Industrialization after the Civil War - Free Essay Example

Sample details Pages: 4 Words: 1121 Downloads: 3 Date added: 2019/10/10 Did you like this example? Introduction The industrialization which took place between 1865 and 1920 had effect o the society, economy and the politics of U.S. The effect of industrialization revised the working and living conditions of citizens, the rise of businesses, and the role in foreign affairs came into existence due to industrialization. However, there were some negative effects associated with industrialization in America. Therefore the purpose of this paper will be to discuss some of the events which took place after the civil war. Three major aspects of the industrialization The three aspects affected by industrialization in America were society, politics and economy. Society was highly influenced by industrialization because there were building of companies, railway was being used to distribute goods and services to different nations (Arrington, 2013). Also, there was movement of many people from the south and farm areas ending towards the Northern urban areas. United States was shifting from agriculture to being more industrialized. Therefore they needed iron and steel for industrialization (Gilder Lehrman Institute, 2009). The society contributed a lot to the industrialization aspect by working in those factories to earn money, as well as working in steel plants. Don’t waste time! Our writers will create an original "Industrialization after the Civil War" essay for you Create order Economy is the second aspect of industrialization. Economy played the overall role towards industrialization since all the factories, trains, and stores were built contributing to economic growth. Immigration of people made the economy to change the society into an urban industrial state (Schultz, 2013). Industrialization reduced investment interests in machine production because the machines were used to produce other goods thus increasing the productivity. Increased productivity led to economic growth through rising the living standards of people. Due to economic growth, more employment opportunities were created rising the income of the people. Politics is the last aspect. The aspects of politics was reflected in business sector rather than to the urban people who were poor not even the working class.   Schulz (2013), states that different politicians from state, local and federal government provided their friends with land grants and government contracts. Politicians were more corrupt and they rooted public funds. 5 groups that were affected by industrialization Industrialization impacted on   the first group, the middle and low class because, building of assembly lines left the lower class jobless (Rees, 2015). When the economy had growth rate of employment had increased, however as the industrialization stepped on low class become victims as the factories were built for extensive production. Use of machines for production purposes left many unemployed. According to Gilder (2009) building of factories left may people unemployed because assembly lines could produce goods within a short period of time as compared to man. Also Gilder Lehman Institute argued that workers were being defended by labor groups from greedy employers who looked at the workers as cost of production instead of regular individuals. However, most of the low income earners secured some good jobs in the newly formed factories to work with the machines thus increasing their level of earning (Morris, 2013). The second group was the Native Americans. Due to industrialization, America by roads, railroads were expanded and from there more towns were build causing reduction in Indian land thus forcing the Native Americans to take small portions of land in different parts of the country (Rees 2015). Consequently, with the building of new urban areas, factories growing constant and need for land to build more factories forced the Natives to move to even much smaller areas (Morris, 2013). As stated by the University of Michigan, â€Å"there were sprouting up of new urban areas as cities started to grow with factories, mills and need for other structures to expand industry which led to taking the Native American tribes land†. After displacement they moved close to the factories hoping to get employment. There they experienced harsh conditions as the housing was poor and unsanitary was very high causing diseases and epidemics. A positive effect of industrialization was that some secured j obs in those industries, though they were paid low wages due to lack of skills (Rees 2015). The third group was the immigrants. Europe had experienced some tremendous population growth forcing some people to migrate. Some came to the US from eastern, central and southern Europe to seek land for cultivation. This was due to the industrial revolution in Europe which had drawn people from the agricultural areas to the urban areas causing overcrowding and unemployment (University of Michigan nd). Those immigrants were affected because they came into America never knowing any English nor had any work skill. The fourth group of people was the children. Due to industrialization, more industries were build and they needed cheap labor. For that reason children were used to provide the cheap labor because they worked for minimal wages as compared to adults. Due to child labor, some of the children even become deformed and crippled. The fifth group of people was the African American. They possessed no skills hence they were assigned with inferior jobs (Morris, 2013). They had limited access to education. They suffered low wages as well as discrimination. However, before industrialization black Americans were working as slaves in the big plantations of the Native Americans but due to industrializations those plantations were deployed to build factories thus making the blacks free from slavery and hard labor. Another group of people were the women. They worked under low pay and they were not given equal opportunities as men. Women were also denied the right to vote. 5 ways in which industrialization affected the average American Averaging Americans suffered low wages. Most of the workers in the factory were women and children who were paid low wages. The average Americans lacked the relevant skills. Secondly, industrialization led to women and child labor (Rees, 2015). Women and children were faced with long working hours as well as harsh working conditions. Many were faced with dangerous health issues and short lunch breaks. Average Americans Also faced against poor housing (Schwab, 2017). The average Americans were oppressed because authorities never enforced laws. Business men did what they wished to and never followed the law. Average Americans also experienced poor housing due to displacements from industrialization. There were positive effects too whereby; economically, there was diversity of the market and people never needed to go to one place and buy their products, industrialization led to reduction in transportation cost for the average American because more roads and rails had been build, farmers were introduced to new and better farming technologies with introduction of farming machines (Rees, 2015). Above all average woman was transformed to a better positional change. Women could now work in the office and factories unlike traditionally when women were associated with only taking care of the household. Conclusion In conclusion, American industrialization caused tremendous change in the life of different groups of individuals as discussed in the essay.

Narrative Psychology Focuses on the Ways People Use...

Narrative Psychology: Narrative psychology builds upon broad interdisciplinary and scholarly basics that extend into the humanities as well as the social and natural sciences. Psychologists who come from more outdated arenas of psychological study are challenged with significant obstacles when moving toward narrative approaches: there are multiple spheres of knowledge that relate to narrative but may be totally unfamiliar to them. At least three basic areas which narrative psychologists can discover to better understand this perspective involve (1) the work done in the civilizations by narrative theorists in poetry and disapproval; (2) philosophical voices, such as Paul Ricoeur’s, which suggest narrative as constitutive of human personhood; and (3) social scientists in psychology and related fields who offer bases in which narrative is fundamental to the understanding of human behavior and working. It focuses on â€Å"the ways in which people make and use stories to understand the world†. Does NOT treat narratives as stories that transfer a set of facts about the world, and is not principally interested in whether stories are ‘true’ or not (so is closer to public constructionism than positivist approach).It views narratives as social products that are formed by people in the context of precise social, historical and ethnic locations. It views narratives as explanatory devices through which people represent themselves and their worlds to themselves and to others. NarrativeShow MoreRelatedOne of the Main Divisions Between Mainstream and Critical Social Psychology Is That of the Methods Adopted. Discuss with Reference to the Cognitive Social and at Least One Other Social Psychological Perspective.1698 Words   |  7 PagesOne of the main divisions between mainstream and critical social psychology is that of the methods adopted. 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Thesis Documentation of Library System - 2535 Words

MASTER IN INFORMATION AND LIBRARY SYSTEMS Rationale The design of the existing MLS curriculum was last revised in 1986. It was based on the old/traditional way of library operations. Recent developments in technology have however radically changed the format of information sources, the way of seeking, accessing and delivering information and of the learning styles. It has also brought about the existence of other alternative information providers serving as competitors of the library in the information market place. More so, the capabilities and capacities of technology have increasingly transformed libraries into a virtual place. The expectation of the 21 st century setting has expanded the role of librarians from mere passive custodians†¦show more content†¦Course Title Units Lec. Hrs/Wk Lab Total Prerequisite(s) Background in Foundation of Libraries, Info Mgt, Info Organization Servicing, and their equivalent Same None None ILS 230 Information Products and Services 3 1 6 7 ILS 240 Specialization Course 3 Elective 1 Information Preservation and Conservation 3 3 3 12 2 3 3 9 3 0 0 9 5 3 3 18 Total Second Year, First Semester Course No. Elective 2 ILS 399 Compre Total 9 Course Title Thesis Writing Units 3 6 Lec. 3 Hrs/Wk Lab Total 0 3 Prerequisite(s) None None All core and specialization courses Second Year, Second Semester Course No. ILS 399 Course Title Thesis Writing Total Units Residency Hrs/Wk Lec. Lec. Lec. Residency/Graduation Prerequisite(s) None GRAND TOTAL 33 UNITS Summary Of Courses And Units Particulars A. Core Courses LS 220 LS 225 LS 234 LS 237 LS 238 LS 241 LS 264 ILS 210 ILS 220 ILS 230 ILS 240 Sub-Total B. Specialization Choice 1 Choice 2 Choice 3 Sub-Total C. Comprehensive Examination D. 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Case Analysis One Tel

Question: Discuss about theCase Analysisfor One Tel. Answer: Introduction: The important job of an auditor is to assess the risk for his clients when working with them, one of the major types of risk is inherent risk; the risk of material misstatement in the financial record or statements occurs if there is no control. The risk management if anyone can see logically then he will understand that this job of board members. In many organisations the risk committee is formed to evaluate the risk and assessment under the supervision of Board Members. It is considered very high where the transaction of entity is complex and the due to that the judgement and estimation. This risk primarily evaluates or assess by the auditor. Flawless financial records are very rare thats why the auditors are there to find out the errors as well as the risks, especially when internal control is not in place the inherent risk probability of existence becomes very high in those kinds of situations(Quora, 2013). To understand the strategic risk knowledge of ERM or enterprise risk management is important. It is basically performed by the board and management. It is a process of setting the strategy to identify and design potential risk may affect the company or companys financial records. The strategic risk is those internal and external factors which prevent to achieve the companys strategic goals. In recent year there are economic turbulence in world economy, the company has the inherit risk of having the payment of interest. There are compliance threats also, Compliance threats are mostly related to legislation and legal threats to existence, changes in the regulations may be threats. Operational threats are a related to the investors or operators. Apart from that there are some financial threats these may cause from market fluctuations, hike in interest rate, inflation etc. One Tel was expecting a major boom in the market as the handset users increasing with respect of land phone users, b ut market has become saturated as the big players are already there in the market. One Tel has to face the hard competition from other big players. Main challenge in this market is keeping the quality in international standard products have to delivered at low cost(Nocco Stulz, 2006). Discussion: The process of assessing the inherent is very subjective than other sections of audit. Inherent risk is mainly an event, happens in the financial statements for the absence or maintenance of internal control. The One Tel company had make a loss of $282.1 million and again when company is planning to move to a new market, it would require further investment and the return on investment will be lower in the first 3 years, which carries an inherent risk. Initially the One Tel has to lease the other companys network which incurs a recurring cost. High inherent risk means in the financial records or statements are correct or fraud has happened by the way of omission or negligence of material fact. There are Some Key Factors Which can Lead to High Inherent Risk: Environment external factors: there is a list of external and environmental factor that can increase the Inherent risk. Expiring Patents: pharmaceutical companies often face the patent expire risk. Drug patents expire. That means company will face the sales and marketing problem of making the same generic medicine. Rapid change: if inventory of a company becomes obsolete fast then the company may experience high inherent risk. State of economy: economic growth in general level also carries high inherent risk. Availability of financing: It is another external factor, if the client has the problem of meeting cash payment, loans availability in low rate of interest may mean the gap between staying in business or shut down. Fraud: this is one of the major or common factors for high inherent risk. The maintenance of the records and statements are done by the human, there may be a chance that theft can happen. As an example, if any company deals with cash there is a chance of balance sheet cash balance is under inherent risk. It is a most simple example of lack of control in internal operations. There should be regular check- ups of the financial statements can reduce the risk. Another factor for high inherent risk is if prior period misstatements lie in the financial records. This may happen if periodic audits and check- ups of the financial records not done meticulously(Investopedia, 2015). Factors are Mostly Responsible for Strategic Risks: External Factors: The market change can be a major external factor for strategic risk. Management may decide one strategy but due to some market change again the new strategy has to launch by the management. Competition may be another risk, if competitor change the strategy that may led to a high strategy risk. Vendor performance is an external factor that is also responsible for strategic risk. Some financial factors like unknown expenditure, cash flow, and cost pressure are there for increasing the risk. Human resource factors: Fraud Employee or theft can be a factor of strategy risk, also the knowledge, know- how and the staffing can be a factor for strategic risk(Ranong Phuenngam, 2009). Conclusion: As we have found that the inherent risk always is a threats to the company as it is mostly happens due to certain factors, external as well as internal. This kind of risk exists in the financial record and a statement due the misstatements happens due to the lack of control in place. And when it is identified then the common practice is to manipulate the financial record or statements. So for this reason external auditors roles comes. It can only be minimised by the regular audit and taking the needful steps on the basis of audit reports. The strategic risk and the inherent risk both are threats to the company and those can be overcome through regular audit. To some extent strategic risk can be overcome through proper planning and back up plans. Because there are certain things which are beyond control like competitor strategy, market change then govt. policy or legislation changes etc. as One Tel entering a new market that will create a chain of operation with new customers and new operators. There will be many new challenges have to face like competition, the rate new taste and requirements of the customers, buying new equipment and infrastructures and new technology. Proper deployment of the resources is a real challenge. Task 2: Inherent Risk Factors: Inherent risk is the presence of misstatements due to the fraud, ignorance, or lack of internal control in place. This is the job of an auditor to find out the probable risk from the financial records or statements. It also happens if the transaction is complex so to mitigate this company has to take some steps which can simplify the transactions. Inherent risks increase the probability of error misstatements. The main factors are due to errors and omission, it is an audit risk. The financial sector is highly under the inherent risk because the lots of cash transaction done. Sometimes the strategic decision is also responsible for inherent risk. Apart from that rapid change in markets and the completions increase the inherent risks. State of the economy, economic growth or de growth can be a factor for inherent risk. Inflation is also to some extent increase the inherent risk. Availability of loans in low rate of interest may disturb the financial records as a result the risk may increase. For the pharmacy companies if the patents expires the companies may go through some marketing and competition problem. This will enhance the inherent risk in the balance level. The case of One Tel, we have seen it is already under cash crunch from the loss in the year 2000. This financial crisis will not allow entering a new market where there are lots of big player fighting. Entering a new market means lots of investment, new expense in licensing etc. As One Tel is penetrating a new market that means lots of infrastructural cost is involved new network has to be established, new office, hiring a new people as well as big promotional cost is involved(Auasb, 2009). There is a huge fund needed to fulfil the basic necessity as well as the up gradation of technology, new loans will create an impact on the profitability as the interest payment has to done from cash inflow. The regulations and the legislation are major hick ups for the MA. Significant inherent risk is to build the network and coverage. These are the prime challenges every telecom company has to face specially when entering a new market. The long term target of the company sometimes increases the competition which led to the inherent risk(Gary S. Monroe, 2008). The One Tel floated fresh public shares to collect fund from the market that would become an extra burden on the repay and pay the revenue and dividends from the margins. Task 3: Going concern is the assumption on factors that that a company will retain in the business in the coming future. Auditors evaluate the going concerns on the basis of entitys ability for every company the analyses of risk factors are essential, the evaluation and the strategy making are also a challenging job for the board and the management of every entity. What we have found from the cash flow, balance sheet as well as other financial records that the risk of One Tel is medium. One Tel is a big telecom company in Australia, founded in 1995 by Jodi Rich and Brad Keeling. The motto was to sell the mobile phones to the youth through one.net. And gradually it has come in Australias top five telephone company. The going concern based on multiple parameters(Monem, 2011). When a new company penetrating a new area or market for business, the research and planning starts from very early days. Lot of efforts as well as lots of funds are required to get the confidence of the market. Quality as well as the quantity is required and for that lots of cash flow is also needed so the risk of paying the interest is there. The investors should have the confidence not only the company also the management, expertise, previous financial records etc. There are few external factors are also responsible like global economy, in a very fluctuating economic condition the expansion would not be a very good idea. If it is done then the management or the board will carry a huge risk. Even the internal or nations economic conditions have to be taken under consideration. In a volatile condition this will harm the profitability of the company. In such conditions govt. may change the legislations, laws or the taxation policy. Planning is important the investors will check the feasibility of long term, mid - term and the short term planning. At least the short term and the mid- term planning should be more concrete. Planning means forecasting its makes a bridge between where we are and where we want to be. The budget and this forecasting are very important. The One Tel when planning to enter a new market where the trend of using the landline is going down and the mobile handset selling and consumption is going high. The budget should be based on lower revenue at least for first few years as the market competition is also very high(Colvin, 2007). Loan defaults, if, of the company has to bring under consideration. It is difficult to get the loans of investment if the company is a defaulter. Though the going concern concept is not coming under the accounting principles but the GAAS has instructed the auditors to take this under their considerations. References: Auasb. (2009, October). Auditing Standard ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with AustralianAuditing Standards . Retrieved September 22, 2016, from auasb: https://www.auasb.gov.au/admin/file/content102/c3/asa_200_27-10-09.pdf Colvin, M. (2007, April 03). Packer investment analyst questioned over One.Tel. Retrieved September 22, 2016, from Abc: https://www.abc.net.au/pm/content/2007/s1889031.htm Gary S. Monroe. (2008, December 31). The Importance Of Inherent Risk Factors: Auditors Perceptions. Retrieved September 22, 2016, from wiley: https://onlinelibrary.wiley.com/doi/10.1111/j.1835-2561.1993.tb00370.x/abstract;jsessionid=EA77CC8850D589C84CE3CDEAC568D650.f02t02?userIsAuthenticated=falsedeniedAccessCustomisedMessage= Investopedia. (2015, April 16). What are some examples of inherent risk? Retrieved September 22, 2016, from investopedia: https://www.investopedia.com/ask/answers/041615/what-are-some-examples-inherent-risk.asp Monem, R. (2011). The One-Tel Collapse: Lessons for Corporate Governance . Retrieved September 22, 2016, from griffith: https://www98.griffith.edu.au/dspace/bitstream/handle/10072/42673/74746_1.pdf?sequence=1 Nocco, B. W., Stulz, R. M. (2006). Enterprise Risk Management: Theory and Practice. Retrieved September 22, 2016, from https://fisher.osu.edu/supplements/10/10402/enterprise-risk-mgt.pdf Quora. (2013, May 10). Financial Risk. Retrieved September 22, 2016, from quora: https://www.quora.com/Is-risk-relative-or-absolute-Does-inherent-risk-exist-Does-risk-always-depend-on-the-specific-situation Ranong, P. N., Phuenngam, W. (2009, May 11). Critical Success Factors for effective risk management procedures in financial industries . Retrieved September 22, 2016, from diva-portal: https://www.diva-portal.org/smash/get/diva2:233985/fulltext01