (GSCC, 2002: 1.5-1.6). Moreover, the Social work values emphasises that the social workers should â€Å"identifies and question their own values and prejudices, and their implication of practice;†¦ and they should â€Å"Respect and value uniqueness and adversity†¦.and identify (discrimination), analyse and take action to counter discrimination, racism, disadvantage, inequality and injustice using strategies appropriate to role and context† (CCETSW, paper 30 referred in UB. 2002: 6). Social work is not focusing on certain and specific groups or people where as the ‘Enlightenment’ was concerned with the specific group/s of the society. The ‘freedom’ and ‘toleration’ was for certain maters and specific groups but there were n laid rules or principals for ‘Philosophes’ to follow and the ‘Philosophes’ themselves were a small group of people. Therefore, the social work value gave people a direct power to clients by letting them choosing and decide for themselves and social worker are advised to â€Å"promote opportunities for people to use their own strengths to make decisions for themselves (CCETSW, paper 30 cited in UB. 2002: 4). In other words, social work has widened the concept of ‘freedom’ and ‘toleration’ by being considerate for all members of the community, which is now-a-days known as ‘anti-discrimination’, freedom of choice’ and ‘equalityâ⠂¬â„¢. It demonstrates that the ‘Enlightenment’ have given the idea and Social work made it possible for people by assisting clients and by practicing it physically. That does not mean that the social work have followed the ‘Enlightenment’ concept and values unswervingly. But initially, the idea was there to follow and it may be possible that the ‘feminist’ movements got the idea from the ‘Enlightenment’ and modified it according to the current needs. Thompson (1997: 8) described that the â€Å"influence of feminism in sociology was beginning to extend to social policy in general and social work in particular†. Lagan et al (1992: 112-120) agreed with this statement by accentuating that the feminism had great influence on social work theories. Social work had contributed to help women to achieve political, economical, educational, legal and social rights. For example, Beloff (1976 referred in Thompson, N. 1997: 5) argues that the â€Å"legislation changes were part of women liberal programme of reform e.g. rights for divorce, Equal Pay Act 1970 , Sex Discrimination Act 1975†. The social work worked itself and worked with ‘feminist and liberal movements’ to fight for ‘women’s rights’. Although, the social work has adopted the ideas from ‘feminists’ or other liberal movements but the social work can be distinguished from other movements. Initially, it worked with and for all groups and classes. Second, it developed rapidly and extensively in many areas of social issues such as children, disabled people, aged, ethnic minorities, poor and othe rs. The women have developed and have gained rights with the help of social work. Social work has made and is making a useful contribution for women rights and for their development. Lagan et al (1992: 40) emphasis that the â€Å"Social work is mainly done by the Female Social workers and with the Female clients†¦. As being women, Social workers shared the common understanding and experiences, as very much like their clients†. That made the social work to approach most women in the society at all levels and to help eliminate women’s social problems and raise issues which needed to be address to combat oppression and discrimination. We see the Western Women as ‘Modern’, independent, intellectual, and strong. But it can be argued that the women are still at disadvantage in the society. Many national studies and statistics show that â€Å"Overall, women are disadvantaged in health, education, economy, politics, and employment and through out the system† (Carter, A. 1988: 77-112). However, we can not deny the fact that women have been victimized by the system and the society. Despite the social work practice and attempts for women’s rights, â€Å"there are still gaps and work needs to be done in accordance to give women equal rights† (Surrinder, G.2003). It is true that media has blamed social work practice in the past and social workers are seen as government’s representatives and according to Murphy (2003: 7) the Social workers are not very much liked by the general public. There are also issues regarding to social worker’s practice e.g. practicing in ‘traditional’ way due to personal prejudices, which has oppressed the clients and has stigmatized the social work itself. Thompson (1997: 11) emphasise that the â€Å"†¦social work practice which does not take account of oppression and discrimination can not be seen as ‘good practice†¦.†. The ‘bad practice’ is portrayed through the media but the good practice is not awarded and neither praised by media. The social work constantly reviews the policies to encounter prejudices and emphasises high on anti-discriminatory practice. In conclusion, I agree with Hall et al (1992: 266) that the â€Å"Enlightenment’ played a part in †¦abolition of prejudice and superstition†¦and has given freedom to man†. I would say that where the ‘Enlightenment’ movements have played a vital role in the modern thinking and have given the initiative idea of the ‘Toleration and freedom’, which now has taken a new shape of ‘equality and anti-discrimination’ within a broader context. But at same time, the ‘Enlightenment’ has indirectly contributed against women. Maybe it was due to ‘unintended consequences’ (Johnson, I. 2003: 2), which were not identified, measured and recognised by the ‘Enlightenment’ or may be ‘Enlightenment did not want to recognise it. As ‘Enlightenment’ was a men dominated movement. It may have contributed to prejudice and discriminate women by not including and involving them at the very early stage of the ‘Enlightenment’ movements. And that could be the cause that women’s voice for their rights was an echo in the vacuum and was not heard till lately. Therefore, social work has worked extensively for women’s rights but there is still a lot of work that needs to be done. My suggestion is that the social work should identify oppression and discrimination and combat it at personal levels first and then at institutional levels. This action should not only be taken by the professionals but all the individuals should get involved in it. Otherwise, just like the ‘Enlightenment’: left the women behind, the individuals will be imperceptible and power will shift to the professionals who will take over. If it will happen then it may take us back to the early ‘Enlightenment’ age, where only the ‘Enlightenment’ educated, had the power and voice. How to cite How far has current social work organisation and practice been shaped by the values of the Enlightenment?, Papers

Global Practices Of Corpora Responsibility -Myassignmenthelp.Com

Question: Discuss About The Global Practices Of Corpora Responsibility? Answer: Introducation Milton Friedman took the shareholders approach in dealing with social responsibility of a company. He was of the opinion that a company should have nothing to do with social responsibility to the society or the public because the only responsibility of the company is to increase its profit and increase the shareholders wealth (HaerensZott, 2014). The economist further suggested that the shareholders in their private capacity are the ones responsible for the social responsibility. In his book called Capitalism and Freedom. He introduced the concept of totalitarianism where he argued that when a company concerns themselves in community development rather than making profits, the company suffers. Friedman suggests that the business has only one social responsibility and this is to use its resources to make engagements that increase its profits and increase the shareholders wealth. However, the business must stay within the rules of the game and those are to engage in open and super free competitive business model without fraud and deception (Hunnicutt, 2009). The stakeholders theory is inconsistent with corporate social responsibility. Some argue that the theory is contradictory as in an instance of a disaster like flooding or hurricane, the company is obligated to provide goods and services to help the same stakeholders it is required not to help according to Milton Friedman. This will moreover bolster a better relationship between the company and the stakeholders and it would be in its best interest. According to freeman and Evan, they advanced the Rawlsian social contract in stakeholders theory. It has three main parts which fails to specifically bolster the theory of stakeholders and fails to demonstrate any rationality of institutional rules adaptation (Business Case for Corporate Social Responsibility, 2009). It argues on only competitive and profitable companies are able to contribute in the long term to sustainable development by creating wealth and employment without endangering the social and environmental needs of society. In fact, only profitable companies are sustainable and have the capacity to carry out socially responsible practices. Traditionally this responsibility has been translated into the search for maximum benefit and maximum value for the shareholder as well as optimal efficiency and productivity(Corporate Social Responsibility, Corporate Restructuring and Firm's Performance, 2010). In other words, maximize profits and production with the resources that are available. Stakeholders analysis as a process of ethical values A lot has been written about stakeholder analysis as a process in which ethical values are introduced into decision making by the management. According to Goodpaster and Mathews a company is morally obligated to provide CSR activities to its stakeholders.CSR is related to the "business ethics" movement and that of fair Trade.However, the philanthropic actions of a company or a entrepreneur are related to their core activities, while CSR is one of the dimensions of the main activity of the company. CSR is founded on ethics in business, but it is not confused with it because it goes beyond the mere formulation of values and ethical postulates (CSR is the implementation of a business ethic, generally associated with strategic business purposes). What is known as fair trade is a type of business activity that vindicates the fact of being socially responsible, but not the only one. The concept of socially responsible investment (SRI) is related to that of CSR, but focused on the investor's decision, not the entrepreneur's. The concept of socially responsible innovation is the convergence of philanthropic ends with needs for the development of new technologies and products (for this, donations of the company also serve as low-cost tests or tests). The concept of socially responsible consumption (CSR) focuses on a perspective of consumers, insofar as they enter among their criteria of purchasing decision the ethical, social, labor, ecological and solidarity. The great problem for its effective development lies in the lack of information and transparency of the companies. It is often simplified to exclusion criteria, that is, stop buy products and services from companies whose unreliable behavior has appeared in the press (Gottschalk, 2011). The concept of socially responsible territories (SRT) is linked to programs, in promoted by local public administrations, to develop projects for cooperation between the public sector, the business sector and the third sector (NGOs). Finally, the concept of social corporate marketing (SCM) is very linked and part of the idea that all marketing actions can include, and even be essentially linked to interests that not only include the goal of who makes the investment, but of entities with which it interacts and that serve as a another way to improve the quality of life of the community(Alvintzi Eder, 2010). The dilemma of Goodpaster and Mathews/ Role of corporation to stakeholders Kenneth E. Goodpaster and John B. Mathews, Jr., among others, have formulated the following dilemma: multinational corporations are so powerful that it is dangerous for them to interfere in social and political issues, but it is also dangerous that they only dedicate themselves to maximize their profits (Gottschalk, 2011). Consequently, if entering into social and political issues, they have certain possibilities to increase their profits, they will simply do so. There are certain international organizations that are responsible for delimiting possible the theoretical concept of CSR, whose guidelines serve as guidance for the companies that decide to travel along this road (Ravi Raman Lipschutz, 2010). Among the most prominent are: Global Compact of the United Nations Global Reporting Initiative (Initiative for Global Accountability) In addition, there are other national entities and initiatives with a specialization in issue of CSR, which are contributing in a decisive way to the creation and dissemination of a responsible culture among the organizations that make up the business fabric of each country (Hill, Schilling and Jones, n.d.). Strengths and weaknesses of Goodpaster shareholder theory They highlight the paradox of companies harmful to health or to the environment that claim improve their reputation through a rhetorical discourse about CSR (for example, a cigarette company that buys tobacco from poor farmers to counterbalance the criticisms about lung cancer). These type of companies consider CSR as a form of advertising (Ravi Raman Lipschutz, 2010). In the same way, the criticisms that can be found are directed to how the company capitalist builds a new paradigm in terms of the direct intervention of capital in what could be called "social risk management" or social conflict. That is to say: that in the face of a process of accumulation and concentration of capital on a large scale has increased the gap of income between rich and poor(Arnold, 2014). Subsequently, increase in poverty due to this concentration of wealth in a few hands, has generated exclusion and rising social conflicts. set their patterns of behavior and how to relate it to society, establishing own standards (Gond Moon, 2012). Other criticisms coming from the union sectors are part of this vision on CSR, and to this they add their criticism focused on the gradual abandonment on the part of the transnational companies of "tripartism" within international organizations as the International Labor Organization (ILO), where this practice works based on the participation of the business, workers and State sectors in the aforementioned body for the issuance of binding resolutions (Wang, n.d.). CSR is not necessarily a form of legal liability, because may well not be provided for in the laws and simply rest on the free decision of the companies. However, even when it is not supported by the law, the violation of A social commitment can cost companies strong criticisms from the public opinion (media sanctions) and even a loss of shareholders (sanctions) stock exchange). Some case studies illustrate how a company usually has commercial interest in being socially responsible (Jones, 2013). This does not constitute a response to criticism of Friedman (because the principle of Friedman, the principle of profit, continues to be fulfilled), it modifies it, because it is possible to obtain more profits when managing in a socially responsible. In modern companies, Social Responsibility Entrepreneurship is more than a set of specific practices, it is rather a program integrated and recognized "socially responsible" practices and policies, which supports making decisions and leads to long-term business success (Jones, 2013). The company, without CSR continues to function as an entity whose main objective is profit, but adapting to the demands of a new market increasingly concerned with the social and ecological problems that it produces. The ultimate goal would not be to alter production modes, but systemically integrate their harmful effects and contain them by offering programs that benefit the community(D. nselmi, 2011). Much of what is related to CSR is a moral issue. In this sense, moral issues may well be defined by whoever invokes it. For example, companies they cannot establish parameters of what they consider participation should be Social. Something more appropriate would be that the sector referred to above said participation - in this case social sectors (Phillips Freeman, 2011). This compares the cost of using resources with obtaining results. Costs usually include the cost of raw materials, energy, financial resources, labor, etc., and income between the results. Certainly, some "hidden" costs should be included, which are now paid by society as a whole but should be borne by the person who generates them, such as the deterioration of the environment, the cost of sick leave, the stress of management or the moral degradation of employees. Even today, environmental, safety and health or social requirements are marginalized, based on supposed economic reasons. It was agreed that things could be done better, but then they came out too expensive. The argument, although perhaps circumstantially true, was basically false. They did not come out as expensive due to the tolerance of society, in other words, the damage caused by bad environmental, labor or social management was not taxed (Wang, n.d.). Development cooperation We cannot reduce the issue to the fact that the social action of multinational companies can be interpreted in the key of cooperation for development, the private sector has a decisive role to play in the strategy of public-private partnerships to address the challenge of development in the more backward countries (Brigham et al., n.d.). However, assuming that company policies do not take into account geographic borders, it can be considered that, in parallel with the dimension of the local community, there is a broad social environment, whose interests are not easy to identify, since the interlocutor cannot be identified. To represent them However, CSR presupposes a commitment to take these interests into account. Conclusion The companies, together with other actors, have a certain responsibility for the current situation of the people and peoples who are affected by their actions. The only way to compensate for this diffuse impact is to accept a commitment to human rights and those values that guarantee dignified working and living conditions.(Durant, 2009) According to stakeholders theory advanced by these philosophers, stakeholders in their private capacity are the ones responsible for the social responsibility. In his book called Capitalism and Freedom, Friedman introduced the concept of totalitarianism where he argued that when a company concerns themselves in community development rather than making profits, the company suffers (Thompson, 2010). Best approach Fried man theory of stakeholder is much better than Mathews,Freeman and Evan. For freeman he argued that the corporations primary function is to utilize its resources to maximize its profits.He further argues that the stakeholders should be socially responsible in their private capacity. When the company combines both making profits and CSR it lead to totaliarism. This means that freedman theory is better because maximization of profits is leads to higher dividends to stakeholders who in turn give back to the society(Idowu Leal Filho, 2009). References Alvintzi, P., Eder, H. (2010).Crisis management. New York: Nova Science Publishers. Arnold, G. (2014).Corporate Financial Management. Harlow, United Kingdom: Pearson Education Limited. nselmi, P. (2011).Values and Stakeholders in an Era of Social Responsibility. London: Palgrave Macmillan UK. Durant, W. (2009).The story of philosophy. New York, N.Y.: Simon and Schuster. Gond, J., Moon, J. (2012).Corporate social responsibility. London: Routledge. Gottschalk, P. (2011).Corporate social responsibility, governance and corporate reputation. Hackensack, NJ: World Scientific. Haerens, M., Zott, L. (2014).Corporate social responsibility. Detroit: Greenhaven Press. Hunnicutt, S. (2009).Corporate social responsibility. Detroit, MI: Greenhaven Press. Idowu, S., Leal Filho, W. 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