Purposes of Economic Sanctions

Purposes of Economic Sanctions Anne Cook 1. Table of Contents (jump to) 1. Table of Content 2. Abstract Summary 3. Introduction 4. Body 5. Conclusions 6. Bibliography 2. Abstract Summary Economic sanctions, which comprise trade and financial components, are imposed by governments or the United Nations on target countries for the express purpose of achieving the sender countries objectives. They are imposed when diplomatic negotiations have broken down and as an alternative to conflict or warfare. The United States and the European Union, with the UN, are the major sender countries involved, with the US having broader defined purposes. Economic sanctions can be applied unilaterally or collectively. There is concern regarding the high volume of economic sanctions applied by the US and the legality of their defined purposes. This study also concludes that the defined purpose may not result in the desired outcomes, and can inflict economic burden on the sender country. 3. Introduction This paper deals specifically with defining and discussing the purpose of economic sanctions. This will be done in the context of the current purposes, which have changed considerably from historic times when economic sanctions were primarily imposed prior to going to war or in conjunction with military hostilities. Economic sanctions are defined as: ‘Economic, trade or financial sanctions are imposed by governments or the United Nations to exert pressure on individuals or political regimes and for the advancement of foreign policy objectives. Sanctions include a range of financial or trading restrictions, such as freezes on the assets of and travel restrictions on nominated individuals, bans on financing of state-owned enterprises, prohibitions on the supply of technical, financial and other assistance and outright prohibitions on trade.’ Ref [1]http://www.lloyds.com There are two specific types of economic sanctions Ref [2]http://www.globalpolicy.org (a) Trade Sanctions Trade sanctions restrict imports and exports to and from the target country. These restrictions can be comprehensive, as in the case of Iraq, or they can be selective, only restricting certain goods often connected with a trade dispute. (b) Financial sanctions Financial sanctions address monetary issues. They can include, blocking government assets held abroad, limiting access to financial markets and restricting loans and credits, restricting international transfer payments and restricting the sale and trade of property abroad. The freezing of development aid also falls into this category. There is substantial overlap between financial and trade sanctions, especially when applied comprehensively, since with their foreign assets frozen and access to new funds blocked, Governments will be unable to pay for imports, and trade will suffer. 4. Body Sanctions can be applied unilaterally or collectively and different rules will apply to each sanctions regime. Research shows that collective sanctions are more effective than those unilaterally applied. The following list from Lloyds identifies the following countries targeted by the EU the US as at May 2006 Myanmar (Burma) (EU and US) Belarus (EU) Democratic Republic of Congo (EU) Cuba (US only) Federal Republic of Yugoslavia Serbia (EU and US) Iran (US only) Iraq (EU and US) Ivory Coast (EU only) Lebanon Syria (EU and US) Liberia (EU and US) Libya (US only) North Korea (US only) Sudan (EU and US) Zimbabwe (EU and US) Some of these sanctions affect designated individuals only in the targeted country. There are also sanctions in place against named individuals or entities who: Are indicted by the International Criminal Tribunal for former Yugoslavia; Belong or are related to the Taliban, Usama Bin Laden and the Al-Qa’ida network; Are suspected terrorists. Many countries impose economic sanctions against others. However, due to their finacial muscle in the internationel economy, the United States and the European Union are the major ‘senders’ of economic sanctions and their stated purpose of applying such sanctions differ if one looks at their stated purpose for the imposition of sanctions by the major senders.. United States Purpose for Economic Sanctions Ref [3]http://www.fas.org/man/crs/crs-sanction.htm, The U. S. government may choose to impose economic sanctions: to express its condemnation of a particular practice such as military aggression; human rights violations; militarization that destabilizes a country, its neighbors or the region; proliferation of nuclear, biological, or chemical weapons or missiles; political, economic, or military intimidation; terrorism; drug trafficking; or extreme national political policies contrary to basic interests of values of the United States (e.g., apartheid, communism); to punish those engaged in objectionable behavior and deter its repetition; to make it more expensive, difficult, or time-consuming to engage in objectionable behavior; to block the flow of economic support that could be used by the targeted entity against the United States or U.S. interests; to dissuade others from engaging in objectionable behavior; to isolate a targeted country (or company or individual); to force a change or termination of objectionable behavior; or to coerce a change in the leadership or form of government in a targeted country. European Union Purpose for Economic Sanctions The European Union has a common list of objectives which all member countries adhere to. Ref, [4] http://ec.europa.eu/comm/external_relations/cfsp/sanctions/index.htm The European Union applies sanctions or restrictive measures in pursuit of the following specific objectives: To safeguard the common values, fundamental interests, independence and integrity of the Union in conformity with the principles of the United Nations Charter; To strengthen the security of the Union in all ways; To preserve peace and strengthen international security, in accordance with the principles of the United Nations Charter, the Helsinki Final Act, and the objectives of the Paris Charter, including those on external borders; To promote international cooperation To develop and consolidate democracy and the rule of law and respect for human rights and fundamental freedoms. In addition to the 2 economic superpowers listed about, the Security Council of the United Nations has a charter for the imposing of sanctions. Ref [5]http://www.un.org/Docs/sc/committees/INTRO.htm United Nations Purpose for Economic Sanctions ‘Under Chapter VII of the Charter, the Security Council can take enforcement measures to maintain or restore international peace and security. Such measures range from economic and/or other sanctions not involving the use of armed force to international military action. The use of mandatory sanctions is intended to apply pressure on a State or entity to comply with the objectives set by the Security Council without resorting to the use of force. Sanctions thus offer the Security Council an important instrument to enforce its decisions. The universal character of the United Nations makes it an especially appropriate body to establish and monitor such measures. The Council has resorted to mandatory sanctions as an enforcement tool when peace has been threatened and diplomatic efforts have failed. The range of sanctions has included comprehensive economic and trade sanctions and/or more targeted measures such as arms embargoes, travel bans, financial or diplomatic restrictions.’ Addition Comments There is a growing trend to apply economic sanctions in order to protect industries or supply in the senders home country; this is increasingly considered outside the original purpose of economic sanctions and scolars debate that this is protectionism using economic sanctions as a tool to look after the senders domestic market. One example, that led to retaliation from the EU, was against steel imports to the US from lower priced sources. In 2002, The United States places import tariffs on steel in an effort to protect its industry from more efficient foreign producers such as China and Russia. The World Trade Organisation ruled that these tariffs were illegal. The backlash from Europe resulted in the tariffs being dropped before the EU applied tariffs against the US s reported in the New York Times Dec 5, 2003 ref [6]http://select.nytimes.com/gst/abstract.html?res=F2091EF93F590C768CDDAB0994DB404482n=Top%2fReference%2fTimes%20Topics%2fOrganizations%2fE%2fEuropean%20Union%20 President Bush lifts tariffs on imported steel, averting trade war with Europe but risking political backlash in some industrial states heading into 2004 Presidential election; cites improving economy and cost-cutting efforts by domestic steel makers as reasons for his decision to lift tariffs 21 months after they were imposed; original goal was to keep them in place for as long as three years; announcement of his decision immediately leads European Union to drop its plan to retaliate with tariffs on variety of American exports from states vital to Bushs political fortunes; Bush says he will continue program to monitor steel imports to detect any destabilizing surges of cheap foreign steel, and that United States will also continue pressing other nations to stop subsidizing their own inefficient steel producers In addition, the US (in 1999) had imposed unilateral economic sanctions on 75 countries – the purpose and high volume of economic sanctions is increasingly being questioned in the light of the stated purposes for which they should be applied. Ref http://www.twnside.org.sg/title/half-cn.htm ‘Half the World Hit by Unilateral Sanctions, by Someshwar Singh ‘Geneva, 21 Dec 99 More than half of the worlds population in 75 countries is subject to unilateral coercive economic measures or sanctions by one country alone the United States of America according to a recent report by the United Nations.’ The longest standing unilateral economic sanction enacted by the US, is that against Cuba. This has been in effect since 1960 and has failed to achieve their original purpose. After 46 years the Fidel Castro government is still in power, and maintains its commitment to Communism, even after the fall of the Soviet Union. Ref the US Chamber of Commerce [7]http://www.uschamber.com/issues/index/international/cuba.htmCuba and Unilateral Sanctions The United States has maintained an embargo on trade with Cuba since October 1960. Implemented to pressure the Castro regime to democratize, these unilateral sanctions have completely failed to achieve their objective. The U.S. Chamber has long argued that unilateral sanctions do not work. Too often, they serve to make a martyr of a tyrant and actually help prop up authoritarian regimes. Unilateral sanctions also isolate the United States from its allies while denying U.S. Company’s access to markets in which third-country firms can do business easily. 5. Conclusions The US stated purposes for applying economic sanctions are broader and more far reaching than those documented for the European Union and the United Nations. Economic sanctions have been used by the United States to protect local industry and arguably are a tool used in providing protectionism. The US has also enacted sections in higher volumes in recent years. However, the purpose that invoke sanctions are often circumnavigated by services and goods being supplied by alternative countries or the purpose itself is not met at all. The 45-year embargos against Cuba by the US have not fulfilled their purpose that was to force Fidel Castro to renounce communism. The purpose for engaging in sanctions by the sender is often not the eventual outcome in the target country. The European Union imposes economic sanctions within the framework of the United Nations Charter. The motives and desired outcomes for imposing sanctions vary by sender country as a result of these differences in purpose. In general, internationally, the application of sanctions should be introduced when diplomatic channels have failed and to avoid conflict or war. There is increasing statistics that show that the imposition of economic sanctions can result in more harm to the sender country than the target. With the current level of globalization, the target can find alternative sources for goods an/or services. The effects on the host and target countries should be the subject of a further paper to provide a broad framework for discussion on this topic. 6. Bibliography Common Policy and Security Policy of the European Union in the World, http://ec.europa.eu/comm/external_relations/cfsp/sanctions/index.htm ‘Economic Sanctions to Achieve U.S. Foreign Policy Goals’, Dianne E. Rennack, Analyst in Foreign Policy Legislation Robert D. Shuey, Specialist in U.S. Foreign Policy and National Defense on the Federation of American Scientists web http://www.fas.org/man/crs/crs-sanction.htm Global Policy Forum, the United Nations http://www.globalpolicy.org Lloyds of London, http://www.lloyds.com The New York Times [8]http://select.nytimes.com/gst/abstract.html?res=F2091EF93F590C768CDDAB0994DB404482n=Top%2fReference%2fTimes%20Topics%2fOrganizations%2fE%2fEuropean%20Union%20 The US Chamber of Commerce http://www.uschamber.com/issues/index/international/cuba.htm Third World Network http://www.twnside.org.sg/title/half-cn.htm UN Security Council – Sanctions Committee http://www.un.org/Docs/sc/committees/INTRO.htm Page 1 of 10 [1] Lloyds of London http://www.lloyds.com [2] Global Policy Forum, the United Nations http://www.globalpolicy.org [3] ‘Economic Sanctions to Achieve U.S. Foreign Policy Goals’, Dianne E. Rennack, Analyst in Foreign Policy Legislation Robert D. Shuey, Specialist in U.S. Foreign Policy and National Defense on the Federation of American Scientists web http://www.fas.org/man/crs/crs-sanction.htm [4] Common Policy and Security Policy of the European Union in the World, http://ec.europa.eu/comm/external_relations/cfsp/sanctions/index.htm [5] United Nations, Security Council http://www.un.org/Docs/sc/committees/INTRO.htm [6] New York Times http://select.nytimes.com [7] The US Chamber of Commerce http://www.uschamber.com/issues/index/international/cuba.htm [8] New York Times

Feminist Criticism of Shakespeares Hamlet Essay -- Shakespeare And Fe

Many literary critics have presented theories on the meaning of William Shakespeare's Hamlet, ranging from claims of Oedipal Complexes to insinuations of homosexuality. Though most such interpretations can be considered true at some level, there seems to be some basic theme - some driving force - that underlies all other interpretations. While most criticisms focus on individual characters, a more insightful criticism of the true nature of Hamlet can be drawn simply by analyzing the key relationships in play. These relationships - especially those dealing with women or issues of femininity - allow a level of interpretation that examines not merely the events of the play, but the true underlying significance of gender both to Shakespeare and to the characters he presents. In order to interpret the significance of the feminine within the relationships in the play, one must first understand precisely the nature of 'feminine.' Though this term is typically associated only with women, Hamlet in many regards breaks down these barriers. While women are almost always feminine in some respect, the male characters in Hamlet are often embodiments of feminine virtues, such as female sexuality, motherhood, or sisterly love. As one author states, "thanks to feminist criticism, gender is not indissolvably fixed in Shakespeare. Male characters can profitably incorporate female characteristics, and women characters can assume masculine ones" (Kolin 5). While the women of Hamlet are the bearers of individual and unique feminine qualities, a feminist interpretation of the work also reveals the broader ideals of femininity within many of the male characters. The first of the truly significant women in Hamlet is Gertrude, Hamlet's mother. ... ...nd Feminist Criticism: An Annotated Bibliography and Commentary. New York: Garland Publishing, Inc., 1991. Erickson, Peter. Patriarchal Structures in Shakespeare's Drama. Paraphrased in Philip Kolin, Shakespeare and Feminist Criticism: An Annotated Bibliography and Commentary. New York: Garland Publishing, Inc., 1991. Klein, Joan Larsen. "'Angels and Ministers of Grace': Hamlet, IV, v-vii." Paraphrased in Philip Kolin, Shakespeare and Feminist Criticism: An Annotated Bibliography and Commentary. New York: Garland Publishing, Inc., 1991. Kolin, Philip C. Shakespeare And Feminist Criticism: An annotated Bibliography and Commentary. New York: Garland Publishing. 1991. Web. 26 May 2015. http://www.tandfonline.com/doi/abs/10.1080/0895769X.1995.10545153 Watts, Cedric. Twayne's New Critical Introductions to Shakespeare. Boston: Twayne Publishers. 1991. Â  

Cutural Awareness cultural differences

In today’s society, it is important that a person knows how to respect other people’s culture and what they need and what they like to eat since their culture may be a little different than what a certain person lived up to. If a company becomes sensitive and complies with the needs of its client, the amount of customers will double and it gain more profits in the end. Other cultures do not eat meat, like the Muslims. They only eat meat that undergoes the process of Halal. Halal is a process that Muslims do before killing an animal fit to be eaten.They pray to Allah and ask him to bless their meat before they can partake of it, â€Å"The name of Allah has to be mentioned before or during slaughtering, since the Creator is the granter and taker of life; the name must be said by a member of the Moslem faith† (Meat Science at Texas A&M University). Investors also have to think of ways to present their products to the public, if they want to advertise their products beside celebrities and famous people, or if they want to advertise their products with facts and people who can prove that the products they are selling are healthy.They also have to take note of how their customers react to female management. In some countries, they still do not view women as men’s equal, and if they would advertise using a female figure, the business might not attract as many customers as the company assume they would. In every business, an investor wants to invest in foreign land; he/she has to think of a strategy thoroughly and weigh the consequences of his/her actions.In a decision, investors must include the culture of their target area and incorporate their bestsellers into it while presenting them in ways where people would want to buy their products at an instant. Incorporating the company’s products to customer’s culture Before companies could incorporate their products to customers' culture, they should research on what the clientâ₠¬â„¢s culture is. If the clients are Jews or a Muslims, they are most likely not to eat pork, and if they eat meat, a certain process is made before they could view the meat edible.A company would gain more Muslim and Jew customers if it hires a consultant who will give it further knowledge on how they want their sandwiches to be, it could also learn more about their culture and analyze what is good or what they can incorporate with their bestsellers. That consultant should be able to tell them how they can make the meat edible for Muslims and Jews; the company should know how to make meat a Halal and Kosher. In some parts of the US, the impact of having Muslims in their area increases the consumption of sheep and goat.It is because the Muslims prefer eating them rather than pork and beef, â€Å"Many sheep and goats are slaughtered in Muslim backyards during various celebrations† (Meat Science at Texas A&M University). If companies like Subway incorporates Halal and Kosher me at in their menu, it would definitely benefit them in the future, since their menu would no longer exclude people who have different culture. The Muslims and Jews who are not used to buying their products will want to buy and eat their product without second guessing or feeling guilty because of their culture's restrictions.Incorporating the company’s view to target area’s culture In other countries, some people do not like the concept of selling products that incorporate their advertisements with intercourse, like how Carlse Jr. has presented its products. Christians in particular think that the advertisement of Carlse Jr. is a disgrace and instead of gaining customers, it has lost some due to its advertisement. Although Carlse Jr. did not gain the Christian community and those who do not want â€Å"dirty† advertising, it has gained those who appreciate and like seeing their favorite celebrity devour hamburgers.Some people even think that the way Carlse Jr. adv ertised their product was ingenious, â€Å"Despite protests from parent watchdog groups, like The Parents Television Council, this is just plain smart marketing in today’s world† (Kiley 2005). Other countries do not even recognize female authority. The company would have a hard time giving women higher positions because there are still societies that view men superior to women and giving a managerial position to a female would mean that the company is disobeying the country’s culture.Some people in society do not even recognize discrimination against women because that is the way they were brought up, that is why the workplace often deal with discrimination, â€Å"Gender stereotypes lie at the heart of many of our perceptions of the workplace and the people that operate within it† (Heilman & Welle 3). Discrimination in hiring due to gender must be demolished. If companies comply with society’s culture of pushing women down, it will never change. Co mpanies must fight the norm and even if they lose a few customers, at least the moral of the company would remain. Today, equality is sought out by many.The company might lose people who discriminate women, but they would surely gain people who are for equality. Conclusion If a company like Subway patterned their management to a society whose culture is discriminative of women, they would definitely gain that society but lose customers who view men and women equally. But if a company like Subway chooses to adopt the culture of people and use Halal and Kosher meat, Subway would expand their usual customers. In the end, the company should only choose to adapt to cultures that would not hurt any one or discriminate because it could lose more than it can gain.Works cited â€Å"Kosher and Halal†. Meat Science at Texas A&M University. May 20, 2010. Web. Kiley, David. â€Å"Carl's Jr Paris Hilton Ad Spicey and Smart. † May 25, 2005. Bloomberg Businessweek. May 20, 2010. Web. Heilman, Madeline E. and Welle, Brian. ‘Formal and Informal Discrimination Against Women at Work: The Role of Gender Stereotypes' in Research in social issues in management: Managing social and ethical issues in organizations. Vol. 5. Westport,

A Critical analysis of risk management at financial institutions - Free Essay Example

Sample details Pages: 3 Words: 951 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Financial institutions exist to improve the efficiency of the financial markets. If savers and investors, buyers and sellers, could locate each other efficiently, purchase any and all assets costless, and make their decisions with freely available perfect information, then financial institutions would have little scope for replacing or mediating direct transactions. However, this is not the real world. It seems appropriate to begin the discussion of the place of risk and risk management in the financial sector with the two key issues, viz., why risk matters and what approaches can be taken to mitigate the risks that are an integral part of the sectors product array. Understanding these two issues leads to a greater appreciation of the nature of the challenge facing managers in the financial community. Specifically, it explains why managers wish to reduce risk, and approaches taken to mitigate something that is an inherent part of the financial services offered by these firms. According to standard economic theory, firm managers ought to maximize expected profits without regard to the variability of reported earnings. However, there is now a growing literature on the reasons for managerial concern over the volatility of financial performance, dating back at least to 1984. Alternative theories and explanations have been offered to justify active risk management, with a recent review of the literature presenting four distinct rationales. These include: (i) Managerial self-interest (ii) Tax effects (iii) The cost of financial distress (iv) Capital market imperfections In each case, the volatility of profit leads to a lower value to at least some of the firms stakeholders. In the first case, it is noted that managers have limited ability to diversify their investment in their own firm, due to limited wealth and the concentration of human capital returns in the firm they manage. This fosters risk aversion and a preferenc e for stability. In the second case, it is noted that, with progressive tax schedules, the expected tax burden is reduced by reduced volatility in reported taxable income. The third and fourth explanations focus on the fact that a decline in profitability has a more than proportional impact on the firms fortunes. Financial distress is costly and the cost of external financing increases rapidly when firm viability is in question. Any one of these reasons is sufficient to motivate management to concern itself with risk and embark upon a careful assessment of both the level of risk associated with any financial product and potential risk mitigation techniques. Accepting the notion that the volatility of performance has some negative impact on the value of the firm leads managers to consider risk mitigation strategies. There are three generic types: (i) Risks can be eliminated or avoided by simple business practices, (ii) Risks can be transferred to other participants, and, (iii) Risks can be actively managed at the firm level. The importance of managing credit risk for banks is enormous. Banks and other financial institutions are often associated with risks that are facing particularly financial. These institutions must balance the risks and returns. Consumers have a basis for a large bank that has credit products that are quite reasonable. However, when low interest rates on bank loans and also suffer losses. In terms of equity, agt; Reserve Bank must have a significant amount of capital for him, but not too much that is non-investment income and not too little, which leads to financial instability and the risk of non-compliance. Management of credit risk, the financial terms, refers to the process of risk assessment, which comes in a plant. The risk is often investing and capital allocation. Risks must be assessed in order to develop an informed investment decision. Similarly, the assessment of risk in coming to, risks and rewards of the as sets is essential. Banks are increasingly faced with risks. There are some risks in the process of granting loans to certain customers. There may be more risk if the loan is extended to worthy borrowers. Some risks may occur even if banks offer securities and other investments. The risk of losses that is in default by the debtor a kind of risk that is expected. Because of banks exposure to many risks, it is only reasonable bank, hold significant amount of solvency capital to protect and preserve for its economic stability. The second Basel Accord provides statements of its rules for the regulation of the Bank in relation to the level of risk the bank is exposed to the allocation of capital. The larger the bank is exposed to the risks, the greater the amount of capital is required if comes to its reserves to maintain the solvency and stability maintained. To determine the risks that come with investment and lending practices, banks must assess the risks. Credit Risk Management must therefore play its role of banks in accordance with Basel II and other regulatory authorities. Management and risk assessment for banks, it is important to ensure monitoring of the estimate, the conduct and performance evaluations of the lead bank. But because banks in the practices of credit and investment, it is important to make evaluations of credit and to ask questions and analyze portfolios. Loan reviews and portfolio analysis are crucial in determining the risks of lending and investment. The complexity and the emergence of various securities and derivatives is a factor that banks must be active to take risks. The management system of credit risk used by many banks today, the complexity, however, there may in assessment of risks through the analysis of aid Loans and determine the likelihood of errors and risk of loss. Credit Risk Management for banks is a very useful, especially if the risks are consistent with the survival of banks in business. Don’t waste time! Our writers will create an original "A Critical analysis of risk management at financial institutions" essay for you Create order