REVIEW OF RELATED LITERATURE - Free Essay Example

Sample details Pages: 15 Words: 4624 Downloads: 1 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Introduction However, due to the US housing credit crunch and turbulence in financial markets all over the world immediately took into effect and global economic growth slowed towards the end of the year (OBrien et al., 2007). Given this basic premise of the current financial crisis, this literature review will be guided by exploring studies made on how the US-induced credit crunch affected the Australian economy, particularly the housing market. The first stage of this literature review is attributed to describing the current financial crisis, specifically the events that led to its development such as the collapse of the US housing and banking sectors in 2007. Part of discussing the events that took place after the onset of the financial crisis would be to examine the various mechanisms employed by financial institutions and national governments in order to mitigate the direct and indirect consequences of the financial crisis. The second part of this literature review seeks to determine the effects of the financial crisis to the Australian economy, as well as the various policy responses made by both the Reserve Bank of Australia (herein referred to as RBA) and the Australian government. Finally, this literature review will determine whether studies on the current financial crisis were able to provide sufficient attention to the manner by which it affected the housing market, particularly in the case of Australia. Don’t waste time! Our writers will create an original "REVIEW OF RELATED LITERATURE" essay for you Create order The rationale behind these assertions lies on the need to broaden the scope of examining the consequences brought about by the credit crunch in 2007 and the financial crisis in 2008, from being centered in the US to involve other nations as well. It should always be understood that the effect of the subprime meltdown was not limited to US firms exposed to the subprime mortgage market for the reason that globalization made regional financial markets so interconnected that crisis spread across countries at tremendous speed (Moosa, 2008). Hence, it is just apropos to exhaust scholarly works that have managed to realize that at this point in time, economic activities of nations are intertwined and the development of policy solutions should also undergo the same process. Another reason for this literature review would be to identify research gaps that will in turn serve as a motivation for future studies on the effect of the current financial crisis towards nations economies such as the case of Australia. Since the underlying context for this review of related literature is the 2007 credit crunch and the 2008-present global financial crisis, the period covered for the literature surveyed in this paper will be from 2007 to the present. With these things taken into consideration, the focus of this literature review will be the effect of the 2008 financial crisis to the housing market in Australia. From the broad circumstance of the credit crunch and the financial crisis that happened in the US and inevitably transgressed to the rest of the world, this literature review seeks to identify the relationship from a macroeconomic environment of the global financial crisis to a specific case of the housing market in Australia. The justification for this lies on the need to determine whether policy responses used in the US are effective or otherwise in mitigating the direct consequences of the crisis, and vice versa. The credit crunch and the global financial crisis As it had been previously mentioned, this portion of the literature review is allotted to discuss the credit crunch as well as the occurrence of the global financial crisis. Both the credit crunch and the financial crisis are crucial concepts in this review for the reason that it will be impossible to present and examine the effects of the financial crisis to the Australian economy, specifically the housing sector if these concepts are not understood properly. According to the National Institute Economic Review (2008), the 2008 financial crisis is rooted in the US subprime mortgage defaults. Moosa (2009) defines subprime mortgages to encompass all activities involving the granting of loan to borrowers with inferior credit worthiness creating complex financial products. Meanwhile, Honohan (2008) in his study defines a credit crunch as credit related crises suffered by banks and other intermediaries which is often the cause of contraction in lending market especially if these are triggered by exogenous economic shocks. The positive attribute of the definitions provided by these authors lie on the fact that these are lifted from actual events and circumstances, more specifically the 2007 credit crunch and the current financial crisis. Another interesting point with regard to the financial crisis was given by Barrell and Hurst (2008) who stressed that financial crises are episodic and frequent and are difficult to address without major impacts in the prospect for financial growth. Based on this observation by Barrel and Hurst (2008), it becomes evident that it is inevitable under conditions of financial crises that economic growth will not be affected, especially with globalization as the underlying condition. With regard to the direct cause that led to the development of the financial crisis, Ben Bernanke (2008), believe that the period of financial turbulence on the part of the US began in 2006 when there were uncontrollable contractions in the US housing market that were caused by the inability of certain individuals to pay for subprime mortgages. Moreover, this was reinforced by increasing constraints on credit availability, which has dramatically slowed down the economy and has made it less responsive to market changes. Honohan (2008) supports this further in his discussion on the evolution of the 2008 financial crisis by asserting that the origin of the crisis was especially pronounced in the housing market wherein credit losses are so massive that it cannot be replenished anymore. The fall of house prices in the US and other major economies such as the UK directly affected economic growth in other countries. In his study, Honohan (2008) also believes that although the current global financial crisis was triggered by the 2007 credit crunch in the US banking sector brought about by the bursting of the housing bubble, definitions such as those presented by Moosa (2009) and Barrell and Hurst (2008) should not be confined to the US experience. The explanation behind this is that other nations might have responded differently upon the advent of financial crisis. In this case the positive aspects of the study by Honohan (2008) lies on the fact that it was able to present a coherent discussion of the origin of the 2008 financial crisis as something that did not happen overnight. Instead, Honohan (2008) attributes the occurrence of the financial crisis to ineffective risk management and lax monetary and fiscal policies in the US and eventually the rest of the world. Although Honohans (2008) article was focused on the banking aspect of the financial crisis and how mortgage problems in the US, his discussion of the detrimental effects of the crisis such as the closure and bankruptcy of banks and lending institutions were effective in stressing the importance of coherent monetary policies. On the other hand, the research gap identified in the article presented by Honohan (2008) is that it was highly concentrated on the banking sector in the US, thus, ignoring the direct consequences of the credit crunch and the financial crisis to the housing sector. It should always be taken into account that the financial crisis originated in the housing sector. Hence, potential solutions should first be geared towards addressing the negative consequences brought about by the crisis in the housing sector. Another gap in the study made by Honohan (2008) was that it was not able to present recommendations that will serve as a guide to policy makers as to how to mitigate the direct and indirect consequences of the current financial crisis. In a similar study, Barrell and Davis (2008) observed that the evolution of the 2007-2008 financial crises was brought about by low global interest rates arising in turn from high levels of global liquidity. This can be explained further by the case of the US wherein bank lending to households grew at unprecedented rates leading to the point that people can no longer pay their monthly dues. In addition to this, Barrell and Davis (2008) also indicated that banks are expected to hold increasingly low levels of balance sheet liquid assets, given low interest rates, and they undertook aggressive wholesale liability management to maintain funding levels. Without these initial actions taken to address the earliest manifestation of a credit crunch particularly the collapse of the housing market, countries would not have survived the crisis and will be forced to close down major financial institutions. Again, in order to understand the financial crisis and its effects towards nations and economies, it should be taken into consideration that the asset price bubble in the US in 2007 was perhaps the most noticeable occurrence in the housing sector and this has led to irreversible consequences in the financial sector. Given this event, Barrell and Hurst (2008) supports this by stating that it is the short-term fluctuations in house prices that affected consumption in countries like the US and the UK, therefore fostering slow growth in the rest of the developed world—and eventually, the rest of the world. In their discussion of the present financial crises, as well as the prospects for recession, Barrell and Hurst (2008) stated that the best way to address the negative consequences of the crisis would be through effective monetary policy through interest rates reduction which should be set by the central bank in order to prevent bubbles like the housing bubble in the US from bursting and damaging economies at larger scales. The low global interest rates contributed to rapid credit expansion and rise in asset prices which greatly contributed to the US financial crisis (Barrell Davis, 2008). The benefits provided by the study made by Barrell and Hurst (2008) and the article written by Barrell and Davis (2008) would be that in both instances, the authors were able to recognize the collapse of the housing sector as the root cause of the financial crisis. Hence, in both articles, the authors believe that solutions for the current financial crisis should not neglect making changes in the structure of the housing sector. As for the gaps in the studies presented by Barrell and Davies (2008) and Barrell and Hurst (2008), the authors in both articles failed to establish a strong relationship between the policy recommendations that they have made to counteract the negative effects of the financial crisis from worsening and the need to direct solutions at improving the housing sector to prevent another collapse in the future. Also, like most of the scholarly works reviewed in this paper, the articles presented by Barrell and Davies (2008) and Barrell and Hurst (2008) were both centered on the case of the US and the UK, without taking into account that these cases cannot be used to generalize the responses of other nations to the financial crisis. Perceived solutions to the credit crunch and the financial crisis After presenting the various definitions and understanding of the ongoing financial crisis, it is just apropos to also present the perceived solutions to the credit crunch as well as the financial crisis based on the literature reviewed for this study. According to Harris and Davidson (2009) governments have a huge role in addressing the credit crunches and financial crises through the enforcement of effective fiscal policy. The government holds responsibility to help manage the nations resources in order to foster growth and present more job-creating opportunities. In the same article, Harris and Davidson (2009) also raised that the initial response to the credit crunch was reliant on the role of the government to intervene and take action to prevent the consequences from worsening into a financial crisis and a global recession. The example given in the article was the case of the US, whose immediate response would be Paulsons initial $700 billion bail-out package that was envisioned to foster government spending through state and local governments spending. The research gaps identified in the studies presented above, namely the lack of coherent recommendations to address the financial crisis at the practical level were addressed by Harris and Davidson (2009). The reason for this is that Harris and Davidson (2009) stressed on the need for fiscal policies to counteract the immediate effects of the credit crunch. Although the focus on government intervention can be considered both as a positive and negative aspect of the study for the reason that in order to fully control both the financial and the social effects of a credit crunch, it is not sufficient to simply rely on fiscal policy but have a combination of both monetary and fiscal policy. With these things taken into account, the only identifiable gap in the study by Harris and Davidson (2009) is that it was not able to discuss existing and potential monetary policies that may go hand in hand with fiscal policies in managing the negative consequences of the financial crisis. The research gaps identified in the study by Harris and Davidson (2009) were effectively addressed in the study by Belke (2009) for the reason that it may have proposed the use of fiscal stimulus to counteract the direct effects of the credit crunch and that of the crisis as well but Belke (2009) also explored the option of having a combination of both monetary and fiscal policy in order prevent the credit crunch and the financial crisis from initiating a move towards a global economic meltdown. According to Belke (2009) the generic answer to prevent the generic economy from collapsing is that use of fiscal policy to sustain demand, since monetary policy with its main concentration on interest rates approaching zero is no longer effective. The strength of the study made by Belke (2009) is that it was able to cite concrete situations that will illustrate the effectiveness of using both fiscal and monetary policy. For instance, the case of the European Union (EU) specifically the UK wherein tax cuts are implemented in order to effectively increase demand and to foster higher levels and consumption were cited by Belke (2009) as an example of fiscal policy to boost the economy. With these examples and conditions taken into account, the research gap in the study presented by Belke (2009) lies on the fact that it was not able to fully exhaust the potential options that will aid nations, especially those that are not dependent on credit consumption, to handle the immediate impact of the financial crisis that has been triggered by the credit crunch in the US in 2007. Moreover, even if the most suitable cases to illustrate the proposed solutions would be that of the US and other developed EU countries, it would have been better if Belke (2009) used a comparative method between countries that relied on both fiscal and monetary policy and those that did not. It is only through comparison that Belke (2009) could further justify the assertions and recommendations that she had made in her study. As it had been previously raised in this literature review, Belke (2009) was not able to establish a relationship between fiscal policy, monetary policy and the housing sector. The reason for this would be that the housing sector was the triggered the financial crisis. Thus, it is just apt that immediate solutions be directed toward the housing sector as well. Furthermore, the fact the Belke (2009) also focused on the case of the US and the developed countries in the EU is also considered as a gap in the research for the reason that the effectiveness of both fiscal and monetary policy cannot be generalized in the case of only the US or the UK. The financial crisis and the housing sector This portion of the literature review briefly presents the effect of the financial crisis on the housing sector, where it is believed to have originated. It is already given that the credit crunch and eventually the financial crisis emanated from the housing industry in the US, but this does not mean that research should be confined in the case of the US and other economic superpowers such as the UK. The academic literature available regarding the effect of the financial crisis on the housing market and vice versa was once again confined to the case and experiences of the US. For example, in a speech delivered by Ben Bernanke (2008) he stated that housing markets remain weak, with low demand and the increased number of distressed properties on the market contributing to further declines in house prices and ongoing reductions in new construction. The observation made by Bernanke was reinforced by the arguments raised by Barrell (2008) wherein he pointed out that one of the significant factors that affected the worsening of the credit crunch into a full blown financial crisis would be the inability of the US government to respond to the need to intervene to economic activities. Based on these statements, it can be said that homeowners are affected by the decline in demand for houses because they cannot sell at a loss given that the current market prices for the house are low. In addition to this, homeowners cannot make further investments because their money has been trapped in the real estate property that they hold and their inability to shoulder the dept payments. In another scenario, homeowners who are facing debt for their mortgage are facing high risks of losing their property since they may not have the proper mechanism to generate additional income in order to finance for the payment. This was supported by Miron (2009) when he stated that if government redistributes income by intervening in the mortgage market it will however, it creates the potential for large distortions of private behavior. The financial crisis and the Australian Economy Prior to examining available literature on the effect of the present global financial crisis to the Australian housing sector, it is necessary to present the broader picture by determining the effect of the financial crisis to the overall Australian economy as well as immediate policy responses employed to control its negative consequences. The need to examine the effect of the financial crisis on the economy lies on the fact that the contagious effect of the subprime crisis has hit financial institutions in Europe and Australia, therefore, damaging health of s significant number of financial institutions and reducing the ability of others to run their business properly (Moosa, 2008). Under these conditions, Moosa (2008) presented a study that was driven by the need to clearly identify the effect of a US induced credit crunch and financial crisis towards the Australian economy, particularly in terms of the underlying policy decisions implemented by both the RBA and the government. The bursting of the US housing market bubble in 2007 led to the rapid decline in the house prices and the downgrades of related asset-backed securities as well as the collapse of the banking and lending institutions in the US and most of the EU (Moosa, 2008). The same cannot be said in the case of Australia, where the housing market was not particularly overvalued as in the case of the US, but was nonetheless vulnerable to the harsh effects of the credit crunch. The explanation behind this is that there are still large portions of subprime loans granted to borrowers in Australia, hence there is still the risk that they may not have reliable credit records. The only difference between the case of the most countries like the US and Australia in terms of the extent to which the financial crisis affected the economy are in terms of policy initiatives and effective regulation. Given this basic premise, Moosa (2008) asserted that one of the reasons why Australia was not subjected to massive losses after the financial crisis in 2008 was due to the fact that the housing sector did not experience massive shocks as in the case of the US, the UK and most countries in the EU. Typically, mortgages in banks and lending institutions was hit hard by the collapse in the subprime housing market in the US, in the case of Australia, the effect was not severe by the bursting of the housing bubble. In his study, Moosa (2008) began by discussing the reason why the subprime crisis in the US took effect in June of 2007. Moosa (2008) identified two critical areas in order to explain this. First would be the lax monetary policy as indicated by the low interest rates; second, reckless lending of banks to dodgy borrowers and excessive securitization. Although Moosa (2008) indicated in his study that the Australian economy is still susceptible to the effects of the subprime crisis brought about by liquidity situations that push investors to stay away from private sector securities, the only difference is that the Australian financial sector had the necessary policies to balance this out. The positive aspect of the study presented by Moosa (2008) is that it was able to showcase the difference between the effect of the current financial crisis in the US and other nations and Australia. Through Moosas (2008) study, it becomes clear that even though financial crises have a common shape, its consequences are not always the same for every nation. The explanation behind this is that each nation has its own set of fiscal and monetary policy. Consequently, nations, such as Australia respond differently to the same conditions set by the global financial crisis. Regarding the research gap in Moosas (2008) study, it had failed to establish the elements that were present in the Australian economy that enabled it to respond differently and optimally to the shock that was brought about by the financial crisis, as well as the credit crunch which preceded it. What could have been done by Moosa (2008) in order to address this gap would be to cite concrete instances in the Australian economy wherein the implementation of effective policies was able to overcome the negative consequences of the financial crisis. Malcolm Edey (2008), Assistant Governor of the RBA, was able to articulate reasons on why the Australian economy was able to withstand the detrimental consequences of the 2008 financial crisis. The arguments raised by Edey (2008) directly address the research gap identified in the article by Moosa (2008). According to Edey (2008), the reason why the Australian economy was able to minimize the losses despite the financial crisis and the looming threat of recession was due to the following reasons. First, subprime loans are essentially loans that do not meet standard criteria for good credit quality. In Australia, a different policy was employed to address non conforming loans. Ellis (2009) supports this by stating that in Australia, citizens pay the interest in their homes mortgage against their tax, so they are encouraged to keep their mortgage balances low. Second, unlike in other countries such as the US, the Australian government was able to develop coherent fiscal and monetary policy that will encourage households and business sectors to be more risk averse by having higher levels of savings and investment. An example of this would be the AUD 42 billion stimulus package that was called the National Building and Job Plan (Edey, 2008). To further support the points raised by Edey (2008) and Ellis (2009), Steven Kennedy (2009) from the Australian Treasury presented three reasons on why the Australian economy was one of the few who managed to overcome the negative consequences brought about by the 2007 credit crunch and the existing global financial crisis. The primary reason identified by Kennedy (2009) was that the Australian government and the RBA had timely policy responses to the occurrence of the financial crisis. Second, being at close proximity with Asian countries, such as China, Australia was able to benefit from the continuous growth rates of these Asian economies. Finally, the Australian banking system has remained in good shape throughout the crisis which meant that it has effectively operated with sound rules and regulations. The benefits offered by the studies made by Ellis (2009) and Kennedy (2009) is that both were able to acknowledge the unique characteristic of the Australian economy, which are deeply rooted in effective policy making and regulatory ability on the part of both the RBA and the government. In addition to this, income growth in Australia was already strong prior to the crisis which means that policy makers have to option to concentrate on weaker sectors of the economy that will experience the consequences of the crisis in a different scale. Again, the research gap in the observations given by Ellis (2009) and Kennedy (2009) is that the practical examples and illustrations on how these policies were translated into actual practice are once again insufficient. Another problematic aspect of these articles is that the authors only presented the positive aspect of effective monetary and fiscal policies, thus, disregarding the fact that these might also manifest flaws that might jeopardize the success of the regulation. Ellis (2009) and Kennedy (2009) in their separate articles mentioned that Australia had an edge over other nations in terms of counteracting the direct effects of the financial crises, but both scholars failed to provide stronger basis to support such assertion. The financial crisis and the housing market in Australia The final section of this literature review is allotted in examining the available studies made with regard to the current state of the housing market in Australia and how it responded towards the occurrence of the financial crisis. With regard to the overall condition of the housing market, Edgerton (2008) presented a detailed discussion of the through the pricing, purchasing and selling trends in major Australian cities namely, Sydney, Melbourne, Brisbane, Adelaide, Perth, Darwin, and Canbera. The method used by Edgerton (2008) was to analyze trends in housing price increase and/or decrease as well as trends for sales and purchases of houses in these major Australian cities. The findings from the study made by Edgerton (2008) indicate that it is not only the international factors such as the 2007 credit crunch and the existing financial crisis that may affect the overall performance and condition of the housing market. Instead, national factors may also affect the formation and eventually the bursting of housing bubbles. In order to support his claims Edgerton (2008) cited that Australia employ better lending standards compared to other countries, specifically the US. To illustrate this further, in Australia, there are no recourse loans unlike in the US where many mortgages are non-recourse. Non-recourse loans mean that the borrower in financial difficulty to pay their debts has the option of handing their house back to the bank without incurring any liability for any shortfall when the house is sold. It is a different scenario in Australia because borrowers, regardless of whether they give back the house or not (Edgerton, 2008). Hence, unlike in the US and other markets, the borrowers in Australia remain liable for any shortfall. With this, the housing markets as well as banking and lending institutions in Australia are not tasked to shoulder the losses from subprime mortgages. The strength of the study by Edgerton (2008) is that he was able to stress that Australia employs rather different regulatory practices compared to the US, particularly in handling mortgage. From a description of the quick acting policies in the housing, banking and lending sector, the Australian economy, most specifically the housing sector was able to survive and overcome the detrimental elements of the financial crisis. It is also important to point out that Edgerton (2008) is one of the few scholars who gave attention to the importance of the housing market in determining the overall performance of the economy, specifically in the case of Australia. Besides, the housing market can serve as an avenue for added investments and new business opportunities; hence it should not be taken for granted, particularly during times of crises. It was also helpful that the paper presented had visual illustrations such as graphs in order to illustrate further the performance of the economy relative to the financial crisis and its effect on the housing sector. On the other hand, the research gap in the study by Edgerton (2008) is that it was not able to establish the reasons that serve as motivation for the government to implement stricter mechanisms.

Discrimination, Policies, And The Gender Wage Gap

Discrimination, Policies, and The Gender Wage-Gap For decades, the gender wage-gap has been an ongoing issue in Canada. Since then, women’s rights have changed and allowed them to obtain career positions much like men. Although women have successfully fought for their rights, the issues of the gender wage gap, and sexist stereotypes continue in Canada. The Canadian Government needs to strengthen its discrimination policies so it can rectify and allow for equal opportunity, support parental leave, and narrow the gender wage-gap. Gender-based stereotyping in the workforce informs societal perceptions and assumptions of what is accepted as a typical ‘male’ or ‘female’ roles within the workplace. Experts still disagree as to which variables inform each stereotype. One expert, Morley Gunderson suggests that the difference in preference towards the chosen occupation is the key indicator, not gender profiling (M. Baker, M. Drolet 2010). Another opinion is that women are more likely to pursue careers within health and education sectors, whereas men are more inclined to pursue engineering and other related technological fields (J. Cool, 2010). This shows a strong sense of gender bias, and harsh stereotyping of the gender roles in society. Both men and women have a place within technological, and educational fields of work. Gender-based stereotyping is also present in the expectations of women outside of the workforce. Employers and executives may anticipate aShow MoreRelatedWomen’S Rights: Gender Wage Gap. Problem, Solution, And1298 Words   |  6 PagesWomen’s Rights: Gender Wage Gap Problem, Solution, and Barriers Paper Problem The wage gap is the difference in men’s and women’s median earnings, usually reported as either the earnings ratio between men and women or as an actual pay gap. The median value is the middle value, with equal numbers of full-time workers earning more and earning less (Hill, 2011). 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Determinants of Health for Nutrition - Health - myassignmenthelp

Question: Discuss about theDeterminants of Health for Nutrition, Health Aging. Answer: Individual determinants of health: Many of the authors have indicated time and time again at the predominance of various health determinants associated with the health care scenario. And the impact of these determinants is profound on determining the health status of the vulnerable populations. In this assignment, the vulnerable population chosen are the visually impaired and in order to explore and evaluate the health determinants for this population, red lotus model of health is selected. In this structure, the stem and roots of the plant are considered to be the construct of values and principles within the health promotional system [1]. Now, the first layer of petal structures of the health model is representative of all the kinds of environmental health determinants, where as the second petal layer of the model is representative of needs assessment for the vulnerable population. The third, fourth and fifth petal layer represents planning, implementation and evaluation respectively. The leaves of the model are rep resentative of sustainability practices, the stamens signify the biological and socio-economic status of the vulnerable population and lastly the pod represents the people and their health status. Considering biological factors, there are three key determinants, age, sex and genetics. According to the recent statistics, visual impaired-ness associated disabilities have been observed to be intricately linked with aging. Close to 500,000 Australians over 40 have been identified to live with some or the other kind of visual disability[2]. And despite of vision loss preventable the rate of the vision loss as a direct result of aging processes in Australia continues to increase. Based on the recent data published, there are close to 50% of the adults aged 40 or higher have been observed to develop AMD with growing age, 16% have been observed to lead to glaucoma, 5% to diabetic retinopathy and 22% to other cataract problems, all with growing age. Considering the gender related influence, the rate of women suffering from visual impaired ness is 64% of the total number of visually disabled in the world and the statistics for this data is no exception for Australia. A contributing fact or to this may be the fact that the men get twice as much accessibility to eye care services as women and it is heavily influenced by the social standing of the women in the rural and remote areas as well. Other, the genetic predisposition of visual loss is primarily for the aging population, whereas the children suffering from disabilities can also be influenced genetically. Both glaucoma and AMD have been identified as heavily genetically influenced visual disorders and the probability of this genetic disorders occurring also increases with growing age in the majority[3]. The next sector of determinants is the socio-economic influence of the visual disabilities; considering the income, the rate of vidual impaired- ness has been discovered to be higher than the high income background. In Australia, the socio-economic standing s crucially related with the percentage of visual disabilities, and it is reflected in the rate of prevalence of blindness in the aboriginal communities as compared to the non native individuals residing in Australia. According to the recent statistics, the native and economically background ethnic communities experience 6 times more vision loss and 3 times more visual impairment as compared to the rest of the populations[4]. A contributing factor to this might be the fact that low income is associated crucially with social status and accessibility to good lifestyle, healthy and hygienic living conditions and social privileges, the lack of a stable financial background therefore, interlinked with the rest of the variables limits t he chances of healthy living and increases the possibility of visual disability. Considering the last two sectors of determinants, cognitive determinants refers to the values, principles, thoughts and attitudes that affect the living conditions of visually impaired and how it contributes to the further deterioration of the their condition. It has to be mentioned in this context that there still is a significant level of discrimination and prejudices in society regrading the disabled and it restricts their right to good health and good living most times. There are various socio-cultural restrictions for the visually impaired population and their access to good health care, be it racial, gender or age-related or religious and ethnic prejudices[5]. As per the recent data, a vast majority of the visually impaired get inconsistent access to the Home and Community Care services for the visual aids and these socio-economic determinants are the major contributing factor leading to this. The last sector of determinants, the behavioural characteristics, physical, mental, a nd spiritual contribute significantly to the health and wellbeing of the visually impaired. The lack of compassion and support in the behaviours of the family, care environment and the rest of the society has been detected to be the underpinning reasons behind the lack of self worth and self esteem in the visually impaired individuals[6]. Discussion of the contribution of determinants: Considering the physical environment of the individuals, it has to be understood that the aging population dealing with visual disabilities are twice as likely to experience falls, and along with that they are much more likely to face lack of social independence and thrice as likely to develop depression. The lack of supportive care services in the demographic imparts a significant detrimental effect on their basic health and wellbeing. Considering the demographic data of build environment, it has to be mentioned that there is no certain national policy services or program dedicated to people older than 65 and dealing with visual impaired and this blatant negligence is also reflected on the restrictions that the visually impaired face, be it educational institution, occupational sector or residence area[7]. Considering the influence of the social determinants, it must not escape notice that the depression rates in the aging population with visual disabilities is thrice as higher in A ustralia as compared to the rest of the populations, and the rate of deoresion is even higher with people aged 65 and higher. The lack of societal support and compassion and the predominance of social rejection and discrimination is the most influential contributing factor. Considering the impact of economic environment, the lack of financial stability affects the lifestyle, nutritional patterns and health literacy and awareness, the lack of which is heavily linked to the deteriorating visual impairments with growing age. Along with that, the cost for vision loss prevention an adequate health care services for the visually impaired as estimated in Australia is close to $16000, a out of pocket amount that the socio-economically backward classes cannot afford and hence the health condition continues to escalate for the visually disabled. Lastly, considering the political impact on the health status of the disabled, it has to be understood that there is a gaping lack of attention towards improving the life visually disabled, and that is reflected conspicuously in the lack of any national policy of the visually impaired over the age of 65. There are no considerable efforts from the government towards the implementation of advanced treatments like bionic eye treatments, laser therapies and furthermore, the costs for what basic treatment is available for the visually disabled is obstinately expensive and completely out of reach for the aging population who are the majority vulnerable population for visual impaired-ness. Social justice and Ottawa health chart: The effect of the determinants on health cannot be denied and that is reason why a variety of different model of health have been Identified to overcome the detrimental effect of the determinants and facilities Health Promotion to improve the life of the vulnerable population. It has to be understood that Social Justice can only be implemented when is in every individual of the society has equal rights towards good health and wellbeing, However, unfortunately the disabled available population often restricted from these basic human rights[8]. According to the health promotional model of Ottawa charter that has been developed to address each and every Health Care needs on a global scale, a few strategies can be developed which can be the solution for rising discriminative and disparities for health and wellbeing in the vulnerable population of disabled. According to the first area of action of the Ottawa charter, building healthy public policy can be the first strategic initiative in order to improve the health and wellbeing of the vulnerable population. However, care should be taken by the national authorities to maintain the optimal inclusiveness of the policies, so that no age group will be left out of the coverage of the policies and each age group can have the benefits equally[9]. The next strategy will involve the principle of creating supportive environments from the Ottawa charter, it has to be understood that there are many restrictions prevalent in both natural and build physical environment, and therefore there is need for ergonomically designs and constructs that will promote better health and wellbeing of the visually disabled. Considering the care environments, there is a significant lack of advanced treatments that are economic and accessible by the majority of selected vulnerable population. Bionic eye treatments, laser therapies and visual disability care services need to be made easily accessible for all the age groups of visually disabled. Lastly, as mentioned in the Ottawa charter, strengthening community action is prerequisite promotional strategy, as without compassionate effort from all the sectors of the entire community there cannot be improvement in the lifestyle of the visually disabled. Therefore, there is need for awareness programs arranged by national authorities so that community as a whole understand the care needs of the visually disabled and can participate with co-operation and compassion so that visually disabled individuals can be included in the society as well[10]. Future implications: It can be stated that success of the strategies discussed are circumstantial, due to the presence of the key external and internal variables that potentially alter the effect of the determinants. Therefore, the future implications of the strategies devised will also rely on honest effort and cooperative participation from all the key stakeholders involved with this condition[11]. We must not overlook the fact here that there are various environmental restrictions associated with visual disability; and it being a sensory disability the prejudices regarding the viability and validity of visually disabled are magnified as well. However, these strategies can be a strong initiatives attempted to improve the living standards and health status of visually impaired and tesetratgeies will be able to lay the foundation based on which the health status of visually impaired population can be improved drastically, regardless of age, gender or other socio-cultural variables[12]. References: Steinman BA, Vasunilashorn S. Biological risk of older adults with visual impairments. The journal of nutrition, health aging. 2011 Apr 1;15(4):296-302. Schlvinck AF, Pittens CA, Broerse JE. The Research Priorities of People with Visual Impairments in the Netherlands. Journal of Visual Impairment Blindness. 2017 May 1;111(3). Tutuncu O, Lieberman L. Accessibility of hotels for people with visual impairments: from research to practice. Journal of Visual Impairment Blindness (Online). 2016 May 1;110(3):163. Brooks GI, DiNitto DM, Schaller J, Choi NG. Correlates of substance dependence among people with visual impairments. Journal of Visual Impairment Blindness (Online). 2014 Sep 1;108(5):428. Shaw B, Coyle A, Gatersleben B, Ungar S. Exploring nature experiences of people with visual impairments/Vivir la naturaleza con una discapacidad visual. Psyecology. 2015 Sep 2;6(3):287-327. Leissner J, Coenen M, Froehlich S, Loyola D, Cieza A. What explains health in persons with visual impairment?. Health and quality of life outcomes. 2014 May 3;12(1):65. Bourne RR, Flaxman SR, Braithwaite T, Cicinelli MV, Das A, Jonas JB, Keeffe J, Kempen JH, Leasher J, Limburg H, Naidoo K. Magnitude, temporal trends, and projections of the global prevalence of blindness and distance and near vision impairment: a systematic review and meta-analysis. The Lancet Global Health. 2017 Sep 1;5(9):e888-97. Cupples ME, Hart PM, Johnston A, Jackson AJ. Improving healthcare access for people with visual impairment and blindness. BMJ. 2012 Jan 30;344:e542. Tracie Harrison PhD, R.N., Guy, S., Walker, J. and Pound, P., 2012. A study of the health literacy needs of people with visual impairments.Research and theory for nursing practice,26(2), p.142. Schliermann R, Heydenreich P, Bungter T, Anneken V. Health-related quality of life in working-age adults with visual impairments in Germany. Disability and rehabilitation. 2017 Feb 27;39(5):428-37. Foxlin SC. Designing for people with visual impairments. Journal of Visual Impairment Blindness (Online). 2014 Jul 1;108(4):342. Wahl HW. The psychological challenge of late-life vision impairment: concepts, findings, and practical implications. Journal of ophthalmology. 2013 Apr 17;2013.

People, Organization, Management Essay Sample free essay sample

Introduction Apart from a feasible merchandise or service. a successful company today must hold a well-define organisational design. a well-established organisational civilization. and teamwork among the employees. These three constituents. combined with a reliable merchandise or service. are strong indexs of a company’s capacity for advancement and stableness. For the intent of this paper. a comparative analysis of two companies will be conducted based on their single organisational design or construction. organisational civilization. and teamwork. From the designation of their varying features. a all-around set of guidelines will be established to make the ideal company set-up ( Nadler A ; Rushman. 1997 ) that would boom in the concern universe of today. The first company is Safety Mint ( UK ) Ltd. It is a household run company that was passed on from one coevals to another. The laminitis. Samuel Mint. established the company in 1902 as a maker of steel transporting containers. Today the Mint household. We will write a custom essay sample on People, Organization, Management Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page as represented by Samson Mint. who is besides the current President of the company. owns 70 % of the portions. While the other 30 % is ain by three separate entities similarly represented in the Board of Directors. Safety Mint still continues to run in the same manner they did in over 100 old ages of being. Very minimum alterations in procedures and processs have been adapted. including direction manner and human resource patterns. There are several issues that need turn toing that are virtually unmarked because of the austere rebelliousness to alter by both leading and employees. Docklands Solutions Ltd. is the 2nd company discussed in this paper. Founded in 1997. this 10 twelvemonth old company is an expert in computing machine package and securities engineering. Tony Adabayo is the self-made laminitis of Docklands Solutions. He commissioned five other co-workers to get down this first coevals company. Docklands Solutions has since so grown from 6 to 150 employees in its short history. The leading of Docklands Solutions recognizes the value of employees to growing of a company. In concern programs and schemes. employees are considered every bit of import with clients. Therefore. programs and schemes frequently revolve around client and employee satisfaction. As a consequence a low turnover has been experienced at Docklands Solutions since its constitution in 1997. A glance into the overview of the two companies already shows really distinguishable differences between Safety Mint and Docklands Solutions. However. it can non be deduced that one company is merely better than the other. Both companies possess qualities that prove to be AIDSs for concern success. This paper will therefore place these qualities and find their significance in making a winning concern today. The Practice of Teamwork Businesss today acknowledge that teamwork is one of the basic constituents to construct a great and durable ( Rose. 2007 ) company. It is the facet that contributes coherence ( Hubpages. com. 2007 ) to the full concern. Simply put. teamwork does non merely vouch smooth operational systems. it besides provides solidarity in footings of ends and aims. Teamwork is indispensable to a thriving concern. Looking into Safety Mint. one would notice compensate away that teamwork is barely a factor in the concern. What makes it even more hard for teamwork to happen is that Safety Mint is a nonionized company. As a general feeling. nonionized companies create a comparatively more combative workplace ( Grossman. 2005 ) . Union workers develop more trueness towards their association that to the company itself. On the other manus. leading in nonionized companies are ever wary of brotherhoods and have the inclination to project a defensive stance towards them. Safety Mint has experienced several seeking state of affairss with their brotherhoods. In fact. in the last 5 old ages the company faced 8 work stoppages form their Liverpool production workers. These work stoppages have caused considerable harm to the company’s operations. The negative impact these work stoppages have brought to the Leadership of the company has made them see brotherhoods as nuisance to come on. Unions in companies should be collaborative in nature ( Grossman. 2005 ) . They should assist in accomplishing company ends while protecting the involvement of member employees. In Safety Mint. the brotherhood is more of a hinderance to ends. And as member employees are frequently preoccupied with their ain involvements. company ends take a backseat. productiveness becomes secondary. The presence of a brotherhood is non the lone factor that hinders teamwork. Safety Mint is besides one-sided when it comes to decision-making. Out of 407 employees. less than 10 people make determinations. Very small input is given by employees even when determinations ( Team Builders Worldwide. 2008 ) greatly affect their day-to-day work activities. Therefore employees are non empowered plenty to originate alterations that might turn out helpful in footings of productiveness. Docklands Solutions in bend shows really strong features of teamwork. Leadership puts really high respect to employee input when doing determinations. peculiarly those that affect day-to-day work activities. The company encourages employees to hold a positive position ( Maxwell. 2001 ) on things. As a consequence. it creates a free-flow of thoughts that by and large contribute to the credence of company ends as their ain. A great trade of the company’s success may be attributed to teamwork. Employees exhibit a sense of trueness to non merely the work they do but to the ultimate aims ( Hubpages. com. 2007 ) of the company every bit good. Thingss get done through a high public presentation built into a harmonious work environment. While Docklands Solutions seem to boom with teamwork. Safety Mint battles. Teamwork is first and foremost an enterprise ( Maxwell. 2001 ) of a company’s Leadership. The Leadership should be sold in the thought before the employees catch on. Docklands Solutions Leaders provide the inspiration and so employees easy adapt to it. On the other manus. Safety Mint’s more than 100 old ages history has made its Leadership complacent with old-school wonts and patterns. The autocratic manner is preferred over teamwork. Although the success of Safety Mint can non be discounted over the old ages. new concern kineticss demand a reshaping of these old patterns. Docklands Solutions. being a younger company. seems to accommodate better with new concern systems. And since teamwork is a comparatively new concern construct. the company seems more unfastened to it. The Organizational Structure and Design An ideal organisational construction or design is one that supports the company’s policies. predominating behavior within the company and public presentation ( Galbraith. 1995 ) . The star theoretical account of Galbraith emphasizes the relationship between five different elements of an organisational design. These elements are scheme. construction. people. wages. and procedure. To accomplish success in concern these elements should work cohesively together. A newer return on organisational construction focuses on the hunt for competitory advantage as a shaping end ( Nadler A ; Rushman. 1997 ) of concerns today. While it considers proficient expertness. human input and scheme ( Nadler A ; Rushman. 1997 ) as of import factors to a thriving concern. this comparatively new construct acknowledges the demand for concerns to be frontward looking. Docklands Solutions is basically a company born from the coming of the information age. By and large the concern systems incorporated by the company address the demands of the times. The Leaders of the company are well-versed with their merchandises and services. In fact. they have personal input in the creative activity and development of most their merchandises and services. Employees are every bit tech understanding. They are rather comfy in carry oning concern for the company. There is a good working relationship among the Leaders and the employees. Strategic designs are clear to everyone in the company. Both Leaders and employees know where the company is headed and how to acquire at that place. They portion common involvements and are rather prepared to work together to accomplish ends and aims. At Safety Mint the concern construction was established upon its initiation in 1902. While it remains formidable in footings of merchandise expertness. the Leadership today does non needfully portion the same passion for the merchandise and services as their Laminitis. Taking in the basic difference of passion between leaders and directors. the Leadership of Safety Mint today is no longer leading but chiefly managerial. It would look that the Leadership is no longer invested in the company. This is the basic quandary of the company. When the Leader no longer possesses the desire or involvement to develop the company. employees will absorb the same attitude. And while the company remains a leader in the industry because of their quality merchandises. this alone ( Galbraith. 1995 ) will non be able to prolong the full company in the long tally. Another thing traveling against Safety Mint is its slow reaction to the demands of concerns today. While their competition is doing the most of new concern systems. Safety Mint still Bankss on old patterns. Truth be told. the company. while still strong in the industry. is the last to acclimatise to the information age. Integrating alterations ( Nadler A ; Rushman. 1997 ) is by and large viewed as disbursal instead than an investing. Even employee know-how becomes outdated because the Leadership finds it unneeded to fit them farther. The dislocation in the organisational construction of the company was strongly felt in 2007 when Safety Mint experienced its first year-end loss in its history. Safety Mint in footings of organisational construction is really traditional. It still applies the same schemes. expertness and human kineticss as when it was foremost founded. The creative activity of the Board of Directors did really small to alter the Leadership set-up of the company. Leadership still remains one-sided for most parts. Therefore. the likeliness of integrating alterations within the construction lies to a great extent on the determinations made by the Leadership. Organizational construction of Docklands Solutions is really different. Although still non really ideal for some parts. at least the company is more flexible when it comes to reacting to altering times. Since the Leadership values employee input. alterations are more likely to happen in a congruous mode. At the same clip the Leadership and employees are both progressive minds. the likeliness of promotion is more apparent. Organizational construction is a really of import index of success ( Galbraith. 1995 ) . The stronger the concern foundation. the farther the concern will progress. Safety Mint began with a well-established organisational construction. The foundation created more than 100 old ages of fruitful being for the company. It is unfortunate that the foundation that Safety Mint successfully established no longer fits the demands on concerns today. Furthermore. it would look that this really foundation is what’s maintaining the company from progressing further. On the other side of the spectrum is Docklands Solutions. The company is highly fictile to the times. And because it is a comparatively new company. its foundation is still really much applicable to the prevailing concern systems of today. The Prevailing Organizational Culture Interpersonal relationships. attitude towards work. inaugural. committedness. trueness and productiveness are great indexs of organisational civilization ( Queensland Government. 2007 ) . The more positive the degrees are of these factors. the more positive the prevalent civilization within the company. A positive civilization ( Attitude Works ) produces happier employees. better merchandises and better company public presentation. In kernel the organisational civilization is imperative in a collaborative ( Hayes. 2007 ) and successful company. Employees merely work better in a positive environment. At the same clip. employees are more likely to react to alter in a more encouraging mode. This is necessary in footings of concerns today when alterations are required rather frequently. The prevalent organisational civilizations of the two companies. Safety Mint and Docklands Solutions. can non be more different. As a affair of fact. they are really polar antonyms. While at Docklands Solutions. employees seem to bask traveling to work because of the positive environment within the company. at Safety Mint. employees drag themselves to work. At Safety Mint. absenteeism is a large concern. Leadership plays a important function in constructing a positive civilization. At Docklands Solutions. there is an unconventional relationship between the Leadership and employees. There is a free-flow of thoughts and an optimistic mentality all about. The Leadership continuously expresses their gratitude to the employees. In bend. the employees reciprocate through increased degrees of productiveness and trueness. The positive organisational civilization in Docklands Solutions contributed vastly to the high keeping quotient of the company. The positive organisational civilization within Safety Mint has since diminished with clip. There seems to be a turning sense of weariness among the Leadership and employees. An accurate description of the company’s civilization today would be a general deficiency of enthusiasm. This is evidently non helpful in footings of the company’s public presentation. It can be said that its bing organisational civilization is what pulled it down to a year-end loss in 2007 as good. Employees are uninspired and the Leadership seems withdrawn and unaffected. Safety Mint used to be a company of verve that is why it was able to last every bit long as it did. However. the relaxation of its organisational civilization deduces the chance of the company to progress even farther. and last even longer. In kernel. organisational civilization makes or interrupt a company. Docklands Solutions and Safety Mint merely conveying these possibilities to visible radiation. And while Docklands Solutions may look unable to make anything incorrect. Safety Mint was there earlier. Organizational civilization is easy affected by success. clip and external influences. Docklands Solutions demands to work on prolonging ( Hayes. 2007 ) their existing civilization and non be excessively self-satisfied. Decision For a company to boom with the new demands on concern today. it has to detect good patterns in footings of teamwork. construct a concrete organisational construction and promote a positive organisational civilization. Based on the features of Safety Mint and Docklands Solutions. it would look that the latter has a better opportunity of success in concern today. On the other manus. the history of Safety Mint can non be denied. At most the chief concern with the company is concern weariness. This is a common happening with older concerns. One that even Docklands Solutions should be wary about. In decision it could be said that to last the demands on concerns today. a company must construct on features that would stand the trial of clip. It should non merely see what are best patterns for success but should besides hold good foresight to make a strong foundation that can defy the menace of concern weariness. Bibliography Attitude Works. Constructing a positive workplace civilization. Retrieved on March 18. 2008 from hypertext transfer protocol: //www. attitudeworks. com. au/Aw_pages/attitudes/positive/positive. hypertext markup language Galbraith. J. ( 1995 ) . Planing organisation: An executive briefing on scheme construction and procedure. San Francisco: Josse – Bass Publishing. Grossman. R. ( 2005 ) . A narrative of two ( nonionized ) companies. HRMagazine. Hayes. J. ( 2007 ) . What is workplace civilization and what does it intend? Retrieved on March 18. 2008 from hypertext transfer protocol: //codelnes. cyberspace. au/2007/02/what-is-workplace-culture-and-what-does-it-mean Hubpages. com ( 2007 ) . Teamwork in concern. Retrieved on March 18. 2008 from hypertext transfer protocol: //hubpages. com/hub/businessteamwork. com Mawell. J. ( 2001 ) . The 17 incontestable Torahs of teamwork. Nasville. Volunteer state: Thomas Nelson Inc. Nadler. D. A ; Rushman. M. ( 1997 ) . Competing by design: The power of organisational architecture. New York: Oxford Community Press. Queensland Government ( 2007 ) . Workplace civilization. Retrieved on March 18. 2008 from hypertext transfer protocol: //www. deir. qld. gov. au/industrial/family/policies/implementation/culture/index. htm Rose. R. ( 2007 ) . Company teamwork: Is it existent teamwork or battle for power. Associated Content. Team Builders Worldwide ( 2008 ) . The importance of teamwork. Retrieved on March 18. 2008 from hypertext transfer protocol: //www. teambuilders. com/importance-of-teamwork. asp