Rural-Urban Inequality in Contemporary China Essay -- impact of PRC Hok

Introduction -- The Summary of the Reading Materials: 　　The PRC hukou system, whose formal name is â€Å"huji† system, institutionally divides and organizes the Chinese people. To fully appreciate the significance of the hukou system, however, is not easy, even though many, especially those who have lived under the system, can vividly and endlessly attest its mighty presence. For it extensively and powerfully affects almost every aspect of the Chinese society and way of life. In this process, the hukou system tends to generate multifaceted, sometimes even contradictory and conflicting effects on China’s politics, economy, and social life.In politics,the PRC hukou system established stability, authoritarianism, and Elite Class. In economics, the hukou system has allowed the PRC to circumvent the Lewis Transition (also known as Lewis turning point, made in 1968 by Lewis, describes with the growth of rural economic , cheap labor after being fully absorbed, their wages will rise significantly. Lewis displayed wit h this theory of industrialization and urbanization are the best means to combat rural poverty) and hence to enjoy rapid economic growth and technological sophistication in a dual economy with the existence of massive surplus labor, however, the hukou system has created tremendous irrationalities, imbalances, and waste in the Chinese economy and barriers to further development of the Chinese market. At the same time, the PRC hukou system has generated a regionally uneven development and spatial inequality, such as the capita income gap, legal minimum wages, the amount of Welfare Pay. The PRC hukou system made a horizontal stratification in social life: Chinese culture, social stratification, and social norms and values have all d... ... new resources to finally overcome the wide cleavage between rural and urban that has characterized Chinese society since the 1950s, only a sketchy overview pf some the initiatives will be presented. 　　 Conclusion 　　Unlike population registration systems in many other countries, the PRC hukou system was designed not merely to provide population statistics and identify personal status, but also directly to regulate population distribution and serve many other important objectives desired by the state. In fact, the hukou system is one of the major tools of social control employed by the state. Its functions go far beyond simply controlling population mobility. Through nearly fifty-year’s development, the PRC hukou system constituted rural-urban inequality in contemporary China, which has been bringing profound influences on Chinese politics, economics, and social life.

Banks and Credit System of Exchange Essay

Definition of Banks—Banks are financial institutions that help people to save and borrow money.In a growing economy, the banks help to create a new pool of money to be ised for other economic activities.They complement the money or cash system of exchange with the system of credit. History of Banking in the Philippines During the pre-colonial period, Filipinos also saved and borrowed money, but usually this was done by families, relatives of tribal leaders.The oldest written relic of our precolonial past is the famous Laguna Copperplate inscriptin (LCI), which contains a record of a debt payment in 900A.D.It proves that we have a longt tradition of honoring our debts in our culture. Modern banking, as we know it, really began with the coming of the Europeans. The first credit organizations were the Obras Pias(pious work), created by the Spanish colonial government starting in the 16th century. It is interesting to know that the early Catholics in the Philippines were taught how to tithe(give 10 percent of income to the church).Thus, thye early church in the Philippines was able to collect a fund od money, and its growth and good works increased tremendously. The first general bank in Southeast Asia was the Banco Espaà ±ol-Filipino (now known as Bank of the Philippine Islands), which opened in 1851.It was given authority to issue bank notes.Soon, other banks were opened.The Catholic Church anf their trustees owned and operated most banks during the Spanish colonial period. During the American period, more banks began operations. In 1906, the government established postal savings banks all over the country to bring banking closer to the people.This Promoted the habit of thrift and savings among low-income groups. Now Americans, Chinese and Filipinos also entered the picture. In 1916 the philippine National Bank was organized. Other banks which followed were the China Banking Corporation and the Philippine Bank of Commerce.Before World War II there were 17 banks in the country. The PNB and Postal banks were owned by the Catholic Church and religious organizations, and two by Filipinos and others. The Japanese m,ilitary occupation in 1941-45 briefly restructed Philippine banking. Only Japanese and their Filipino sympathizers were allowed to operate banks. In 1946, after independence, the otigins of our modern banking system were established. Prewar banks were re-opened and resumed operations. The Central Banking Act was passed in 1948. Today, there are thousands of banks all over the country, and some Filipino banks have opened branches abroad. Tyhe Volume of banking services has also increased, as more and more services are being offered. Among these services are car loans, time deposits, automatic tellers, dreive-in windows, night depository, safe deposit boxes, payroll handling, automatic debits, and many more. KINDS OF BANKS There are different kinds of banks as follows: 1. Rural banks-These are located mostly in the countryside. The government encourages the establishment of these small banks in order to bring asavings and banking closer to people in the provinces. For example, a group may set up a rural bank with P20 million capital outside of metro Manila or cities; but p50 million is needed for a bank in the city. The main reason for rural banks is to help farmers with agricultural loans. In 1994, the Pagsanjan Rural Bank founded by Victor Zaide cabreza and Soledad Benitez Cabreza, won the award fo â€Å"Outstanding Rural Bank in he Philippines† 2. Savings and loan association—These small banks gather savings and invest them in long term securities, such as housing loans. A good example is the Monte de Piedad Bank. 3.Special government banks—The Philippine government established several bnks to handle specific duties involving its financial projects.For example, after the war, the Rehabilitation and Finance Corporation (RFC) was created to receive postwar reconstuction funds ang give financial aid to the war-damaged economy. The RFG eventually beame the Development bank of the Philippines (DBP). The Land Bank of the Philippines (LBP) helps the government implement the land reform program. The Philippine Amanah Bank was organized in 1970s to cater for the growing economic needs of Muslim Filpinos. The government may also operate postal banks within selected post iffides around the country. Many small savers and children like to use postal banks because it is closer and more familiar to them. 4.Commercial banks—These make up the biggest banking group, and comprises nearly 50% of the total banking resources in the country. The main function of this type is to supply the circulating capital for the economy in the form of short-term loans.Example are the Philippine National Bank, Metrobank, BPI, FarEast Bank and Trust Company and others. 6.Universal Bank- Also known as a ful-service bank, a universal bank provides more servies than a commercial bank. Banks which have reached a capitalixation of P50 million or more can apply for a universal banking liscence. A universal bank can make more investments and lending.It can act as an investment house, a savings bank etc. It can invest directlyin private companies. Several banks are iniversal banks, starting with the Philipine National Bank, republic Planters Bank, United Cocunot Planters Bank, Allied Bank, PCIB, BPI, Far East Bank and Trust Company, and Metrobank. 6. international banks—As the name says international banks have operations in more than one country. Some Filipino bamks have branches in other countries, e.e. PNB, FEBTC, etc. Similarly, some foreign banks have branches in the Philippines, e.g. Hongkong ang Shanghai Chartered Bank, Citibank, Australia New Zealand, etc. Apart from the private banks, thee are government-owned banks, such as the International Bank for Reconstrucyion and Development (IBRD or World Bank) ased in Washington, D.C.; the Asian Development Bank (ABD) based in Metro Manila; the Bank of International Settkements (BIS) based in Basle, Switzerland. The Uses or Function of Banks— The services of banks are: 1.To accept aand guard deposits of money.People go to a bank because they trust that their money will not be stolen inside.ThePhilippine Deposit Insurace Corporation (PDIC) encures each depositor’s money up to a limit. In case the bank closes doen or is robbed, the depositor will still get their money bacl up to a fixed limit. In turn, the bank keeps a written list of the deposit in a savings book, a monthly statement or a certificate . For the right to use the money, the banks pay interest. 2. to lend money. Banks led money to qualified clients. in this way, the bank earns interest and profits. loans are ofdifferent kinds: are short-term. Loans may also be typedaccording to purpose( car loan, housing loan, business loan etc.) This may be a property title, which the bank can get in case the loan is not paid. Next, bigl loans must have a co- signer or one who will guarantee to pay the loan if the borrower defaults 9faiks to pay). 3.To remit and collect money. Banks als transfer or collect money for clients. for example, overseas contract workers can send their remittances to family through a bank to be picked up in Manila by the relative. A businesman can pay for a supply ordered from abroad through a local bank which send the payment to the foreign supplier. Usually, a bank has a correspondent bank abroad in case it does not have branches ther. Banks accept checks, bank dreafts or telegraphic transfers from other banks, according to certain conditions. 4..To perform legal roles like supervising a business, managing a private

The Impact of Colonialism

It is almost a given now that most everyone considers colonialism as a mistake. They thought that the spreading of ideas, culture, and religion would have a positive effect on the native cultures they colonized. In fact though, these changes had an adverse effect on the peoples of these countries. For although many laud the efforts of these countries to spread Christianity, some question the motives of these countries in dealing the everyday needs of these people. In seeing the natives as inferior the mother countries were able to justify their treatment of them. At this time many subscribed to the belief of manifest destiny and social Darwinism. This is the belief in which the colonizing of other countries is justified by the belief that if God hadn†t wanted these people to be colonized He wouldn†t have let it happen, or would have provided the colonized with the same technology which would make an invasion impossible. Another item that has caused a lot of strife within the lives of the natives is in the area of education. For many natives the history of their country before colonization is very foggy. They have been schooled from day one on the histories of their European conquerors, but seldom is the history of the native cultural even discussed let alone taught. This reminds me of the point made in Jamaica Kincaid†s novel â€Å"A Small Place† in which she comments about getting a day off of school for Queen Victoria†s birthday. In the book Kincaid states that most of the people on the island of Antigua don†t even realize why they have been given a holiday. This type of confusion is typical in dealing with the relationship between colony and colonizer. It is however easy to sympathize with the colonizing country because they are teaching the only thing they know. They can†t teach about the native culture because they have no clue of the history. In fact probably the best method would have been to leave the history part of education in the hands of the natives. In other subjects, such as math, the colonizing may then be able to add insights that may not have been apparent to the natives. But as for the history of the country, there is nothing that a colonizing country can tell a native culture that wasn†t already known. As Jamaica Kincaid implies in her book, if there is one thing that was sorely missed after the English left Antigua it is the fact that for the first time in Antigua there were quality built, well organized places to learn. As kincaid explains in the book, the beautiful library built by the British has since been demolished. And although the renovations for a new one were supposed to end years ago it hasn†t worked out that way. The library has now been moved to a tiny apartment above a grocery store. Where once these books had been categorically stacked on shelves, they were now gathering dust, strewn across the floor and randomly inserted into cardboard boxes. This demise of education in Antigua says only one thing to me, that being that the emphasis of the government is in the wrong place. It is true that Antigua has had their problems with a corrupt government that is more interested in padding their pockets with foreign money than doing anything to improve the state of education. For what does it mean when you have a Minister of Education, possibly that you have no education? Often in looking for the hard-hitting effects of colonialism, the biggest effects are often missed. While pondering the effects of religion, commerce, and education, sometimes the effect of prejudice is left forgotten. We must realize that these are human beings that, in some cases, have just recently gained independence from their mother country. The problem with one country capturing another is the fact that the capturing country now thinks they are in some way superior to the country they have defeated. There is an air of inequality in these situations. One country is taught to feel as if their people are inferior and are therefore subject to obey the laws and rules set down by the ruling peoples. The obvious problem that arises from this position is the fact that there is now a proud native people that have been reduced to feeling as though they are less than the Europeans who have colonized them. This in turn creates a ripple effect that infects the future generations that also feel as though they are inferior. Hopefully eventually this lengthy chain ends, and a few are able to see beyond the situation being presented directly in their face. They are able to see that the prejudice is simply one country trying to keep another subservient to their wishes. And are in turn able to avoid the pit to which every other native has fallen victim to. These are sometimes the leaders that are able to lead their countries out of colonialism and into independence. Then again these leaders sometimes end up being as ruthless, or worse, than the colonizing country. This is where Kincaid†s comment from her book must be looked at a little more closely. She states that it is unfair to harshly judge the job of ruling that the Antiguans did after independence. Her point is that if corrupt ruling is all that you have ever witnessed, one can†t be expected to know how to suddenly run a successful country. For in many of these countries they are neck deep in problems with no end in sight. Yes, they were given their independence by the mother country, but in most cases the natives were left high and dry by the mother country financially. In conclusion, it is unfortunate that our world has been marred by the practice of colonialism. And even more unfortunate that so many countries in the world subscribed that same practice. It is hard to argue that we as a people have matured all that much since the days of colonialism. But if we as humans are able to avoid this terrible practice we are taking a step in the right direction.

Protecting Interest Of The Minority Shareholders

In Asian countries including Bangladesh, the controlling ownership of public listed companies are dominated by some families. The problem of minority exploitation may arise when the ownership is highly concentrated in any specific group, especially family ownership. One of the consequences of this is the expropriation of minority shareholder rights. Apart from family control another limitation of principles of corporate law is the principle of majority rule, sometimes called the â€Å"supremacy of majority† rule.Those who invested more in the company bear a greater risk in the event of a business failure, but simultaneously they have a greater degree of control over the company. There is certainly a risk that the majority will take advantage of the minority and that a company will be run at the expense of the minority shareholders. Any decision of Annual general meeting (AGM) adapted by majority vote and directors are appointed and may be removed from the office at any time by a simple majority at the general meeting.Thus, the directors are motivated to act in the best interests of the majority who appointed them and who may remove them. Minority shareholder rights expropriation occurred when family ownership directed cash to their own benefit, inefficient projects and connected lending to relatives and friends rather than return it in dividends to minority shareholders. Other expropriation can take the form of profit reallocation, assets misuse, transfer pricing, sell below the market price departments or parts of the firm to other firms that major shareholders own, or acquisition of other firms that major shareholders own at a premium.The majority shareholders treats the company as his own, and acts accordingly, to the detriment of the other shareholders, or where there is a breakdown in the relationship of the shareholders or any of their number, which gives rise to questions about the future ownership and control of the Company. On the other hand, wh ere a single or small number of shareholders hold a substantial block of shares in the company, say, in excess of 25% of the voting rights, securing managerial accountability to the shareholders or at least to the controlling shareholders through the traditional governance mechanisms of company law can dominate the company.In some situation, the ‘non-controlling’ shareholders may collectively hold more voting shares than the ‘controlling’ shareholders. However, if the non-controlling shares are widely dispersed, effective control of the company will lie in the hands of the block-holder, even if that block consists of less than 50% of the voting shares. The shareholder providing the majority of the capital may sometimes not control the company.In such a case the majority shareholder is effectively in a minority position with regard to the exercising of controlling rights. The emergence of such a situations are the principal/agent problem between the controll ing shareholders and the non-controlling ‘minority’ shareholders. The corporate management law and policy must have protection of interest of the minority shareholders. The general purpose of minority protection instruments is to prevent the abuse of power by the major shareholders.There is not an easy solution, to the problem, since the principle of majority rule, in company law and other rules of regulators. It is a long established principle of corporate law that the regulators and courts should not intervene in business decisions due to the nonintervention policy or internal management principle. There is no statutory law of anywhere contains a definition of the minority or majority shareholder. The distinguishing factor between the two is the degree of control over the corporation.The number of shares owned is not  decisive, even a shareholder owning a majority of shares may be a minority shareholder, if other shareholders are well organized and, thus, control th e company. The company must follow the principles ‘partnership’ and consultation aims at balancing the interest between major and minor shareholders, and usually do not infringe minorities rights through guaranteeing at least the following minority rights such as respect of opinion of major shareholders toward minorities, the right of minorities to be heard on regard of business matters and exit rights.The limited Liability Companies, which are, in practical terms, run, as if they were a partnership, between the persons who are shareholders of same, might be regarded by the law, as â€Å"quasi partnership†. The OECD principles on Corporate Governance (2004) provide that: Shareholders, including institutional shareholders, should be allowed to consult with each other on issues concerning their basic shareholder rights as defined in the Principles, subject to exceptions to prevent abuse.The protection comes from better legal protection, stronger structure of the in ternal control mechanisms and more efficient capital markets and market for corporate control. One of the methods to ensure the minority rights is to follow good Corporate Governance principles because there exists a relation between the level of protection of minority shareholders and incorporation of good practices of Corporate Governance. The separation of ownership and control in corporations with dispersed ownership structure highlights the agency issue due to conflict between agents (directors) and principals (shareholders).Due to a different agency problem that arises on account of the conflict between dominant and minority shareholders. The minority shareholders can be empowered by ensuring control over the management and board of directors. The board of directors are accountable to the shareholders as a class is to make it easy for the shareholders to convene meetings to consider the removal of directors, evaluate the board’s performance and remove directors of whom they disapprove.The minority shareholders are afforded the remedies if the majority shareholders, violate a personal right of a minority shareholder, then he can file a personal action against the wrongdoers to rectify such a violation of the articles of association of the Company or of the terms of any shareholder agreement etc. With increasing instances of corporate fraud around the world, another remedy is provisions for class action suits. Class action is a law suit brought by one or more individuals on behalf of a large group of people who have the same complaint.In certain circumstances, minority shareholders may bring a common law derivative action, on behalf of the company, against the wrongdoers, who committed a wrong to the company. Wrongdoers can be shareholders and directors of the company, as well as third parties. In order to be able to proceed with a derivative action at common law, the minority shareholders must have legal options to persuade the courts, that the com pany’s decisions by majority shareholders are not to pursue a remedy for the wrong done to the company which amounts to a â€Å"fraud on the minority† .Another Statutory remedy is of petition to winding up of the company on a just and equitable ground. There is hearsay that few sponsors / families are responsible for share scams causing huge loss of small investors. Security exchange commission (SEC) has such views with perceived experiences of two share market debacles and issued a notification on November 22, 2011 imposing conditions that all sponsors / promoters and directors of a listed company shall jointly hold minimum 30% share of paid up capital of the company. Moreover, each director shall hold minimum 2% of the paid up capital.In case of vacancy of anyone holding 5% share shall be entitled to be directors. The publicly listed companies have usually 15 directors and they will hold 75% of the share and voting rights of the company. This means the companies will gradually go under control of few limited persons who have capacity of investment of sufficient amount. SEC has in mind that, mandatory provision of higher shares will prevent such future stock market debacle. But as per investigation report of Mr Khondaker Ibrahim Khaled, accepted by all, there are many organizations including SEC are jointly responsible for disaster in stock market.The public companies are controlled by few families and the directors are ‘elected’ from same family by rotation and under full control of families. They retire due to compulsion of retirements as per law. Small shareholders are awarded a gift pack and nominal dividends in AGM and have no say against the decision of these controlling families. Companies go for public share to generate fund for investments but shall fail to generate fund with higher investments of sponsors and directors.The over investment of sponsors / directors will not bring sufficient share in the market and the market will remain at the present status of low investment. India has totally different legal framework to safeguard interest of small investors. Indian Companies Act 2013 under section -151. A listed company may have one director elected by such small shareholders in such manner and with such terms and conditions as may be prescribed. For the purposes of this section â€Å"small shareholders† means a shareholder holding shares of nominal value of not more than twenty thousand rupees or such other sum as may be prescribed.There is no policy of a designated directorship of choice of minority shareholder nor there do any provision to control, appoint or remove any director. The global law and policy is to protect the rights of minority shareholders but in contrary Bangladesh SEC make legal provision of make the minority shareholder marginalized and have no option to exercise their rights due to majority rule and lose their voice. The decision of higher investment of directors is not g ood for stock market and should be amended to find way out to safeguard interest of minor shareholders from the proven experience of other markets. Protecting interest of the minority Shareholders In Asian countries including Bangladesh, the controlling ownership of public listed companies are dominated by some families. The problem of minority exploitation may arise when the ownership is highly concentrated in any specific group, especially family ownership. One of the consequences of this is the expropriation of minority shareholder rights.Apart from family control another limitation of principles of corporate law is the principle of majority rule, sometimes called the â€Å"supremacy of majority† rule. Those who invested more in the company bear a greater risk in the event of a business failure, but simultaneously they have a greater degree of control over the company. There is certainly a risk that the majority will take advantage of the minority and that a company will be run at the expense of the minority shareholders.Any decision of Annual general meeting (AGM) adapted by majority vote and directors are appointed and may be removed from the office at any time by a simple majority at the general meeting. Thus, the directors are motivated to act in the best interests of the majority who appointed them and who may remove them.Minority shareholder rights expropriation occurred when family ownership directed cash to their own benefit, inefficient projects and connected lending to relatives and friends rather than return it in dividends to minority shareholders. Other expropriation can take the form of profit  reallocation, assets misuse, transfer pricing, sell below the market price departments or parts of the firm to other firms that major shareholders own, or acquisition of other firms that major shareholders own at a premium. The majority shareholders treats the company as his own, and acts accordingly, to the detriment of the other shareholders, or where there is a breakdown in the relationship of the shareholders or any of their number, which gives rise to questions about the future ownership and control of the Company.On the other hand, where a single or small number of shareholders hold a substantial block of shares in the company, say, in excess of 25% of the voting rights, securing managerial accountability to the shareholders or at least to the controlling shareholders through the traditional governance mechanisms of company law can dominate the company. In some situation, the ‘non-controlling’ shareholders may collectively hold more voting shares than the ‘controlling’ shareholders. However, if the non-controlling shares are widely dispersed, effective control of the company will lie in the hands of the block-holder, even if that block consists of less than 50% of the voting shares.The shareholder providing the majority of the capital may sometimes not control the company. In such a case the majority shareholder is effectively in a minority position with regard to the exercising of controlling rights. The emergence of such a situations are the principal/agent problem between the contr olling shareholders and the non-controlling ‘minority’ shareholders.The corporate management law and policy must have protection of interest of the minority shareholders. The general purpose of minority protection instruments is to prevent the abuse of power by the major shareholders. There is not an easy solution, to the problem, since the principle of majority rule, in company law and other rules of regulators. It is a long established principle of corporate law that the regulators and courts should not intervene in business decisions due to the nonintervention policy or internal management principle.There is no statutory law of anywhere contains a definition of the minority or majority shareholder. The distinguishing factor between the two is the degree of control over the corporation. The number of shares owned is not  decisive, even a shareholder owning a majority of shares may be a minority shareholder, if other shareholders are well organized and, thus, control the company.The company must follow the principles ‘partnership’ and consultation aims at balancing the interest between major and minor shareholders, and usually do not infringe minorities rights through guaranteeing at least the following minority rights such as respect of opinion of major shareholders toward minorities, the right of minorities to be heard on regard of business matters and exit rights. The limited Liability Companies, which are, in practical terms, run, as if they were a partnership, between the persons who are shareholders of same, might be regarded by the law, as â€Å"quasi partnership†.The OECD principles on Corporate Governance (2004) provide that: Shareholders, including institutional shareholders, should be allowed to consult with each other on issues concerning their basic shareholder rights as defined in the Principles, subject to exceptions to prevent abuse.The protection comes from better legal protection, stronger structure of the internal control mechanisms and more efficient capital markets and market for corporate control. One of the methods to ensure the minority rights is to follow good Corporate Governance principles because there exists a relation between the level of protection of minority shareholders and incorporation of good practices of Corporate Governance.The separation of ownership and control in corporations with dispersed ownership structure highlights the agency issue due to conflict between agents (directors) and principals (shareholders). Due to a different agency problem that arises on account of the conflict between dominant and minority shareholders. The minority shareholders can be empowered by ensuring control over the management and board of directors. The board of directors are accountable to the shareholders as a class is to make it easy for the shareholders to convene meetings to consider the removal of directors, evaluate the board’s performance and remove directors of who m they  disapprove.The minority shareholders are afforded the remedies if the majority shareholders, violate a personal right of a minority shareholder, then he can file a personal action against the wrongdoers to rectify such a violation of the articles of association of the Company or of the terms of any shareholder agreement etc. With increasing instances of corporate fraud around the world, another remedy is provisions for class action suits. Class action is a law suit brought by one or more individuals on behalf of a large group of people who have the same complaint. In certain circumstances, minority shareholders may bring a common law derivative action, on behalf of the company, against the wrongdoers, who committed a wrong to the company.Wrongdoers can be shareholders and directors of the company, as well as third parties. In order to be able to proceed with a derivative action at common law, the minority shareholders must have legal options to persuade the courts, that th e company’s decisions by majority shareholders are not to pursue a remedy for the wrong done to the company which amounts to a â€Å"fraud on the minority† . Another Statutory remedy is of petition to winding up of the company on a just and equitable ground. There is hearsay that few sponsors / families are responsible for share scams causing huge loss of small investors.Security exchange commission (SEC) has such views with perceived experiences of two share market debacles and issued a notification on November 22, 2011 imposing conditions that all sponsors / promoters and directors of a listed company shall jointly hold minimum 30% share of paid up capital of the company. Moreover, each director shall hold minimum 2% of the paid up capital. In case of vacancy of anyone holding 5% share shall be entitled to be directors. The publicly listed companies have usually 15 directors and they will hold 75% of the share and voting rights of the company.This means the companies will gradually go under control of few limited persons who have capacity of investment of sufficient amount. SEC has in mind that, mandatory provision of higher shares will prevent such future stock market debacle. But as per investigation report of Mr Khondaker Ibrahim Khaled, accepted by all, there are many organizations including SEC are jointly responsible for disaster in stock market.The public companies are controlled by few families and the directors are ‘elected’ from same family by rotation and under full control of families. They retire due to compulsion of retirements as per law. Small shareholders are awarded a gift pack and nominal dividends in AGM and have no say against the decision of these controlling families. Companies go for public share to generate fund for investments but shall fail to generate fund with higher investments of sponsors and directors. The over investment of sponsors / directors will not bring sufficient share in the market and the m arket will remain at the present status of low investment.India has totally different legal framework to safeguard interest of small investors. Indian Companies Act 2013 under section -151. A listed company may have one director elected by such small shareholders in such manner and with such terms and conditions as may be prescribed. For the purposes of this section â€Å"small shareholders† means a shareholder holding shares of nominal value of not more than twenty thousand rupees or such other sum as may be prescribed.There is no policy of a designated directorship of choice of minority shareholder nor there do any provision to control, appoint or remove any director. The global law and policy is to protect the rights of minority shareholders but in contrary Bangladesh SEC make legal provision of make the minority shareholder marginalized and have no option to exercise their rights due to majority rule and lose their voice.The decision of higher investment of directors is n ot good for stock market and should be amended to find way out to safeguard interest of minor shareholders from the proven experience of other markets.

Three Forms Of Financial Market Efficiency Essay

Three Forms Of Financial Market Efficiency - Essay Example Operational Efficiency: One of the main preconditions for attaining allocational efficiency is the operational efficiency. An operationally efficient financial market is the one in which sellers and buyers are able to purchase the products and services at a price which is as low as possible considering the costs of providing the services (Hasenpusch, 2009). In such a market transaction costs as well as the administrative costs are minimized. Furthermore, lenders and borrowers are subjected to maximum convenience at the time of mobilizing the resources (Bhole, 2004). Â  Failure to attain operational efficiency means transaction costs are quite high and as a result number of financial transactions will be lowered. This, in turn, would make the companies delay their investment plans which may make the society worse off. The study on operational efficiency actually inspects whether the financial services that are offered by various organizations are provided without violating criteria r egarding industrial efficiency. In other words, any study on this concept examines the competition among various financial service providers as well as among various financial markets. Furthermore, it also examines the commission fees (Bailey, 2005).Informational Efficiency: ‘Information' has been one of the key aspects of the process of making financial markets efficient. Informational efficiency is referred to the degree to which prices of the assets reflect the information that is available to the investors.

Competition, Monopoly, and Oligopoly & Monopolistic Competitive Market Term Paper

Competition, Monopoly, and Oligopoly & Monopolistic Competitive Market Structure - Term Paper Example The research explained briefly on the perfect competitive market structure and revealed some features of this market structure. It described the way firms maximize profits with the help of diagrams, the researcher revealed the way they maximize profit at the equilibrium point in both short and long run. Lastly, the conclusion summed up the discussion, and the researcher provided some significant areas for further research study. The market is structured depending on varied factors and variation that determine the market structure of a particular firm in an economy. Competition is one of the factors or conditions that determines the structure of a firm. The economists assume that there are many buyers and sellers in the marketplace; hence, they compete favorably for the available products in the market. Therefore, competition in the market contributes to changes of prices for commodities; thus creating a shift in demand and supply curve. Furthermore, there are substitute products in t he marketplace; thus, when one product increases the prices, consumers chose the alternative of consuming substitute products. The buyers and sellers have the ability to influence prices for commodities, and this contributes to increased competition in the market. ... The buyers and sellers may exchange property rights and everyone in the market interacts voluntarily in order to achieve self-interest. The buyers and sellers interact; thus, they signal much information about the product through product prices. Successful sellers reduce prices in order to influence buyers and out-compete their competitor (Mankiw 2011, 36). The sellers can maximize profits in case the price exceeds the products costs. Monopoly A monopoly refers to a market structure whereby only a single producer or buyer for a commodity exists. The monopoly firms are the price makers because they are single sellers in the market. Monopoly is a single business firm and it is characterized by varied features including market restrictions because of high costs and production of homogenous products. The government has powers to control or restrict entries into the market by creating barriers. The barrier to market entry may result because the firm may have exclusive rights of accessing the natural resources. For instance, the Kenya Power and Lighting Company is a monopolistic firm because the government takes control over the resources. The same case applies to Saudi Arabia oil industry because the Saudi government is the sole control of the natural oil reserves. The market also have a patent right that impede other competitors from entering into the market. The monopoly firm is classified into numerous features including perfect monopoly whereby the single seller does not have substitute products. Therefore, there is no perfect competition, but such firms are extremely rare. Another one is imperfect monopoly whereby the single seller does not have close substitute products meaning that the

Nursing Education System Assignment Example | Topics and Well Written Essays - 750 words

Nursing Education System - Assignment Example According to Chen (1996, pp. 129-149), the first collegiate nursing program was started by Peking Union Medical College (PUMC). This was a five-year program established in 1920. The first secondary level nursing school was established in 1930. The PUMC program remained the only tertiary program in Chinese education until 1952 when the communist government restructured the education system to accommodate the higher education system. However, the political upheavals delayed the implementation of the higher education program until 1980s (Xu et al., 2000, p. 208). Nursing education in Poland was established later than in China, i.e. 1911 (Sztembis, 2006, p. 102). However, the development rate of nursing education in Poland was faster compared to that of China. Polish nursing education ceased in 1914 with the rise of the First World War (Sztembis, 2006, p. 102). According to Wolska-Lipiec (1987, p. 42), most of the teachers and graduates of the school joined the military to train the soci ety on the modalities of caring for the wounded and participating in the civil sanitation. Secondary education in nursing was introduced in 1960s, while the university-based programs were introduced in 1980s (Sztembis, 2006, p. 104). Government and Nursing Organizations Influencing Nursing Education: Comparison of Poland and China. Nursing education in China was predominantly influenced by the missionaries (Xu et al, 2000, p. 207). The horizon for the Chinese health care has been expanded by programs such as the WHO collaborating center in Nursing and Midwifery, Heart to Heart and the Project Hope which have been sponsored by the government and other non-governmental organizations (Xu et al, 2000, p. 208). The prominent source of financial support is China’s Medical Board (CMB), which is an offshoot of Rockefeller Foundation (Xu et al., 2000, p. 212). CMB provides resources for faculty training, purchasing the reading materials and capacity building. In Poland, the programs a imed at preparing women for care of patients were funded by the collaboration of the American Red Cross and Rockefeller Foundation (Sztembis, 2006, p. 103). The Polish Nursing Association undertook the process of redesigning nursing through seeking support from the politicians and leaders. The 1990s witnessed the establishment of the Independent Nursing Section in the Ministry of Health which later culminated into the Department of Nursing. The self-governing body of Polish nurses, i.e. Nursing Chambers, acts as the formal representation of the nurses at the national level. Current System of Nursing Education: Comparison of Poland and China The Chinese system requires a candidate to go through the secondary nursing programs; Zhuake programs, which are equivalent to the associate degree programs in the U.S., and Baccalaureate programs for them to be registered nurses (Xu et al., 2000, p. 209). The secondary nursing program acts as a basic academic unit of a nursing school. The second ary nursing programs occur in two forms; the first, which enrolls high school graduates and a second that admits the middle and junior high school graduates. Post secondary nursing program in China has three levels: Baccalaureate, Zhuanke and Graduate (Xu et al., 2000,