Riordan Enterprise Risk Management Plan

Riordan Manufacturing is a Fortune 1000 company that specializes in the plastic injection molding industry. They are an international company with facilities in California, Georgia, Michigan, and China. Their products include beverage containers, plastic fan parts, and custom plastic parts. Riordan prides themselves on their industry leading research and development (University of Phoenix, 2009). The following Enterprise Risk Management (ERM) plan was developed for Riordan Industries, Inc. and its subsidiaries. The goal of this plan is to help mitigate any legal liability on the part of Riordan by implementing the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework (Jennings, 2006). Alternative Dispute Resolution Alternative Dispute Resolution is a way of resolving differences outside of the courtroom. This includes anything from informal negotiations, to formal written arbitration (Jennings, 2006). Currently, Riordan keeps an attorney on retainer but does not have a dispute resolution in process, thus if a conflict were to escalate, they would not have a resolution plan in process. It is in Riordan’s best interest to have a mediation process in place to help settle disputes. The reasoning is mediation is cheaper than other dispute resolution methods, especially litigation, and it protects the confidentiality of the parties involved (Peters and Mastin, 2007). Riordan’s internal legal council will work directly with the law firm on retainer to develop a mediation process with varying levels of triggers based on levels of risk. In doing so, Riordan should set up a process for which their internal legal department can handle the brunt of the load to further reduce costs. Enterprise Liability Enterprise Liability suggests that those who profit from a risk should also bear the cost of accidents that arise from that risk (Keating, 2001). With manufacturing plants in several locations, including internationally, there is significant risk of an accident, of which Riordan would be liable for. Riordan provides employees with basic training and an employee manual outlining relevant laws (University of Phoenix, 2009). However, there currently is not a monitoring system or a proactive detection system in place to detect any transgressions. In the employee manual, Riordan outlines a rigorous discipline system. However, when looking through employee records, there is no record of any discipline associated with employees who violated the attendance policy (University of Phoenix, 2009). This leads to speculation that Riordan does not follow any of their discipline policies. If these records were obtained in a legal dispute it would leave Riordan extremely vulnerable. Employee records should be centralized and controlled area where they can be properly maintained. Product Liability Product Liability is defined as, â€Å"Legal responsibility of the manufacturers, wholesellers, retailers to the buyers or users of the damages or injuries caused by the use of defective products† (Legal-Explainations. com, n. d. ). With several manufacturing locations, Riordan focuses on quality and the elimination of defects in its manufacturing process by applying ISO 9000, and the Six Sigma standards for production, shipping, and quality control (University of Phoenix, 2009). However, they have no company-wide standards in place for dealing with quality control. For example, the Pontiac site has internal memos discussing quality control issues, yet no one took accountability to take action. Riordan will assume a significant amount of risk if it is discovered that they were aware of the quality control issues, yet took no action. Riordan should immediately implement a whistle-blower policy to encourage employees to report any compliance or quality control issues. In addition, Riordan should set up a team of individuals to work with an independent third party to handle these reports. International Law Riordan’s China location is a joint venture with their Chinese partners handling everything from labor, capital, regulations, and hazardous waste cleanup. The officers and directors of Riordan have no real authority over their Chinese partners, nor do they have any legal counsel there for support (University of Phoenix, 2009). Riordan should extend their internal legal department to include staff with expertise in Chinese regulatory compliance. Tangible Property Tangible Property is defined as the type of property we can see and touch (Jennings, 2006). At each of Riordan’s locations, they maintain a variety of angible property, such as: general office equipment, transportation equipment, and information technology equipment. Riordan must develop a better system to track the purchase, and use of this equipment, including management of leases, maintenance, and general accounting guidelines. Riordan also maintains a supply of raw materials at each location. However, there is not currently a process in place of investigating any missing material (University of Phoenix, 2009). It is recommended that Riordan develop a process for documenting the full inventory process from delivery to use in order to assist any investigation into missing materials. In addition, Riordan needs to develop a much more robust security and emergency plan to protect these assets from theft or other damages. Intellectual Property Intellectual Property or Intangible property is defined as bundles of rights with respect to goodwill, trade names, copyrights, patents, trade dress, trade secrets (Jennings, 2006). Riordan maintains various trademarks, patents, copyrights, software, and trade secrets. The protection of these assets is imperative to their future. Riordan needs to develop a system to identify their existing intellectual property and how to protect that property, such as: restricted areas to store data, encryption, and conduct background checks on employees – especially those with access to sensitive materials, and the use of non-disclosure agreements. In additions, copyrights, patents and trademarks must be registered and maintained (Jennings, 2006). Legal Forms of Business Riordan is a corporation with, â€Å"unlimited duration, free transferability of interest, limited liability for shareholders/owners, continuity, and centralized management,† (Jennings, 2006). This eliminates personal liability from officers, directors, and shareholders with the exception of negligence (Jennings, 2006). However, they are expected to act in the best interest of the company. This includes following all applicable tax laws and regulations. Riordan must address the varying finance and accounting systems that each location currently uses. The existing process is slow and because of the manual data entry increases the chance of error. Riordan should implement one accounting system for the entire company to use. While expensive upfront, this system will cut down on the amount of manual work that is needed and over time will significantly reduce cost. In addition, Riordan is a publicly traded company, which means it must comply with the Sarbanes-Oxley Act (SOX) of 2002 (Jennings, 2006). With Riordan’s current finance and accounting systems, this would be extremely difficult. Governance Corporate governance is defined as a way in which a company protects itself with a framework of rules and practices by which the Board of Directors ensure accountability, fairness, and transparency (BusinessDictionary. com, n. d. ). Riordan needs to elect a Board of Directors to oversee the management of the company; in addition they will provide guidance for the senior management and any external auditors. As Riordan implements the ERM framework, the board should be consulted to make updates for the amount of risk they want to assume and adjust policy as they see fit. ? References BusinessDictionary. com. (n. d. ). BusinessDictionary. com. Retrieved from http://www. businessdictionary. com/definition/corporate-governance. html Jennings, M. M. (n. d. ). Business: It's Legal, Ethical, and Global Environment (7th ed. ). Keating, G. C. (2001). The Theory of Enterprise Liability. Vanderbuilt Law Review. Retrieved from http://law. vanderbilt. edu/publications/vanderbilt-law-review/archive/volume-54-number-3-april-2001/download. aspx? id=2846 Legal-Explainations. com. (n. d. ). Legal-Explainations. com. Retrieved from http://www. legal-explanations. com/definitions/product-liability. htm Peters, R. J. , and Mastin, D. B. (2007, May – July). To mediate or not to mediate: That is the question. Dispute Resolution Journal, 62(2), 14-21. University of Phoenix. (2004). Riordan Manufacturing [Computer Software]. Retrieved from University of Phoenix, Simulation, Law 531 website.

Becoming a Business Accountant Essay

Business Accountant help to ensure that the country’s firms are run efficiently, its taxes are paid on time and its public records stay accurate. Accountants offer a wide variety of business and accounting services. Some of these services are: public, management and government accounting. Their main tasks are preparing, analyzing, and verifying financial documents in order to provide information to clients. Many accountants are required to have a lot of skill and knowledge. Most accountant work in an office, however those that are self-employed may be able to do part of their work at home. Accountants who are employed by public accounting firms and government agencies sometime have to travel often to perform audit at branches of their firm, clients’ places of business, or government facilities. Usually accountants work about a 40-hour week, but most work longer especially if they are self-employed and have many clients. Most accountant position requires at least a bachelor’s degree in accounting or a related field. Beginning accounting positions in the Federal Government requires 4 years of college including 24 semester hour in accounting or an equal amount of education and experience. Also practical knowledge of computers and their applications in accounting is a good thing to have for job seekers in accounting field. People who want a career in accounting should have a skill in mathematics and be able to analyze, compare, and interpret facts and figures quickly. They must be able to communicate the results of their work to clients.

Healthcare Administrator Essay

Abstract This paper discusses and explains how I determined my chosen career field, healthcare administration. I began this paper by discussing the process of choosing not only what major you want to study, but what you will do with that degree once you graduate. I continue by discussing how and why I intend to aspire to becoming a healthcare administrator. The skills and duties that are needed to be successful were explained, along with an overview of what this career is about. Along with the responsibilities of what a healthcare administrator is faced with, I also discuss what skills I have that are going to set me apart from others and what I can bring to the table. This paper also discusses the types of technology and software that administrators should be familiar with along with why it is important to keep up with the advances in technology. An important topic that is also discussed is the challenges that are faced with this career field, and who could benefit from the talents of health care administrators. It is important to be able to provide patients with quality healthcare, and this paper discusses how healthcare administrators give them that care and how I will be able to do so in the future. Duties of Healthcare Administrators: It’s More Than Just a Desk Job Throughout our entire lives, education has been one of the foremost important things to have. It is a privilege, and we continue to learn many things along the way. As we began to grow as young adults, one question was asked by many (parents, relatives, teachers, etc.) and that was: â€Å"What do you want to be when you grow up?† That question is more important now than ever. Through elementary school, our answers were mostly fantasy dreams, such as astronaut, fireman, princess, etc. As we move up to middle school, our answers become more realistic, although still unsure of what we really long to do. High school prepares us to put one step in the door to fulfill  our ambitions and goals in life. College pushes us to see where we are really heading in life and how much work we are willing to put into it. Throughout most people’s lives, they come up with an answer as to what degree they want to pursue in, but that does not answer the question of what you want to do with that degree. Most will ask what you are going to college for and answers such as, business, pre-med, teaching, etc. will come up; but no one thinks to ask, â€Å"What will you do with that degree?† Most of us get lost in the idea of graduating with a diploma in our hands that we forget what is most important. We need to be able to know who we are as a person, and what we want in life before we can begin to even imagine what our lives will be like. I can finally say, with confidence, that the career field I intend to aspire to is a healthcare administrator. To begin, I never knew exactly what I wanted to do when I first started college, which is, in fact, very common. I always felt as though I had to do something that would get the approval of other people in my life, such as my parents, relatives, and friends. As a result, I first decided to major in pre-med. Although I had interest in medicine and working with people in that field, I soon realized that I was lacking a certain passion that should come along with anything that you are pursuing or will be involved in with for the rest of your life. As I then changed my major from pre-med to business, I still wasn’t sure what job I would want with that major. In the beginning, I thought accounting or just simply marketing/management, but that was still very vague. After discussing what success means to me, gathering research, and learning what I am interested in or what I would want for myself, I found that I had an interest in becoming a healthcare administrator. A healthcare administrator is in charge of running and managing a healthcare facility or private medical center (Dutta, 2009). â€Å"He or she is involved with almost every aspect of running the facility efficiently, effectively, and productively and ensuring delivery of quality healthcare by doctors, staff members, technicians and nurses to patients† (Dutta, 2009, para 1). This career field is a good fit for me because I am able to work with those who I wished to have been working with if I had continued to pursue a  pre-med major, but in other ways. By becoming a healthcare administrator, I will be making sure that there will be given quality healthcare to patients. This is an appropriate substitute to caring for the patient hands on because I will still be making sure they are taken care of in the best way possible. This is also a good fit for me because as I talked to family members and friends, they all agreed that business is a better choice for me, but I should also b e working with people. By becoming a healthcare administrator, I will be capable of doing both. Business is usually thought of as desk jobs, or simply suite and ties, but I am determined to do and be more than that. For this job, there are many duties and skills that are critical for success; but most importantly, success is defined as more than the skills of the job. Success is about enjoying what you do and being happy with what you are doing, but at the same time, to be successful means to be able to get the job done in an efficient and effective way. There are many duties that this field requires. There are clerical duties, management duties, types of administrator duties, and training and compensation the job requires (Locsin, n.d.). In small offices, these clerical duties involve tasks such as answering phones, filing patient records, issuing and paying bills, and processing insurance claims. On the other hand, larger facilities may have enough work to assign a single task to inexperienced administrators (Locsin, n.d.). Although clerical duties are not as hands on with the type of work that I am interested in, it is necessary in order to get the job done. Management duties consist of individual or independent work and sometimes administrators are able to initiate projects. This job also includes consulting with department heads and medical staff on their administrative needs, takes care of maintaining and repairing their physical facilities, and represents their organizations at investor meetings or governing boards (Locsin, n.d.). Five important areas that are essential to be skilled in to becoming a successful healthcare administrator are economics, technology, communication, risk management, and strategic thinking (Yaremich, 2013). It is important to know what the economy is like to be able to sort out any expenses that may arise. By being aware, it will help with maintaining a quality care to the needs of patients. Technology  has continued to evolve throughout the years. It is being used for many different things and in different ways of how we operate on a day to day basis. Health records have now been converted electronically and patient records must be tracked; therefore, it is essential to be knowledgeable about various technologies that are being used today (Yaremich, 2013). Communication will always be an important skill to have, no matter what field you are in. Without good communication, the quality of work that is being done will potentially suffer. It is also important to be aware and to be able to communicate with the appropriate people in order to know the latest changes in health insurance, government policies and patient care standards that will have an affect on staff and consumers of your services, and how they relate to your company’s policies and protocols (Yaremich, 2013). Risk management is an important area to be skilled in because you need to be able to control your operation’s financial and safety risks (Yaremich, 2013). Lastly, strategic thinking is an important skill to have because being able to meet the needs of patient healthcare is very important. To be able to decide how and in what ways you can meet the needs of the community is a very important skill to have. You will need to think of ideas and plans of getting the necessary equipment or medicines that are needed or required. Skills that are going to set me apart from the crowd include hard work and ambitions, the need to accomplish my goals, my passion for helping others, and not only my communication skills, but also my listening skills. There is no question that hard work is necessary to be successful in life. What sets me apart from others is how hard I am willing to push myself to get the job done. My ambitions will help me accomplish more than others, and it will continue to help me look for new goals to achieve. My passion for helping others also sets me apart from the crowd because I have always wanted to be able to help others, no matter what I decided to do after college. It has always been a priority to do something that has meaning and importance in my eyes. By constantly wanting to help people, whether it may be in a big or small way, my passion for helping those in need, will make me a successful person. Lastly, not only will my communication skills help me accomplish my goals in life, but m ore importantly, my listening skills will set me apart from the rest. Although it is important to be able to communicate with those around you, sometimes  it is more beneficial to listen to what others need. By pursuing in a career field that requires assisting the health needs of others, it is imperative to listen to what those needs are in order to be able to do so. Listening is a skill that many cannot say they have. By paying close attention to what patients may need rather than what a hospital may want, will have large impacts on how healthcare administration operates. Although I may not have any experience within the field yet, the skills, knowledge, and ability that I bring to the table include: the skills that set me apart from the rest; the ability to learn quickly to accomplish tasks in an efficient and effective way; and the knowledge I have gained from my research, and the knowledge I will gain throughout my career in the future. As mentioned earlier, the skills that I have that will set me apart from others and what I am capable of bringing to the table are: the level of hard work I am willing to push myself to do, along with my ambitions to help me stay in the right direction; the need to accomplish my goals; my passion for helping others; and not only my communication skills, but my listening skills as well. With these skills, I know I will be able to do my job with a sense of satisfaction at the end of the day. Another aspect that I bring to the table is the ability to learn quickly to accomplish tasks in an efficient and effective way. In order to accomplish goals or tasks, you must first learn what is being asked of you and what is necessary to have to get the job done. You cannot learn if you do not ask questions; therefore, I will be asking questions in order to gain more knowledge and learn more quickly. This will, in effect, allow me to achieve my goals in a more efficient and effective way. Lastly, an important aspect that I bring to the table is the knowledge that I have gained from my research, and the knowledge I will continue to gain throughout my career. Knowledge that I have gained from my research include an overview of what a healthcare administrator is and the duties/responsibilities that come along with the job, working conditions/work environment, how healthcare executives and administration can help their employees work more efficiently and effectively, and the career skills that are needed. As stated previously, a healthcare administrator is in charge of running and managing a healthcare facility or private medical center (Dutta, 2009). Doctors, nurses and other healthcare staff have enough to do at medical facilities by  diagnosing and treating medical conditions. But unless they tend to administrative details such as marketing, accounting or budgeting, their healthcare enterprises cannot succeed. Healthcare managers and administrators handle the business end of the medical profession by performing several duties. (Locsin, n.d., para 1) These duties consist of clerical duties, management duties, types of administrator duti es, and training and compensation the job requires (Locsin, n.d.). Other responsibilities that this job requires is working with medical staff members, other employees, health specialists and the organization’s governing board or executive management in order to set budgets, schedules, and ensures availability of facilities with interaction with vendors for supplies, equipment, drugs, and medicines (Dutta, 2009). Work environments that healthcare administrators are faced with are mostly office environments in which they work with many people inside the hospital or with other businesses to ensure quality healthcare (â€Å"Healthcare Administrator†, n.d.). Although healthcare administrators do not generally deal directly with patients on a day-to-day-basis, â€Å"they help to shape policy, make needed changes and lead our nation’s health-related organizations in a way that serves individual patients by helping to improve the healthcare system† (â€Å"Health Administrator†, n.d., para 11). Knowledge I have also gained with my research is how healthcare executives and administration can help their employees work more efficiently and effectively. Three ways to do so would be to break down various barriers to optimal performance, create accountability structures, and standardize processes to eliminate unnecessary and redundant work (Herman, 2011). Lastly, knowledge that I have gained from my research is the skills that are needed for this career field. As discussed earlier, the areas of skills that are needed for this career field are economics, technology, communication, risk management, and strategic thinking (Yaremich, 2013). As technology advances and continues to change, so do people. The way we organize and keep files is now all through technology. To be successful in this field, you must be familiar with or be aware of the technology, software, etc. that is being used. As a healthcare administrator, you must be able to convert files and patient records electronically (Yaremich,  2013). Organizations, hospitals, companies, etc. have moved alongside the trend of developing apps and even carrying iPads within the facility. It is important to be familiar with and to understand the various technologies your patients use to track their health. These can include mobile apps, such as the ones for diabetics to keep tabs on their blood sugar levels, and video-conferencing software that connects housebound patients to your facility’s physicians. (Yaremich, 2013, para 5) These factors matter to this career field because it is imperative that you can access patient files and know their conditions. These factors tie into the needs of the patients and to be able to provide them adequate healthcare. In order for administrators to do this, they must first be familiar with any and all types of technology and software that are being used to store any important information. Every career field is faced with many challenges. A few challenges that healthcare administrators are faced with are competing for healthcare professionals, specializing for growth, preparing for the future, improving patient care through technology, and managing Medicare and Medicaid (Freel, 2012). Competing for healthcare professionals is a challenge because there is a shortage of healthcare professionals, which is hurting the profitability of hospitals (Freel, 2012). Due to this, healthcare administrators must make a plan to address the shortage and compete for the best employees without it costing hospitals as much. Hospital administrators need to build strong relationships with schools that offer healthcare-related degrees in their local communities and across the nation. Additionally, they must make working at their hospital attractive, which means thinking beyond competitive pay and benefits to ensuring each individual employee feels connected to the hospital and has a passion for working for the organization. (Freel, 2012, para 4) Next, specializing for growth becomes a challenge because hospitals are facing competition as new centers are being built. In order to resolve this problem, administrators must be willing to compete for patients and be prepared to sell their hospitals apart through a specialized care strategy (Freel, 2012). Preparing for the future is always difficult when we do not know what the future has in store for us. Due to the fact that hospitals are feeling more  pressure to meet the expectations of growing demand, they must ensure that the efforts of patient satisfactio n are aligned with what consumers expect (Freel, 2012). Improving patient care through technology is a challenge that healthcare administrators face because millions of dollars are being spent on technology, such as electronic medical record systems; but sometimes that may not be the best solution, and may not even benefit the patient. It is a challenge because healthcare administrators have the responsibility for ensuring efficient hospital operations and providing medical care to patients; therefore, they must keep up with advances in medicine, technology, and government regulations and policy changes (Freel, 2012). Lastly, managing Medicare and Medicaid is a challenge this career field faces because there is an abundant amount of people who are unemployed. This causes problems because healthcare administrators are challenged with providing healthcare to patients who are both, uninsured and underinsured, while maintaining fiscal responsibility (Freel, 2012). As a result, â€Å"healthcare administrators must find ways to offset these expenses, while expanding their healthcare services in areas where they can serve more patients† (Freel, 2012, para 14). Healthcare administrators are needed in hospitals, physician group practices, nursing homes, medical centers, etc. In order for doctors and nurses to do their job, they need heath care administrators to do theirs. In order for patients to acquire adequate healthcare, the talents of administrators are needed. We are responsible for making sure hospitals, healthcare facilities, medical centers, etc. are running efficiently and effectively in order to ensure quality healthcare for patients. â€Å"A healthcare administrator’s job is demanding and highly people-oriented. It calls for patience, understanding of evolving health practices and technology, and the ability to communicate effectively with varied audiences and stakeholders† (Dutta, 2009, para 5). In conclusion, after discussing what success means to me, gathering research, and learning more about myself and what I wanted, I discovered my interest in becoming a healthcare administrator. My passion for helping others and having a career in which I could benefit someone else’s life is  why this career field is a good fit for me. There are many skills that are necessary to have to be successful with this career, but I also have many skills that are going to set me apart from others. What I bring to the table are the skills that set me apart from the rest; the ability to learn quickly to accomplish tasks in an efficient and effective way; and the knowledge I have gained from my research, and the knowledge I will continue to gain throughout my career in the future. It is also important to keep up with the advances in technology to be able to provide quality healthcare to patients. Many industries might utilize the talents of this career field because healthcare administrat ors are needed in order for patients to receive quality healthcare from doctors, nurses, staff members, etc. Lastly, challenges will constantly arise with any profession, but it is important to know how to overcome those challenges in order to be successful. References Dutta, P. (2009, June 6). What Is a Healthcare Administrator? | eHow. eHow. Retrieved September 21, 2013, from http://www.ehow.com/facts_5075268_healthcare-administrator.html Freel, M. (2012, January 26). 5 Challenges Hospital Administrators Must Overcome to Succeed in Today’s Rapidly Changing Industry. 5 Challenges Hospital Administrators Must Overcome to Succeed in Today’s Rapidly Changing Industry. Retrieved September 22, 2013, from http://www.beckershospitalreview.com/hospital-management-administration/5-challenges-hospital-administrators-must-overcome-to-succeed-in-todays-rapidly-changing-industry.html Health Administrator | explorehealthcareers.org. (n.d.). Home | explorehealthcareers.org. Retrieved September 20, 2013, from http://explorehealthcareers.org/en/Career/56/H Healthcare Administrator. (n.d.). :: MHA Healthcareers Center ::. Retrieved September 22, 2013, from http://www.mshealthcareers.com/careers/hea Herman, B. (2011, December 6). 3 Ways Healthcare Exec utives Can Help Their Employees Work Smarter. Becker’s Hospital Review. Retrieved September 22, 2013, from http://www.beckershospitalreview.com/hospital-management-administration/3-ways-healthcare-executives-can-help-their-employees-work-smarter.html Locsin, A. (n.d.). What Are the Duties of a Healthcare Manager & Administrator? | Chron.com. Work – Chron.com. Retrieved September 20, 2013, from

Law in a Business Context Essay Example | Topics and Well Written Essays - 1250 words

Law in a Business Context - Essay Example This was then followed by the Occupier's Liability Acts 1984, which set out the duty owed by occupiers towards those who enter their land without permission or unlicensed trespassers (Elliott & Quinn 2003, p.157). However, neither or the Acts provided a deification for the tern ‘occupier’, other than that it would be given the same meaning as under common law. An occupier under common law is a person who has some degree of control to exercise a sufficient degree of control to allow or prevent other people from entering, though they dun have to be a physical occupier not the owner of the premises. The Occupiers Liability Act imposes a â€Å"duty to take such care as in all the circumstances of the case is reasonable† upon the occupier of a property. With both Occupiers Liability Act’s in place, the Occupiers Law under the Law of Tort covered  injuries suffered by entrants while on the private  land of the  occupier. The introduction  of the 1995 Act that came into effect on 17th July 1995 radically altered the liability of the occupier in a way that more obligations were placed on the side of the occupier to ensure the safety of land users. â€Å"In the 20 years prior to this enactment, the common law was characterised by the courts’ benevolent attitude to persons who entered land without permission and subsequently suffered injury† (Burke & Corbett 2003, p. 95) In the  Supreme Court  case McNamara v.  Electricity Supply  Board (1975), an infant suffered serious injuries from trespassing onto one of the defendant’s sub-stations. The defendants were found liable for not showing the infant a duty to take reasonable care for his safety even though there was a benevolent attitude before this case towards trespassers. The decision of this case was the basis of  the creation  of the Occupiers  Liability Act  1995. Initially, under the traditional common law system, entrants upon a premises were di vided into four categories; that being contractual entrants, invitees, licensees and trespassers. Under the Occupier’s Liability Act 1995, three new categories were created, that being visitors, recreational users and trespassers. In cases where there is more than one occupier, such as a landlord and a tenant, real estate agent or in the case of shared spaces it is usual for liability to be shared but the liability of each party depends on the circumstances of the loss. An estate agency is considered the Occupier for the purposes of both the â€Å"Occupier’s Liability Act 1957† and â€Å"Occupier’s Liability Act 1984.† According to Canadian author Allen Linden, with regards to liability and the term 'occupier', states that "the status of occupier is not dependent on ownership of the premises, but rather is based on control over the premises. A person who has the immediate supervision and control of the premises and the power to admit and exclude th e entry of others is without doubt an occupier. Thus, a  tenant  in possession is an occupier. However, complete or exclusive control is not necessary. An auctioneer hired to conduct a sale on the vendor's premises may be considered an occupier of those premises. An independent contractor carrying out building or repair work may qualify as an occupier. Moreover, it has become apparent that in many circumstances there may be more than one occupier of premises." Therefore, an estate agent is also deemed to be an occupier because the estate

Neither human beings nor their bodies should be commodities that can Essay

Neither human beings nor their bodies should be commodities that can be traded on the market. Discuss this question - Essay Example Human trafficking and sale of body organs are classified into different categories of trade of human beings and their bodies. One of the categories that can be outlined in sale of human body is kidney transplant or any transplant that can lead to deliverance of human life as it would lead to change in his health condition. This king of trade on human bodies is regarded fair by many people but there are still a number of people who believe that the practice is abhorrent and should be prohibited. Although the society harbors the aversion to activities conducted on corpse, it encourages and tolerates especially through legalization the transplant activities and forensic postmortems (Price, 2000, p. 32). The other kind of human trafficking and sale of human parts involves sale of certain body parts illegally or trading people for slaves where they are taken for hard labor, discrimination and sexual manipulation. This kind of human trade is unacceptable to many people and thus it is disre garded all over the world. The experts who participate in the transplant operations advice people to judge the two activities with sense of ethical measures. The element of choice is essential. However, when making choices, one must consider moral, humanitarian and social purpose of the choice and law (Gallagher, 2012, p. 7). For instance, sale of human bodies for other purpose like witchcraft, sexual activities, child labor, and other forms of discrimination should not be treated as sale of human organs or donation for transplant. One form of human trafficking that leads to discrimination on human beings is slavery and sexual manipulation. Discrimination can be described as unequal or unjust treatment of individuals or groups of people based on their human attributes. Discrimination may be differential treatment or disparate impact. This is witnessed where people are captured or

Commercial law ( commercial contracts ) Essay Example | Topics and Well Written Essays - 1500 words

Commercial law ( commercial contracts ) - Essay Example A contract is said to be formed only if such counter-offer is accepted. The common practice is that until acceptance is conveyed to the offeror, it is not valid. Some exceptions in this regard are a) if the offeror has waived the requisite for communication b) when acceptance is communicated by post, it will be effective on posting. Communication sent through fax, telephone, computer, telex or fax is not effective until received by the offeror. Moreover, it is arduous to find when exactly a telex, fax, a message left on a telephone answering machine or e-mail message is actually â€Å"received.† Decided case laws on the subject indicate that the time when such a message becomes effective relies on a number of issues including customary business practices, the anticipations of the contracting parties and the court’s evaluation of which of them should bear the onus as decided in Brinkbon Ltd v Stahag Stad Gmbh1. In case of acceptance through the e-mail, the time when it will be effective has not yet been considered by the courts. It has been recommended that in case of e-mail acceptance, the postal rule can be applied as an intermediate is involved. Conversely, it is argued that general rule will be applicable, since e-mail messages are delivered instantaneous and there is no facility to find out when the e-mail message is actually delivered. Any uncertainty provisions in the commercial contracts may make the contract non -binding. For instance, an agreement that a contract is to have a ‘regular force majeure stipulations ‘is not binding as the same is uncertain, since there are no ‘customary force majeure stipulations ‘as decided in the case â€Å"British Electrical and Associated Industries (Cardiff) Ltd v Patley Processing Ltd2. â€Å" In â€Å"G Scammell and Nephew Ltd v Ouston3, â€Å"it was viewed that an arrangement or

Report Essay Example | Topics and Well Written Essays - 500 words - 1

Report - Essay Example Time management is integral to a manufacturing process and this is reflected in the way shop level facilities are created to ensure minimum loss of time in looking for a raw material or a tool or a component or a spare part. In other words, for all in-house manufacturing and assembly operations, project layout is synonymous with supply chain management. Layout of a manufacturing facility is a comprehensive exercise involving movement of incoming and outgoing materials and successive stages of processing. Incoming materials may be raw materials and/or semi-finished items and outsourced components/subassemblies. Outgoing materials are usually the finished products duly packed for delivery. The manufacturing process itself generates waste and scrap which are to be collected and disposed in a planned manner. Depending upon the type of operation at each stage in a manufacturing process, the layout is finalized in a variety of ways like a work center or a manufacturing cell or an assembly line or a continuous process etc. The layout designer keeps in mind the flow of materials in these stages while determining the space and facilities. While a centralized purchase and stores management takes care of timely availability of all incoming materials, sub-stores are organized at the floor level as per production plans. In a work center, these stores cater to the raw materials, tools and consumables while in the assembly line, they are used for components, subassemblies or bought out items. Continuous processing lines also have shop level stores for incoming materials, consumables, and essential spares. Organizational set up ensures availability of materials in the sub-stores at the floor level as per production plans. Economic analysis is the basis for ‘make or buy’ decisions and invariably a substantial amount of outsourcing happens in all manufacturing processes. Suppliers are very important part of

Leadership week6 Essay Example | Topics and Well Written Essays - 250 words

Leadership week6 - Essay Example As a leader, one has a role of ensuring there is collaboration in case of conflict and solution to the actual problem, mutual trust, reinforcing respect and one earns a good reputation as a mediator. Besides collaborating, I have realized to manage and solve conflict through withdrawal and compromising. Both parties need to get satisfaction by deliberating on the issue at hand causing the conflict. Similarly, one has to withdraw from the conflict in order to end the disagreement. These are new skills acquired because of the course as the contents provided me with the required knowledge of managing conflict as a leader. Conflict resolutions tips at work place documented by Huff (2008) in his interview are very important in giving a clue of the expected. As a student, I found it educating and would share it in the class for other students to grasp on the process involved in managing and resolving conflict. Despite the challenges, which come because of conflict, it is essential in developing moves forward as it help in realizing the weaknesses leaders have in their

Managing Organisations, People and Self Essay Example | Topics and Well Written Essays - 2000 words

Managing Organisations, People and Self - Essay Example Hole in the Wall is an organization that seems to be performing dismally. The organization’s problems are deep rooted from the testimony of the proprietor, John Barker. One of the main problem facing the organization is low motivation among employees. Another problem that the organization is facing is poor management. Yet another major problem that the company is facing relates to the lack of cooperation amongst employees. This paper will discuss the main problems facing Hole in the Wall and will present recommendations on how the problems can be solved. Employee Motivation One major problem that is hampering the progress of Hole in the Wall is low motivation among employees. From the testimony of Barker, it is evident that the employees working for the organization have low morale. This is evident from the fact that the level of employee absenteeism is quite high. Sally, the receptionist, has been absent from work for the last five days without the manager actually knowing th e reason behind her absenteeism. Yet another pointer to the low morale that the employees are facing is the high turnover. The business proprietor notes that one of the fitting teams has quit. This means that the company has lost two valuable employees. There are several reasons behind the low motivation that the employees of Hole in the Wall are experiencing. One of the factors behind the low motivation may relate to low pay. The employees mostly earn on commission without a monthly salary. Yet another reason for the low motivation that the employees experience relate to the management style being applied by the company’s proprietor. Barker seems not to be concerned about the welfare of his employees. This is evident in the fact that when some of his employees come to report the problems that they are facing, he dismisses them without giving an ear to what they have to say. It is said that highly motivated employees are more productive than demoralized employees are. Abraham Maslow noted in his hierarchy of needs theory that people are motivated differently. According to Maslow, what motivates one employee may not necessarily motivate another employee (Keller 2013, p. 38). This is because the needs of individuals differ from one person to another. Therefore, in managing employees, a manager needs to understand the needs of its workers in order to motivate them accordingly. Managers can use a variety of methods to maintain a motivated staff. One of the most effective ways of motivating employees is by creating a hospitable working environment for employees (Keller 2013, p. 40). Most employees are motivated when they work in an environment where employers understand them and fulfil their needs and desires. Managers can motivate their employees by creating an environment in which employees are free to discuss their issues with the management. Employers can also motivate their staff in the workplace by offering rewards for exceptional performance. Stein (2 010, p. 30) argued that a good manager is one who is able to recognize the achievement of his or her employees and reward accordingly. The reward may be in the form of salary increment, promotion, or gifts. For instance, researchers have found that employees with higher need for a salary increment are highly motivated

Business plan Research Paper Example | Topics and Well Written Essays - 5000 words

Business plan - Research Paper Example Additionally, Qatar is all set to host the 2022 FIFA World Cup, which has generated tremendous publicity and interest about the country among tourists and soccer fans all over the world. The government of Qatar has currently aimed at boosting luxury tourism in the country. It has entered into an arrangement of joint visa with Oman whereby tourists visiting the country of Oman may also tour Qatar with no additional requirements. It also wants to be at the frontier of a very recent trend in luxury tourism in the Middle East – cruise tourism. ... The company Company overview Burj Qatar Cruises is a proposed business venture by four directors that would provide luxury cruising activities in the Gulf region, around the Arab countries of Qatar, Kuwait, Bahrain, the UAE, Oman, Yemen and Saudi Arabia. It seeks to attract High Net Worth (HNW) individuals from around the world who seek a de-stressing tour experience soaked in luxury. The target market of Burj Qatar Cruises would be upscale tourists from Europe, Asia and the Americas who have an annual income of $80,000 to $90,000. It would also target the young population, senior citizens who have recently retired and are looking for an adventurous experience, rich businessmen and honeymooners. The goal of Burj Qatar Cruises is to be the first one to bank on the Qatar government’s initiative to offer world-class luxury water cruising activity in the Gulf and become a formidable company that has widespread recognition, high brand value and immense customer satisfaction. Water cruising in the Gulf is currently limited to private cruising activity in small vessels called dhows and chartered luxury yachts that are organized by local tour operators and hotels in Qatar as well as other countries of the Middle East such as Dubai and Oman. Burj Qatar Cruises wishes to gain the first mover’s advantage by introducing full-fledged organized cruising in the Gulf in cruise ships that would give a luxurious experience to international tourists from the Americas, Europe and Asia. Company products and services Burj Qatar Cruises would offer top class luxury cruising services to tourists in Qatar. The first cruise ship that will be operational from 2014 would be

Regeneration of Cartilage and Tendons in the Upper Extremities Dissertation

Regeneration of Cartilage and Tendons in the Upper Extremities - Dissertation Example Their research helped them establish that there are three main elements in tissue engineering and regeneration: sufficient cell numbers within the defect, access to differentiation factors, cell carrier or matrix which fills the defect and allows cell proliferation (Gao et.al., 2007). This study was able to indicate that cell regeneration of cartilage in the upper extremities is only apparent with stem cells in adult somatic tissues which can differentiate into various lineages of experimental conditions. In critically evaluating the research methods and content of this study, it is apparent to note that the topic chosen is very much significant and relevant in the current orthopedic practice, especially where this practice has yet to establish clear and effective cartilage and tendon regeneration. Unlike bones which often have mechanisms of quality regeneration in place, the authors focused their study on the regeneration of cartilage. The results of the study were very much support ed by their tables and by the literature review they presented. Moreover, the conclusions were drawn based on the logical evaluation of results as well as the discussion of variables. The limitations of the study were discussed, mostly in relation to the small population covered which also limited the generalized applicability of the results. Difficulties in regeneration of the cartilage has also been discussed by Scheibel et.al. (2004) where the authors carried out osteochondral autologous transplantations from the knee joints to the shoulder on eight patient respondents. Standard assessment measures were applied to the patients. After about 32 months from the transplantations, regeneration was seen in the cartilage indicating osseointegration of the osteochondral plugs and alignment of cartilage at the transplantation site. This study revealed that osteochondral autologous transplants in the shoulders offer viable options for lesions in the cartilage at the glenohumeral joints. Th e results of this study are very much related to previous studies on the subject matter in terms of the benefits of autologous transplantations for cartilage. The variables of the study were sufficiently explained and specified; however, limitations of the study were on the application of ethical research practices which the authors did not specify. It is difficult to gauge the application of confidentiality as well as informed consent without the authors specifying such applications within their text. The methods of the study are nevertheless replicable and repeatable for future studies and for future reference. Funakoshi et.al. (2006) carried out their experiment on tendon regeneration at the shoulders in their study where their subjects were rabbits. They experimented on 21 rabbits in order to evaluate the feasibility of nonwoven chitin fabrics in the acellular matrix rotator cuff regeneration. The subjects were assessed on the cellular level at 2, 4, 6, 8, and 12 weeks following surgery and intervention. The authors were able to establish the value of grafted shoulders on subjects, which exhibited type III collagen regenerated tissues. In other words, using chitin fabric as an acellular matrix helped the regeneration of the tendons in the shoulder area. This study also supports the notion which was already forwarded by previous studies where cellular regeneration on cartilage and tendons can be difficult, but can be made

Concert Orchestra experience Essay Example for Free

Concert Orchestra experience Essay I went to the UNT Concert Orchestra on Wednesday, October 3rd, 2012. It was held in Winspear Hall at the Murchison Performing Arts Center at 8:00 pm. The Concert was led by Conductor Clay Couturiaux and featured soloist Christopher Deane, who played the Marimba. The first piece was Variations on a Theme of Tchaikovsky, Op. 35a (1894) by Anton Arensky (1861-1906). The piece was written in 1894, in tribute to Pyotr Il’yich Tchaikovsky (1840-1893). It was based on the theme from the poem Legend†, written by Richard Henry Stoddard (1825-1903). This poem portrays the crucifixion of Christ. Arensky admired Tchaikovsky so much that he used the theme of â€Å"Legend† for a set of variations in the second movement of his Second String Quartet. This piece’s style is a themes and variations. Its instrumentation includes Cello solo, 2 Flutes, 2 Oboes, 2 Clarinets (A), 2 Bassoons + 2 Horns (F) + Violins I, Violins II, Violas, Cellos, and Double Basses. The second piece was Concerto for Marimba and Orchestra, Op. 34 (1957) by Robert Kurka (1921-1957). This piece introduced the marimba, which proved to the musical world that it could contend with instruments that had been used in orchestras and also provide a unique sound to the traditional orchestras played in regular concerts. This piece’s style is solo concerto. Its instrumentation includes the marimba and the orchestra. The third piece was Pictures at an Exhibition (1874) by Modest Mussorgsky (1839-1881). This piece was inspired by the paintings of the artist Viktor Hartmann (1834-1873). This piece’s style is an orchestral suite. Its instrumentation includes 3 Flutes (2nd and 3rd doubling Piccolos), 3 Oboes (3rd doubling Cor Anglais), 2 Clarinets in A and Bb, Bass Clarinet in A and Bb, Alto Saxophone, 2 Bassoons, Double Bassoon, 4 Horns in F, 3 Trumpet in C, 3 Trombones, Tuba, Timpani, Percussion (xylophone, triangle, rattle, whip, side drum, bass drum, cymbals, suspended cymbal), 2 Harps, Celesta, and Strings. I picked the pieces was Variations on a Theme of Tchaikovsky, Op. 35a (1894) by Anton Arensky and Concerto for Marimba and Orchestra, Op. 34 (1957) by Robert Kurka. Both of these pieces were distinctly different than one another. The piece by Arensky depicts a sense of deep sadness and despair as a whole. It starts out containing elements of intimacy and moves towards a slow moving harmony. The structure of the music matched the structure of the original poem. The variations of sounds expressed many shifting moods such as a dialogue between instruments. Mood changed quickly throughout the piece and showed different parts of the melody, from increments of joy, to sadness, to a deep sorrow. The rhythm seamlessly continued throughout the piece acting towards each of the different themes described in its construction. The piece by Kurka produced a new and different type of classical music that is unique to the orchestra. The use of the marimba stood out from the traditional orchestral instruments. The first movement begins with an alternation between the marimba and the orchestra. Its upbeat sound resonates in a catchy chiming sound whose rhythm is clear yet unexpected. It provides a playful side to a usually stern and focused orchestra. As the second movement begins, it as if the marimba is communicating to the orchestra itself. As if it is trying to fit in with these classic types of instruments through its unique dynamics and resounding tone. It seems to clash with its orchestral counterparts. By the third movement, it seems as if all the instruments reach an agreement on the legitimacy of the marimba through its colorful and exciting solo. Although both pieces are completely different than one another, they both exhibit emotion. Arensky exhibits cruel sounding music that discusses the importance of religion and a series of events that affects a wide variety of people. It evokes a sense of despair that expresses a deep sounding melody. Kurka exhibits a different type of music that discusses the marimba’s rise to becoming a part of classical orchestra. Its colorful timbre expresses a joyful and unique melody that pleases the human ear. Anton Arensky (12 July 1861 -25 February 1906), was a Russian composer of Romantic classical music, a pianist and a professor of music. Pyotr Tchaikovsky was the greatest influence on Arenskys musical compositions. Indeed, Rimsky-Korsakov said, In his youth Arensky did not escape some influence from me; later the influence came from Tchaikovsky. He will quickly be forgotten. The perception that he lacked a distinctive personal style contributed to long-term neglect of his music, though in recent years a large number of his compositions have been recorded. Therefore, his values are seemingly non-existent because of the major influence of Tchaikovsky and absence of his own personal work. Throughout the performance I did perceive a strong sense of historical value and defines not who Arensky was, but his role model Tchaikovsky and how his music conveyed a strong sense of religious value. Kurka’s Concerto for Marimba and Orchestra was the first marimba work to enjoy both widespread public appeal and widespread recognition of having a high level of musical sophistication fit for the concert hall. It debuted during the modern style period. It provided important historical value by Kurka finally representing everything that early marimba composers set out to do in one piece: create a sophisticated and serious musical work that is both challenging to the performer and which has widespread public appeal. I perceived an ongoing struggle throughout the piece, but as the performance continued it conveyed the struggle the instrument had to do in order to become a prominent part of the classical orchestra. Citatation Keunning, G. (1999). Symphony of the canyons. Retrieved from http://lasr. cs. ucla. edu/geoff/prognotes/mussorgsky/pictures. html Strain, James. Vida Chenoweth. Percussive Notes 32. 6 (1994): 8-9. Print. Stevens, Leigh Howard. An Interview with Vida Chenoweth. Percussive Notes 15. 3 (2002): 22-25. PAS Online Archive . Weir, Martin. Catching up with Vida Chenoweth. Percussive Notes 32. 3 (1994): 53-55. Print.

Types Of Securitization Instruments Finance Essay

Types Of Securitization Instruments Finance Essay Securitization defined as process by which loan is made into tradable security. It becomes tradable security when against it any negotiable instrument or bill of exchange is issued which is backed by the loan or receivables Securitization generally refers to the sale of assets, which generate cash flows, from the institution that owns them, to another company that has been specifically set up for the purpose, and the issuing of notes by this second company. These notes are backed by the cash flows from the original assets. The institution is called originator which issues the the same and own the assets backed by it. Another party to it is Special Purpose Vehicle which purchases the assets and that generate cash flows. The special purpose vehicle will hold the assets that are sold by originator to SPV as collateral which are later sold to investors. Structure of Securitization : The receiver of high net worth receivables sell them to specially formed company named Special Purpose Vehicle and it sells the same to other investors as sale mode transaction against the collateral of receivables. The SPV provides the security to investors in the process by issuing special note or bond or borrowing from bank as security to investor. The SPV pays the servicing fee to it and authorizes the originator to collect funds on behalf of special purpose entity which is used to pay the principal and cost of it for the funded loan. The proceeds are latter invested to earn return. The SPV is not the subsdiary of origniatory thus it is not the company whose shares are held by originator but the charitable trustee or any other than originator. To ensure the recieavles will be sufficient to repay the amount owed to investors on time, other arranegments are made to ensure sufficient liquidity in the process like Credit Enhancement or guarantee by third party or subordinated loan Rating agency often rates the note receivables or the process.The higher the rating, the higher would be funds obtainable. The SPV that generates the income through additional money earned through recieavles to originator to earn profit. SPV pays the same to originator as the fees Below is a figure which perfectly complements our summary: The originator is very important element of this process because it can be real person or legal one which basically initiates the process by sorting out the assets which are to be securitized against the same. Motives for Securitization: Advantages to issuer Funding cost: Depending upon the rating of the fund, cost of fund is charged at low. For Instance a cash flow is rated AA and second one is rated BB , the one with AA ratting will be charged lower than the latter one. Reduces  asset-liability mismatch: From the financial funding exposure point of view , securization offers great opportunity to elimate the issue of duration and pricing concerns at large.Securization offers high cost saver to issuer. For instance banks can utilize it efficiently because they have a large amounts of recievales and collaterials as securities thus they can issue securities backed by these assets and let them to be self funded asset book. Lower  capital  requirements: There are very stiff requirements of the regulatory and legal pertaining to leverage capitalization. The recieavles and assets under securization will considered earning assets and thus removing from balance sheets for accounting purpose. Profit: Given the fact that the specific business block for whose profit is not certain or not yet emerged then the assets of those can be securitized and immediate cash flow can be realized and thus locked in profit for this block results. Transfer of risk:  Securitization process makes it easy to transfer the credit, liquidity reinvestment easy to transfer to those who accept it on condition to receive profit. Off balance sheet: Securitization as implied by derivates which are referred as off balance sheet items which classifiy the same as zero sum impact on balance sheet. There is general requirement internationally that records the derivatives at fair value in the financial statements i.e Balance sheet. Earnings: Securitization makes the oringinator capable to bounce back without addition to the firm whereas the true sale takes place between the orginiatory and special purpose entity.It is to highlight that the earnings of the SPV increase the wealth with parent company. Admissibility of bad debt: Future cash flows may not result in perfect recovery because there is also some bad debt in the receivables. Securitization thus makes it possible to get the immediately cash against those too in advance. Liquidity: Securitization simply provides you the future cash flow now thus increasing the liquidity with the company.Thus it will be available with the company to spend and make investment from the same amount thereby increasing the reinvestment return Disadvantages to issuer May reduce portfolio quality: If the AAA risks, for example, are being securitized out, this would leave a materially worse quality of residual risk. Costs:There are costs involved in the securization process raning from legal fees, system cot, rating cost, underwriting fees and administrative cost. Size limitations: It involves huge amount of funds to structure the same to be efficient if otherwise the funds are less then the process with lesser funds. Risks: It is structured transaction thus it is vulnerable to risks such as prepayment, credit loss and reinvestment Advantages to investors A chance to earn higher rate of return It usually involves high quality assets back because there are very stiff requirements for securitization process, such as attaining high ratings, maintaining liquidity and diversified portfolio. Portfolio  diversification: It is worth narrating here that large institutional investors and corporate investors tend to invest in the securitized funds because returns from their this investment is not related to their equity or bond side investment due to un-correlation between the investment portfolio in the market. Isolation of credit risk from the parent entity: Securitization process desegregate the parent and SPV rating. Regardless the companys rating; SPV may be issued separate rating. Suppose the banks rating is not good but the portfolio of borrower of bank is of high quality thus there are less chances of default of the same and investors in securitized asset are more willing to have them in their portfolio. Risks to investors Liquidity risk(Credit/default) Defualt risk meant inability of borrower to repay the principal and interest payment on due period of time. An indicator of securitys high risk is its credit rating or credit worthiness. High risky portfolio of borrowers receives lower ratting then those of ones with less risky portfolio. Prepayment/reinvestment/early amortization: The securitized assets are always prone to early amortization and reinvestment risk. These risks arises out of huge payouts of the borrowers thus causing premature confession of liability and affecting the rate of return. This also affects the gap between the spread that bank pays and collects from borrowers and investors respectively. Contractual agreements: It is generally perceived that the manager who deals with investors and quote the rate which is solely dependent upon the performance of the underlying asset. Now question arises if the underlying assets become risky from the investors perspective i.e default ratio or high bad debt ratio then the price of portfolio. Types of Securitization Instruments Pass Through Securities: PTS is also called Participation Certificate because it bears ownership of the investors in the underlying asset. The amount received on account of the period payments including principal and interest payment which is collected by SPV and is passed on to the investors. Tranched Securities: In this type of security, the amount received as cash flows in tranches and the same is received as first priority with subsequent payments in latter tranches. Planned Amortization (PAC) Tranches: It is a type of security in which sinking fund is created which controls the prepayments that are beyond the limit thus ensures the stability of cash flows. This offers lower yields while comparing them with those without sinking fund. Z-Tranches or Accretion Bonds: In this type of security, interest payment is not paid in the period in which accrued interest is higher in lock out period. Once the period is over, it starts paying out the interest payments and principal. Principal Only (PO) Securities: These type of securities are issued on discount such as T-Bills. Thereof investors receive their principal in installments. The bonds are issued at huge discount rate and thus remaining amount is paid till the differential payment is made till the face value. Interest Only (IO) Securities: These type of securities have no any specific face value thus they offer only interest components to the investors while cash flows diminishes and is repaid. Floater and Inverse Floater Securities: They are securities which pay interest payments which is dependent upon the performance of any index or benchmark i.e Kibor. Floater and Inverse floater are two opposite type of securities. In Floater, the interest payment moves in exactly the same direction as benchmark rate moves and opposite is true for Inverse Floater securities. Types of Securitization Structures There are several types of Securitization structures: type of securitization structures include: Cash vs. Synthetic Structures: Cash structure is the worlds most followed structure in this field of specialization. In cash Structure, originator sell its assets in exchange of cash immediately. In Synthetic structure, the originator keeps the title with itself and investment is unaffected on the assets. In simple words, he does not put their assets on sale rather the risk/reward is merely transferred being derivative transaction. True sale and Secured Loan Structure: In true sale structure, originator sale the assets in true sprit which involve transfer of title and legal interest in the assets. In SLS, issuer takes the secured lending as loan. Fixed and floating charges are issued to investors to protect their stake and rights over the undertaking of issuer and trustee is empowered to take the possession of assets. Pass Through vs. Collateral Structure: The SPV issues participation certificates to investors that represent the direct participation of them thus they are exposed to performance of assets. Investors receive return when there is any cash generation from those assets and so is true for risk involved in these assets.To mitigate the risk of delay payment credit enhancement is opted. Pay through/Collateralized mortagge obligation(CMO) is another name of collateral structure in which SPV keeps the assets with it whereas charge is given to investors only not the assets. The special purpose entity issues the debt against those assets which are transferred by issuer. Discreet Trust vs. Master Trust: It is a type of structure in which Special purpose vehicle identifies a specificil pool of assets for investors to participates and thereby earn from cash flow pool thus it is called discreet. While Master trust is creation of larger fund backed by many pools which are transferred for several investors in which funds raised are not greater than the assets transferred this also covers the repayemtn structural and tenure issue to reciprocate. Conduit vs. Standalone Transactions: In this type of structure the purchaser or originator collects the assets from different orignators and keeping them backed to debt he issues commericial paper. It is for short term duration and thus it requires short term financing frm the banks. In stand alone strucute, the conduit sources the assets from single originator thus securities are issued keeping in view the maturity of asset pool. ISLAMIC SECURITIZATION Islamic securitization can best be defined as process which satisfy the conventional asset backed securitization and parallel adherence to Islamic laws of economic finance.The rights of cash flows are transferred to SPV from originator thereby issue notes to investors as sold. In this system, SPV becomes the trust and thus holds the assets in capacity of fund manager. The security issued through Islamic securitization is called Sukuk in official terms which is issued by SPV and the income is derived from the funds being received against the funds hold as underlying asset. Islamic finance encourages dealing in assets not the cash as commodity, therefore it is permissible under Islamic finance to securitize the assets provided they adhere to the guidelines of Islamic Finance. The theme is that Islamic securitization can replicate the process of conventional securitization with joint supervision of Shariha and Fund manager.If any thing which is not in compliance to Islamic law then regardless if the process is crystal clear, the securitization stands null and void in the eyes of Shariha. For example, if underlying assets are credit cards and conventional mortgages and income from them will be shared with investors soon shall it realized, the process is null as credit cards income do not comply with Shariha because it has interest bearing instruments attached with it. If investors are investing in assets then the ownership of the same be transferred to them too if it has to comply with Shariha guidelines.It must be noted that transfer of title to assets is not necessary or compulsory but the rights to collect them, access them and right to know them is given to investors that justifies the shariha rules. Investors are supposed to bear risk of loss and profit to underlying asset as they are enterning into ownership contract. Adapting the Principles of Islamic Finance to Securitization Islamic securitization requires two stage evaluation.Firstly Shariha compliance of assets/portfolio and returns from the same, secondly the structure of transaction which includes credit enhancement and liquidity management. The first standing principle is simple Islamic securitization in no way accepts the income that involves interest bearing. It has to be structured in such a way that the investors are exposed to some sort of business risk in relation to their share in investment. Therefore it is made compulsory for the investors that the return must be commensurate to the risk they bear. Islam disallow debt trading, management of prepayment risk and other conventional tools which can cause customers who are income only-centered not to invest with them. Shariha requires procedural and objective evaluation of securitization process to carry on process and prohibits elements of gharar, interest, haram and encourages real economic participation with mutual risk sharing, profit sharing and benefit of entire society. Securitiziation has to adhere to following princples of Islam to be shariha compliant: The purpose of raising funds through securitization must be genuine as not to defraud the investors. And the assets which are under lying in the process must be clearly identifiable and revenue from them must be separable from those which are not under umbrella of securitization. The assets under consideration must not be consumable. Each investor must receiver their share commensurate to their share of investment and risk exposure in the assets. Therefore if assets earn profit, that is sharable other wise you can not fix the rate of return on their investment. The security must not be backed bu the debt or prohibited activity as prohibited by Shariha. It must not be involved in any kind of haram, unethical or exploitation of natural resources with or without non-productive investment The transaction must involve the risk factor and not just the mere return. It must involve compensation for the investor and exposure to risk in the assets under securitization.It must not hold debt as underling security and mere exchange of money and interest on that. It means transaction must not be mere debt and risk free exchange of return. Investors must hold unsecured payment obligation and that be unconditional investment. The principal cannot be guaranteed that the same will be redeemed in full or in part. Investors must be given hand in the ownership of underlying assets The proceeds from investors can not be invested in cash based instruments or interest bearing notes. Without any exception, even the return from that can not be reinvested in any short term cash based instruments or interest based debts(bonds). The turnover must be kept low to avoid any un-utilization of assets.Speculation of underlying assets and payment obligation is to be prohibited without any exception. Islamic takaful should be sought instead of conventional insurance for the credit enhancemenet and liquidity management. There must be Transfer of ownership and direct participation in the assets Exclusive linkage between the cash flows and underlying asset has to be developed. Islamic scholars are of view that credit enhancement be allowed on condition that does not change the over all structure of securitization process. In conventional securitization there is tranche subordination which is not allowed in Islamic law but there is option in Islamic Law the lease-buyback(Ijaraha) transaction. The issuer gives partial ownership rights of underlying assets to investors with respect to risk exposure of their investment in the portfolio thereby leasing back the same in exchange for fixed rental payments which is conditional on repurchasing the portfolio at already specified price on future date. This covers the reinvestment risk of the portfolio. Islamic finance ruled out that interest bear financing instruments are allowed on the basis of partnership not on interest bassis. The point is to refute the concept of interest in all the ways. It is creation of sukuk which shows evidence of ownership on assets i.e tangible and intangilble, fixed or revolving what ever they be but must be productive cash flows within finite period of time. Structure of Islamic Securitization There are following parties involved in the Islamic securitization transaction process. The Originator: It is the issuer of sukuk and is authorized to use the funds against selling of assets to SPV. It may delegate any other institutuons to carry on the issue as under writer. SPV: It is referred as Issuer of the securitization issue. It is entitity established to manage issue and purchases the assets from originator from the funds thereby issuing sukuk. Investment banks: They are agents and underwriters of the sukuk. They manage to raise funds on commission only base. Subscribers of Sukuk : They can be like any thing for instance banks, non financial institutions who basically invests in the sukuk. In its basic concept, originators would sell existing or future revenues from lease receivables (asset-based), sale-back profit (debt-based) or private equity from a portfolio of Islamically acceptable assets to a special purpose vehicle (SPV),30 which refinances itself by issuing unsecured securities to market investors, who are the capital market corollary to a singular lender in Islamic finance (see Figure 3). They assume the role of a collective financier whose entrepreneurial investment does not involve guaranteed, interest-based earnings. If we look at the structure of both conventional and Islamic securitization there it can be depicted there exists no any difference from structural point of view involving parties to it. Originator sells the assets (existing or future ) from a portfolio of Islamically aacceptable assets to SPV, which then refinance itself by issuing securities to investors that are unsecured by nature. The proceeds are then passed on to originator. Like in Ijara sukuk, SPV raises funds to purchase the assets and the same must be equal to purchase price. Investors have equity interest in the SPV in Ijaraha sukuk structure in other words they have direct ownership in the assets. The SPV thereafter leases back to originator. SPV must match the payments with its obligation under Ijarah sukuk and it receives lease payments from seller. Upon maturity, special purpose entitity redeems the assets to originator and liabilities are deducted at source because they are owned by SPV.If any portion of income earne d is categorized as haram or unethical then the same be given in charity without any objection to it. Figure Process of Islamic securitization: Following figure depicts the process of Islamic securitization based on Ijaraha: Islamic securitization will best be categorized as monetization of assets underlying in the securitization process where as conventional counter parts best be defined as mere sale of debts. The process of issuing sukuk is kind of sale of share in assets. Islamic alternative offers almost the same benefits as conventional ones have to offer for instance enhanced asset liability management, term structure transformation, better management and control over assets.

A Study On The European Identity

A Study On The European Identity Although the concept of collective identity is a post-colonial phenomenon, a few nations would describe themselves under a collective identity before the modern times of the 19th Century. In fact, Europe is historically unique in terms that it has been the people living in the continent of Europe who have persistently described themselves as Europeans since the 17th Century (Pagden, 2002). Indeed, European Union emerged as the most important attempt for creating a supranational entity in the Continent and the best example of a Pan-European common identity as even the words Europe and the European Union are being used as synonyms by millions of people every day. Nevertheless, an uncertainty of a common identity has always been the case for Europeans throughout history and the physical as well as social borders of Europe has never been distinctly known for centuries which are full of wars, tensions, competition and blood. Today, the same problem continues to exist and many believe that it is the major factor blocking the efforts for achieving a fully integrated Europe, as the definition and frontiers of a common European identity is still unknown. Indeed, one of the most important issues of the European integration from a socio-political perspective is the vague concept of a common European identity including prospects of European Union Citizenship. Although a common European identity had been long around for centuries, these are fairly new issues in relevance to the half a century long history of todays European Union. However, I believe how the common European identity is defined is very important for the future steps of the integration process, as nowadays the EU is undergoing transformation towards a political union with an aim to become a global actor in the international political arena. What shall be the elements of a common European identity, how shall it be formulized if it is to become a suc cessful construct which would define Europe correctly to end the efforts that lasted for such a long time? I believe a triumphant common European identity must include the concrete and symbolic realities and it must be rooted to the diversity of cultures which had been created by the long history of Europe (DAppollonia, 2002). Otherwise, if it remains as a form of thin identity suggested by Habermas (2006), the problems and uncertainties of European identity as well as the poorly functioning European Union citizenship is most likely to exist in the Unions foreseeable future. In fact, a common European identity can only be successfully constructed by taking into account all the ambiguities, contradictions and developments in form of a unity in diversity principle which can be applied to the reality of Europe rather than building a shallow and artificial construct as it seems to be today. Theoretically, a united Europe in political terms is made possible if a united Europe in cultural terms is established through formulating a collective common identity which may only be conceived as a coll ection of multiple and complex values created by complicated dynamics of Europes long history. Nevertheless, a united Europe in cultural terms shall not mean a homogenous and strictly ordered European society; rather the European identity shall celebrate Europes long tradition of diversity. Another important question is how should European Union citizenship be defined and what should be the frontiers of cultural implications of such a political formulation. Considering the wide cultural diversity and long history that the individual members of the European Union had share in the European continent, a collective identity may prove to be far too complex to construct, so one may argue that a common European identity is still an illusion. Although Europeans have a successfully formed a common economic and increasingly political union, they are still far away from the desired level of cultural unity and a common identity which seems to be an alarming factor for the next stages of the European integration. Nonetheless, European Union citizenship is an area open to developments and it might be used as a critically important tool by the European Union leaders to accumulate a common European identity, only if it is formulized correctly. The critical point on the debate of Europe an Union citizenship is that the dominant Classical Model of Citizenship is based on the structures of nation-state and that is why this model cannot be applied to the European Union, as it is a whole different level of organization. On the other hand, Post-National citizenship is a modern approach to the issue of European identity and it is suitable to Europe in order to reach its goals of unification and deepening through building a stronger common identity in the 21st Century. This paper is organized in several sections. European identity from a historical perspective is analyzed in the first part; the current status of European identity and the issue of national identities in contrast to the common European identity is discussed in the following part; a new European identity and suggestions for a new formulation is given in the third part; a brief history of European Union efforts and progress on building a common identity is examined in the fourth part; and finally the aspects of European Union Citizenship is discussed in the fifth part of this paper. After all, this paper argues that a common identity in form of a collective European identity is clearly necessary for the Union at this stage of integration, and it is a crucial element for the future of the European integration project especially as our world is getting smaller as well as more fragmented simultaneously due to the complex dynamics of international relations every day at the age of globalization. European Citizenship is very much connected to the issue of European identity and it is the key to achieving such a strong common European identity when it is formulized as a Post-National phenomenon. The Europeans must derive their power from the diversity of their cultures by building a thick identity for Europe rather than a thin identity which consists of merely political rights; yet the Europeans shall not overlook the uniqueness of the Continent and the similarities they share in comparison to the rest of the world emphasized by the Unity in Diversity principle. Today, it is time for the Europeans to unite under one roof in socio-political terms, complete the long standing task of defining the boundaries of the European civilization by establishing a common and collective European identity in order to carry on the progress of the European integration project in a globalized world. Nonetheless, the question of possibilities of the Europeans to achieve such a high level of cultural as well as political unity remains a question and it is subject to a whole different level of research. However, often seen as a regional product of globalization itself, I believe the European integration project cannot progress any further without achieving a common European identity which is more critical than ever today in order to overcome the challenges of globalization in the 21st Century. Identity has always been a problematic concept because it is uncertain, fluid and highly flexible. Identity is the way to define ones self and to differentiate from the others. If taken literally, identity means equal, identical. Identity is not static but dynamic, and it can be defined in different ways in different circumstances. Identity is construct, which cannot be constructed immediately but only in time. It is not a fixed, constant and pre-given entity; while identity formation is heavily dependent on how one is perceived by the others. Identification implies belonging or membership, in turn which implies the exclusion of non-members (Bretherton Vogler,1999: 236).In other words, the sole purpose of identity is to separate self from the others in a sense. Moreover, identities are multiple in nature, or even kaleidoscopic. A person may have a single identity, but it will be made up of many levels of loyalty and identification (Von Benda-Beckmann Verkuyten, 1995: 18). Meanwhile , identities change, because they are based on perceptions, which themselves change over time and environment; as it is possible to identify ones self with more than one thing at a time such as class and gender, or religion and age. Therefore there are various elements of ones identity and these various elements in an identity may well be contradictory (Von Benda-Beckmann Verkuyten, 1995: 12). On the other hand, a collective identity means the attitudes, which all members of that group have in common in their thoughts and behavior; which differentiates them from the other (Munch, 2001: 137). Collective identities can provide existential meaning for people, thus they are primary means of unity in a society which give additional stability especially during periods of upheaval. Collective identities can generate a degree of continuity between individuals and their social environment, and can confer social recognition and approval (Von Benda-Beckmann Verkuyten, 1995: 24). Therefore, collective identities are defined mainly by culture from a historical point of view rather than biological genes, ethnicity, nationalism or simple political rights. Finally, It they are used to construct community and feelings of cohesion and holism, a concept to give the impression that all individuals are equal in the imagined community (Strath, 2002: 387). From the perspective of political scie nce; there are two types of political identities: a civic identity and a cultural identity. The cultural definition of political identity entails a sense of belonging of an individual towards a particular group which can mostly defined by its uniform cultural or ethnic values. On the other hand, the civic definition of political identity involves with the identification of an individual mostly in form of citizenry with a political structure, which includes political institutions, rights, duties and rules (Bruter, 2004: 26). Therefore, a cultural European identity implies a reference to Europe as a continent, a civilization and a cultural entity whereas a civic European identity implies a reference to the political and institutional aspects of European Union identity largely in the form of EU citizenship. Europe has always been more of a mental construct than a geographical or social entity (Lowenthal, 2000: 314). Europe has no natural frontiers both in geographic and sociological terms. Therefore it had never been easy to acquire a singular definition of European identity because the borders of Europe had always been dynamic, and no one knew where Europe started and Europe ended (Pagden, 2002). A European identity is an abstraction and a fiction without essential proportions (Strath, 2002: 387). The concept of a European identity is an idea expressing artificial notions of unity rather than an identity of equality. In this sense, the concept of European identity is inscribed in a long history of political reflection on the concept of Europe. From the perspective of history, Europe has been united as a singular entity in various settings for a number of times in its past such as the Roman Empire, the Holy Roman Empire, the Napoleonic Empire, and arguably the Nazi Third Reich. Identity was only conceptualized as a macro-level collective phenomenon by the intellectual elites of Europe; on the other hand, for the rural masses of Europe, identity was a local term associated with the micro-level, rarely the nation and never an incident as large as the continent of Europe (Pagden, 2002). In different period of history, a common European identity had been defined on different basis. In the Middle Ages, Christianity was the main defining characteristic of European identity, whereas in modern times, the emergence of the nation state, periods of nationalism and afterwards democracy and secularism has been the common characteristic of the Europeans. Meanwhile, Christianity lost its dominance yet it arguably remained as one of the important components of European identity. Today, the European Union similar to the continent of Europe can be characterized by overlapping and unclear boundaries. From a geographical perspective, the EU has fuzzy boundaries due to the ongoing enlargement processes since the 1970s (Risse, 2003: 490). Although the geographical borders of Europe are not objectively defined particularly in the east, a state without a geographical relevance to the European continent cannot become a part of the European Union, even if it shares the EUs collective values and norms. Moreover what adds to the uncertainty of Europes borders is that boundaries of the EU may change according to different policy fields such as the Schengen includes the non EU member Norway but at the same time it does not include the EU member state the United Kingdom. Therefore, first of all the lack of solid geographical boundaries weakens efforts of the EU to be seen as a singular entity by its own people (Castano, 2004). On the contrary, diversity shall be the main c haracteristic of European identity from a cultural point of view. Religious and cultural heritages including Roman law, political democracy, parliamentary institutions, Renaissance humanism, rationalism, romanticism characterize the common identity of the Europeans (Smith, 1992). On the other hand, there are undeniable socioeconomic, cultural, national and ethnic differences among the member states of the European Union. Nevertheless, this reality is reflected in the motto of the Union which is unity in diversity from a positive point of view. A collective political culture is an important feature of the common European identity. The Greeks gave Europe the science and philosophy and the Romans gave it the idea of single continent and unity which created Europes strong cultural and political origins. The diverse and multiple cultures of the ancient Europe shared a single identity as they were brought together under a common system of Roman law. The people of Europe also shared a common language, Latin, and after Europe slowly converted to Christianity they acquired a common religion. Christianity has been a crucial part of the European identity and it played a key role to create its internal cohesion and to designate its relationship with the rest of the world. Further references are made to Europes identity besides its heritage of classical Graeco-Roman civilization and Christianity; such as the ideas of the Enlightenment, Science, Reason, Progress, Industrialization, Democracy and Individualization as the core elements of this claimed European legacy (Wintle, 1996: 13-16). Hellenism, Romanticism, welfare society and cross-fertilization of diversity can be added to this list (Garcias, 1993: 7-9), while one may argue that Europes core values include its commitments to an undivided continent, to individual freedom, and to the universalism of humanity (Havel, 1996). However, this unity never reached to the point of sharing a common European culture. A single body of citizenry or a common cultural identity could not be reached even in the peak of Europes history of unity. When the differences within Europe are emphasized, they are often in the form of unity in diversity; religious differences such as Catholic, Protestant and Orthodox Christianity, and linguistic differences including Romance, Germanic and Slavic languages are obvious; yet they are seen as correlated, Catholic-Romance, Protestant-Germanic, Orthodox-Slavic, and essentially are underlying the major ethnic cleavages and conflicts in the history of Europe. Anthony Smith is among the scholars who are skeptical of the possibility of a common European identity because they could not find a common culture across the European continent, and even more critically they claim that Europe lacks of a shared set of myths, experience and symbols; these elements which they find crucial to create po st-national identity (Smith, 1992: 72-73). Furthermore, Europe lacks of a shared historical and cultural content as which is the largest source of division among Europeans. Other obstacles to a common European identity include linguistic diversity and its tripartite religious division. In fact, a major difference among EU countries is the persistence of linguistic diversity, even though in practical level English has become the dominant language in Europe. Language does not only have an instrumental but also an emotional dimension and peoples sense of nationality is often tied up with their mother tongue (Guibernau, 2001: 192). On the other side of the debate, scholars such as Michael Wintle are more optimistic on the possibility of creating a European identity. Indeed, the existence of the EU identity in the form of converging education standards, educational exchanges, and the organization of a European civil society is already established in most parts of Europe. Wintle argues that a European identity was previously already created during the high Middle Age (Wintle, 1996: 19-22), and it can be easily established today considering the forces of globalization. For now, the major success of the EU in fostering its identity has been limited with the increasing free movement of people across European borders, which has accelerated since the 1985 and formalized in 1990 Schengen accords parallelly correlated with the rising impact of globalization. Increased interaction among peoples of Europe would also encourage cultural exchanges and this could foster a stronger sense of a shared community. Education and hi gh culture shall play a key role in European Unions cultural policy, because these two factors have an important effect on the creation of the EU identity. Education is obviously one of the crucial dimensions in any attempt to develop the future identity of the EU or at least more understanding and convergence among Europeans; high culture unites Europeans against the low culture which separates them. After all, the development of the EU identity will be the outcome of a long process in which bottom-up as well as top-down initiatives are likely to be employed (Guibernau, 2001: 183-184). The idea of Europe as well as the identity of Europeans are constructed over time with processes of contention and bargaining. Gerard Delanty argues that a European Culture is not an entity with cohesion and fixed boundaries, but a floppy concept, with no clear borders and with internal opposition and contradictions, discursively shaped in contentious social bargaining processes (Delanty, 1995; 1999). In other words, the images of Europe do not exist as a natural phenomenon but are discursively shaped by internal as well as external forces (Strath, 2002). A basic step in the process of creating a collective identity is to defining itself in relation to the other. Central to ones identifications are images of others. Likewise any identity, European identity necessarily contains a demarcation from the non-European. This is natural to all distinctions, and they are both inclusive and exclusive. The boundaries of Europe can only be drawn and the identity of Europe can only be realized in the mirror of others. Indeed, Europe does not exist without non-Europe and that non-Europe does not exist without Europe. Many centuries ago, the Europeans defined people living in the north as uncivilized and people living in the south as oriental (Pagden, 2002). Furthermore, the Greeks labeled the non-Greek speaking people as barbarians, even if that word would surely have a different meaning by that time. In nearer times, although the Russians shared many features with a European society including the same religion, it could not reach the formal limits of a Romanized civilization thus perceived as a barbaric empire or the orient, depending on the time. Moreover, European belief of its superiority relied on the common features of European societies such as science and liberal arts. Thus the rest of the world could only be portrayed as actors in relation to Europe, in other words always remained as the other. According to Delanty, Europe has been always invented and reinvented on the basis of division and strategy for the construction of difference from the other starting from Christian identity against Islam in the Middle-Ages, after that in the colonial politics to the New World, and to the ethnic minorities in the contemporary European Union (Delanty, 1995). Therefore, historical experience suggests that the new European identity may be constructed on the other which may be the United States, the East, Islam or the European past itself. Samuel Huntington has argued that religion provides the best common means of historically distinguishing between Europeans and the other, especially in terms of the confrontation between the Judeo-Christian tradition and Islam (Huntington, 1996). However, at the same time, the separation between Eastern Orthodox Christianity and Western variations of Christianity has, for a long time, been crucial in establishing a division between Western and Eastern E urope; partially reinforced in the Cold War, divisions between Catholicism and Protestantism and separation between North and South (Guibernau, 2001). Today, the European Union is frequently argued to be a fortress for the other and the EU is often referred to as a Christian Club, because historically all states on the continent of Europe had Christian societies. The Ottoman Empire was the greatest enemy of European states as well as Christianity in the Middle Ages; which made Islam the primary charactersitic of the other for Europeans from the perspective of history. Today, the accession dialogues of Turkey into the European Union raise wide public opposition in Europe while the European Union officials make constant efforts to prove their allegiance to non-religious, non-ethnic but solely liberal and non discriminatory Copenhagen Criteria independent from historical aspects of the other which has actually been extensively used to define the European identity. Finally, Europe is unique because it has possessed an identity as a cultural space which gave birth to political unions throughout its history. However, it has never succeed ed to constitute a single nation-state or a unified ethnic group. Although the European Union with its single currency and supranational political and legal institutions changed these historical facts to an extent, it is only possible with the means of a common European identity which will carry Europe to the next stage of integration which it always aimed but failed to achieve during its long history. Nevertheless, history has already proved that it will surely be hard to overcome uncertainties of a common European identity at the level of the masses. Over the past millennium, the advancements of European civilization gave rise to the elites living on the continent of Europe who feel increasingly attached to Europe as a whole and shared dreams of a united continent. However, Europe as a realm sharing a common history as well as a common destiny has been largely abandoned by fixed prejudices on often nationalistic and ethnic grounds. National interests and biases at local, national, and global levels have prevented the masses of European people from viewing themselves collectively (Lowenthal, 2000: 315). However, today, forces of globalization, advancements in communications technologies and media transmission of everyday popular culture now promotes the sense of being European among larger segments of society other than the European elites. Although a truly trans-European society is still in its infancy, many of its essential elements are already in place this time largely due to the forces of globalization. Most European states a re increasingly democratic in reality; their economies are for the most part market driven; their popular culture grows more homogeneous as communication technologies expand under the forces of globalization in the 21st Century (Waterman, 1999: 23). Therefore, Europe is at the stage of defining its identity today; however which criteria are being deployed to define Europe, Europeans, Europeanness and their respective boundaries is critically important. A common European identity must be constructed by defining and understanding the historical roots of outstanding features of the European society in relation to the notion of citizenship, which will be discussed in depth in the following parts; developed in the past over the land of Europe. For sure, Europe is being redefined as a result of a complex set of processes, but an important question is what sort of Europe is emerging from them? There is certainly a structured symmetry in the perception of the European Union as the coincidence of a homogenized socio-political space, a unified regulatory space of an EU super-state, a singular European civil society surpassing existing national and regional differences in culture and identity (Hudson, 2000). In some respects there has been progress towards such an ideal of European civil society. For example, the Council of Europe and the European Convention on Human Rights have had an important role in defining acceptable standards across Europe. The issue of European identity and the criteria used to denote Europeans is clearly a critical one for the political and social integrity for the European Union. Europe will exist as an unquestionable political community only when European identity permeates peoples lives and daily existence (Demos 1998). Identity is a key issue which is continuously changing and thats the reason why it is so hard to define especially in a world of f ast changes in the 21st Centurys globalization. The member states of todays enlarged EU have become multi-ethnic and multi-cultural societies with various structural phenomenon ranging from the immigrant community of France to Post-Communist yet ethnic communities of the Central and Eastern European states. As the EU expanded eastwards in the last two rounds of enlargements, the issue of defining a European identity became even more critical for sake of integrity and stability of the Union. One conception of a singular European identity would see it constructed through a process similar to that involved in the creation of national identities in the 19th and the 20th Centuries. Ironically, while the aim was to create those national identities in the past, the challenge that Europeans face today would be to transcend them for the creation of Europeannes. However, the current trends at local European level are quite different from the interests of Europeanists at the supranational level. There are pressures from nation states and their citizens to resist any further transfer of national sovereignty as well as erosion of national identity (Hudson, 2000). In fact, the success of extreme right wing political parties in important European countries such as Austria and France may be seen as a sign of the reappearance of dangerous nationalist and racist ambitions which the peoples of Europe have most probably experienced more than any other continent in the world history. Eric Hobsbawm has proclaimed that nationalism is dead (Hobsbawm, 1990). On the contrary, Llobera argues that national identities are certainly not eternal, but the time of their demise has not yet arrived (Llobera, 2003). In fact, national identities are still dominant in Europe. Recent surveys show that, people in Europe prefer maintaining their national identity and sovereignty, but increasing number of people have accepted European identity in addition to their national identities. Therefore, European nationalism is another important component of a common European identity and it has been a major ideological tool for unifying nation states as well as the Europeans as a whole throughout Europes history. To start with, the European Union, with its both intergovernmental and supranational characteristics represents a far different type of state-organization than a classical nation state. The main distinguishing characteristics of the EU from the nation-state are the absence of a shar ed language, a uniform media, common education system and a central state structure (Shore, 2000: 64). Furthermore, the powers of the EU rely on the sharing of sovereignty of its member states. European unification is a progressive method of limiting individual nation states to practice any kind of harmful nationalism and this is makes up an important part of the European identity. At this point, nationalist Euroskeptics may argue that building a common Europe and an identity for it means destroying nations. However, a general feeling of Europeanness and loyalty to Europe in a cultural sense, does not need to conflict with national identities (Andreani, 1999). A successful construct of European identity must include the concrete and symbolic realities created within time. The European states have not always been nationalist through Europes long history. The definition of nationalism counts on the idea of nation and territory; while the definition of a European nationalism depends on the historical and ideological evolution of the European nation states and aspirations for a post-national Europe. In fact, the aspirations that underlie in the roots of the foundation of the European Union are parallel to European cosmopolitanism in the 18th and the 19th centuries. From the Enlightenment to the beginning of the ECSC after the Second World War; European nationalism found two separate meanings: one as an antinational Pan-European idea of a new united Europe that limits the sovereignty of the nation states, and the other as a pro-national ideology to create or legitimate new nation states (DAppollonia, 2002). Historically, cosmopolitanism reflected intentions for a European unity, and gave rise to anti-national European nationalism. European nationalism was characterized by the will to protect the European interests and its supremacy from non-Europeans as well as protecting Europe from itself by creating a federation. It can be argued that economic development, commercial prosperity, intellectual-supremacy and military power were the factors making Europe homogeneous and created a united European identity beyond national borders to an extent. Some intellectuals as well as economists believe that the nation state is an outdated political and economic entity, and nationalism is merely an expression of old prejudiced and narrow-minded ideas. European nationalism defined itself similar to the nation state through common identity and culture, territory, historical memory building, and economic and political objectives to defend self-interests. The defensive conception of European nationalism o n the other hand had always been a driving factor, yet the pro-nationalist ideologies had been the major cause underlying the wars of modern times. As Europe was divided into aggressive nation states, the idea of Europe had increasingly converged. Although the wars were dividing factors themselves, their interpretations by the Europeanists became powerful unifying factors for Europe. The irony of European nationalism is that it depends on the memory of events that divided rather than united the continent (DAppollonia, 2002). Although it used the same definitions of nation and Europe with the anti-national European nationalism from time to time, it remained limited to the strict logic of the national framework. Transnational solidarities were necessity to establish European unity under either a supranational or an intergovernmental structure. For some intellectuals, European nationalism was the only way to protect the autonomy of nations and the liberty of the individuals. Conceptualizing of the European Union citizenship and creation of the Committee of the Regions in the EU were seen as efforts of the Pro-national European nationalists. These forms of European nationalism rejected the form of narrow nationalism while it showed ambitions to reinforce the intermediary actions between state and individual, between th