Personal Leadership Free Essays

There are as many leadership philosophies as people and rightly so. Each person is unique in their own ways with specific personality traits and aptitudes which make them who they are. While some people are more naturally inclined towards leadership than others, the majority of leaders are developed through the continued honing of their leadership skills. We will write a custom essay sample on Personal Leadership or any similar topic only for you Order Now Along their leadership Journeys people acquire various skills and paradigms allowing them to extend and apply themselves beyond their own natural abilities. While people cannot change their genetic makeup, they an take specific action and make certain decisions to help them be an effective leader. In this paper I will discuss three leadership concepts (personal integrity, transforming leadership, and encouraging and enabling others) which convey my leadership philosophy. Finally, I will illustrate how the adaptation of these three concepts would help a person lead their organization more effectively. PERSONAL INTEGRITY There are many leaders and managers in our world who are given titles, yet fail to lead, guide, or unite their constituents because they fail to model their expectations. In The Leadership Challenge, Kouzes and Posner (2002) begin a discussion of modeling by saying â€Å"Titles are granted, but it’s your behavior that wins you respect† (p. 14). While salaries and titles may have some personal value toa leader, they mean little to their subordinates and may even be a target for criticism for some if a leader lacks integrity. As a leader, it is critical to model the way and move forth with servant leadership. Servant leadership is different from the traditional power- based leadership in many ways. Robert Greenleaf (2005) defines and identifies the oals of servant leadership by saying this: â€Å"The difference manifests itself in the care taken by the servant-first to make sure that other people’s highest priority needs are being served. The best test, and difficult to administer, is: Do those served grow as persons? Do they, while being served, become healthier, wiser, freer, more autonomous, more likely themselves to become servants? And, what is the effect on the least privileged in society? Will they benefit or at least not be further deprived? † (p. 25) The focus of servant leaders is on the raising up and growth of constituents through modeling. Rather than assigning a task and expected a result, servant leaders will come alongside constituents teaching them the way to accomplish the task and at the same time instilling the values of servanthood and modeling in them. effective leadership and greater rapport amongst constituents. Yukl (2006, p. 210) writes that â€Å"Integrity is a primary determinant of interpersonal trust. Unless one is perceived to be trustworthy, it is difficult to retain the loyalty of the followers or to obtain cooperation and support from peers and superiors. † Without the support and eamwork of constituents, a leader will fail to meet the set goals. The Center for Creative Leadership found that the absence of integrity directly correlated with the failure of leaders and vice versa (p. 211). For a leader to develop integrity amongst their constituents, they must be deemed honest, trustworthy, loyal, and uphold confidentiality. The development of a leader’s integrity requires time, energy, and patience invested in their workers through modeling and servant leadership. John J. Gardiner summarizes this competently in saying â€Å"integrity comes from sublimating our egos nd giving ourselves entirely to life† (Spears, 1998, p. 1 19). TRANSFORMING LEADERSHIP Many different paradigms of leadership exist and are useful tools for leading groups of people to success, but transforming leadership offers an excellent overarching view and structure for leaders to use when working with people of different values and persuasions. James MacGregor Burns says the transforming leader â€Å"looks for potential motives in the followers, seeks to satisfy higher needs, and engages the full person of the follower,’ which results in ‘a relationship of mutual stimulation and levation’ for both leader and follower† (Carey, 2008, p. 7). By having insights into the constituents’ attitude towards the organization, the transforming leader can develop personalized strategies to help workers move closer accomplishing both the goals of the organizations and their personal aspirations. In the second module, the five frames of reference were described illustrating the disruption causes by self-embeddedeness. Being stuck in a single frame of reference can become a problem for a worker when required to work with those stuck in other frames of reference. When the partial truths contained in one of the individual the frames are confused with the whole Truth, then whatever value there is in the frame’s outlook becomes distorted† Carey, 2008, p. 2). When a leader operates solely within a single frame of reference, their distortions impact the goals and workers of the organization. Transforming leaders move from their original frame of reference towards a â€Å"fundamental option for self-transcendence† which â€Å"pulls the individual toward the logos and, therefore, in the direction of either transactional or transforming leadership† (Carey, 2008, p. ). While transactional leadership is sometimes necessary to accomplish intermediate goals and simple tasks, the conversion of workers to leaders through transforming leadership will be more likely to accomplish long-term success for both the organization and its constituents. I have never encountered a person who has claimed they have received too much encouragement. I have also never met anyone that has single-handedly made their organization successful. In other words, leaders need to be surrounded with people united in purpose for their organization to be successful. One of the best ways to align constituents with your vision and goals is through forming relationships through encouragement. â€Å"Giving encouragement requires us to get close to people and show that we care†¦ t’s more likely to accomplish something other forms (of feedback) cannot: strengthening trust between leaders and constituents† (Kouzes and Posner, 2002, p. 321). Futhermore, Freire (2000) describes the benefits of an encouraged and enabled group of workers when he writes: â€Å"This adherence coincides with the trust the people begin to place in themselves nd in the revolutionary leaders, as the former perceive the dedication and authenticity of the later. The trust of the people in the leaders reflects the confidence of the leaders in the people. † ( p. 150) Encouraging and enabling constituents is ongoing task that requires a continual commitment of transforming leaders. However, the satisfaction and success that comes with leading an encouraged team of workers enabled to do their Job well is unparallel and critical to the overall success of organizations.†Leadership is not an affair of the head. Leadership is an affair of the heart† (Kouzes and Posner, 2002, p. 99) It is with those words that The Leadership Challenge concludes and we are reminded that transforming leadership all begins with the heart and integrity of the leader. However, character and integrity are not enough as transforming leaders are required to not only understand various frames of reference, but also pull constituents towards the logos enabling them to operate outside their natural frame of references and in the process become transforming lea ders themselves. When leading with integrity, a transforming leader who encourages and enables positions themselves, their constituents, and their organization for success. How to cite Personal Leadership, Papers

Business Economics Avoid Deflation

Question: Describe about the Business Economics for Avoid Deflation. Answer: Part 1: Introduction The rate at which the general level of prices for commodities and services increases along with the decrease in the purchasing power of currency is termed as inflation. The rate of inflation is mainly restricted by the Central banks in order to avoid deflation. Inflation is mainly defined as a sustained rise in the general level of prices for commodities as well as services. It can also be measured as a yearly percentage increase. When inflation takes place, the value of dollar does not stay steady. Government spending or government expenditure on the other hand comprises of all the government consumption as well as investment. The attainment of goods and services by the government leads to future benefits (Bresciani-Turroni 2013). According to the Keynesian view, the government requires to spend in order to accomplish stability in the financial system as well as to stimulate output and investment. According to the Neo-Classical economists, the increase in the expenditure of the government in the form of intervention will result to high rate of inflation given the full-employment assumption. In most of the countries fiscal policies are faced with various problems that are related to complexities in tax collection, institutional insufficiency as well as problems related to foreign capita that in turn leads to inflation. As a result, government expenditures in addition to the collision on manufacture can have an impact on inflation (Godin 2014). Part 2: Analysis Inflation is the most deceitful and premeditated policy of the government when it does not wish to reduce the expenditure. In order to cover what is expends in surplus of its income the government creates new money. When the government starts printing new money it leads to increase in money supply. This in turn leads to increase in money supply and as a result, money supply rises faster as compared to real output. If money supply is increased by 4 percent, the aggregate demand also increases by 4 percent. The increase in money supply helps to get unemployed resources used in the general economy. When more it expended than is raised by taxes, the government with fiat money makes up the difference. The unwillingness of the government to reduce its expenditure mainly leads to increase in inflation. The individuals do not have to pay supplementary taxes when government prints more money. Through monetary degradation, the government acquires wealth from the individuals and spends it. Acco rding to the Keynesian view, the government also spends to ensure constancy of the economy that will motivate productivity through direct public spending as well as investment (Olivera 2014). Figure 1: Increase in government spending leads to increase in aggregate demand (Source: Created by Author) The graph shows that an increase in government spending leads to increase in aggregate demand. As a result, the aggregate demand increases from AD to AD1 towards the right. This in turn will lead to increase in income and a fall in unemployment. The increase in aggregate demand leads to demand-pull inflation. This in turn leads to increased pressure on scarce resources. Inflation starts with government expansion of the money supply that instantly generates benefits for some individuals. Government spending mainly takes place when the government tries to reallocate income between the rich and the poor. Various hypothetical and empirical researches mainly focus on the relationship between inflation and government spending (Mian and Sufi 2012). It has been found that there is a positive relation between inflation and the size of government. Inflation is mainly considered as a social evil as it diminishes the costs of the public sector. With the increase in government expenditure, the budget situation of the economy deteriorates. However, the real value of government spending decreases with the increase in inflation. The increase in government spending will lead to increase in budget deficit. Government expenditure is also inflationary in nature and as a result, a 10 percent increase in government expenditure leads to 1 percent increase in prices (Oto Peralas and Romero vila 2013). Figure 2: Increase in Aggregate Demand (Source: Created by Author) The graph shows that expansionary fiscal policy leads to diminishing of unemployment. As a result, government spending is increased that will shift the AD curve to the right and leading to increasing real GDP. Although, government spending leads to increasing GDP in the economy it also leads to increase in inflation (Hannsgen 2014). Part 3: Conclusion It can be concluded that inflation mainly misrepresents the calculation in the economy that leads to error in trade. The increase in the expenditure of the government in the form of intervention will result to high rate of inflation given the full-employment assumption. The expansion of money supply by the government leads to inflation. It has also been concluded that the unwillingness of the government to reduce its expenditure mainly leads to increase in inflation. The reallocation of income between the rich and the poor also leads to Government spending. The increase in government spending leads to inflation that disfigures prices and leads to changes in the pattern of production. It has been concluded that government expenditures in addition to the collision on manufacture can have an impact on inflation. However, though the increase in government expenditure leads to higher GDP however; it will also lead to increase in budget deficit. The arbitrary reserve requirements on banks are the only way that will restrict the supply of money. If the government expenditure is reduced, it will lead to reduction in inflation. References Bresciani-Turroni, C., 2013.The Economics of Inflation: A study of currency depreciation in post-war Germany, 1914-1923. Routledge. Godin, A., 2014. Marc Lavoie, Post-Keynesian Economics: New Foundations. Chapter 5. Effective Demand and Employment.Revue de la rgulation. Capitalisme, institutions, pouvoirs, (16). Hannsgen, G., 2014. Fiscal Policy, Chartal Money, Markà ¢Ã¢â€š ¬Ã‚ up Dynamics and Unemployment Insurance in a Model of Growth and Distribution.Metroeconomica,65(3), pp.487-523. Mian, A.R. and Sufi, A., 2012.What explains high unemployment? The aggregate demand channel(No. w17830). National Bureau of Economic Research. Olivera, J.H., 2014. Money, prices and fiscal lags: a note on the dynamics of inflation.PSL Quarterly Review,20(82). Otoà ¢Ã¢â€š ¬Ã‚ Peralas, D. and Romeroà ¢Ã¢â€š ¬Ã‚ vila, D., 2013. Tracing the link between government size and growth: the role of public sector quality.Kyklos,66(2), pp.229-255.

Bailey White Essays (2320 words) - Mama Makes Up Her Mind, Mama

Bailey White The Remedy: Southern Humor In Mama Makes Up Her Mind and Other Dangers of Southern Living, Sleeping at the Starlite Motel and Other Adventures on the Way Back Home, and Quite a Year for Plums, author Bailey White offers readers an inviting refuge from our increasingly fast-paced society. Using humor, White transports the reader to the rural South, where the setting, the way of life, and the characters the reader meets contrast strikingly with life in the typical Northern city. Bailey White's South has a warm and hospitable atmosphere, a pleasant alternative to cold, bustling, Northern metropolitan centers. As a cousin of the Whites puts it when she calls from Philadelphia to announce she'll be visiting overnight, I've heard so much about Southern hospitality. Now I will be able to experience it for myself'? (Mama, 48). The language in Bailey White's writings also delights, especially her characters' manner of speaking, which contains many curious Southern expressions. My friends certainly would not say ?persnickety? (Sleeping, 125), ?doodlebugs? (Sleeping, 9), ?junkets? (Mama, 60), describe a club as a ?tough juke joint? (Mama, 3), or say, She sho' ain't gon' ride no ferry here'? (Mama, 62)! Located in South Georgia, in the backwoods, White's characters are allowed to do what they please without judgment from neighboring yuppies glaring down from their balconies. The village is a place where they are kind to one another and indulgent of eccentricities? (Publishers Weekly, 30 March 1998). The result is ?endearing true stories about rural South Georgia? (Publishers Weekly, 1 March 1993) on subjects as quirky as bathtubs and Porsches on porches, backyard camping, and road-kill suppers. After remodeling their bathroom Bailey and Mama find that their bathtub won't fit in it anymore. Instead of installing a shower, they leave the bathtub on the porch. Bailey explains that ?with the midsummer's afternoon breeze blowing through the high pine woods and the fragrance of the lilies, it's a lovely spot for a leisurely bath? (Mama, 25). Joining the bathtub on the porch is a 1958 Model 356 Speedster in original condition, because the driver refused to just park it out behind the garde n with those two tractors and that thing that might have been a lawnmower'? (Mama, 21). When inspired, Mama can (and does) go camping in the wilderness. Bailey, however, doesn't have to worry about her aging mother alone on a trip: their backyard is wilderness enough for camping. ?At night I could see a tiny glow from her fire. And just at dawn, if I went out to the edge of the pasture and listened very carefully I could barely hear her singing ?Meet Me in St. Louis'? (Mama, 38). Mama, whether camping or not, can get fast-food for dinner, Southern-style: road kill. White and Mama have ?feasted not only doves, turkeys, and quail, but robins, squirrels, and, only once, a possum,? but Bailey draws the line at snakes, even when her mom protests But it was still wiggling when I got there...Let's try it just this once. I have a white sauce with dill and mustard'? (Mama, 39). Despite the gourmet sauce, Bailey refuses to eat any animal her mom brings in without documentation--the model and tag number of the car that struck it--to assure her of a recent kill. While chronicling small-town culture, White manages to make me laugh out loud, which is quite a feat for an author. The comical scenes from the small town of Thomasville will not only produce laughter, but a longing to move to such a quaint village. Instead of going into the Instant Care Facility, a modern walk-in medical clinic, one can, as Mama did, take advice from surgeons, I'd say, from the amount of blood and brains on those white coats,'? who were actually butchers on their cigarette break (Mama, 23). The provincial aspects of life in Thomasville are evident in Plums, in the extent of interest and pride community members exhibit when Roger appears in a photograph in the April edition of the Agrisearch magazine. At the Pastime Restaurant the waitresses tape up Roger's picture next to the ?In Case of Choking' poster, Meade makes a mat for his picture out of construction paper left from her schoolteaching days, Hilma

Education systems in the world are diverse and interesting

Education systems in the world are diverse and interesting Check out the most interesting education systems in the world A lot of researches are held all the time and this one concerns education systems of different countries. Various principals were taking into account while making this ranking, so let`s check the results! 11. Japan Japan is the leading country concerning literacy, science and math. In this country students attend elementary school for 6 years, three years of junior high school and three years of high school. During this time they have to decide whether they wish to go to university or no. Going to high school is not obligatory for everyone, still 98% of students attend it. 10. Barbados The Barbados government invests education sphere a lot, most of the schools are funded and run by the state. The level of literacy is one of the highest in the world and it reaches 98%. Primary is from 4 to 11, secondary is from 11 to 18. 9. New Zealand Children at the age of 5 to 19 get primary and secondary education in New Zealand and school is compulsory between 6 and 16. You can find 3 types of secondary schools in New Zealand. They are state schools where study approximately 85% of children, state-integrated – private schools which were integrated into the state but still keep their charter and educate 12%, totally private schools which teach 3% of students. 8. Estonia Estonia is the country which really cares about its education system, it spends around 4% of GPD on education. Education Act stated in 1992 contains the main goals of education. Its education strive to build a personality in each child, they create favorable conditions for the family traditions, nation. Students are aimed to get not only knowledge on sciences but on the general aspects of life which will help each student to be a conscious citizen. 7. Ireland Most secondary schools are funded by state but they are privately owned, there are also state comprehensives and vocational schools. Recent researches state that Ireland`s spending on education has fallen because of the crisis. So there`s a possibility it will suffer in the future. 6. Qatar In 2012 the BBC reported that Qatar, the country rich in oil, was becoming one of the most successful players in the field of education development, they use innovations and changes that are efficient to all students. This country does its best implementing the ideas of the Vision program of 2030 to make own country self-sufficient. All citizens have a right to visit state-funded schools for free, foreign students are to attend private schools. 5. Netherlands Dutch students are considered to be the happiest concerning the research of 2013. They get not much homework to do, they get little pressure and stress. Schools in the Netherlands are divided into faith schools and "neutral" and there also a small number of private schools. 4. Singapore This country gets high scores in the PISA (a Programme for International Student Assessment) testing, which compares knowledge of students from different countries. Unfortunately, the education system is not developed well, as students from the young age are under pressure. 3. Belgium There exist 4 different genres of secondary schools in Belgium, they are general, technical, vocational and art secondary schools. Education is well-funded in Belgium and it holds the priority positions here. A great range of private and state schools is available for children of 4-18 years old. Education is for free or at law cost. 2. Switzerland Lessons in Switzerland are held in different languages depending on the region, German, French and Italian are the most popular. From secondary school students are separated depending on their abilities. Only 5% of students attend private schools. 1. Finland Finland is famous all over the world with its education system. Students here study in the same classes not depending on their abilities and knowledge. This helps to make the gap between the weakest and the strongest to be the smallest in the world. Children here get little homework and they pass only one test at the age of 16.

Zeebrugge Ferry Disaster (1987) Essay Example | Topics and Well Written Essays - 2000 words

Zeebrugge Ferry Disaster (1987) - Essay Example One of the first disasters was a fire at a soccer stadium in Bradford in May 1985. Many switched on their televisions on a Saturday afternoon for the weekly match results only to be confronted with scenes of a blazing wooden stadium and individuals, one at least on fire, running from the scene. Other disasters included an aeroplane fire at Manchester Airport during the middle of the holiday season, the sinking of a British ferry off Zeebrugge with substantial loss of life, a fire at Kings Cross, the blowing up of Pan Am 103 over Lockerbie four days before Christmas, live coverage of fatal crushing at Hillsborough soccer stadium at the FA Cup semi-final and the sinking of the Marchioness pleasure boat on the River Thames during the August bank holiday weekend, 1989. [Anne Eyre, PhD] Herald of Free Enterprise is a funny name given that it was the pursuit of profit at the cost of safety that caused the accident. [www.everything2.com] The Herald of Free Enterprise, like her sister ships Pride of Free Enterprise and Spirit of Free Enterprise, was a modern ro-ro passenger/vehicle ferry designed for use on the high-volume short Dover-Calais ferry route. [www.unisa.edu.au] The British ferry was built by Schichau Unterweser in Bremerhaven, Germany, in 1980 and owned by Townsend Thoresen, and had two sister ships: Pride of Free Enterprise and Spirit of Free Enterprise. ... The standard passage was concluded late in the afternoon. The departure was delayed because of the large number of passengers, thanks to a special offer. The ship had a crew of 80 and carried 459 passengers, 81 cars, 3 buses, and 47 trucks. As the Zeebrugge harbour was small, it tool lot of time for the ship to maneuver out to the sea. The calm weather and clear view of the sea would have made a safe and pleasant journey for the passengers on any day, but it happened otherwise for the passengers of this ship. The bow door, which was the entrance to the car deck, had been left wide open which was the act of negligence of duty by the crew. In the sea not far away from the coast, the ship speeded up to 18 knots, which caused tons of water to invade into the ship's interior. The immense water mass caused imbalance, which made the ferry capsize on a sand bank just off the coast near Zeebrugge. This created kiosk among the passengers and crewmembers in the ship and panic struck when lights went off. Following this everyone on the ship in an attempt to get out of the ship fought each other. The British ferry Herald of Free Enterprise capsized on March 6, 1987 at ten past eight in the evening, resulting in deaths of 193 people, 150 passengers and 43 crewmembers, the highest death toll in the British history of death caused by vessel sinking since the time Titanic sank. [www.relativesremembered.com] Although the ship did not send an SOS signal, the rescue troops were there fast. Within three hours 360 people had been saved from the sinking ship. Belgian rescue workers arrived quickly and started saving the passengers with ships and helicopters and 408 people were saved and 50 dead bodies were

Legislative and Executive Powers Coursework Example | Topics and Well Written Essays - 250 words

Legislative and Executive Powers - Coursework Example ess the emotionally-fueled anger of the people because of the impending threats by extremists groups allowed Congress to pass a bill that was not well-planned in a relatively short time. The Patriot Act was passed only 45 days after the 9/11 attacks to provide a solution to the breach in national security. Many regard this law as a legal means for the government to spy on virtually any person. The wide reach of the law allows surveillance of private individuals that extends to their phone conversations, internet communications and even bank transactions. The Federal Bureau of Investigation (FBI) is granted the power to National Security Letters known as NSLs without judicial intervention which allows them access to the mentioned personal information. Those issued with NSLs have ‘gag orders’ prohibiting them to disclose (American Civil Liberties Union [ACLU], 2011). Several courts have declared this provision to be unlawful. A San Francisco federal district court judge st ruck down as unconstitutional the provisions of the law in this regard last year on an action brought by the Electronic Frontier Foundation (Sledge, 2013). Sledge, C. (2013, Mar. 15). National security letter gag orders struck down as unconstitutional (Update). The Huffington Post. Retrieved from

The Competitive Strategy Of British Airways Economics Essay

The Competitive Strategy Of British Airways Economics Essay Any business has challenges from different elements like globalisation, information and technology, socio and cultural factors, political factors and so on. To meet these challenges a clear strategy is very crucial for any organization. A strategy is a clear vision of what the organisation will be based on a sustainable competitive advantage. Actually, strategy is a road map for future directions and scope. It is a long range plan for five years and more. It develops mission, objective and goals for an organisation. To develop an effective strategy any organisation must set an account with different factors. Environmental analysis, present analysis, strength, weakness, opportunities and so on are the factor through which a strategy can be developed. Are looking to buy products or services, they are looking for a wide range of products and services. They also want easy accessibility and hope to buy good quality products and services at a competitive price. They are really important as they provide money for the business in order to be successful. Suppliers stock the business with the supplies the business needs, if they are late then it will cause a conflict between business and suppliers. Therefor it is vital that all the business suppliers are on time. Suppliers are probably the third important part in a business, they provide the products/services and if they are not in time it poses to be a threat to the financial state of the business. On the other hand, suppliers arent that important in decision making because they are scared of losing their contract with British Airways. An economic system is loosely defined as a countries plan for its services, goods, and the exact way in which its economic plan is carried out. Basically there are three major/different types of economic systems prevailing around the world and they are: Market Economy: In a market economy, national and state governments play a minor role. Instead consumers and their buying decisions drive the economy. In this type of economic system, the assumptions of the market play a major role in deciding the right path for a countrys economic development. Market economies aim to reduce or eliminate entirely subsidies for a particular industry, the pre-determination of prices for different commodities, and the amount of regulation controlling different industrial sectors. The absence of central planning is one of the major features of this economic system. Market decisions are mainly dominated by supply and demand, the role of the government in a market economy is to simply make sure that the market is stable enough to carry out its economic activities properly. Planned Economy: A planned economy is also known as a command economy. The most important aspect of this type of economy is that all major decisions related to the production, distribution, commodity and service prices, are all made by the government. The planned economy is government directed, and market forces have very little say in such an economy. This type of economy lacks the kind of flexibility that is present a market economy, and because of this, the planned economy reacts slower to changes in consumer needs and fluctuating patterns of supply and demand. On the other hand, a planned economy aims at using all available resources for developing production instead of allocating the resources either for advertising or marketing. Mixed Economy: A mixed economy combines elements of both the planned and the market economies in one cohesive system. This means that certain features from both market and planned economic systems are taken to form this type of economy. This system prevails in many countries where neither the government nor the business entities control the economic activities of that country both sectors play an important role in the economic decision making of the country. In a mixed economy there is flexibility in some areas and government control in others. Mixed economies include both capitalist and social economic policies and often arise in societies that seek to balance a wide range of political and economic views. http://www.economywatch.com/world_economic-indicators/type British Airways operates in the Mixed economic system as British Airways was privatised on February 1987 and the government has less intervention as its a private company the only intervention that the government would have is only setting the prices of the air tickets. What is Social Welfare: Social welfare is about how people, communicate and institutions in a society take action to provide certain minimum standards and certain opportunities. It is generally about helping people facing contingencies. Social welfare which British Airways does for its employees. Social Welfare Policy: Is basically to improve and protect the standard of living of the people or citizens as a whole. In the United Kingdom the Name Social Policy is used to apply to the policies that the government uses for welfare and social protection and the ways in which welfare is basically developed in a society. There are various social welfare policies that the United Kingdoms adopts and they are: Social welfare policy that British Airways has adopted/follows: Health and social protection Employment Law Work place regulation Social fund Social security The impact that social welfare initiates on British Airways as well as the wider community is firstly that British Airways adopting the work place regulation is that it benefits the employees of British Airways and that the employees can work without any head aces as British Airways has provided all it employees with training in safety measures, plus rest time is given to the employees and to the crew members of British Airways accommodation is given because the crew is normally flying for endless hours/long journeys. The workers are also made alert about the basic terms and conditions of the organisation which are basically ethics, code of conduct, and the responsibility of the organisation. The other social welfare policy which British Airways provides its employees is social security for its employees similar to contribution benefits (Retirement pension, maternity allowances) and also non contributor benefits (social fund, working tax benefits) to its employees, which gives the employees the freedom to do whatever in their personal life. The Employment Law in British Airways states and illustrates the normal working hours, conditions, and the acts of the organisation. What is Industrial Policy: Industrial policy comprises all government interventions which consist of: Directed towards the supply side of the economy that consists of enterprises, industries, sectors). Aims to influence the industrial structure of the economy and its industrial changes. Industrial policy purposefully affects incentives to produce specific goods or incentives to enter or exit a specific goods market. It is not limited to manufacturing and includes all types of commercial economic activities. Industrial policy interventions have to be justified because if competitive markets worked adequately, any such intervention would: Distort optimal allocation, Distort dynamic competition and its benefits (innovation, flexibility, consumers sovereignty etc.). Privilege specific enterprises or industries or sectors at the expenses of others, Would disadvantage taxpayers and consumers. (An European industrial policy: concepts and consequences, Oliver Budzinski). Industrial policy is concerned; it is the government sponsored economic program in which the public and private sector coordinate their efforts to develop new technologies and industries. Government provides the financial support and capital to the private sector by direct subsidies, tax credits or government- run developmental banks. Industries policy emphasise cooperation between government, banks, private enterprise, and employees to strengthen the national economy. http://encyclopedia2.thefreedictionary.com Impact of Industrial policy on British Airways: In the United Kingdoms the Industrial policy has affected a lot of industries but the Industry that suffered the most was the aviation industry including all the airlines even British Airways. Therefore British Airways has changed its strategy of working and has been successful as British Airways adopted new policies. One of the policy that states to reduce Co2 emissions by 15% by all airlines and British Airways has decided to reduce by 50% as they are working on creating a new kind of fuel which is known as bio diesel which is pollution free and environment friendly. Fiscal Policy: Government spending policies that influences macroeconomic conditions. These policies affect tax rates, interest rates and government spending in an effort to control the economy. Monetary Policy: The action of a central, bank currency or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates. Monetary policy is maintained through actions such as increasing the interest rate, or changing the amount of money banks need to keep in the vault or bank reserves. Impact of fiscal and monetary policy on airline industry as well as British Airways: The principles of economics tell us that governments can sometimes improve market outcomes. Methods of influencing market outcomes can come in the form of monetary and fiscal policies. Monetary policies influence shifts in aggregate demand for goods and services by increasing the money supply, reducing the equilibrium interest rates and stimulating investment spending or decreasing the money supply, raising equilibrium interest rates, lowering investment spending (Mankiw, 2004). Fiscal policies shift the aggregate demand curve by increasing or decreasing government spending or through the increase or decrease in taxes (Mankiw). Because these policies influence aggregate demand, the government uses such policies to try and bring stabilization to the economy. Such polices affect different industries on many different levels. Some industries have positive effects and some negative. In analysing how monetary and fiscal policies affect the airline industry, we can look at how these policies affect employment, growth of the industry, and product prices. Many fiscal policies directed toward the airline industry have had profound effects. One such policy is represented by the excise taxes and fees levied on air carriers. Such taxes and fees are allocated by the Government to fund improvements of airports, provide security for the airlines and airports, allocate funding for the FAA, provide for services for international customers, and support operations at airpark facilities. These fees represent roughly 26% or $52 of a standard 200-dollar round-trip airline ticket (Air Transport Association, 2005). Current economic conditions of the airline industry are dismal, especially due to the tragic events of September 11th. The Air Transport Association (ATA) argues that such fiscal policy in these trying times hinder the air carriers ability to right themselves through a self-help policy. The ATA further explains that in an effort to stabilize the industry, such taxes and fees can account for the elimination of over 129,000 jobs, forced many carriers into bankruptcy, and, because consumers react heavily to price increases in this industry, hinder their ability to allocate funds by raising ticket prices. With this current fiscal policy, air carrier s have little manoeuvrability of funds to meet the demands of an operating budget. Mike Smith (personal communication, June 10, 2008), former owner of Pacific Crest Aviation in Big Bear Lake, CA, adds that governing agencies institute other fees to generate operating revenues for airports. On example of this is landing fees. Landing fees vary from airport to airport, but play a key role in the determination of where air carriers decide to base their operations. In attempts to accumulate more funding through fiscal policy, Mr. Smith explains that the FAA continues to suggest the implementation of user fees. Still to be determined how such a fee would impact the airline industry; present fiscal policies have air carriers screaming for reform. Deregulation is another fiscal policy that has considerably impacted areas of the airline industry. Since deregulation in 1979, the airline industry experienced substantial growth. With the emergence of new competition in the industry this created numerous amounts of jobs, drove ticket prices down, and expanded the available market for various air carriers. Through an industrial wide growth of over 200%, new carriers were able to open positions to thousands of new employees in various parts of the nation. Average ticket prices in 1979 remain relatively unchanged today. As an extremely competitive market emerged, the rally for passengers on each carriers flights kept ticket prices down as carrier created connecting flights through this new open sky policy; reaching more consumers, minimizing opportunity cost, and offering competitive pricing. The Airline industry continues to be affected by the overall condition of the nations economy. When healthy spending exists and pleasure travel is frequent, air carriers are able to fill flights, raise prices, and maintain a stable economic environment. However, when condition of the nations economy falls, so do the buying habits of the consumer. This is where the airline industry finds itself today. Struggling to fill flights in a slow economy and fighting heavy fiscal policy. Recent monetary policies made by the federal government to improve market conditions are sure to have an effect, but how it will impact employment, growth, and prices in the airline industry are still unknown. The most Recent monetary policy made by the government came in the form of economic stimulus checks. This in-flow of money into the economy in an attempt to stimulate the purchase of goods and services throughout the United States may help diminish the effects of our current sluggish economy. Little to no data exists to show how this has impacted any growth in the airline industry. So far, there seems to be little change in the spending habits of the consumer to travel via air. Because the economic position of the airline industry has been struggling for so long, improvements due to any single event may be impossible to track. Whether changes in fiscal policies, monetary policies, or internal carrier structure help to improve conditions in the airline industry, changes will happen slow and will reflect economic condition in the nations marketplace. By successfully managing opportunity cost, and adapting to an ever changing economic environment, airline industries can have economic success. However, the well-being of the nations economy will have a direct impact on the level of success experienced in the airline industry. During economic shortfalls in the nations economy, travellers will have fewer resources available to travel for pleasure. Contributing to the negative economic influences in the airline industry, future and existing policies targeting the airline industry will continue to hinder the industrys ability to recover losses in periods of economic hardships. http://www.taxreformpanel.gov Makiw, N.G. (2004) Principles of economics (3rd edition). Chicago, 2: Thomson South-Western. PESTLE Analyses on British Airways: PESTLE Factors Key Points Implications for British Airways Political Heavy regulation (AEA, 2009). Increased security due to past terrorist threats (DFT, 2008) Compliance is essential if British Airways wants to continue. Sufficient security measures should be in place to ensure consumer confidence and competitive advantage in maintenance. Economic Global economic crisis: world growth is projected to just over 2 per cent in 2009 (IMF, 2008). Pound weakness especially against the Euro. Oil prices declined by 50% since their peak retreating to 2007 levels. Decline in fuel prises the dollar strengthens (IMF, 2008). UK Consumer spending saw its sharpest decline for 13 years between July and September 2008 (Channel 4, 2008) Possible reduction in the amount of business travel as companies are cutting costs and using alternative means of communication such as telecom fencing. British Airways is vulnerable as a United Kingdom operating airline to a poor exchange rate. Fluctuation in oil prices and exchange rates will directly affect British Airways cost base. More intense competition. Social The United Kingdom has an aging population. Increasing Unemployment Potential opportunities for growth as older generations have more time to spend on leisure activities such as international travel. Increased bargaining power as an employee. Technological A recent survey revealed that 34% of online consumers plan to use price- comparison sites more in 2009 (NMA, 2009) Online booking services and check-in is becoming increasingly used by the airline industry. Increased consumer awareness and therefore bargaining power. British Airways must ensure that they remain up to date with these technological advances whilst avoiding becoming overly reliant, as this may isolate certain consumer markets (i.e. the elderly) who dont feel comfortable using such technology. Environmental/Ethical Noise pollution controls and energy consumption controls. Cancellations of flights and loss of baggage. New legislation (e.g. climate change bill) enforcing tighter environmental regulation may increase operational costs each year. Such ethical issues could have a detrimental effect on reputation if left unresolved. Legal Collusion and price fixing. Recognition of trade union and industrial action e.g. cabin crew strikes. Open skies agreement. Restriction on mergers will have an impact on British Airways proposed alliance with American Airlines. Good employee relations are essential if British Airways wants to avoid industrial action and interrupted operations. Opportunity for British Airways and its competitors to freely transport aircrafts between the European Union and the United States. Part 3 Investigate the behaviour of organizations and the market environment. What is Oligopoly: Oligopoly is a market which is normally dominated by a few numbers of large suppliers. The degree of market concentration is very high. Firms within an oligopoly produce branded products and also sometimes there is a barrier to new entries. Advantages as general: Firms or companies are able to reap economies of scale, due to large scale competition. Products cannot produce by individual firms on a small scale. There is an incentive to engage in research and development. They have the ability to earn super normal profits and capture large market share. Firms enjoy lower costs due to technological improvement. This results in higher profits which will improve the firms or companies capacity to withstand price war. http://www.blurtit.com/q2774865.html Disadvantages as general: Firms and companies are concerned with the activities of their competitors. If one firm or company reduces its prices the other companies would have to. How oligopoly has impacted the airline market and British Airways: In the late 1990s the European airline market was liberalised, lowering the barriers to entry. Traditional firms then faced competition as firms could enter the market more easily. New entrants used leased aircrafts to keep costs low. Firms have merged (such as Liberia Airways and British Airways did in 2000) to improve the firms horizontal integration. What is monopoly: A situation in which a single company owns all or nearly all of the market for a given type of product or service. This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition. In such an industry structure, the producer will often produce a volume that is less than the amount which would maximize social welfare. www.investwords.com/3112/monopoly.html . Advantages of monopoly as general: There is no risk of excess production. There is sufficient capital for research. Price of goods are reduced. The market can be controlled. Disadvantages of monopoly as general: The consumers are exploited. There is hardly and consumer choice. The price is high on products. As there is no competition it leads to inefficiency. The labour is exploited as the price charged is higher than the marginal cost. How monopoly has impacted the airline market and British Airways: There is no competition which would make the airlines inefficient. As there is no choice the consumer would have to take that one airline only. As the ticket prices could be high the consumers would prefer to take a train to their destination if the consumers destination is in Europe and this would cause a loss for the company. What is perfect competition: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic, market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyse real world market structure. In particular, perfect competition efficiently allocates resources. http://www.amosweb.com. Advantages of perfect competition as general: Optimal allocation of resources. Competition encourages efficiency. Consumers charged a lower price. Responsive to consumer wishes, change in demand, leads extra supply. Disadvantages of perfect competition as general: Insufficient profits for investment. Lack of product variety. Lack of competition over product design and specification. Unequal distribution of goods and income. Externalities .e.g. pollution. How perfect competition impacts airlines market and British Airways: As in the Airlines Industry there are many airlines and there is competition there can be either positive effects as well as negatives effects the positive effects of perfect competition is that the resources of the airlines is allocated to the point as there is competition the other airlines as well as British Airways is encouraged to work harder to beat the competition and there for the airlines charge its customers with a lower cost to gather more of the customers. The negative effects of perfect competition is that sometimes the return on the investment can be poor there is noise pollution being created by the noise of the plane engines and can affect the society with air pollution as it can harm the society. Part 4 Explain the significance of international trade and the European dimension for UK businesses. What is trade: Trade is the transfer of ownership of goods or services from one person to another person. Trade is also known as commerce or financial transaction or barter like in the old days. Trade can only take place in a market. A market is a place where buying and selling takes place it could be either in a shop, house or even the internet. Advantages of trade: Can increase international ties. Leads to specialisation and therefore increases efficiency. Increases standards of living. Disadvantages of trade: As there is excess production it leads to pollution. Can lead to a possible economical imperialism. Can cause a balance of payment problem which can lead to international debt. Why is trade important: To trade is important for a country because through trade a country gets its resources which it cant provide for itself, or its cheaper for a country to import than to produce locally. A country trades its resources to other countries that cannot produce them this means that its a big cycle where everyone trades until all the countries have what they exactly need while making some money by selling what they dont need. The country basically does it for the development of the country so that its people can get their daily bread and butter, clothes and necessities which they need that their country does not have access to, and to even do business with other countries through trade. What is international trade: International trade is exchange of capital, goods, and services across overseas boarders or territories. It basically refers to exports of goods and services by firms to a overseas buyer also known as a importer. In most countries it represents a significant share of gross domestic product also known a (GDP). Advantages of international trade: Improve domestic competitiveness. Helps to gain global market share. Reduces the dependency on existing market. Increases chances to expand. Disadvantages of international trade: Can take a very long time to gain. Additional cost can be incurred. Payments come after long. Licenses are need and deal has to be done in regulations. Why is international trade important: International trade is important because it allows other countries to take advantage of something known as comparative advantage. Comparative advantage means that a country is able to produce something by giving less for something else they want. Therefore even if a country in not able to produce the best quality product of anything, comparatively the countries can produce without giving up something. When countries take advantage of comparative advantage, the total output in the world increases and therefore everyone benefits from extra output and therefore international trade helps establish a higher standard of living. What is economic integration: Economic integration is the elimination of tariff and nontariff barriers to the flow of goods and services and the factors of production between a group of nations or various different parts of the same nation.