Contract law incorporation notice UCTA 1977 Essay - 1

Contract law incorporation notice UCTA 1977 - Essay Example On its face it has the name, address and logo of MML and Juicy Drinks Limited’s name together with the date of hire on 6 July 11.00 am until 6pm. There are no clauses on the face of the booking slip, however it ushers for the reader to refer to the reverse side of the paper for the clauses. On the back of the booking slip there are many clauses in small print. One of those clauses stated that MML will not be liable for any faults in the marquee or for any loss caused by bad weather that prevents the marquee being raised. Another clause states that the marquee must be vacated by 7pm on the day of hire. Unfortunately, on 6 July there is a horrendous thunderstorm and the marquee cannot be raised until 3pm on that given date. Meanwhile Joseph’s potential customers have had no shelter from the torrential rain nor any refreshment since 11 am. They tell Joseph that they will never buy from him and do not sign the lucrative sales contract. To drown their sorrows Joseph and his team enter the marquee eventually at 3 pm and don’t leave until 9 pm. Juicy Drinks refuse to pay for the remainder of the hire charge and sued MML in the High Court for breach of contract with losses to include loss of the valuable sales contract with their potential customers. (i) The clause that MML were not liable for any loss had not been incorporated in the contract because insufficient notice had been given (Interfoto Picture Library v Stiletto Visual Programmes Ltd [1988] applied). Witter J therefore awarded Juicy Drinks Limited damages for breach of contract including loss of profit from the new customer. MML has decided to appeal against this decision to the Moot Court of Appeal. Acting as counsel for the appellant MML prepare a skeleton argument for your client dealing with both of these points. 2. The Appellant is a hirer of marquees and has been in business for the past twelve years. The Appellant’s business supplies marquees to businesses and

Germany Culture Essay Example for Free

Germany Culture Essay Have you ever wondered where the Christmas tree came from? Along time ago, in the early 700’s a monk, called St. Boniface, was preaching to a group of Germanic Druids. The Druids idolized oak trees. And in order to stop the Druids idolatry of oak trees, the monk chopped down a huge one. Crashing down to the earth, the tree crushed everything in its path, except for a small fir sapling. The monk declared that this was a miracle that this one single sapling wasn’t killed and concluded, â€Å"Let this be called the tree of the Christ Child. † And this is how to custom of having a tree during the Christmas season came to be. It was started by the Germans, and moved to Europe, who brought it to America. [Marples] German Americans have had a very large impact on the American society. One of the largest reasons could be that people with German ancestry comprise about 51 million people, which makes up 17% of all of the U.S’s population. That’s roughly one fifth of all America’s population where one of their ancestors originated from Germany. [American] Germans started coming to the British Colonies of the New World, now the northeastern part of America, in the 1680s. Many immigrants from German continued to come to America during the 19th century. Many immigrated to America because of shortage of land, and religious or political oppression in Europe. [Zane] Even in recent times, Germans have helped shape America into what it is today. German Americans have influenced almost every field of American society, including science, architecture, industry, sports, entertainment, theology, government, and the military. Generals Baron von Steuben, John Pershing, Dwight Eisenhower, and Norman Schwarzkopf commanded the United States Army in the American Revolutionary War, World War I, World War II, and the Persian Gulf War. John D. Rockefeller, William Boeing, Walter Chrysler, George Westinghouse, and Donald Trump have also been an important part of American industry and business. Babe Ruth, Lou Gehrig, Jack Nicklaus, Doris Day, and Leonardo DiCaprio became famous athletes or actors. And finally Albert Einstein and Wernher von Braun, two German Americans, greatly effected America and the whole world. Many famous, well known, and people who have changed America greatly have been German Americans. [German] German Americans have also changed the American food greatly also. Germans brought hog dogs and hamburgers to the America’s, which is now known as the â€Å"American Food†, or the food that people think of when they hear America. They also have the beer brewing dominated for most of America. German immigrants Eberhard, Anheuser, Adolphus Busch, and others have greatly changed America’s beer market. [Mittelman] [Home of the Hamburger] Overall, the effect that German Americans have had on America is huge. They have helped shake America in many ways including holiday traditions, science, sports, entertainment, and government. America is not made of one people, but of many. And their idea’s and traditions all mixed together is what makes this such a great country.

Community Service As Punishment Under The Ipc Criminology Essay

Community Service As Punishment Under The Ipc Criminology Essay Community service constitute an apologetic reparation that the person is now required to make to the community what he has wronged. The Indian Penal Code was the enacted in 1860 by virtue of the classic legal draftsmanship of Lord Macaulay. If there would have been a concept of community service prevalent at that time then the authors are sure that there would have been no need to urge the inclusion of the same in the Indian Penal Code. But since this exclusion by Macaulay is because of no fault of his it is our duty to incorporate such to meet the demands of the time and to make the IPC a living social document. Section 53 of the IPC  [2]  provides for the various types of punishments. But these are old and do not meet the exigencies of the present day globalised world. The authors yearn for inclusion of community service as a mode of punishment. Indian draftsmen have not overlooked the necessity of such a restorative mode in recent enactments. We find the inclusion of community service in The Juvenile Justice (Care and Protection of Children) Act, 2000  [3]  (Section 15  [4]  ). Community service is defined as an order that requires an offender (who must consent and be aged at least 16) to perform unpaid work for between 40 and 240 hours under the supervision of a probation officer. Formerly known as a  Community Service Order. It can also be defined as A  community  order  which requires the  offender  to do unpaid work in the community under the supervision of a  probation officer.  [5]  Moreover the work that the offender is required to undertake has some obvious relation to the nature of offence.  [6]   History of community service The first organized community service program meant systematically to be used in place of short prison sentences were established in ad-hoc basis in California in the 1960s. . Thus community service was indirect alternative to imprisonment.  [7]  In the United Kingdom, Parliament enacted legislation in the early 1970s giving the courts specific powers to order community service as a sentencing sanction.  [8]  In the early 1980s after a series of private pilot projects the Dutch implemented community service nationwide and evaluators made comparable findings.  [9]  It was Lenin  [10]  who also stressed on the importance of community service.  [11]   Benefits of Community Service Community service serves the goals of punishment, reparation, restitution and even rehabilitation. It is beneficial to the offenders  [12]  , the community  [13]  , the victim  [14]  and even to the courts.  [15]  So community service has both the social and the cognitive benefits. It also serves as an alternative to imprisonment (India has 32 prisoners per 1000 of population. We have 11094.25 lakhs prisoners in India as on 31 December 2005)  [16]  which is morally reprehensible and indefensible  [17]  . Moreover Prisons have proved ineffective in their object of reforming the criminals. Research indicates that about half of all prison inmates are likely to be rearrested and returned to prison, many soon after their release from an institution.  [18]  Contamination is the gist of prison life. Prisons are dens of criminality. The unsophisticated offender is compelled to associate with the hardened professional criminals and thereby he learns not only the te chniques of committing the crime but also the specific drives, rationalisation and attitudes of crime.  [19]  The Community Service Program is intended to add some refinement by requiring the offender to put back into society through performing a job for the community.  [20]   Not only do offenders need to be addressed as active participants rather than as passive recipient of punishment or treatment, but they also need to be positively motivated to engage in the process of change to law-abiding lives. Performing work for the community, as well as requiring offenders to pay back to the society helped them realize that they had contribution to make to the society.  [21]   Developments in India Macaulay may have not envisaged the need of community service as it was not prevalent at that time. But it first dawned upon India in the 42nd report  [22]  of the Law Commission.  [23]  Then an Amendment bill  [24]  was introduced in the Parliament  [25]  which was passed in the Rajya Sabha but due to the proclamation of emergency it could not be passed in the Lok Sabha and it lapsed. Again the Law Commission in its 156th report  [26]  urged the need to implement community service in Indian Penal system.  [27]  Even the Malimath Committee and others  [28]  recommended community service as mode of punishment.  [29]   Community Service Scheme has also been started in one state i.e. Gujarat and it is an alternate for offences under the Bombay Prohibition Act. Another state i.e. Andhra Pradesh (Prison is a state subject)  [30]  has also amended the Penal Code and introduced Community Service as a punishment. This legislation is now pending with the Union Government for their concurrence.  [31]   Cases and pronouncements We have instances where the court has ordered the offender to do community service in lieu of the offence that he has committed. The Delhi High Court asked two businessmen to perform community service with a voluntary organisation for a year as punishment for firing three shots at their friend for fun. Justice Sanjay Kishan Kaul, while quashing a first information report (FIR) against the two businessmen Monday, asked Delhi Police not to return their gun for a year.  [32]  For sexually harassing a woman on the bus the magistrate asked the offender to write a 25-page essay on eve-teasing and harassment. He was asked to make 500 copies of the essay and distribute them outside schools and colleges.  [33]  In probably a first, the Patna High Court has given provisional bail to two accused in a mobile phone loot case on the condition that they would have to do community service at a local temple thrice a week for six months.  [34]   The Indian Supreme Court though not having argued (even in their obiters) to have community service as a mode of punishment has nevertheless hinted at the importance and need for such type of restorative sanction. in one of the case the court said- A few other weighty factors deserve reference. All deprivation of liberty is validated by social defense and individual correction along an anti-criminal direction, public justice is central to the whole scheme of bail law. Fleeing justice must be forbidden but punitive harshness should be minimized. Restorative devices to redeem the man, even through community service, meditative drill, study classes or other resources should be innovated.  [35]   The unacceptable anomaly Community service was not incorporated in the IPC. The reason fascinates and confuses me. The neo democratic style of non-inclusion is too hard to swallow. The Law Commission of India circulated a letter highlighting the main issues involved in the Penal Code for eliciting views from various quarters.  [36]   The letter was sent to Registrars of High Courts, the Home Secretary of the State Governments Union Territories, the President of Supreme Court Bar Association and High Courts Bar Association, National Commission for Human Rights, National Commission for Minorities, National Commission for SC ST, National Womens Commission, State Law Commissions, Police Officers, Advocates, Academicians and some social organisations, Institutions etc. Responses were received from three State Governments, Seven Judges and one Additional Registrar of High Courts, Two Advocates, Six Police Officers, One State Law Commission, One Academician and Two organisations (Nirantar and Federation Indian Chambers of Commerce and Industry).  [37]   Now the recommendation that came out was that the proposed section 74 should not and cannot be implemented in India. The report laid- This section contemplates a supervisory authority to see whether the convict is working and rendering service for the number of hours specified and if he fails to do so by way of default, he has to be sentenced thereafter. We think an open air prison system is better suited from the point of view of the correctional measures rather than the proposed punishment of community service. The community service no doubt is another innovation in the direction of correctional methods but as voiced in many workshops it may not be practicable to give an effect to and also may not amount to punishment. The most horrifying aspect of the entire thing is that merely on the views of some of the judges, advocated, academicians, police officers and organizations an innovative and pulsating need of the criminal justice system was not implemented. The authors are unable to find a rational nexus with the reasons given for such non inclusion. Reforms Suggested What the authors want is that is not the inclusion of community service as a form of punishment but the authors want the successful and effective implementation of community service as a form of punishment under the code prepared by the legal acumen of Macaulay. That is the reason we do not recommend to amend the IPC and include community service as a sixth form of punishment immediately as was once tried by the 1976 bill.  [38]  It would not be an inclusion as we nowadays find the Indian legislators just amend and insert new provisions  [39]  in the enactments without looking at its suitability and implemantability.  [40]   The authors suggest an area approach (AA) in the inclusion of community service as a mode of punishment. Firstly few selected areas must be selected which have the resources and concentration of specific crimes occurring in specific areas. Firstly, the Union must select few states and urge them to implement community service programs in few select areas. These areas must be selected by the state themselves with the concurrence of the Union. The areas should be selected on the basis of criterias such as prevalence of petty offences, resources available  [41]  etc as decided by the state governments. The authors only intend to suggest that first implementation issues must be dealt with as per the acumen and foresight of the legislature and the executive. Then only we can dream of such a form of sanction. This was one precise lacuna in the 1976 Amendment bill. Beside this lacuna the authors find no other major loophole and feel that the proposed amendment was to a very large extent acceptable. But we suggest that in all the cases where the judge convicts the accused and imposes fine as the only punishment community service should be made compulsory. The other recommendations are as follows- It is recommended that in order to address such problem and increase efficiency, special community service officers be appointed and trained to handle offenders on community service. A lot of publicity should be given to this schemes initiation so that even the grass roots and the have-nots of the society are aware of such a change. The spread of the scheme must not be confined to the legal fraternity and experts. It must not remain a burning topic for the scholars and the academicians to debate and write scholarly articles and researches. The modes of publicity as newspapers, media and the government. The entire implementation and the process and the procedure of the community service scheme must be available in almost all the recognized languages of India so that the local masses are aware of it. It must be simple and clearly worded. The cooperation of various stakeholders such as the civil servants, the judiciary, the policy-makers and all other relevant stakeholders within the criminal justice system is vital for the process of implementation of the programme as well as for its ongoing sustainability. The implementation of such programme should be seen as the responsibility of every Indian, and endeavor should be made to help it succeed as a new intervention to replace imprisonment. ABSTRACT The Indian Penal Code was the enacted in 1860 by virtue of the classic legal draftsmanship of Lord Macaulay. If there would have been a concept of community service prevalent at that time then the authors are sure that there would have been no need to urge the inclusion of the same in the Indian Penal Code. But since this exclusion by Macaulay is because of no fault of his it is our duty to incorporate such to meet the demands of the time and to make the IPC a living social document. The research paper tries to incorporate the needs and the benefits of community service in India. It would then delve upon the legal development of inclusion of community service as mode of punishment. It would be done by scrutinizing the reports of the law commissions, judicial pronouncements and the lapsed bills which urged such a reform. Then authors would suggest concluding the problems in the inclusion and implementation of community service in India and how to overcome these difficulties so that IPC meets the social needs and critics find one issue sorted in criticizing the IPC and its efficacy.

John Steinbeck’s Short Story, The Chrysanthemums Essay -- Chrysanthemu

Chrysanthemums She was wearing â€Å"a man’s black hat†¦clod-hopper shoes, heavy leather gloves† and â€Å"a big corduroy apron† doing her best to cover up her femininity. In John Steinbeck’s short story, â€Å"The Chrysanthemums†, we are introduced to Elisa Allen. Elisa is living during a period after the Great Depression when women’s rights issues were becoming a topic of public concern. Steinbeck uses the character Elisa Allen to portray the women’s struggle for equality. She is a woman deprived of social, personal and sexual fulfillment in a male-dominated world. Elisa struggles to find satisfaction in her womanhood and a desire to escape from her isolated world. â€Å"She was thirty-five. Her face was eager and mature and handsome†¦her figure looked blocked and heavy†¦Ã¢â‚¬  Elisa seems to be very masculine in appearance, and envious of the male authority. She has a very strong character and wishes to be independent and free herself. She struggles with the idea of women being inferior to men and feels that she must live up to what society believes a woman should be, passive. Elisa is unhappy and bored with the traditional roles she must play being a woman and frequently tries to behave as a man would. In several points in the story, she seems to take on a masculine role. For instance, when the man looking for work came by the house, she took authority and told him sternly â€Å"I tell you I have nothing like that for you to do†, a typical male response. She shows her strong qualities as she refuses him work making her feel like she has authority over him. Elisa tries so hard to be equal to her husband; she works so h ard in her garden as he works on the farm. He compliments her garden, â€Å"you’ve got a strong new crop coming†, makin... ...es from having masculine characteristics to positive female ones and finally regresses to a low point of weakness and inadequacy. All she ever wanted was to be appreciated and noticed by men at an equal level, however, it never happened. Many women suffered, like Elisa, during this point in history. Steinbeck portrays the women of the past through Elisa’s isolated life in which she can not change. Inside she feels that she is a strong, dominant, female, but she never gets the opportunity to have her accomplishments noticed. After many failed attempts to bring herself to the same level as the men in her life, she sadly realizes that she will never be able to live up to her expectations she has for herself. Life was difficult for women during the 1930’s, however, without their fight for equality, women today wouldn’t have the great freedom and equality they possess.

Infosys: Financing an Indian Software Start-Up

Infosys is small software development venture which provides information technology (IT) consulting services for international clients. The company is located in Bangalore and was founded back in 1981 by a small group of skllfull entrepreneurs, with very little equity of 1000$ and without backing from a large companies. Mr. R. Narayana Murthy is the CEO and chairman and Nandan Nilekani is the president and chief operating officer (COO), of Infosys Technologies Ltd. Being a company grounded on a Indian soil at that tome was not an advantage for Infosys because the economic policy supported by the government prior to 1991 caused many problems for business, especially for those businesses that wanted to import goods from a foreign market. Therefore the easiest business solution for Infosys was to develop software services , since production of hardware could have been a troble because all the devices they need for the hardware development were imported from abroad. Because the domestic market held no real opportunity for the new company, Infosys focused on international markets for its software products. Up till 1999 Narayana Murthy bought out all the shares from the remaining founders, the company has dramatically transformed its business and image and grown with over 100 employees. It faced possible bancropcy but somehow managed to survive it, took the advantage of the capital markets with one of the first market-priced IPOs and brought itself a tremendous growth in its business. It is our vision at Infosys, to create world-class leaders who will be at the forefront of business and technology in today's competitive marketplace. Challenges: As the mission for the company was to become a globally respected firm and a leader in the Indian market, they needed to transform Infosys as a desirable place to work not only for domestic people but also for the foreigners who have complementary skills. That is why they have invested the money from the IPO and created an environment that would enhance the overall experience for employees by taking three most important values: learning value-added, if there is financial value-added, and if there is emotional value-added. This was very well percieved by the internal employees as well as all other gratuated students who were considering Infosys as the best place to work. Employees had very good training programm, chance for carrier development, possibility for company loans for private reasons etc. Infosys even offered stock options to all qualified employees. The factor which helped Infosys to grow at a faster pace than others was the low employee turnover. The turnover rate at Infosys was around 11% as opposed to industry average for software companies' of over 25% during the 1990s. Infosys' retention capability was a function both of its rigorous selection procedures as well as proactive HRD practices Increasing productivity was their next challenge in order to remain competitive on a global basis. Therefore they considered three objectives: increase our customer penetration, to increase our brand equity, increase the amount of fixed price contracts we work on. Hiring international employees was a possibility to accomplish many of the objectives with regard to productivity. And finally the most important challenge was regarding future growth and financing. Infosys' shares trade on the Bombay Stock Exchange. The company must decide whether it should seek to also list its shares on a U. S. stock exchange and, if yes, whether to list on NASDAQ or NYSE. Solution: There are several opportunities and constraints for considering the current situation and objective of the company. The main challenge is to move up the value chain by increasing our revenues per employee and by increasing our customer base. For accomplishing this goal, the brand should be enhanced not with tools like advertising and other â€Å"traditional† forms of marketing but with word-of-mouth publicity that will highlight the uniqueness of our company compared to our competitors. Secondly, an ADR offering in the United States would help accomplish other goals, such as the recruitment of international employees. Thirdly, in addition to providing currency for our employees, a listing would also provide currency for acquisitions in the United States or any another international location. Finally, it would be helpful for our current investors as well. Very few contraints appeared for infosys’s listing on the US exchange, mostly related to the valuation of the company on the US exhange. Conclusions: In my opinion I think the company should be list its shares on the US exhange due to the following reasons: The offering would be fantastic for investors as there are very few, if any, comparable ways to invest in this part of the world and there is a huge desire to invest in international markets. Possibility to recrute international employees. Finally with the listing Infosys will voluntarily opt to behave like a US domestic issuer, rather than subjecting itself to the less stringent standards of a foreign issuer. When it comes for deciding the right exchange, I would choose NASDAQ since it is a favoired market for technology stocks and offers better conditions for foreign companies unlike NYSE .

Is a successful marriage a utopia today? Essay

The latest marriage statistics should make every couple doubt about whether their relationship shell be sealed with a marriage. Beside the fact that considerably less couples decide to marry at all, in the US every second, in Austria (as an example for middle Europe) every third marriage is divorced. This is not a particularly promising prospect for a couple planning to marry and swear to love each other for the rest of their lives. Therefore the question must be raised: Is a successful marriage Utopia today? When I take a closer look at our society, I can imagine some reasons why successful marriages, which mean staying together happily for a lifetime, have become so rare. One reason might be a shift in our society towards more self-realization and less responsibility. In my opinion many couples may not detect the enormity of their decision to marry. Before making that decision each partner should think about all consequences a marriage might have on the relationship and all consequences a marriage definitively has when it comes to legal terms. Taking the decision whether or not one wants to marry his or her partner should not be made hasty in a romantic mood or occasional feelings of perfect happiness and love. Nevertheless many couples fix their marriage either before really knowing each other or not thinking of the consequences it has. After a little time, when the butterflies in their stomachs are often gone, many couples realize that their relationship has changed, but they then have to realize as well that divorcing is by far not the same as breaking up. A second reason might have to do with the role of women in our society. Nowadays nearly every woman is educated or emancipated enough to earn her own money. Therefore only some women are still financially dependent on their husbands which was/is often a reason for women staying married although being unhappy in the relationship. A woman who earns her own money and can lead an independent life without her husband as well will have no fear of getting divorced, as this was the case in the last centuries. However, not only the roles of women, but also our society as a whole has changed and made divorce absolutely tolerable. In former times our society consisted of either happy or unhappy married couples with at least one or two children. These couples married or were forced to marry fairly early and stayed together till the end of their days. Nowadays our society is structured completely different: many couples life together without marrying or having children, others marry and get divorced once or more often. Additionally homosexual relationships are relatively tolerated and the number of singles, who spend the main part of their life alone, is one the raise too. In such a heterogeneous society divorce has become a normal, for some even a natural, thing. Terms like common law spouses have emerged and some people think of their partners as temporary phenomenon only. Nevertheless I truly believe that in the 21st century a successful marriage must not be or is not Utopia. I, for myself, cannot tell what future holds in store for me and my relationship, but I can observe many happy and therefore successful marriages which have been lasting for more than 25 years by now in my surrounding. In my opinion the society and therefore the people living in a society are always subject to change. And these changes also include changes of people’s behaviours, customs, morals or values. Although today’s marriage statistics do not suggest bright expectations for a successful marriage, I think it is still can and does happen. Maybe the preliminaries for such a marriage have changed, nevertheless many couples show us that living in our society happily and married is still possible. So, for many couples a successful marriage has become Utopia, but the alternative is still there.

Lionel Hampton essays

Lionel Hampton essays Lionel Hampton, well known as the King of Vibraphone was born in Louisville, Kentucky on April 12, 1913. He went to school at the Holy Rosary Academy in Kenosha, Wisconsin, studied the Dominican Sisters. His first instrument was the drums; his idol was Jimmy Bertrand who he treasured. Louis Armstrong was a major part in Lionel Hamptons life. In 1930, Louis Armstrong hired him to play the drums at a Los Angeles nightclub. Louis was so impressed that he invited Lionel to join his big band for a recording session. During the break, Armstrong led Hampton to play the vibes and asked him if he knew how to play them, so Lionel Hampton who was schooled to keyboard studies picked up the mallets and played. His first tune was Memories of you it was a tremendous hit and still is today! In 1936, Benny Goodman asked Lionel to join his small group, featuring Good man, Teddy Wilson on piano, and Gene Krupa on drums. They became the Benny Goodman Quartet. They produced the brilliant music and also they were the first racially integrated jazz musicians. The swing era had begun and they came out with Moonglow, Dinah, and Vibraphone Blues were hits. In the early 1940s Lionel Hampton formed his own band. He has music like, Sunny Side of the Street, Central Avenue Breakdown, though his signature tune was Flying Home, and also Hamps Boogie Woogie. He became famous overnight. Their band was called The Lionel Hampton Orchestra. With people like Quincy Jones, Wes Montgomery, Clark Terry, Cat Anderson, Ernie Royal, Joe Newman, and Fats Navarro. Among players there were singers like, Dinah Washington, Joe Williams, Betty Carter, and Aretha Franklin. Some of the awards he had gotten were: American Goodwill Ambassador, bestowed by Presidents Eisenhower and Nixon, The papel Medal (from Pope Paul I), Sixteen Honorary Doctorates, and in 1992 the Kennedy Center Hono ...

The Political Economy and International Relations Policy Essays

The Political Economy and International Relations Policy Essays The Political Economy and International Relations Policy Essay The Political Economy and International Relations Policy Essay Key Words exchange rates, currency policy, monetary policy, international capital mobility, monetary regimes n Abstract The structure of international monetary relations has gained increasing prominence over the past two decades. Both national exchange rate policy and the character of the international monetary system require explanation. At the national level, the choice of exchange rate regime and the desired level of the exchange rate involve distributionally relevant tradeoffs. Interest group and partisan pressures, the structure of political institutions, and the electoral incentives of politicians therefore nfluence exchange rate regime and level decisions. At the international level, the character of the international monetary system depends on strategic interaction among governments, driven by their national concerns and constrained by the international environment. A global or regional fixed-rate currency regime, in particular, requires at least coordination and often explicit cooperation among national governments. INTRODUCTION The study of international monetary relations was long the domain of economists and a few lonely political scientists. It was routinely argued that, unlike international rade, debt, or foreign investment, exchange rates and related external monetary policies were too technical, and too remote from the concerns of either the mass public or special interests, to warrant direct attention from political economists (Gowa 1988). This was never really accurate, as demonstrated historically by the turbulent politics of the gold standard and more recently by the attention paid to currency policy in small, open economies such as those of Northern Europe and the developing world. But the tedious predictability of currency values under the BrettonWoods system lulled most scholars into inattention (exceptions include Cooper 1968, Kindleberger 1970, Strange 1971 , Cohen 1977, Odell 1982, and Gowa 1983). The collapse of BrettonWoods increased the interest of political scientists in the issue, and in the 1980s, international monetary affairs took so prominent a place in domestic and international politics as to warrant widespread scholarly attention. The 50% real appreciation of the US dollar and the domestic and international firestorm of concern it prompted, dramatic currency collapses in many heavily indebted developing countries, and the controversial attempts to fix European exchange rates ll drew researchers toward the topic. Since 1990, international monetary relations have become extremely prominent in practice, and the study of their political economy has accordingly increased in importance. Exchange rate policies have been at the center of what are arguably the two most striking recent developments in the international economy: the creation of a single European currency and the waves of currency crises that swept through Asia, Latin America, and Russia between 1994 and 1999. Although most research on the political economy of international monetary relations pproaches, analytical arguments, and empirical conclusions. We summarize this work without attempting to cover exhaustively a complex and rapidly growing literature. In this section, we outline the analytical problem, delineating the range of outcomes in need of explanation. The next section focuses on one set of things to be explained, the policy choices of national governments, surveying work on the domestic political economy of exchange rate choice. The third section looks at the second set of things to be explained, the rise and evolution of regional and global exchange rate institutions. Two interrelated sets of international monetary phenomena require explanation. The first is national: the policy of particular governments towards their exchange rates. The second is global: the character of the international monetary system. These two interact in important ways. National policy choices, especially of large countries, have a powerful impact on the nature of the international monetary system. The United Kingdom and the United States were essentially the creators of the classical gold standard and the BrettonWoods monetary order, respectively, and their decisions to ithdraw from these systems effectively ended them. By the same token, the global monetary regime exercises a powerful influence on national policy choice. A small country, such as Belgium or Costa Rica, is much more likely to fix its exchange rate† to gold before 1914, to the dollar or some other currency since 1945†when most of its neighbors have done so. The national and the international interact in complex ways, but for ease of analysis it is useful to look at separate dependent variables: the national policy choices of governments and the character of the international monetary system. National Exchange Rate Policy Each national government must decide whether to fix its currency†to the dollar, to another national currency, or to gold (in earlier periods)†or to allow it to float. If it chooses to let its currency float, it must decide whether it intends to let currency markets freely set the currencys value or whether it intends to target a particular range of exchange rates. If the latter, the government needs to determine the desired level of the currencys value†whether, generally speaking, it prefers the exchange rate to be strong (relatively appreciated) or weak (relatively depreciated). In specific instances, governments may be faced with more immediate choices, such as whether to defend or devalue a currency under attack. There are, roughly speaking, two kinds of national decisions to be made. One concerns the regime under which the currency is managed (fixed or floating, for example), and the other concerns the level of the currency (strong or weak). These choices have significant economic and political implications, and there is no reigning economic argument as to the optimal national exchange rate policy. In this, international monetary policy differs from trade policy. There are powerful economic arguments for the welfare superiority of free trade, and free trade can usefully be considered a baseline from which national policies deviate, with the distance from free trade a measure worth explaining. In currency policy, there is no clear economic- efficiency argument for or against any particular level of the real exchange rate. A strong (appreciated) currency is one that is valuable relative to others; this gives subjects national producers of tradable products (goods and services that enter into international trade) to more foreign competition, for the strong currency makes oreign products relatively cheaper. Although politicians certainly care about these effects†weighing the positive effects of increased mass incomes versus the negative effects of increased foreign competition†there is no purely economic reason to opt for one or the other. There is a reigning economic approach to currency unions (and, somewhat by extension, to fixed exchange rates), drawn from the literature on optimal currency areas. But this literature is by no means conclusive, so even here there are few purely economic factors that could explain national government policy. This means that national exchange rate policy must be made with an eye toward its political implications, since the tradeoffs governments must weigh are largely among values given different importance by different sociopolitical actors. Governments must evaluate the relative importance of the purchasing power of consumers, the competitiveness of producers of tradable products, and the stability of nominal macroeconomic variables. Below we survey the political considerations that affect policy, but first we describe the international level of analysis in international monetary affairs. InternationalMonetary Systems There are effectively two ideal types of international monetary regime, with actual systems tending toward one or the other. One is a fixed-rate system, in which national currencies are tied to each other at a publicly announced (often legally established) parity. Some fixed-rate systems involve a common link to a commodity such as gold or silver; others use a peg to a national currency such as the US dollar. The other ideal-typical monetary regime is is a free-floating system, in which national currency values vary according to market conditions and national macroeconomic policies. There are many potential gradations between these extremes. In the past 1 50 years, the world has experienced three broadly defined international monetary orders. For about 50 years before World War l, and again in substantially modified form in the 1920s, most of the worlds major nations were on the classical gold standard, a quintessential fixed-rate system. Under the gold standard, national governments announced a fixed gold value for their currencies and committed themselves to exchange gold for currency at this rate. From the late 1940s until the early 1970s, the capitalist world was organized into the BrettonWoods monetaryorder, a modified fixed-ratesystem. Under BrettonWoods, national currencies were fixed to the US dollar and the US dollar was fixed to gold. However, national governments could and did change their exchange rates in unusual circumstances, so that currencies were not as firmly fixed as under the classical gold standard. From 1973 until the present, and briefly in the 1930s, the reigning order has been one in which the largest countries had more or less freely floating national currencies with no nominal anchor, whereas smaller countries tended either to fix against one of the major currencies or to allow their currencies to float with varying degrees of overnment management. Monetary regimes can be regional as well as global. Within the international free-for- all that has prevailed since 1973, a number of regional fixed-rate systems have currencies of relatively small countries to the currency of a larger nation; for instance, the CFA (African Financial Community) franc zone ties the currencies of 12 African countries to each other and to the French franc (and now to the euro). Several countries in Latin America and the Caribbean have similarly tied their currencies to the US dollar, and others are considering this link. Another type of regional fixed-rate system involves the linking of a number of regional currencies to one another, often as a step toward adoption of a common currency. This has been the case with European monetary integration, which began with a limited regional agreement, evolved into something like a Deutsche mark link, and eventually became a monetary union with a single currency and a common European central bank. Countries in the Eastern Caribbean and southern Africa have also developed monetary unions. Our dependent variables, then, are (a) the national exchange rate policies of articular national governments, especially their choice of the level and regime of their currencies; and (b) the international monetary regime, especially the degree to which currencies are fixed against one another. To be sure, these two dependent variables are Jointly determined. National policy choices depend on the character of the international monetary system, and the evolution of global monetary relations is powerfully affected by the decisions of the major trading and investing nations. By the same token, international monetary relations interact with other economic policies. Currency misalignments have often led to protectionist pressures and even trade wars, Just as the evolution of trade relations affects exchange rate policy choices. Policies toward international financial and investment flows are similarly affected by, and affect, exchange rate movements. These complex interactive effects are important, but we do not know how to think about them in an integrated and systematic way. This essay focuses on the political economy of international monetary policy in and of itself, emphasizing potential answers to our two more narrowly defined explanatory questions. Cognate literatures on the political economy of other important international economic policies are useful to the analysis of international monetary policy. Analyses of international trade and investment begin with a prior notion of the distributional interests at stake†factoral, sectoral, and firm-specific†derived either from theory or from empirical investigation. They then explore how these interests are aggregated and mediated by such sociopolitical institutions as labor unions and business associations, political parties, electoral systems, legislatures, and ureaucracies. Finally, they explore the interactions between these nationally derived policies and those of other countries, especially in contexts in which interstate strategic interaction is likely to be important, such as where national government policies depend on the responses of other governments. The emerging structure of analysis and explanation of international monetary and financial politics follows this pattern. In the next section, we summarize the domestic level of analysis, especially how interests and institutions interact in the formation of national policy.

Agri-Business Essay Example | Topics and Well Written Essays - 4500 words

Agri-Business - Essay Example The key success factor of Farmers Haven shall be its freshness and its purity in terms of organic nature of farming. The company shall brand itself as a high quality food supplier using best quality genomes for its produce. The paper is a detailed business plan that begins with a discussion of company’s objectives and mission. The paper identifies the key success factors of the business and goes forth to discuss the company’s key operations and products, its location geographies and facilities. The paper also discusses a detailed marketing strategy for the company highlighting its target market and key competitors. Under strategy implementation, the paper brings in the competitive edge for farmers Haven, its marketing strategy, pricing strategy, sales strategy and strategic alliances. The financial plan is the key to a comprehensive idea about the sources of funds and how they shall be utilised in the business processes. The financial summary also presents a pro-forma balance sheet and income statement presenting forecasts based on estimated figures based on ascertainable assumptions. Through the detailed discussion, the paper aims to provide a complete outlook on the proposed business pl an and its viability in the future. Farmers Haven shall be formed with the acquisition of the Knocktim Dairy Cottage and shall be working towards developing the fertile land into a full-fledged farming area producing high quality farm produce including fruits, vegetables, poultry produce and horticulture products. The 3 acre land shall be put to use in its fullest potential by farm managers and the owner who have the most extensive knowledge and experience in the farming business. The region of operations is located within an area of Scotland that is highly fertile and also attracts a lot of tourists for its natural beauty. The land is to be acquired for farming was primarily engaged in the dairy activities and it shall be strategically divided

Literature by women of color Essay Example | Topics and Well Written Essays - 2000 words

Literature by women of color - Essay Example The concept of redefining female sexuality becomes a central point in both stories. Through sexuality of the women, relationships change and the gender identity creates questions of the roles of the women. The women in each of the stories rebel against gender identity and labels by taking actions with feminine sexuality that redefine gender roles. The concept of gender identity and race in both stories is central to how the women in the story act and react. In both novels, there is a sense of identity, rigidness and restrictions which apply to the gender of each of the individuals. Most of the rules which are placed on the women come from a strict patriarchic culture that is defined by the rules of women and the expectations they have for staying within specific confines. The defining of gender and race comes with specific boundaries and expectations as well as labels in which each of the characters is required to obey. Through both of the stories, there is an undertone of the expectations in society through the secondary characters, as well as how the main characters question these and try to overcome the boundaries through specific actions that they take. Beloved shows the concepts of rigidness in gender boundaries and identity through the main way in which the males treat the women and different races throughout the book. This is first seen with Sethe and Denver’s escape from slavery in the 19th century, which was not looked up to. More important, the death of Sethe’s daughter contributes to understanding the level of boundaries that were placed on race and gender within the society. The main concept is to define the boundaries of gender and race as being submissive to other genders and race while creating a specific identity that is not able to contribute to society in specific ways. The role in both race and gender holds an expectation of remaining submissive and not carrying an identity that

Organisational and leadership management (Tesco PLC) Essay

Organisational and leadership management (Tesco PLC) - Essay Example As far as Tesco is concerned, it is placed in a very competitive and challenging industry, that of the retail business. The retail business is a very high selling business, since it involves selling items of daily use. Tesco in the next 0-10 years, will be faced with a lot of new challenges. In the world of business, no organization can remain stagnant and stay where it is. Rather, it has to constantly keep on moving and face the challenges that the unstable environment has to offer. The challenges that Tesco might face in the near future is that it might be challenged by their competitors if they merged together to form a cartel or another organization. Other challenges can be to keep prices low, despite the various tactics that are often used by the retailers to coax the consumers into a tight corner. Examples of such tactics are price fixing. In such times of change and crisis, effective leadership will be essential for Tesco. It would have to have expert power within the company to manage the challenges that is would face. Expert power comes from the expertise possessed by the manger, and the value and need of this expertise within the organization. This expertise is a result of the manager’s special skills, knowledge, abilities and/or previous experience.

Freedom of Information and Privacy Essay Example | Topics and Well Written Essays - 500 words

Freedom of Information and Privacy - Essay Example the government has every right to charge the organization; therefore it is better that the organization must make sure that the public funding is not being used for any purpose other than public welfare (Misuse of Public Funds, 2013). 2. No in my opinion I do not think that there should not be any difference between the privatization of traditional governmental services and private corporations using public funding for non-traditional services, as both of these services are directed towards one cause i.e. providing services for the betterment of people. Privatization of the traditional government services can be quite beneficial in some cases as when any of the government department or institution is facing a loss. The government may privatize an institution, which in the long run can be beneficial for the overall economy. Private institution at the end of the day believes in gaining profits out of the operations they are carrying on. This is what makes the private institution more successful than the government institutions (Should government stop offering any service that the private sector can provide?, 2013). 3. There are many private corporations in which they fraud, waste abuse and corruption is at its peak. The charitable organizations too are not at all immune to the FWAC. Brain Collins the retired CEO of Enron Corporation stated in an interview that their organization conducted a research on nonprofit organizations. The result of the research suggested that every year the corruption of 1.1 million occurs in the nonprofit organizations. One can predict that if the amount of corruption is so high in institutes that are solemnly working for the betterment of the society that what will be the case of other organizations (Not-for-Profits Not Immune to Fraud, 2013). 4. If the FOIA legislation fails to force the private organizations to effectively respond to their request, the government can play its role in by assigning a contracting agency that will look

Facilities Management Programmes Essay Example | Topics and Well Written Essays - 1000 words

Facilities Management Programmes - Essay Example At the same time, the government has also been committed to the provision of better services in the health, transport, education and other key sectors. In addition, the economies of scale have forced many companies to outsource the services of other companies, and have been observed across the board, for both the private and the public sectors (Wood 2007). The emphasis here of course, has been a need to have growth in such sectors as education, healthcare and utilities. The government too has largely been credited for the outsourcing programmes in the public sector, in a quest to improve and upgrade accommodation, housing and other related services. To this end, the design, finance, build and operate contracting has especially found use in hospitals and schools (CFM 2002). The upgrading and support services provision of outmoded facilities has also not been left out. Given the needs as well as the projected growth of the facilities market in the united kingdom, it is only in order that there be qualified and well trained property managers who will comfortably handle such issue as space design and management, the procurement of facilities, the computation and analysis of facilities costs, as well as the handling of taxation of the same (Chapman 2008). With the rapid rise in technology, and the bar in the ma... rs, it is also important that those managers receives the latest training on computer-aided management of facilities, so as to keep abreast with the dynamic changes in the sector. The onus is on the administrators of the institutions of higher learning in the United Kingdom that offers course if facilities or property management to ensure that their graduates receive training that in s in line with the market requirements (CFM 2002). Otherwise, there is every possibility that they will not only be overtaken by technological changes, but also that they may not impact positively as future property managers. 2. Problem statement The prevailing global credit crunch has especially handed the property market a serious blow. Owing to the numerous losses that these clients may have suffered, there is every need for the industry to ensure that they win back the confidence of the consumers. At the same time, the housing market and the real estate businesses are progressing fast against a backdrop of reducing building space (CFM 2002). This has thus ensured that the property procurement protocols have become more compels by the day. Globalization has also ensured that investors put their money in diversified locations whose property rules differ, and this means that a property managers has to keep abreast with the advances in development of the industry. For this reason, there is a need that the institutions of learning are able to tailor their programmes to suit the need of the market (Nutt & McLennan 2000). Furthermore, clients are becoming sophisticated by the day, while competition in the facilities management demands astute management skills, prompting the industry to seek out shrewd property managers who cab be able to wither the storm (Graham & Price 2000). The

Can Barack Obama deliver the change (in foreign policy) he promises Research Paper

Can Barack Obama deliver the change (in foreign policy) he promises - Research Paper Example 5. The federal budget is balanced, therefore allowing the President more time to work on foreign policy. CON: No, President Obama can not deliver the change in foreign policy he promises. 1. Barack Obama is defeated by Governor Mitt Romney, who becomes the next President of the United States of America on 6 November 2012. 2. The legislative branch of the United States government continues to bicker among themselves, therefore not agreeing on policy. 3. The countries that have historically been allies of the United States decide to cut ties politically with the United States. 4. The war in Afghanistan continues for more than four years therefore occupying most of President Obama’s attention. 5. The United States continues to go into debt, therefore decreasing the ability that the United States to create foreign policy as well as not allowing time to manage foreign policy with an ever nearing depression. Due to the interconnectedness of the world, foreign policy is now an import ant aspect of any politicians’ job. This is even more so for the President of the Unites States of America, a position that has numerous levels of responsibility. The President has to maintain internal peace of prosperity, as well as international concerns. The United States in recent decades has taken on responsibilities that most countries would not. Being a leader in world politics, world economics, and being a world super power takes a toll on a country as well as a leader. This has especially been true for the United States that has seen in the last two decades almost constant international warfare, a struggling economy, and increased numbers of adversaries. To achieve what needs to be accomplished internationally, the President must have a strong stance on foreign policy and the ability to enact change. When Barack Obama was elected President in 2008 the nation was embroiled in two large conflicts, the national debt was increasing, and the rate of employment was decreas ing. Foreign policy while important was not on the top list of things to do. However, now that the unemployment rates are stable, and the United States is out of one of the conflict zones, a look at if President Obama can achieve any significant change to Foreign policy is appropriate. The main hurdles that President Obama is facing are the upcoming elections, which parties controls the legislative branch, our international allies start to falter, the current war in Afghanistan continues, and there is no relief in sight for the national budget to be balanced. All five of these things could affect foreign policy. In addition to each of these being a detriment to the success, the opposite will be beneficial in accomplishing effective and long lasting change. The election that is taking place on November 6, 2012 is one of the most divisive elections in the last 50 years. Many bloggers have realized this and started to write about what this election is doing to the country. Due to this divisiveness both #1 and #2 are going to be dependent on the results of the election. Daniel Greenfield, in a very conservative blog believes that it was the intention of the candidates to divide the country, to spread fear and loathing among the population.i This division was done not to support the United States, but to show how bad it could be. The latest polls show that there is a chance of either party to win the Presidency.

Freedom of Information and Privacy Essay Example | Topics and Well Written Essays - 500 words

Freedom of Information and Privacy - Essay Example the government has every right to charge the organization; therefore it is better that the organization must make sure that the public funding is not being used for any purpose other than public welfare (Misuse of Public Funds, 2013). 2. No in my opinion I do not think that there should not be any difference between the privatization of traditional governmental services and private corporations using public funding for non-traditional services, as both of these services are directed towards one cause i.e. providing services for the betterment of people. Privatization of the traditional government services can be quite beneficial in some cases as when any of the government department or institution is facing a loss. The government may privatize an institution, which in the long run can be beneficial for the overall economy. Private institution at the end of the day believes in gaining profits out of the operations they are carrying on. This is what makes the private institution more successful than the government institutions (Should government stop offering any service that the private sector can provide?, 2013). 3. There are many private corporations in which they fraud, waste abuse and corruption is at its peak. The charitable organizations too are not at all immune to the FWAC. Brain Collins the retired CEO of Enron Corporation stated in an interview that their organization conducted a research on nonprofit organizations. The result of the research suggested that every year the corruption of 1.1 million occurs in the nonprofit organizations. One can predict that if the amount of corruption is so high in institutes that are solemnly working for the betterment of the society that what will be the case of other organizations (Not-for-Profits Not Immune to Fraud, 2013). 4. If the FOIA legislation fails to force the private organizations to effectively respond to their request, the government can play its role in by assigning a contracting agency that will look

Can Barack Obama deliver the change (in foreign policy) he promises Research Paper

Can Barack Obama deliver the change (in foreign policy) he promises - Research Paper Example 5. The federal budget is balanced, therefore allowing the President more time to work on foreign policy. CON: No, President Obama can not deliver the change in foreign policy he promises. 1. Barack Obama is defeated by Governor Mitt Romney, who becomes the next President of the United States of America on 6 November 2012. 2. The legislative branch of the United States government continues to bicker among themselves, therefore not agreeing on policy. 3. The countries that have historically been allies of the United States decide to cut ties politically with the United States. 4. The war in Afghanistan continues for more than four years therefore occupying most of President Obama’s attention. 5. The United States continues to go into debt, therefore decreasing the ability that the United States to create foreign policy as well as not allowing time to manage foreign policy with an ever nearing depression. Due to the interconnectedness of the world, foreign policy is now an import ant aspect of any politicians’ job. This is even more so for the President of the Unites States of America, a position that has numerous levels of responsibility. The President has to maintain internal peace of prosperity, as well as international concerns. The United States in recent decades has taken on responsibilities that most countries would not. Being a leader in world politics, world economics, and being a world super power takes a toll on a country as well as a leader. This has especially been true for the United States that has seen in the last two decades almost constant international warfare, a struggling economy, and increased numbers of adversaries. To achieve what needs to be accomplished internationally, the President must have a strong stance on foreign policy and the ability to enact change. When Barack Obama was elected President in 2008 the nation was embroiled in two large conflicts, the national debt was increasing, and the rate of employment was decreas ing. Foreign policy while important was not on the top list of things to do. However, now that the unemployment rates are stable, and the United States is out of one of the conflict zones, a look at if President Obama can achieve any significant change to Foreign policy is appropriate. The main hurdles that President Obama is facing are the upcoming elections, which parties controls the legislative branch, our international allies start to falter, the current war in Afghanistan continues, and there is no relief in sight for the national budget to be balanced. All five of these things could affect foreign policy. In addition to each of these being a detriment to the success, the opposite will be beneficial in accomplishing effective and long lasting change. The election that is taking place on November 6, 2012 is one of the most divisive elections in the last 50 years. Many bloggers have realized this and started to write about what this election is doing to the country. Due to this divisiveness both #1 and #2 are going to be dependent on the results of the election. Daniel Greenfield, in a very conservative blog believes that it was the intention of the candidates to divide the country, to spread fear and loathing among the population.i This division was done not to support the United States, but to show how bad it could be. The latest polls show that there is a chance of either party to win the Presidency.

To Find Common Identifying Factors in different financial scandals Essay Example for Free

To Find Common Identifying Factors in different financial scandals Essay Financial scandals are known for their adverse effects on businesses. They can cripple a business entity or lead to total collapse. Thus, the value of looking into the issue of scandals constitutes a study area of great value both to the academic discourse and the general knowledge. This paper looks into financial scandals with a view to finding common factors underlying them. Through a case study approach, the Amaranth Advisors, Allfirst Group, and Soceite Generale are examined. Through the use of relevant literature review, it is established that though scandals are different in the nature of their emergence, there are a host of common factors that occasion them. The study finds that poor regulating posed by both internal and external mechanisms are to blame for this phenomenon. It is also established that issues such as rogue trading, office politics, laxity in rule application and sluggish responding constitute the other common factors underlying the scandals. The paper concludes by calling upon the tightening of measures, updating technologies, de-politicizing organizational business, and the adoption of stringent regulation to tame the vice. Introduction Financial scandals involve business and political misdeeds by executives entrusted with large public and private institutions. These schemes entail complex methodical application of schemes with a view to misdirecting and/or misusing funds. Other forms of scandals may pertain to understating expenses, underreporting business liabilities, overstating of revenues, overstating of assets, etc. This is normally done by officials and subordinates of businesses. In public enterprises, this kind of action constitutes fraud. In cases where scandals have been detected or reported, the norm is always to launch investigations with a view to unearthing the issues underlying the engagement of such criminal activity. The oversight agencies like Securities and Exchange Commission in the United States are responsible for investigating the emergence of this kind of crime. Scandals typically present a seriously dangerous scenario as most investigations point that such scams are nothing but a ‘tip of an iceberg’. As this paper finds out scandals are often led by officials within organizations. The officials are given support by either laxity or complacency by relevant organs. Literature review In any research, the use of literature review is of undisputed value. Literature review enables a researcher to find the status of an issue area. This is possible as literature review offers what other researchers have done on the study issue. On this basis, this study is no exception as it heavily relies on the works of other scholars towards raising important findings. The case of Societe Generale The scandal involving Societe Generale went on for a long period of time. It was first reported via an email on November 7th of 2007. A surveillance office stationed at Eurex raised the mater before a compliance officer of the bank. It was revealed that a trader; Jerome Kerviel, had engaged in a number of transactions which were suspicious in nature (Martin, Allen, Allen and Samuel, 1). The bank bid its time and launched its own response in 20th of November. In this response, a risk control expert at the bank purported that there was nothing irregular in the transactions executed between the bank and the client; Jerome Kerviel. In his response, the bank official claimed that the then ongoing volatility in the financial markets especially in the United States of America and Europe stocks, was the reason behind the bank’s requirement of after-hours trading (Martin, Allen, Allen and Samuel, 1). The office at Eurex did not stop there. On November 26, it sent a second email to the bank explaining its displeasure at the way the matter was handled by the bank. This explains what led the bourse to demand further information regarding this issue. The bank, Societe Generale provided further information on 10th of December. On this basis, the two parties; Societe Generale and the Eurex office let the issue disappear (Martin, Allen, Allen and Samuel, 1). When Kerviel raised another alarm, coming five weeks later, it proved too little too late. He made a lot of profit based on the surreptitious trading amounting to around two billion US dollars. However, this gain was soon to evaporate as a loss in the region of seven billion US dollars. The bank basically unwound the financial standing of Kerviel on 21st and 22nd of January (Clark and Jolly, 1). A spokesperson of Societe Generale declined to comment on the warning issued earlier by Eurex claiming an internal inquiry led by a special committee composed of independent directors was underway. It is hypothesized at this stage that ignoring the red flag raised by Eurex was a serious misstep in aiding this scandal. The loss suffered by the bank is almost wholly attributable to the actions of ignorance on the side of the bank (Sage, 1). The bank, despite being in business for over one hundred and forty four years, it failed by allowing a culture of risk taking to flourish within its ranks. Simply put, this seriously exposed the bank as it allowed for major flaws to characterize its operations. It is hypothesized that it is this allowance that paved way for the rogue businessman to rock the bank and make away with a good amount of money while leaving the bank with gaping holes in its financial status. The manner in which Kerviel was let to undertake his mischief undetected by a bank of Societe Generale stature serves to underscore this realization (Gregory and Anne-Sylvaine, 1). Instead of discouraging the making of big bets by clients, the Societe Generale group rewarded traders who made such risky investments. It is further revealed that it was never uncommon for traders to exceed the limits put on trading momentarily before holding back. This was however against controls limiting this (Martin, Allen, Allen and Samuel, 1). During January 2008, Societe Generale lost over 4. 9 billion euros as it closed positions in three days. At this time, the market was experiencing a big drop in equity indices. It is claimed by the bank that these positions were fraudulent creations of one, Jerome Kerviel, a rogue trader. However, more surprises were sprung up as the police claimed they did not have the evidence to charge the culprit with fraud instead preferring abuse of confidence charges against Jerome Kerviel. Jerome Kerviel claimed that his actions were well known to the superiors at the bank and the major reason behind the collapse of the bank was based on panic selling (Sage, 1). It is claimed by bank officials that throughout the year 2007, Jerome Kerviel was trading profitably anticipating a fall in market prices. This was however done beyond authorized levels. The culprit is accused of engaging in trade totaling almost 50 billion, a figure way above the bank’s sum market capitalization. It is further revealed that Jerome Kerviel attempted to hide this engagement by intentionally creating losing trades in a bid to offset the early gains he had made. In addition to the above allegation, Jerome Kerviel is thought to have made over 1. 5 billion US dollars in hidden profits (Martin, Allen, Allen and Samuel, 14). The case of Allfirst John Rusnak, a former currency businessman at Allfirst bank, at the time an affiliate of AIB Company was given a 71/2 years jail term in connection to his role in the disappearance of six hundred and one US million dollars. This sum of money was lost due to the banking system’s encouragement of bad bets. The bad debts were later to snowball leading to a monstrous scam ever witnessed in the banking industry. The culprit, Rusnak John was transferred from prison to his house in June of 2008 to be under house detention until September the same year and later let free in 5th January 2009. This meant that in total, Rusnak served less than six years in incarceration (Robert, 45). If the original sentence could have been adhered to the later, Rusnak could have been held in prison for a period of over 30 years. However, the original sentence was a presentation of a plea bargain hammered in collaboration with the US prosecutors. While being released, it was alleged that Rusnak had earned good behavior and completed a drug treatment module. On his release, Rusnak was expected to begin paying one thousand US dollars a month to cater for his time in probation (Robert, 45). Though Rusnak was held responsible for the loss of six hundred and ninety one million US dollars, the case prosecutors claimed whatever amount to be paid was to depend on what the culprit was able to make after being freed. The fraudulent activities engineered by Rusnak were very harmful to the entire stakeholder ship as over one thousand and one hundred Allfirst employees lost their jobs during the sale of the company (Robert, 45). Early on at the discovery of the fraud, the executives at Alllfirst and AIB believed that there was no any form of conspiracy between Rusnak and any other member or official of the bank (Brian, 54). This finding may absolve the bank of any blame in the eyes of the public. However, this is a devastating finding since it paints a grisly picture on the part of the bank. That is to say if one bank official would carry out a fraud of this magnitude, then things were quite wrong. Simply put, the bank’s monitoring and self regulating mechanism was in tatters to say the least. The Ludwig report confirmed that the bank’s back office did not make attempts towards confirming the bogus options alongside their Asian counterparts. The negligence fronted by the company’s middle and back offices from confirming the foreign exchange rate from an independent source also puts the bank on the spot. It is also alleged that the internal audit done in 1999 did not bring out the real picture. Later in 2000, an audit carried only examined a single transaction to determine whether indeed there was impropriety. These failures of the bank only present actions that appear in support of graft (Brian (a), 34). The back office at the treasury had issued a warning regarding the events at the bank. The fact that the bank chose to let the opportunity points to gross misconduct by leadership. The treasury, backroom office had raised a host of issues regarding Rusnak’s personality concerns and confirming trades conducted by Rusnak. The culprit seemed excellent in playing organizational politics to his advantage. This is reflected by the fact that the back office desisted from reporting the actions of the trader as the management was behind Rusnak’s activities. If the back office had received support from the top management, then the rogue activities could have been curtailed (Brian, 54). Foreign exchange rules require that suspicious activities should be discouraged (Brian (a), 34). The two prime brokerage provision banks failed to uncover what Rusnak was undertaking. This was a notable omission on the part of the two banks. The Historical Rate Rollovers should never have been used to uncover fraud deals as it happened. The trading system at Allfirst was literary flawed as one employee was trying to run a hedge fund. Rusnak had no knowledge, diversification, skills, and other requisite attributes necessary to run the trading system (Brian (a), 35). The case of Amaranth Advisors The year 2006 was one of the most devastating in reference to the history of the Amaranth group. It is during this year that Amaranth Advisors lost in excess of two billion US dollars over a span of few weeks (Robert, 37). Amaranth Advisors engaged in a very risky venture in regards to trading. This left the business entity hugely exposed to the frugalities that characterise the business world. Liquidity is an aspect that should be closely monitored if businesses ae to be safe. But taking risks as this business did implies a readiness in the business to test the waters of uncertainty. Launched as a hedge fund business, Amaranth operated a very risky venture as its portfolio could change up to 80 percenty in reflection of the energy trade. As this soared, the group, Amaranth changed tack and put onside the concept of diversification with a view to mitigating the risks that were emerging. the group traded on Credit Arbitrage, Convertible Bond Arbitrage, Merger Arbitrage, Energy Arbitrage, etc. Initially, the the amount in Convertible Arbitrage reflected sixty percenty of te worth of the company. however, by september 2006, this had shifted to almost two percent. Such is the volatility that characterised the company activities (Robert, 37). One factor emerges at this point; there were no limits concerning the regulation of concentration. Leverage was also unrestricted. when leverage is unrestricted, it means that a company can engage in trading beyond the set limit or outside the confines of its budget. this portends ill for a business as in the case of a loss, the company can easily go under (Robert, 37). Brian Hunter who was hired in 2004 takes blame for the financial fiasco experienced by this group. Brian Hunter had already cut a niche for himself in the corridors of wall street. While trading in energy futures, Hunter had achieved great success and it is perhaps on this basis that Amaranth hired him. The trader was so renowned such that When he threatened to quit in 2004, his perks were adjusted upwards to tie him there. Hunter was also given the oportunity to trade separately from the group boss and awarded adittional compenation. Equally of note rests on the fact that the individual was given the privilege of relocating o his hometown and trade from there (Robert, 38). On the basisof the United States Senate Permanent Subcommitte on Finance, Amaranth lost money in the region of two bilion US dollars beginning the first week of August. This loss was attributed to the trading in natural gas which led to high liquidity in the entire company portfolio. The John Marthinsen estimates put the losses at around 6. 5 billion. The Amaranth group was deeply engaged in various types of contracts that captured futures, options, and swaps. The company position remained hugely independent on the future prices of natural gas (Robert, 38). Historically, natural gas prices rose during the winter times. This was held as natural gas is commonly used as a heating source at tis tme. so it was commonsense that gas prices would rise during te time. Amaranth was banking on this norm to enable the company reap profits. However, this is an instinctive way of runing business which cannot be relied upon though it wored previously. this ponts to a lack of well oiled strategies in running the business (Robert, 38). Allfirst hired John Rusnak as a currency trader with a view to help in the proprietary exchange of foreign currency. This was a costly acquistion as the fellow cost the bank around 691 million dollars. Through the use of various methods, Rusnak overstepped his mandate and traded beyond limits putting the bank’s fortunes at stake in the process (Robert, 38). The wild derivatives were the first error towards the financial meltdown. It appears like Brooksley Born, the then chairperson of Commodity Futures Trading Commission had foreseen the danger posed by deregulation of derivatives. The idea to extend the regulation mandate as proposed by Brooksley was rebuffed by the officials of the Securities and Exchange Commission, the Federal Reserve, and the Treasury Department. While it remains debatable whether the regulation could prevent or alter the financial trend, few dispute the idea that such control would have slowed the emergence of the problem. Financial analysts believe if this was introduced 10 years or earlier, the control would have mitigated the rise of the problem (Blinder, 1). Wild derivatives have adverse effects on any business, the deregulation of derivatives at Amaranth, Allfirst, and Societe Generale point to the fact that such a precedent is dangerous as it portends ill for a business. Blinder has observed that the alarm bells signaling the financial credit crunch went long ago and individuals in positions of influence refused to act rather preferring to protect huge business interests. The innermost government sanctums were basically to blame as they chose to protect few businesses at the expense of the common good (Blinder, 1). Brooksley, while serving at CFTC made it clear to congress that controlling the financial markets was necessary. The financial instruments commonly known as derivatives were the focus point. It is little surprise that ultimately the collapse of the derivatives market served as a trigger towards the 2008 financial crisis. Brooksley was overly concerned about the ‘swaps’ unregulated trading (Blinder, 1). This unregulated trading led to the near collapse of the economy. Similarly the unregulated nature of activities of the three companies presented the necessary conditions for the scandals to take place. For an efficient market operation, there are no illusions, regulation by an independent body is necessary. On the basis of Blinder’s observation ‘sky high leverage’ an issue that arose in 2004 leads to serious effects on businesses (1). During this period, the S. E. C allowed securities firms to up their leverage to levels unmatched before. Prior to this instance, leverage stood at 12 to 1. After this event, the leverage sky rocketed to 31 to 1 (Blinder, 1). This is a pointer to madness on the side of the S. E. C and firms’ heads. It is known that at 33 to 1 leverage, a small decline, for example a three percent decline in assets valuation can lead to a wiping out of a business company. If the authorities had ensured that the leverage was kept at 12 to 1, then the firms would have remained stable as they would not have grown that big or exposed to vulnerability. The firms being examined in this study equally let their officials exceed their normal leverage explaining why the effects were lethal. Findings When Eurex issued a warning, the Societe Generale officials did not respond adequately, instead they took to time wasting with a view to getting the issued buried. Warnings are expected to serve an entity to refocus or correct something going wrong. The Societe Generale group did not heed this, nor did Amaranth do. The officials of Societe Generale affirmed that there was nothing wrong with the transactions executed by Kerviel. This is an indication that Kerviel must have been operating under the protection of big officials at the institution or that the institution checking mechanisms were amiss. The internal self regulating and checking mechanism were in a total mess. This explains why Kerviel was able to wage such criminal activities without being noticed. However, this may point to another issue concerning politics of organization. Accomplices must have been used from the highest levels of management. For Kerviel to engage in this act, he must have been damn aware that there was some form of protection that would come his way. Risk ventures hold huge potential both in reference to loss and profit making. Societe Generale encouraged traders to continue engaging in such ventures. Jerome Kerviel claimed that superiors were aware of his actions. The losses incurred by Societe Generale were reflected in a very short time; three days. This does not however imply that prior to this; the business was in a sound position. This is because before such a position is reached, there must have been factors at play. The senior management based in Dublin and Baltimore failed to focus on the happenings at Allfirst. The role of any management team in all organizations is and remains one of overseeing the transactions executed. Simply put, the management should sanction all activities. Activities which carry the importance as the one carried out by Jerome Kerviel should have been closely monitored. However, this was not done. The betting business is a risky business venture which Allfirst bank encouraged. It is a fact that profits can be made in this business. However, it is also possible to make huge losses which may lead to collapse of a business entity. On this basis, there are regulative measures always put in place to guide in the setting the right amount to be gambled. Laxity in rules comes into the fore as Rusnak was given a relatively big sentence at the beginning but this was watered down to a mere 7 years though the culprit ended up serving even less. The amount payable back; 1 000 US dollars presented a slap in the face of justice considering the amount of losses the person had led Allfirst into incurring. The foreign exchange rules requiring the disapproval of suspicious ventures was also discarded as Rusnak continued with his business unhindered. Internal mechanisms at Allfirst and AIB at first claimed there was nothing sinister about Rusnak’s engagements. All other bank officials were cleared of any wrong doing claiming that there was no form of collusion between Rusnak and any member at the bank. The middle and the back office must have slept on the job. They did little to seek valid information from independent sources regarding exchange rates. In addition to this, the audit carried out by the bank examined only a single transaction involving the activities of Rusnak. How fair was this? The back office at the treasury issued a warning of impropriety at the bank concerning Rusnak’s activities, but this was either unheeded or ignored. The senior management monitoring and control system like auditing were overrated as they miserably failed on the very aspect they were there for. Just like Allfirst and the Societe Generale group, Amaranth Advisors engaged in a very risky trading system. Thus the uncertainty in the bank was bound to reflect on its financial and business health. Unregulated leverage was the crucial issue that brought down the bank. Brian Hunter the fellow behind the scam at Amaranth Advisors was given special treatment. Rusnak overstepped his mandate and traded beyond Amaranth Advisors’ limits. While Rusnak was doing this, the Amaranth Advisors just like the other two companies had internal mechanisms of regulating and monitoring activities within the organization. Outside regulators were also in place. The fact that both internal and outside sources of regulation failed to act puts such bodies or departments on the spot. Comparison of findings Poor rules and regulations regarding business operations are found to be reflected by the three business entities. Rules and regulations play a very pivotal role in the running of a business. Such rules and regulations stem from either within or from outside a business. The regulations relating to trading limits were flouted. Internal and external mechanisms equally failed to unearth these events. Where they were unearthed by external offices, the establishments at the three companies poured cold scorn on the advice. It appears like engineering episodes that were bound to happen. In the three cases, there are single individuals masterminding huge scandals. What baffles scholars and the public alike is the manner in which the events proceeded undetected for a long period of time. With the current levels of technology, it also leaves a lot to be desired why institutions like these could not use such technological assistance. Office politics, a regular phenomenon in most public offices also rears its ugly head again. The revelation by the former chief economist, Yves-Marie Laulan that what happened at Soceite Generale was inevitable offers strong support to this position. Yves-Marie Laulan further claimed that some things are hard enough and thus difficult to control, an implication that the economist could have well been aware the scam was in the making. The fact that when red flags were raised in these scandals nothing of note was taken by the companies serves as a pointer that senor and powerful individuals were behind the scams. Only that, they were achieving their goals through proxies. The proxies in the cases include the three individuals mentioned as the perpetrators of the scam. Rules regarding business operations were flouted. If rules and regulations are not obeyed things are bound to go awry at some point. The trading limit rules were ignored by these companies. Risk ventures which were suspect in nature were let tom thrive. As if that wasn’t bad enough, warnings issued were ignored. Where they were heeded, the approach was truly sluggish in nature. The companies; Amaranth, Allfirst, and Societe Generale presented cases of flouting expected levels of leverage. It is crucial that leverage levels be kept at the right level if businesses are to remain afloat. In the cases of the three businesses, this was never observed. The failure to observe set rules and regulations serves to point to impropriety in handling the businesses. Discussion On the basis of findings, it is discernable that there was laxity in rule implementation. Every trade has its regulations which aid operations in day to day transactions. The three entities examined in this survey exhibit an unwillingness or sluggish nature in implementing the regulations of business. In the three cases, the three culprits wee found to have operated way beyond the limits set by their businesses. System weakness and other failures are equally found to have served as impediments in the success of business. The scandals raised or rather examined in this paper are of big magnitude. However, despite calls for investigations and the raising of alarm bells in reference to the scandals at their initial stages, nothing worthy was engineered to curtail the explosion of the scandal. Every system is supposed to regulate itself fully. A system that fails this test is out of sorts and lacks the legitimacy of being in operation. Assuming that there was no abetting of these criminal activities in the respective scandals, then the systems regulation and control mechanisms were a total mess. Such systems should e replaced and completely done away with. Technology plays a critical role in present day business activities. For example, it aids the flow of transactions in a very expedient and efficient manner. Thus each company is encouraged to employ latest and up to date technologies in order to move a business forward in tandem with present trends. However, the scenario at Alfirst points to a different direction. The use of the Crossmar Matching System to monitor trade should have been used, working as a group would have equally helped. Instead of applying this latest technological support, Allfirst was employing the use of telephone and fax. The use of spreadsheets to feed information regarding exchange rates to the business is also another shortcoming attributable to the inability of the business from taking important and necessary steps in addressing business requirements. Simply put, it is a shame that a company of Alllfirst’s stature could be using the methods mentioned above. Whichever explanation is given in support of this position is unacceptable and unwelcome to level headed individuals. One of the greatest mistakes of the companies though not expressly captured in the paper relates to office politics. Office politics is almost commonplace in every business as human beings often tend to align themselves to different cocoons at the work place. However, it is the duty of the top management to focus on this aspect and ensure that office politics does not work to the detriment of an entity. If a business leadership fails on this, then there is no good in the office leadership being in office. A closer look at events in the three scandals implies an absence of good leadership characterized by political intrigues. When warnings were issued at initial stages of the scandal, the top leadership in the organizations seemed to brush aside the allegations. They equally failed to investigate and either authenticate or dispel the rumors in total. This, in my considered view, was an act outlining a possibility of role playing in which case the top leadership was an accomplice in the scandals. In the case of Allfirst, the preferential treatment of one employee illustrated by receiving extra perks and being allowed to work from home also underscores the point. The key to success in any business rests on good management practices (Barrett, 51). This points to the ability of the management to set achievable goals and embarking on a mission towards realizing them. For success to be attained, the management must outline the necessary tasks in setting up and managing the business. The goals set for the business must be measurable in performance terms. Towards that end, major goals should be broken into smaller goals. These sub goals should have timelines which must be observed. This is an area in which the businesses failed leading to the witnessed scandals. After setting goals and the sub goals, the individual owner or manager must move into action and make the necessary steps towards attaining them. The efforts required in achieving the different goals and sub goals are different, then the deviations should be reflected in the actions or the steps taken towards the achievement. The required effort must remain reasonable so as not to discourage the manager. Caution should be taken to avoid chasing too many goals as such pursuit may scuttle the success of a business (Wright, 75). In this regard, priorities must be set. The businesses studied in this research should prioritize vigilance and caution while trading. The planning and setting of goals must be done well in advance. This enables the manager to understand what to expect in most circumstances. As the business grows the set goals should gradually be achieved as such achievement is expected to motivate the manager. Normally, obstacles will be on the way of any business venture, this should be anticipated and provided for in terms of arrangements to counter or mitigate the effects (Wright, 75). The businesses mentioned in this study should have done this to avoid such scandals.

The Lung Chronic Disease Bronchopulmonary Dysplasia Nursing Essay

The Lung Chronic Disease Bronchopulmonary Dysplasia Nursing Essay Bronchopulmonary dysplasia or BPD is a form of chronic lung disease that develops in preterm neonates and is treated with oxygen and positive-pressure ventilation (PPV). In this paper I will discuss exactly what bronchopulmonary dysplasia is, its pathophysiology, the etiology, its clinical presentation, and any differential diagnosis of the disease. I will also present in my research the treatment and management for the disease, its prognosis, and the sequelae. Bronchopulmonary dysplasia formerly known as Chronic Lung Disease of Infancy is a chronic lung disorder that is more prevalent in children who were born prematurely with low birthweights, and whose lungs havent had the time to fully develop. White male infants seem to be at a greater risk for development, and genetics may contribute to some of these cases. It is also very common in those who have received prolonged mechanical ventilation to treat respiratory distress syndrome (RDS). It is ironic that the treatment for RDS is considered to be the prime cause of BPD. With the treatment of RDS the patient is treated with high pressures and high FiO2 over a period of time. Its the high pressures of oxygen delivery that can result in necrotizing bronchiolitis and alveolar septal injury; this action further compromises the oxygenation of blood. Bronchopulmonary dysplasia is characterized by inflammation and scarring in the lungs. The signs and symptoms to watch out for are the oxygen deman ds of the infant not decreasing as they should, in some cases even increasing. Fast breathing, a fast heart rate, flared nostrils, retractions, poor weight gain, and coarse crackles may be heard upon auscultation. The pathophysiology of BPD is linked to four factors. These factors are oxygen toxicity, barotrauma, the presence of a PDA (patent ductus arteriosus), and fluid overload. Exposure to high concentrations of oxygen can lead to edema and the thickening of the alveolar membrane. When you have prolonged exposure it causes the alveolar tissues to hemorrhage and become necrotic. As the disease progresses the interstitial spaces will become fibrotic. When the lung tries to heal itself, all of the new cells are damaged by the same factors as before, and it continues in a cycle. All of this can interfere with alveolarization and lead to alveolar simplification with a reduction in the surface area for gas exchange. Any damage to the lung during a critical stage of growth will result in significant pulmonary dysfunction. With patients who have left-to-right shunting through the PDA it is more likely that they develop pulmonary congestion and worsening compliance. With this problem the patient wi ll need higher ventilatory pressures and oxygen percentages to help with ventilation and oxygenation; therefore they have a higher risk of BPD. Bronchopulmonary dysplasia develops as a result of an infants lungs becoming irritated or inflamed. The lungs of premature infants are very fragile and arent fully developed, and therefore they can become easily irritated. Ventilators are used to help with the breathing by using pressure to blow air into the airways and lungs. However it is the pressures used that can irritate and harm a premature infants lungs, so they are used only when absolutely needed. Sometimes oxygen therapy is given to make sure that the infants brains, hearts, livers, and kidneys get enough oxygen to work properly. However in some cases high levels of oxygen can inflame the lining of the lungs and injure the airways, it can also slow lung development. Another cause is infections that can inflame the underdeveloped lungs of premature infants. With this problem it causes narrowing of the airways and makes it harder for infants to breathe. Lung infections can also increase the need for extra oxygen and breathin g support which in turn leads to the ventilation and extra oxygen requirements. There are some studies also show that heredity plays a role in causing BPD. Infants with bronchopulmonary dysplasia will have abnormal findings on physical exams, chestx-rays, pulmonary function testing, and histopathologic examinations. Initial findings observed shortly after birth are consistent with respiratory distress syndrome (RDS). Persistence of these abnormalities can be associated with an increased risk of bronchopulmonary dysplasia. Physical examination may reveal tachypnea, tachycardia, increased work of breathing, including retractions, nasal flaring, and grunting, as well as frequent desaturations and significant weight loss during the first 10 days of life. Infants with severe bronchopulmonary dysplasia are often extremely immature and had a very low birth weight. Their requirements for oxygen and ventilatory support often increase in the first 2 weeks of life. At weeks 2-4, oxygen supplementation, ventilator support, or both are often increased to maintain adequate ventilation and oxygenation. Dif DX Atelectasis refers to collapse of part of the lung. It may include a lung subsegment or the entire lung and is almost always a secondary phenomenon, with no sex or race proclivities; however, it may occur more frequently in younger children than in older children and adolescents. The direct morbidity from atelectasis is transient hypoxemia due to blood flowing through the lung, which does not have normal air flow. The blood does not pick up oxygen from the corresponding alveoli. This shunting results in transient hypoxemia. Hypertension Patent ductus arteriosus (PDA) is one of the more common congenital heart defects. The presentation widely varies. Depending on the size of the patent ductus arteriosus, the gestational age of the neonate, and the pulmonary vascular resistance, a premature neonate may develop life-threatening pulmonary overcirculation in the first few days of life. Conversely, an adult with a small patent ductus arteriosus may present with a newly discovered murmur well after adolescence. During fetal life, the ductus arteriosus is a normal structure that allows most of the blood leaving the right ventricle to bypass the pulmonary circulation and pass into the descending aorta. Typically, only about 10% of the right ventricular output passes through the pulmonary vascular bed. Pneumonia and other lower respiratory tract infections are the leading causes of death worldwide. Because pneumonia is common and is associated with significant morbidity and mortality, properly diagnosing pneumonia, correctly recognizing any complications or underlying conditions, and appropriately treating patients are important. Although in developed countries the diagnosis is usually made on the basis of radiographic findings, the World Health Organization (WHO) has defined pneumonia solely on the basis of clinical findings obtained by visual inspection and on timing of the respiratory rate. (See Clinical Presentation.) Pneumonia may originate in the lung or may be a focal complication of a contiguous or systemic inflammatory process. Abnormalities of airway patency as well as alveolar ventilation and perfusion occur frequently due to various mechanisms. These derangements often significantly alter gas exchange and dependent cellular metabolism in the many tissues and organs that determine survival and contribute to quality of life. Subglottic stenosis (SGS) is a narrowing of the subglottic airway (see image below), which is housed in the cricoid cartilage. The subglottic airway is the narrowest area of the airway because it is a complete, nonexpandable, and nonpliable ring, unlike the trachea, which has a posterior membranous section, and the larynx, which has a posterior muscular section. Tracheomalacia is a structural abnormality of the tracheal cartilage allowing collapse of its walls and airway obstruction. A deficiency and/or malformation of the supporting cartilage exists, with a decrease in the cartilage-to-muscle ratio. Immaturity of the tracheobronchial cartilage is thought to be the cause in type I, whereas degeneration of previously healthy cartilage is thought to produce other types. Inflammatory processes, extrinsic compression from vascular anomalies, or neoplasms may produce degeneration. Diffuse malacia of the airway of the congenital origin improves by age 6-12 months as the structural integrity of the trachea is restored gradually with resolution of the process. Treatment and management Treatment in the NICU is designed to limit stress on infants and meet their basic needs of warmth, nutrition, and protection. Once doctors diagnose BPD, some or all of the treatments used for RDS will continue in the NICU. Such treatment usually includes: Using radiant warmers or incubators to keep infants warm and reduce the chances of infection. Ongoing monitoring of blood pressure, heart rate, breathing, and temperature through sensors taped to the babies bodies. Using sensors on fingers or toes to check the amount of oxygen in the infants blood. Giving fluids and nutrients through needles or tubes inserted into the infants veins. This helps prevent malnutrition and promotes growth. Nutrition is critical to the growth and development of the lungs. Later, babies may be given breast milk or infant formula through feeding tubes that are passed through their noses or mouths and into their throats. Checking fluid intake to make sure that fluid doesnt build up i n the babies lungs. As their condition improves, babies who have BPD are weaned or taken off NCPAP or ventilators slowly, until they can breathe on their own. These infants will likely need to continue getting oxygen therapy for some time. If your infant has moderate to severe BPD, echocardiography may be done every few weeks to months to check his or her pulmonary artery pressure. If your child needs long-term support from a ventilator, he or she will likely have a tracheostomy (TRA-ke-OS-to-me). A tracheostomy is a surgically made hole that goes through the front of the neck and into the trachea (TRA-ke-ah), or windpipe. Your childs doctor will put the breathing tube from the ventilator through the hole. Using a tracheostomy instead of an endotracheal (en-do-TRA-ke-al) tube has several advantages. (An endotracheal tube is a breathing tube inserted through the nose or mouth and into the windpipe.) Long-term use of an endotracheal tube can damage the trachea. This damage may later r equire surgery to correct. A tracheostomy may allow your baby to interact more with you and the NICU staff, start talking, and develop other skills.While your baby is in the NICU, he or she also may need physical therapy. Physical therapy can help strengthen your childs muscles and clear mucus out of his or her lungs.Infants who have BPD can recover, but many spend several weeks or months in the hospital. This allows them to get the care they need. Before your baby goes home, its important for you to learn as much as you can about your childs condition and how its treated. Your baby may continue to have some breathing symptoms after he or she leaves the hospital. Your child will likely continue on all or some of the treatments that were started at the hospital, including:Medicines, such as bronchodilators, steroids, diuretics, and caffeine. Oxygen therapy and/or breathing support from NCPAP or a ventilator. Extra nutrition and calories, which may be given through a feeding tube. Pre ventive treatment with a medicine called palivizumab for severe respiratory syncytial virus (RSV). This common virus leads to mild, cold-like symptoms in adults and older, healthy children. However, in infants-especially those in high-risk groups-RSV can be more serious, leading to severe breathing problems. Your child also should have regular checkups with and timely vaccinations from a pediatrician. This is a doctor who specializes in treating children. If your child needs oxygen therapy or a ventilator at home, a pulmonary specialist may help with long-term medical care and make treatment recommendations. Mechanical ventilation In most cases of bronchopulmonary dysplasia (BPD), respiratory distress syndrome is diagnosed and treated. The mainstay for treating RDS has been surfactant replacement with oxygen supplementation, continuous positive airway pressure (CPAP), and mechanical ventilation. The treatment necessary to recruit alveoli and prevent atelectasis in the immature lung may cause lung injury and activate the inflammatory cascade. Trauma secondary to positive pressure ventilation (PPV) is generally referred to as barotrauma. With the recent focus on a ventilation strategy involving low versus high tidal volume, some investigators have adopted the term volutrauma. Volutrauma suggests the occurrence of lung injury secondary to excessive tidal volume from PPV. The severity of lung immaturity, the fetal milieu, and the effects of surfactant deficiency determine the need for PPV, surfactant supplementation, and resultant barotrauma or volutrauma. With severe lung immaturity, the total number of alveoli is reduced, increasing the positive pressure transmitted to distal terminal bronchioles. In the presence of surfactant deficiency, surface tension forces are increased. Some compliant alveoli may become hyperinflated, whereas other saccules with increased surface tension remain collapsed. With increasing PPV to recruit alveoli and improve gas exchange, the compliant terminal bronchiole and alveolar ducts may rupture, leaking air into the interstitium, with resultant pulmonary interstitial emphysema (PIE). The occurrence of PIE greatly increases the risk of bronchopulmonary dysplasia. Many modes of ventilation and many ventilator strategies have been studied to potentially reduce lung injury, such as synchronized intermittent mechanical ventilation (SIMV), high-frequency jet ventilation (HFJV), and high-frequency oscillatory ventilation (HFOV). Results have been mixed, although some theoretical benefits are associated with these alternative modes of ventilation. Although shorter duration of mechanical ventilation has been demonstrated in some trials of SIMV, most trials have not had a large enough sample size to demonstrate a reduction in bronchopulmonary dysplasia. Systematic reviews suggest that optimal use of conventional ventilation may be as effective as HFOV in improving pulmonary outcomes. Regardless of the high-frequency strategy used, avoidance of hypocarbia and optimization of alveolar recruitment may decrease the risk of bronchopulmonary dysplasia and associated of neurodevelopmental abnormalities. PPV with various forms of nasal CPAP has been reported to decrease injury to the developing lung and may reduce the development of bronchopulmonary dysplasia. In general, centers that use gentler ventilation with more CPAP and less intubation, surfactant, and indomethacin had the lowest rates of bronchopulmonary dysplasia. Oxygen and PPV frequently are life-saving in extremely preterm infants. However, early and aggressive CPAP may eliminate the need for PPV and exogenous surfactant or facilitate weaning from PPV. Some recommend brief periods of intubation primarily for the administration of exogenous surfactant quickly followed by extubation and nasal CPAP to minimize the need for prolonged PPV. This strategy may be most effective in infants without severe RDS, such as many infants with birth weights of 1000-1500 g. In infants who require oxygen and PPV, careful and meticulous treatment can minimize oxygen toxicity and lung injury. Optimal levels include a pH level of 7.2-7.3, a partial pressure of carbon dioxide (pCO2) of 45-55 mm Hg, and a partial pressure of oxygen (pO2) level of 50-70 mm Hg (with oxygen saturation at 87-92%). Assessment of blood gases requires arterial, venous, or capillary blood samples. As a result, indwelling arterial lines are often inserted early in the acute management of RDS. Samples obtained from these lines provide the most accurate information about pulmonary function. Arterial puncture may not provide completely accurate samples because of patient agitation and discomfort. Capillary blood gas results, if samples are properly obtained, may be correlated with arterial values; however, capillary samples may widely vary, and results for carbon dioxide are poorly correlated. Following trends in transcutaneous PO2 andP CO2 may reduce the need for frequent blood gas measurements. Weaning from mechanical ventilation and oxygen is often difficult in infants with moderate-to-severe bronchopulmonary dysplasia, and few criteria are defined to enhance the success of extubation. When tidal volumes are adequate and respiratory rates are low, a trial of extubation and nasal CPAP may be indicated. Atrophy and fatigue of the respiratory muscles may lead to atelectasis and extubation failure. A trial of endotracheal CPAP before extubation is controversial because of the increased work of breathing and airway resistance. Optimization of methylxanthines and diuretics and adequate nutrition may facilitate weaning the infant from mechanical ventilation. Meticulous primary nursing care is essential to ensure airway patency and facilitate extubation. Prolonged and repeated intubations, as well as mechanical ventilation, may be associated with severe upper airway abnormalities, such as vocal cord paralysis, subglottic stenosis, and laryngotracheomalacia. Bronchoscopic evaluation should be considered in infants with bronchopulmonary dysplasia in whom extubation is repeatedly unsuccessful. Surgical interventions (cricoid splitting, tracheostomy) to address severe structural abnormalities are used less frequently today than in the past. Oxygen therapy Oxygen can accept electrons in its outer ring to form free radicals. Oxygen free radicals can cause cell-membrane destruction, protein modification, and DNA abnormalities. Compared with fetuses, neonates live in a relatively oxygen-rich environment. Oxygen is ubiquitous and necessary for extrauterine survival. All mammals have antioxidant defenses to mitigate injury due to oxygen free radicals. However, neonates have a relative deficiency in antioxidant enzymes. The major antioxidant enzymes in humans are superoxide dismutase, glutathione peroxidase, and catalase. Activity of antioxidant enzymes tend to increase during the last trimester of pregnancy, similar to surfactant production, alveolarization, and development of the pulmonary vasculature. Increases in alveolar size and number, surfactant production, and antioxidant enzymes prepare the fetus for transition from a relatively hypoxic intrauterine environment to a relatively hyperoxic extrauterine environment. Preterm birth exposes the neonate to high oxygen concentrations, increasing the risk of injury due to oxygen free radical. Animal and human studies of supplemental superoxide dismutase and catalase supplementation have shown reduced cell damage, increased survival, and possible prevention of lung injury. Evidence of oxidation of lipids and proteins has been found in neonates who develop bronchopulmonary dysplasia. Supplementation with superoxide dismutase in ventilated preterm infants with RDS substantially reduced in readmissions compared with placebo-treated control subjects. Further trials are currently under way to examine the effects of supplementation with superoxide dismutase in preterm infants at high risk for bronchopulmonary dysplasia. Ideal oxygen saturation for term or preterm neonates of various gestational ages has not been definitively determined. In practice, many clinicians have adopted conservative oxygen saturation parameters (ie, 87-92%). A delicate balance to optimally promote neonatal pulmonary (alveolar and vascular) and retinal vascular homeostasis is noted. In the Supplemental Therapeutic Oxygen for Prethreshold Retinopathy of Prematurity (STOP-ROP) trial to reduce severe retinopathy of prematurity (ROP), oxygen saturations of more than 95% minimally affected retinopathy but increased the risk for pneumonia or bronchopulmonary dysplasia. The normal oxygen requirement of a preterm infant is unknown. Pulmonary hypertension and cor pulmonale may result from chronic hypoxia and lead to airway remodeling in infants with severe bronchopulmonary dysplasia. Oxygen is a potent pulmonary vasodilator that stimulates the production of nitric oxide (NO). NO causes smooth muscle cells to relax by activating cyclic guanosine monophosphate. Currently, pulse oximetry is the mainstay of noninvasive monitoring of oxygenation. Repeated episodes of desaturation and hypoxia may occur in infants with bronchopulmonary dysplasia receiving mechanical ventilation as a result of decreased respiratory drive, altered pulmonary mechanics, excessive stimulation, bronchospasm, and forced exhalation efforts. Forced exhalation efforts due to infant agitation may cause atelectasis and recurrent hypoxic episodes. Hyperoxia may overwhelm the neonates relatively deficient antioxidant defenses and worsen bronchopulmonary dysplasia. The patients oxygen requirements are frequently increased during stressful procedures and feedings. Some NICUs have adopted a conservative oxygen saturation policy of maintaining saturations of 88-94%. Caregivers are more likely to follow wide guidelines for ranges of oxygen saturation than narrow ones. Some infants, especially those living at high altitudes, may require oxygen therapy for many months. Transfusion of packed RBCs may increase oxygen-carrying capacity in preterm infants who have anemia (hematocrit The need for multiple transfusions and donor exposures can be minimized by using iron supplementation, a reduction in phlebotomy requirements, and by use of erythropoietin administration. Treatment of inflammation Elevated levels of interleukin-6 and placental growth factor in the umbilical venous blood of preterm neonates are associated with increased incidence of bronchopulmonary dysplasia. This inflammation likely affects alveolarization and vascularization of the pulmonary system of the second-trimester fetus. Fetal sheep exposed to inflammatory mediators or endotoxin develop inflammation and abnormal lung development. Activation of inflammatory mediators has been demonstrated in humans and animal models of acute lung injury. Activation of leukocytes after cell injury caused by oxygen free radicals, barotrauma, infection, and other stimuli may begin the process of destruction and abnormal lung repair that results in acute lung injury then bronchopulmonary dysplasia. Radiolabeled activated leukocytes have been recovered by means of bronchoalveolar lavage (BAL) in preterm neonates receiving oxygen and PPV. These leukocytes, as well as lipid byproducts of cell-membrane destruction, activate the inflammatory cascade and are metabolized to arachidonic acid and lysoplatelet factor. Lipoxygenase catabolizes arachidonic acid, resulting in the production of cytokines and leukotrienes. Cyclooxygenase may also metabolize these byproducts to produce thromboxane, prostaglandin, or prostacyclin. All of these substances have potent vasoactive and inflammatory properties. levels of these substances are elevated in the first days of life, as measured in tracheal aspirates of preterm infants who subsequently develop bronchopulmonary dysplasia. Metabolites of arachidonic acid, lysoplatelet factor, prostaglandin, and prostacyclin may cause vasodilatation, increase capillary permeability with subsequent albumin leakage, and inhibit surfactant function. This effects increase oxygenation and ventilation requirements and potentially increase rates of bronchopulmonary dysplasia Activation of transcription factors such as nuclear factor-kappa B in early postnatal life is associated with death or bronchopulmonary dysplasia. Collagenase and elastase are released from activated neutrophils. These enzymes may directly destroy lung tissue because hydroxyproline and elastin (breakdown products of collagen and elastin) have been recovered in the urine of preterm infants who develop bronchopulmonary dysplasia. Alpha1-proteinase inhibitor mitigates the action of elastases and is activated by oxygen free radicals. Increased activity and decreased function of alpha1-proteinase inhibitor may worsen lung injury in neonates. A decrease in bronchopulmonary dysplasia and in the need for continued ventilator support is found in neonates given supplemental alpha1-proteinase inhibitor. All of these findings suggest the fetal inflammatory response effects pulmonary development and substantially contributes to the development of bronchopulmonary dysplasia. The self-perpetuating cycle of lung injury is accentuated in the extremely preterm neonate with immature lungs. Management of infection Maternal cervical colonization and/or colonization in the neonate with Ureaplasma urealyticum has been implicated in the development of bronchopulmonary dysplasia. Viscardi and colleagues found that persistent lung infection with U urealyticum may contribute to chronic inflammation and early fibrosis in the preterm lung, leading to pathology consistent with clinically significant bronchopulmonary dysplasia.[13] Systematic reviews have concluded that infection with U urealyticum is associated with increased rates of bronchopulmonary dysplasia. Infection-either antenatal chorioamnionitis and funisitis or postnatal infection-may activate the inflammatory cascade and damage the preterm lung, resulting in bronchopulmonary dysplasia. In fact, any clinically significant episode of sepsis in the vulnerable preterm neonate greatly increases his or her risk of bronchopulmonary dysplasia, especially if the infection increases the babys requirement for oxygen and mechanical ventilation. Future management Future management of bronchopulmonary dysplasia will involve strategies that emphasize prevention. Because few accepted therapies currently prevent bronchopulmonary dysplasia, many therapeutic modalities (eg, mechanical ventilation, oxygen therapy, nutritional support, medication) are used to treat bronchopulmonary dysplasia. Practicing neonatologists have observed reduced severities of bronchopulmonary dysplasia in the postsurfactant era. Maintaining PPV and oxygen therapy for longer than 4 months and discharging patients to facilities for prolonged mechanical ventilation is now unusual. Medication Summary Many drug therapies are used to treat infants with severe bronchopulmonary dysplasia (BPD). The efficacy, exact mechanisms of action, and potential adverse effects of these drugs have not been definitively established. A study group from the NICHD and US Food and Drug Administration (FDA) reviewed many of the drugs used to prevent and treat bronchopulmonary dysplasia. Walsh and colleagues concluded that detailed analyses of many of these treatments, as well as long-term follow-up, are needed.[15] Vitamin A supplementation Seven trials of vitamin A supplementation in preterm neonates to prevent bronchopulmonary dysplasia were analyzed for the Cochrane Collaborative Neonatal review. Vitamin A supplementation reduced bronchopulmonary dysplasia and death at 36 weeks postmenstrual age. However, the need for frequent intramuscular injections in extremely premature infants has precluded widespread use of this therapy. Diuretics Furosemide (Lasix) is the treatment of choice for fluid overload in infants with bronchopulmonary dysplasia. It is a loop diuretic that improves clinical pulmonary status and function and decreases pulmonary vascular resistance. Daily or alternate-day furosemide therapy may facilitate weaning from positive pressure ventilation (PPV), oxygenation, or both. Adverse effects of long-term therapy are frequent and include hyponatremia, hypokalemia, contraction alkalosis, hypocalcemia, hypercalciuria, renal stones, nephrocalcinosis, and ototoxicity. Careful parenteral and enteral nutritional supplementation is required to maximize the benefits instead of exacerbating the adverse effects. In patients with mild hyponatremia or hypokalemia, supplementation with potassium chloride is favored over supplementation with sodium chloride. Thiazide diuretics plus aldosterone inhibitors (eg, spironolactone [Aldactone]) have also been used in infants with bronchopulmonary dysplasia. In several trials of infants with bronchopulmonary dysplasia, thiazide diuretics combined with spironolactone increased urine output with or without improvement in pulmonary mechanics. Hoffman et al reported that spironolactone did not reduce the need for supplemental electrolytes in preterm infants with bronchopulmonary dysplasia.[16] To the present authors knowledge, long-term studies to compare the efficacy of furosemide with those of thiazide and spironolactone therapy have not been performed. Bronchodilators Albuterol is a specific beta2-agonist used to treat bronchospasm in infants with bronchopulmonary dysplasia. Albuterol may improve lung compliance by decreasing airway resistance by relaxing smooth muscle cell. Changes in pulmonary mechanics may last as long as 4-6 hours. Adverse effects include increased blood pressure (BP) and heart rate. Ipratropium bromide is a muscarinic antagonist that is related to atropine; however, it may have bronchodilator effects more potent than those of albuterol. Improvements in pulmonary mechanics were demonstrated in patients with bronchopulmonary dysplasia after they received ipratropium bromide by inhalation. Combined therapy with albuterol and ipratropium bromide may be more effective than either agent alone. Few adverse effects are noted. Methylxanthines are used to increase respiratory drive, decrease apnea, and improve diaphragmatic contractility. These substances may also decrease pulmonary vascular resistance and increase lung compliance in infants with bronchopulmonary dysplasia, probably by directly causing smooth muscle to relax. Methylxanthines also have diuretic effects. All of these effects may increase success in weaning patients from mechanical ventilation. Synergy between theophylline and diuretics has been demonstrated. Theophylline has a half-life of 30-40 hours. It is metabolized primarily to caffeine in the liver and may result in adverse effects such as increase in heart rate, gastroesophageal reflux, agitation, and seizures. The half-life of caffeine is approximately 90-100 hours, and caffeine is excreted unchanged in the urine. Both agents are available in intravenous and enteral formulations. Caffeine has fewer adverse effects than theophylline. Schmidt and colleagues reported that the early use of caffeine to treat apnea of prematurity appeared to reduce ventilatory requirements and that it may decrease the incidence of bronchopulmonary dysplasia.[17] Corticosteroids Systemic and inhaled corticosteroids have been studied extensively in preterm infants to prevent and treat bronchopulmonary dysplasia. Dexamethasone is the primary systemic synthetic corticosteroid studied in preterm neonates. Dexamethasone has many pharmacologic benefits but clinically significant adverse effects. This drug stabilizes cell and lysosomal membranes, increases surfactant synthesis, increases serum vitamin A concentration, inhibits prostaglandin and leukotriene, decreases pulmonary edema (PE), breaks down granulocyte aggregates, and improves pulmonary microcirculation. Its adverse effects are hyperglycemia, hypertension, weight loss, GI bleeding or perforation, cerebral palsy, adrenal suppression, and death. Many researchers have evaluated the effects of early administration of dexamethasone to prevent bronchopulmonary dyspl