Economic Liberalisation Essay - 984 Words

Kimlyn Crystal Boodram ECON 2020 – Caribbean Economy Economic Liberalization: (6)[c.] Identify and elaborate on the main elements of Economic Liberalization and discuss, with the use of examples and evidence, whether you think economic liberalization has been suitable and successful in the Caribbean Region. What is Economic Liberalization? Economic Liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy, in exchange for greater participation of private entities. Thus, liberalisation in short, refers to the removal of controls, to encourage economic development. Forms of Economic Liberalization: Liberalization policies include partial or full privatisation of†¦show more content†¦As we all may know, Dairy constitutes a significant part of the local diet and income. Milk remains one of the few agricultural products in which the island claims self-sufficiency. Government reduced its role in the industry during the 1990’s structural adjustment programme and a quota system took effect. Milk production fell nearly 50% between 1992 and 1993. By the end of 2010, 16 commercial dairy farmers remained in the industry – which was less than half of the 37 registered farmers in 1990. National Milk output stood below 7 million kilograms – a half of the 14 million kilograms recorded in 1991. Was Government Policy or was the WTO-entry responsible for the declines in Milk Production and the Industry’s Consolidation? Did Government Policy lead to Trade Liberalisation, thereby increasing imports and affecting domestic production? Some of the Industry’s key stakeholders believe that increased imports associated with trade liberalization are to be blamed for the current state of affairs, which are the declining milk production and fewer farms. Evidence suggests that Trade Liberalization is exerting pressure on the Local Industry. Fresh Milk and cream imports rise more than 3% after 2000 and imports of milk products that compete with locally produced ones also exhibit signs of increase. Privatisation is primarily the process of transferring ownership of a business, enterprise, agency, public service, or public propertyShow MoreRelatedImpact Of Economic Liberalisation On Livelihoods1597 Words   |  7 PagesThe Impact Of Economic Liberalisation On Livelihoods In Nigeria Economic liberalization on livelihoods in Nigeria refers to how the decrease in government control, through deregulation and lesser restrictions in the economy to promote greater participation of private entities, serves as a means of securing the basic necessities of life i.e. food, water, shelter and clothing. This is done in an effort to encourage economic development through the doctrine is associated with classical liberalism. FollowingRead MoreEconomic Liberalisation in Zambia2633 Words   |  11 Pagesanalyze the statement that â€Å"Economic liberalism is a prerequisite for economic development in development economies.† This paper will begin by outlining the concept of economic liberalization and its effect on the development agenda for Zambia. An analysis of these experiences is then made in order to derive lessons regarding the linkage between economic liberalization and economic development. It will then draw the pros and cons; positives and negatives effects of economic liberalism in the ZambianRead MoreEconomic Liberalisation Of India And India1605 Words   |  7 PagesEconomic liberalisation in India India is a country which was and still is diverse in terms of cultures, languages, ethics and beliefs. During the 1970-1990 when the British rule had just been over in India, it soon started to face problems in their balance of payments. By the end of 1990, it was in a serious economic crisis. The government was close to bankruptcy, the central bank of India had refused new credit and foreign exchange reserves had been depleted to a point where India could barelyRead MoreDoes Trade Liberalisation Promote Long Run Economic Growth?1576 Words   |  7 Pages 3. Does trade liberalisation promote long-run economic growth? INTRODUCTION: While in principle, trade liberalisation promotes long-run economic growth by the means of markets expansion for goods, human and physical capital associated with technological and managerial learning; however, it largely destabilizes Global South economies. On the one hand, proponents indicate a cause-effect relationship between trade openness and economic growth, citing Hong Kong, Singapore, South Korea and TaiwanRead MoreThe Impact Of Economic Growth Through The Process Of The Financial Liberalisation Of Developing Countries2949 Words   |  12 PagesM21 EFA YANG LIU 5289976 20/4/2015 The Impact on Economic Growth through the Process of the Financial Liberalization of Developing Countries Abstract: The purpose of this study was to show that the decisive factor in financial liberalization that financial development can stimulate economic growth. Three different components were analyzed. The first is that the by using the endogenous growth model to find the relationship between internal financial liberalization and Gross DomesticRead MoreMarket Liberalisation Success, Failures And Challenges1207 Words   |  5 PagesEvidence of Market Liberalisation Success, Failures and Challenges The BRIC emerging economies are some of the most successful market liberalisers with India having particular prosperity in liberalising its inward capital flows and currency convertibility from 1991 to foreign investors. Post liberalisation India is regarded as one of the fastest growing economies with an annual growth rate of 6.86% compared to 4.07% pre liberalisation (World Bank, 2014). Economists such as Saikia (2012) regards thisRead MorePositive And Negative Outcomes Of Economic Globalization1635 Words   |  7 Pagesnegative outcomes of economic globalization, and the impact on developed and developing nations. The findings indicate a strong trend in the belief that developed countries dominate in the world of international trade, as there resources ensure a competitive advantage over poorer undeveloped nations. In addition, it can be concluded that the great benefits of free trade, defined broadly as â€Å"free movement of goods, services, and capital across national boundar ies (what I will call â€Å"economic interdependence†Read MoreEssay on Value Systems and Successful Markets 861 Words   |  4 PagesEconomic success defines a nations success in modern day society. Sure India has had a prosperous past. But as we continue in this post colonial world, the need to prove ourselves has only been higher. It has been over 60 years since we achieved independence and became a republic, we are yet to prove our â€Å"potential† to the world. The world’s parameter to determine our capabilities are high, just as it ought to be to encourage each nation to develop to its fullest ability. Competition generally helpsRead MoreEast Asian Development : Asia1532 Words   |  7 PagesEast Asian development Over the past decades, the East Asian countries have experiences massive economic growth for the policy change from protection centred to export promotion. Taiwan, Korea, and Hong Kong would be the good examples of this. According to Krueger (1997), during 1950s and 60s, it was the general consensus that â€Å"import substitution† was the basis for the development, however, Asian countries that applied free trade and promoted export has risen rapidly starting from Taiwan, whichRead MoreThe Big Bang Significance Of Globalization Essay1577 Words   |  7 Pagesfoundations traced back to 100 CE where the Romans made new trade routes in Africa and into Asia (Osland, 2003). Our present, highly internationalised economy is not unprecedented—â€Å"it is not an act of god, like a virus or a volcano, but the result of economic actions taken by human beings and thus responsive to human control† (Global Squeeze Ref); it is the state of the international economy that has accelerated since modern industrial technology (Hirst Thompson, 2003). It is the great story of our

Zzzz Best - 919 Words

Ernst amp; Whinney had an obligation to be independent, objective and with due care.Objectivity requires that an auditor should be skeptical and obtain independent evidence to verify information from the client. Ernst amp; Whinney failed to meet this obligation when they did not require corroboration of the insurance restoration contracts from independent third parties. When Ernst amp; Whinney resigned from the audit engagement,they had a professional obligation to disclose the reason for the withdrawal. Due care requires that an auditor discharges professional responsibilities with competence and diligence. It imposes the obligation to perform professional services to the best of the auditor’s ability with concern for the best†¦show more content†¦It imposes the obligation to perform professional services to the best of the auditor’s ability with concern for the best interest of the public. 1. I think that auditors should be held liable for failing to discover fraud. There are many ways the fraud could have been discovered over the years if the auditors performed an objective audit that followed rules and regulations. It is an auditor’s obligation to perform an audit with objectivity, skepticism, independence, and objectivity. Ernst amp; Whinney failed to meet these criteria. The auditors did not follow professional skepticism because when Minkow asked them to sign a confidentiality agreement to not follow up with any contractors, insurance companies, or building owners. This is not something to simply accept from Minkow. Ernst clearly did not perform a thorough audit and did not perform the necessary tests for reasonableness. 2. Ernst and Whinney should have seen a red flag from the start because there was an unreasonable growth in his company and he lived an extremely extravagant lifestyle. Minkow also had problems meeting his loan debt and there were many i nconsistencies in ZZZZ invoices. I think that the relationship between Ernst and ZZZZ did influence the risk assessment and the work done in the audit. Because Ernst did not want to lose ZZZZ as its biggest client, the work was not done objectively. There was a bias because Ernst wanted to keep the â€Å"wiz† of wallShow MoreRelatedZzzz Best987 Words   |  4 Pagesextending $ 7 million to ZZZZ Best Co. I agree with court’s decision because Ernst Whinney never issued an audit opinion on financial statements it was just a review report which was disclosed. However, I do not justify Ernst Whinney because the auditors besides from failure to notice ‘red flags’ had done few mistakes which lead to the law suit. The first mistake that the auditors made involved Mr. George Greenspan during the 1986 audit. This was the first audit since ZZZZ Best became a public companyRead MoreZzzz Best3065 Words   |  13 PagesCase 4-6 ZZZZ Best* The story of ZZZZ Best is one of greed and audaciousness. It is the story of a 15-year old boy from Reseda, California who was driven to be successful regardless of the costs. His name is Barry Minkow. Minkow had high hopes to make it big – to be a millionaire very early in life. He started a carpet cleaning business in the garage of his home. Minkow realized early on that he was not going to become a millionaire cleaning other people’s carpets. He had bigger plansRead MoreZzzz Best Case 1.9577 Words   |  3 Pages1. Ernst Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of assurance implied by the auditor’s report? A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is consideredRead MoreZZZZ Best Company: The Backlash Essay845 Words   |  4 PagesCase 1.9 ZZZZ Best Company, Inc, 1. Ernst amp; Whinney audit firm suffered tremendously from the backlash of ZZZZ Best’s case. One of the issues stemming from ZZZZ Best’s case is the difference between a review and an audit as evidence by civil suit filed by a California bank against the firm. The bank claimed that its decision to grant ZZZZ Best’s loan was based on the opinion of Ernst amp; Whinney review of ZZZZ Best’s financial statements period ending July 31, 1986. The case was ruled in favorRead MoreEssay on ZZZZ Best Case: Questions801 Words   |  4 PagesACG 4632 ZZZZ Best Case Questions (40 points) 1. Identify the primary audit objectives that auditors hope to accomplish by: * Confirming a client’s year-end accounts receivable, and (Balance related existence) * Performing year-end sales cutoff tests. (transaction-related objective timing) (5 points) 2. Ernst amp; Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the threeRead MoreAccounting Frauds: ZZZZ Best Company, Inc1022 Words   |  5 PagesZZZZ Best company is one of the biggest examples of Accounting Frauds. The founder of ZZZZ best was Barry Minkow. He was a very smart young entrepreneur when he started the company. He was involved in credit card forgeries prior to starting his own carpet cleaning business â€Å"ZZZZ Best Company†. Minkow began his business with small carpet cleaning jobs and he became a multimillionaire in a very short period of time. Minkow met a person named Tom Padgett at Los Angeles Health club. This was the beginningRead MoreZZZZ Best Company, Inc: An Analysis3666 Words   |  15 PagesZZZZ Best Company Inc. Introduction This paper explores the ZZZZ Best Company which was begun by a 16 year old individual who was able to pull the wool over the eyes of many customers, investors and auditors. This paper will define the difference between review and audit when it comes to financial reports, comments on the procedures provided with regard to the management assertion of occurrence, verification of payments for jobs and how they can lead auditors to improper conclusion, the purposeRead MoreZZZZ Best Case Study: Understanding Audit and Review1205 Words   |  5 Pagesresponses to inquiries by obtaining corroborating evidence through inspection, observation or any other audit procedure. It can point out significant matters of the financial statements but does not provide assurance of their accuracy. The issue with ZZZZ Best case is that the auditors review was not sufficient enough to review any misstatements on the financial statements. Ernst Whinney never questioned the internal control, reviewed contra ctual agreements or made comparison of the previous statementsRead MoreZZZZ Best Company Fraud: Case Study1772 Words   |  8 PagesZZZZ Best Company Fraud Case Study 1) At an early age, Barry Minkow was introduced to the carpet cleaning industry by his mother who worked part time as a telephone solicitor for a small carpet cleaning company. This insight of the industry allowed Minkow to understand that the carpet cleaning industry was one which had very few barriers to entry, no licensing requirements, and required only a small amount of capital to enter. Also, because of these few barriers to entry, the industry has historicallyRead MoreCase Analysis : Zzzz Best Company, Inc.1688 Words   |  7 Pages 1. Read Case 1.9, ZZZZ Best Company, Inc. in your text. Answer questions #1, 2, and 4 found at the end of the case. Question # 1 A review is like an audit yet is less in extension and just gives restricted affirmation with respect to the financial statements. This varies with an audit that gives sensible affirmation that no material mistakes or illicit acts are detected. The goal of an audit is to give a sensible freedom of expressed opinion the money related proclamations taken all in all. A

Importance of Criminal Justice Administration Free Essays

Class: Criminal Justice Administration Date: 9/10/2012 Importance of Criminal Justice Administration The role of a Criminal Justice Administrator is to manage a criminal justice system. She/ He direct the administration of the day-to-day operations, participates in administrative decision making, enforce policies and procedures, and sets work flow priorities. Criminal justice administrators also oversee agencies’ budget, policies and program requirements. We will write a custom essay sample on Importance of Criminal Justice Administration or any similar topic only for you Order Now Each public agency, according to its primary function, has a support team. The criminal justice administrator is in charge of supervising all agency staff; which can include lawyers, judicial clerks, secretaries, investigators and line officers. He/ She review and approve their reports, as it is his responsibility to make sure all information is accurate and prepared in accordance with established policy and procedure. The United States criminal justice system is a system that acts to enforce the criminal laws of the country. In the United States, the criminal justice system is divided in three categories: federal, state and military. In addition to these three categories, each state has separate divisions that deal with adult and juvenile cases. Each of these systems is comprised of three major components. The first component of the criminal justice system and perhaps the most important and dangerous is law enforcement. This includes the local police department with all of its police officers and detectives. These people head the criminal justice system because they are the ones responsible for finding and capturing individuals who break the laws set forth by the state, federal government or the military. The second component is the court; the court system includes prosecution and defense lawyers, judges and juries. These individuals make sure offenders are given fair trails. Judges, also known as finders of facts, hear the cases and preside over the participants to make sure that all laws are followed while the cases are being tried. Some cases are tried in front of a judge only, while others have a jury of 12 citizens who determine the guilt or innocence of a defendant based on facts brought forth during a trial. The last but not least is corrections. The correction system, which is tightly intertwined with the previous two components, is very important and quite large. The correction individuals ensure that a defendant’s punishment and all of its stipulations are carried out. Like any organization, state and local criminal justice agencies must deal with issues of organizational management and employ the management styles that best allow them to achieve their objectives of crime prevention, adjudication of criminal offenses, and punishment of offenders. In today’s world we have developed different styles of management that could apply to law enforcement agencies, criminal courts, and correctional facilities and departments. In my opinion managers are more important than supervisor because they have more responsibilities under their shoulders. Systems management requires a complete approach to organizational leadership, which involves not only management of personnel, but also of organizational knowledge. A systems approach to management recognizes the complexity of modern organizational processes. In this perspective, organizations function based on the information and data that employees can access. A successful agency must properly manage all of these elements. Features of systems management include specialization within components of a large system and coordination among different components. System management could serve criminal justice agencies well, and some organizations exhibit elements of this approach. For example, many large law enforcement organizations have specialized divisions, such as homicide, gang enforcement, vice, and others, but with cooperation among these different units. In general Criminal Justice Administration it is important because in order for law enforcement agencies to work properly a Criminal Justice Administrator needs to be in charge. Law enforcement agencies and organizations devoted to research in the field of criminal justice administration sometimes need professional researchers to perform ongoing work. Examples might include research into the most effective ways to run criminal justice agencies and how budgets impact the administration of criminal justice. Administrators may have tasks that can include mathematical models and other methods in order to assess policies so those in the administrative side can make informed decisions. I personally believe that Criminal Justice Administration is not failing it just have its ups and downs. We have to keep in mind that in order for a criminal justice administrator to be successful he/she has to have a good working idea of the legal system and the role they play in it. How to cite Importance of Criminal Justice Administration, Essay examples