George Washington - Life of a Freemason - Free Essay Example

Since the late 14th century, the Freemasons have established themselves as a society with great influence, power, and mystique. For centuries the notorious society influenced many aspects of various civilizations throughout the course of history. Some of these facets include politics, economics, culture, and social life. The subject of Freemasonry during the United States rise and the American Revolution seems to spark controversy between experts as to the extent of their influence over the colonies and its major players; in particular George Washington. Throughout the history of the United States, historians and biographers of George Washington have written or discussed the life of the Father of Our Nation. From his childhood at Ferry Farm, through his military career and presidency, and ending with his death at Mount Vernon, Washington has been praised and scrutinized as a dedicated Freemason. While our first president was famous for being a Freemason, a Thirty-Third degree Mason to be exact, there are many sources which demonstrate Washington having an indifferent relationship with the fraternity. It is no secret that the Freemasons have been the center of countless conspiracy theories as to their intentions or motivations behind many historical events, such as the American Revolution. Aside from Masonic lodges that were known to be major points of contact between military officers, well-documented Masons contributed to our Declaration of Independence, specifically George Washington. As the general of the First Continental Army, Washington established himself as not only a great military strategist, but as a tactician within the world of espionage. Washington was known to have developed a ring of spies designed to infiltrate military posts and colonies occupied by the British. As to the point of his induction in the Freemasons, historians have written that Washingtons commitment to the fraternity was at the least wavering, if not completely non-existent. The purpose of my research proposal is to discover and identify Washingtons relationship with the Freemason Brotherhood. Was it for personal and social growth, or to infiltrate the organization in preparation of a revolution? For many, Washington was viewed as a committed Mason, while others did not. Manuscripts and correspondence obtained through the centuries, exhibited Washington as uncommitted. In his early years, Washington never took Freemasonry very seriously; for him, as for so many other colonial gentlemen, it was originally just a social club. After he was raised to the third degree in August 1753, he only twice in his life attended a meeting of his Fredericksburg lodge. It was only after the Revolution, when he was President of the United States and the Freemasons had come to be regarded as the men who had made the Revolution, which he attended, in his Masonic apron, the laying of the foundation stone of the Capitol in the new city of Washington, DC, in 1793. It may be conceivable that Washingtons membership into the Freemason organization was an attempt to penetrate British strongholds with the hopes that classified information may help the colonies claim victory. This notion can invite challenge by experts since any evidence indirectly labels Washington as a spy within the Society. It is stated that there are still a large number of Washington papers in the Library of Congress that are not accessible, as they have thus far not been classified or indexed. Thus, it is in the possibilities that there may be still further documentary evidence found of Masonic import in addition to such as are set forth upon these pages. Secondary Sources Although he wrote letter indication that he was happy to be a Freemason, or repudiate his Masonic membership, there is little to no evidence that he attended many Masonic lodge meetings after his initiation in 1753he seems not to have participated in meetings of the lodge of which he was the first Master of what today is called Alexandria-Washington Lodge No. 22. While Master of the lodge, he did not assist in the work of the lodge. In one puzzling letter he denied that he was a Mason. In his book, The Freemasons in America, H. Paul Jeffers discusses Washington and his obligation to the Freemasons. Although a strong case can be made that Washingtons commitment to his Masonic brothers was indecisive, it could be argued that General Washington was much too concerned with the impending Revolution. However, it should be pointed out that many other Freemasons were heavily involved with our independence, in particular Benjamin Franklin. While there is no suggestion of betrayal to the Masons, there seems to be a tone of indifference. As with the writings of historian Jasper Ridley, author of The Freemason: A History of the Worlds Most Powerful Secret Society, Jeffers furthers a notion that Washingtons participation in the Society and becoming a Master Mason may have been purely strategic. David G. Hackett, writer of That Religion in Which All Men Agree: Freemasonry in American Culture, examines Masonic lodges as a network for military officers as well as the development of Christianity within the colonies. Lodges were more effective than Christian ministers in building ties among Continental Army officers. In comparison to the historical writings mentioned above, Hackett displays some irregularity as to Washingtons involvement with Masonic meetings. On July 4, 1775, the day after Washington took command, he reminded the army that the Articles of War forbad profane cursing, swearing and drunkenness and imposed on all officers and men when not on duty punctual attendance on Divine Service to implore the blessing of heaven upon the means used for our safety and defence. Despite this, he found it necessary throughout the war to reiterate the obligation of men and officers to attend divine services. According to historians, Jasper Ridley and H. Paul Jeffers, there is no proof or documents that Washington himself ever attended any meetings after his initiation. In support of my argument, its plausible that Washington advised his officers to attend services with the intention of conducting military operations. Furthermore, its debatable that Washingtons religious affiliation was fairly loose; as if he never declared a denomination. According to biographers David and Jeanne Heidler, authors of Washingtons Circle: the Creation of the President, Washington acknowledged Heaven and a Higher Power, but never references God. During his inauguration speech: Each of the six paragraphs in the inaugural address he had just delivered contained a reference to God as a higher power and the ultimate authority. Washington spoke of fervent supplications to that Almighty Being who rules over the universe, paid homage to the Great Author of every public and private good, invoked god as a providential agency, and noted the propitious smiles of Heaven. Heidler adds to Washingtons questionable faith by stating: Washington is frequently added to the list as a passive participant (Christianity) a reluctant Anglican at best, a secular realist at heart. Nevertheless, few agree about Washingtons religious beliefs. It is true that after the Revolution, he ceased taking communion. Historian Mary Thompson, whose knowledge is unsurpassed on the subject, believes that Washington in his later years became uncomfortable with the Episcopalian teachings of his youth. In short, his concept of Christian charity became both broader and simpler. For many Freemason enthusiasts, it is widely known that belief in God is necessary for membership. The oath that the candidate takes at the altar is, therefore, seen as being taken in front of God as well as the lodge. The oath itself conveys the duties, rights and expectations of the candidate; at a deeper level, it also represents a personal relationship with GodGod is at the heart of Masonry. A rationale can be made that while Washington referred to a Higher Spirit, suggesting faith in God, his claim to be a devout Christian is disputable and therefore in defiance of Masonic teachings. And although much of the text written by Heidler supports this notion, Heidler displays a major flaw. Even though Washington never explicitly explained his own beliefs in a concise manifesto, he obviously believed in God as a participant, an agency, in the lives of men and women and nations. With this in mind, it becomes apparent that David and Jeanne Heidler favor Washington as a servant of God. But any beliefs Washington had in God were anything but obvious, and displaying an impartial devotion to Him is unfitting within Christianity. In his book, The Secret World of the Freemasons, author Tim Dedopolus explores the importance of the Societys role in the American Revolution. Along with their central position, Dedopolus states Washingtons influence on the Revolution. The colonies had entirely separate governments, different religious tendencies, widely separate social standards, and highly disparate national origins. All of them were fiercely independent once again; Freemasonry was the sole point of common contact. It offered a point of contact, some structure, and a social outlet. As the American Revolution kicked off, it was largely the will and spirit of George Washington that held the colonial army together. A long-standing Mason, he was known to refer to Freemasonrys cross-colony influence as the cement which binds us together. There were military lodges across the colonial army as well, and Washington is said to have visited them all personally, helping them to inspire courage, hope and morale. Taking this statement into account, its undeniable that the Freemasons played a pivotal part in the American Revolution and Washington was at the center. Even though there is no mention that clearly identifies Washington as an infiltrator in the organization, it may be possible that he had the foresight of Freemason authority and determined the value of membership. And while his ideas may hold substance for my research proposal, Dedopolus visibly shows favoritism towards the Brotherhood and Washington. He states that US Founding Father and President George Washington was a dedicated Freemason. But as discussed, Washington never attended lodge meetings. There is little evidence through the Washington Papers and secondary sources which indicate Washington as a devoted Freemason. Many of the secondary sources provide factual information known to historians and biographers of George Washington. And although many writers have different views on our first president, there seems to be a consensus that Washington was of high moral standard and exhibited traits of Americas favorite hero. However, sifting through multiple writings, there is an underlying of confusion as to Washingtons tactics and strategies. As I pieced together different perspectives from various authors, its clear that he was either regarded as military genius, or completely inept as a strategist. While most, if not all of the evidence to support my proposal is circumstantial, I have chosen to interpret these findings in demonstrating Washingtons ability to disguise and mislead. Ultimately, I find the possibility that Washington may have infiltrated the Freemasons in order to gather British intelligence as potentially promising, or at the very leastuncommitted. Primary Sources That though General Washington caused to be carefully copied in books kept for that purpose, all his letters on every subject, no trace whatever of any of the five letters under consideration, la nor any letters to any other Lodge or Masonic body whatever, are to be found among the records of his correspondence. That although WASHINGTON was extremely scrupulous in preserving his correspondence with all public or private bodies, there is not a line of his relating to Freemasonry, to be found among all his papers, except the correspondence with Mr. Snyder! It is also a fact that WASHINGTON was equally scrupulous in dating his letters, and it is believed that not one can be found, which is without a date. This passage, written by Jared Sparks, a historian at the turn of the 20th century, and renowned bibliographer of George Washington, is one of many in Washingtons Masonic Correspondence found in The Washington Papers. The five letters referenced, refer to correspondence believed to be written by Washington to five Grand Lodges. The Masonic Correspondence archives were originally compiled by Julius F. Sachse; librarian of the Grand Lodge of Pennsylvania. Although Sachse was thought of as a meticulous and honest archivist of Washingtons Masonic Correspondence, his own involvement may be considered a potential limitation in that Sachse himself was a Freemason. Although Sachse credits the Anti-Masonic party, Jared Sparks in particular, Sachse summarizes Washingtons letters with a biased interpretation. A careful study of this correspondences carefully cherished by WASHINGTON, puts an entirely new phase upon WASHINGTONS connection with the Masonic Fraternity, and his esteem of Freemasonry. These papers absolutely thrust aside all of the statements, arguments and libels, brought forth by our misguided enemies at the time of the Anti-Masonic craze during the last century, and in a small way kept alive even down to the present day by some people who are blinded by their ignorance or malice; referring to some of their published statements that Washington never belonged to the Masonic Fraternity and that there were neither authentic Masonic letters nor copies thereof among his records so frequently made during the political Anti-Masonic craze. Because the Washington Masonic Correspondence is incomplete, this drawback offers little solution to any prejudices uncovered by historians. Many documents were lost throughout history, along with remaining letters which are still in the Library of Congress. These manuscripts which have been unseen by the public could very well be the answer to overcome any restraints held by Washingtons Correspondence. To his credit, Washington was observed and praised by many for maintaining his steadfast devotion to the Freemasons and as a faithful servant to God; both publically and privately. In a publication by the Newport Herald titled Ratification by The States, on August 19, 1790, the Society of Freemasons addressed George Washington in lieu of the victory during the American Revolution. In this address, the Society commended Washington as being both an excellent Commander and President, as well as upholding his duties as a Freemason. To GEORGE WASHINGTON, President of the United States of America. We the Master, Wardens, and Brethren, of King Davids Lodge, in Newport, Rhode-Island, joyfully embrace this Opportunity, to greet you as a Brother, and to hail you welcome to Rhode-Island. We exult in the Thought, that as Masonry has always been patronised by the Wise, the Good, and the Great, so hath it stood, and ever will stand, as its Fixtures are on the immutable Pillars of Faith, Hope, and Charity.†With unspeakable Pleasure, we gratulate you as filling the Presidential Chair, with the Applause of a numerous and enlightened People†whilst, at the same Time, we felicitate Ourselves in the Honour done the Brotherhood, by your many exemplary Virtues and Emanations of Goodness proceeding from a Heart worthy of possessing the ancient Mysteries of our Craft, being persuaded that the Wisdom and Grace with which Heaven has endowed you, will ever Square all your Thoughts, Words, and Actions by the eternal Laws of Honour, Equity, and Truth; so as to promote the Advancement of a ll good Works, your own Happiness, and that of Mankind†Permit us, then, illustrious Brother, cordially to salute you, with Three Times Three, and to add our fervent Supplications, that the Sovereign Architect of the Universe, may always en-compass you with his holy Protection. This dedication, along with admiration, paid tribute to George Washington as a devout Mason with the honor of the Thirty-third Degree Master Mason; the highest honor of the Society. In addition, Washington was also acclaimed as a pious Christian by the Newport Clergy: To GEORGE WASHINGTON, President of the United States of America. The Address of the Clergy of the town of Newport, in the State of Rhode-Island. SIR, With salutations of the most cordial esteem and regard, permit us the Clergy of the Town of © Newport, to approach your person, intreating your acceptance of our voice in conjunction with that of our fellow-citizens, to hail you welcome to Rhode-Island. Shielded by Omnipotence, during a tedious and unnatural war,†wise, as a messenger sent from Heaven, in conducting the councils of the cabinet†and, under many embarrassments, directing the operations of the field; Divine Providence crownd your temples with unfading laurels, and put into your hand the peacefully-waving olive-branch. Long may you live, Sir, highly favored of GOD and beloved of men, to preside in the grand council of our nation, which, we trust, will not cease to supplicate Heaven, that its select and divine influences may descend and rest upon you, endowing you with grace, wisdom, and understanding, to go out and in before this numerous and free people; to preside over whom Divine Providence hath raised you up. And therefore,†before GOD, the Father of our Lord Jesus Christ, in whom all the families both in heaven and earth are named, according to the law of our office, and in bounden duty,†we bow our knee†beseeching him to grant you every temporal and spiritual blessing†and that, of the plentitude of his grace, all the families of these wide extended realms, may enjoy, under an equal and judicious administration of government, peace and prosperity, with all the blessings attendant on civil and religious liberty. These passages can give cause as to Washingtons deep devotion to God and the Masonic Order; however, these letters conveying admiration, could merely be a formality, or possibly obligatory to gain favor, in other words: to play politics. Conclusion The overall consensus of George Washington is one of approval and applause; mainly as a General and the First President. And although many sources, both primary and secondary, continue to discuss his personal life with regards to Christianity and Freemasonry, there is reason to believe that many findings are circumstantial as to his commitment to either. Unfortunately, very little primary sources exist pertaining to the analysis of Washington and his Brethren. It may be feasible that the Library of Congress as well as the Grand Lodges of Fredericksburg and Alexandria may contain further documents supporting my proposal. On the opposite side of the spectrum, the Anti-Masonic party offers little to no evidence. Any proof or indications made by the party could also be considered one of partiality. However, the ambiguity surrounding Washingtons relationship with the Freemasons can be viewed as evidence in itself in support of my argument; after all, it would not be the first time an Amer ican organization hid their dirty laundry.

Analysis Impact Of Principal Agency Relationship Finance Essay - Free Essay Example

Sample details Pages: 9 Words: 2671 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? INTRODUCTION Principal-Agent Relationships for Investment Purposes Principal-Agent relationships occur in many forms in business. Understanding these relationships is crucial for investors in order to make better investment decision. Theory of Principal-Agent Relationships The relationships between and among multiple stakeholders is complicated and provides many opportunities for one party to gain at the expense of another party. The Theory of Principal-Agent Relationships recognizes that there can be friction between relationships when one person acts for someone else. Don’t waste time! Our writers will create an original "Analysis Impact Of Principal Agency Relationship Finance Essay" essay for you Create order Principal-Agency Relationships Defined Agency Theory refers to analyses associate with the Principal-Agent Relationship which occurs whenever one person acts in the interests of another. Many situations create a principal-agent relationship between two people. Explicit relationships include those situations where one person acts in the interests of another through contractual agreements. For example, when owners of a corporation hire a manager to run the company using his/her expertise and experience, a formal contract is created where the managers act in the interests of the owners in exchange for compensation such as a salary, stocks, and even perquisites. Some principal-agent relationships do not operate formally but exist as though there is agency. For example, employees and managers in a corporation do not have a formal agency relationship. This is because the managers do not themselves compensate the employees for working on behalf of the managers. However, at some point in their relationship, the managers must rely on the employees without monitoring them all the time. This relationship can still be defined and governed by theories of agency (www.brighthub.com) BACKGROUND AND ANALYSIS Principal-Agent Relationships and the Conflicts That Can Arise Within Them Principal-Agent Relationships exist whenever one person or party works in the interests of another party. Some of these relationships arise through obligatory contractual relationships and some can be informal or even hidden relationships that only reveal themselves at a point in the future. The set of contracts model of Modern Corporation demonstrates that many stakeholders are affected, both formally and informally, by the corporate body. One of the moral problems managers of a firm face is which stakeholders to satisfy to keep the corporation profitable while at the same time remaining cognizant of the ethical dilemmas of maximizing shareholder wealth to the detriment of other stakeholders. Is the primary purpose of the principal-agent relationship to take into account only the owners interests? What would the owners think of reducing shareholder wealth to satisfy moral obligations to other stakeholders? The principle of self-interested behavior states that the managers of a firm will act in their own self-interest (www.brighthub.com). What happens when acting in their own self-interest creates moral problems to both stockholders and stakeholders? An Example of Principal-Agent Conflict Suppose a company enjoyed a particularly profitable quarter with record sales and retention of a large amount of cash from normal operations. This windfall is the direct result of the employees, the owners agents, who worked hard to maximize corporate and, consequently, shareholder wealth. The managers of the firm must decide what is the best use for the extra cash lying around as a liquid asset? The managers have decided that the money should be used for one of two purposes: employee wage increases to reward the hard work that created the extra income or a payment of a large dividend to the shareholders as a reward for investing the capital necessary to make the extra income. The principle of self interested behavior would suggest that the stockholders would want the dividend option since it means more wealth for them. Employees, however, would prefer the wage increases for the same reason. The self-interest principle would also suggest that the managers making the decision would want the wage increases because it would mean more money in their pockets. This example illustrates the conflicts that can arise in principal-agent relationships. In fact, imagine that as and incentive to make the firm as profitable as possible, part of the managers compensation package includes shares of stock in the firm. The complexity of agency theory becomes clearer still because the managers will benefit from either a wage increase or a dividend distribution. The shrewd manager will do a little calculating to determine which alternative or combination of the two alternatives will maximize his/her self-interest (www.brighthub.com). Characteristics One of the most important characteristics of Islamic financing is that it is an asset-backed financing. As compare to conventional financing, the banks and financial institutions normally deal in money and monetary papers. In Islam, however, money should not be used as a subject matter of trade to generate profit (except in some special cases); rather it is only a medium of exchange. Thus, profit is generated when something is sold for money or when different currencies are exchanged, one for another. The profit earned through dealing in money (of the same currency) or the papers representing money is considered as interest (riba) and therefore prohibited. Consequently, unlike conventional financial institution, financing in Islam is always based on illiquid assets which create real assets and inventories. Looking into this perspective, of course, the most suitable and ideal instruments of financing in Shariah are musharakah and mudarabah. Under these two instruments, the money contributed by the financier is converted into the assets having intrinsic utility. Thus, profits are generated through the sale or trading of these real assets. Similarly, financing on the basis of salam and istisna also creates real assets. The financier in the case of Salam receives real goods and makes profit by selling them in the market. In the same way istisna financing also created real assets through manufacturing process, in which the financier earns profits. Financial leases (ijarah), murabahah and bay bithaman ajil, however, are not originally modes of financing in the Shariah (www.hijrahmedia.com). But, in order to meet some needs, these instruments have been restructure in a manner that they can be used as Islamic financing methods, in the sectors where musharakah, mudarabah, salam or istisna are not workable due to some reasons or another. Several western scholars have argued about remarkable shift in Islamic banking practices from the theory This argument came actually from Islamic economists. The problem is that they and their Western imitators put the carriage before the horse. They theorized a model that turned out to be unrealistic and inconsistent with financial intermediation. The Model they theorized is the two-tier Mudarabah but the practice used Murabahah and leasing on the use of funds side of the banking transactions. Both modes are more consistent with financial intermediation while Mudarabah is more of a venture capital approach rather than financial intermediation process. Obviously Mudarabah succeeded on the funds mobilization side, in investment deposits because banks are regulated financial institutions, businesses are different. This means that the theory was wrong. Yet many Islamic economists stick to it in a dogmatic manner because they accuse Murabahah to be less Islamic. This struggle is apparent in the five-year discussion of the newly adopted law of an Islamic banking in Kuwait. The law final ly went along with permitting the Islamic bank to enter directly in business venture on its own initiative. In spite of the restrictions and the discretionary authority the central bank may exercise, this approach loosen specialization and allow the Islamic bank to compete with business and to have its own stores for goods and services instead of remaining a financial intermediary only (www.financeinislam.com). FINDINGS Mudarabah is essentially an agreement between a financier and an entrepreneur the principals. However, taking account of the modern social structure and context, the pioneers of Islamic banking brought in an intermediary between the principals and created a two-tier mudaraba. This modified form of mudaraba was introduced into conventional commercial banking in the form of profit-and-loss-sharing (PLS) investment accounts and financing arrangements. The earned profit (which is an uncertain and unpredictable return on capital) was to replace the interest (a pre-determined fixed return) in the conventional setting. This, however, was not acceptable to the conventional banking authorities (www.islamicbanking.nl). Therefore, except in a few countries where rules were relaxed or special banking laws were enacted, it was not possible to establish and operate Islamic banks in most countries of the world. In such countries Islamic financial institutions, which did not come under deposit ban k regulations, were introduced. In both cases, while the deposit/investment side worked on mudaraba basis, mudaraba was only one of several modes used for financing. Though a preferred one in theory, in practice it became one of the least used. The most used forms are modes of trade, and this has led to questions of morality and ethics. In addition, Islamic banks are unable to provide all the financing services expected of a commercial bank ( ¾Ãƒâ€šÃ‚ ¾, Commercial Banking in the presence of Inflation: 1999). In Islam, there is a clear difference between lending and investing  ¾ lending can be done only on the basis of zero interest and capital guarantee, and investing only on the basis of mudaraba. Conventional banking does not  ¾ and need not  ¾ make this differentiation. But a system catering to Muslims has to take this into consideration and ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦provide for two sub-systems  ¾ one to cater to those who would lend a nd another for those who wish to invest. The first sub-system would cater to those who wish to put their money into a bank for safety and transaction convenience; and the bank would provide all current account facilities and short-term loans and advances (Saleh, Nabil A., 1986). ISSUES, CHALLENGES AND PROBLEMS Issues in implementation The implementation of this system requires the cultivation of new attitudes on the part of all the participants. This is a tall order but is an absolute necessity if we are to create a truly riba-free economy. It requires more from each participant, but it also offers more both to the individual and to the society as a whole. From the investor it requires the full understanding that he/she/it may incur loss and that he will have to wait longer to know the results, but it promises a truly riba-free income and possibly better profits. From the entrepreneur it requires complete and accurate bookkeeping and full disclosure of all his/her/its accounts and the sharing of his bounty with his financiers, but it provides him with capital without collateral and the guarantee that in case there is a loss he will not be required to make it up, provided he had been honest in his dealings and his books will substantiate it. The intermediary is both a banker and an entrepreneur. As an entrepreneu r, he too is required to be honest in his dealings, and accurate and transparent as to his bookkeeping and accounts (www.islamicbanking.nl). Bankers are trained to be very cautious, because their first concern is to guarantee the safety of the funds deposited with them. But in this system they are relieved of that concern because the investors have agreed to take the risk, and therefore if they persist with the bankers attitude they will miss many opportunities at the investors expense. On the other hand, too much adventurism can bring about low profits or even loss, and that may lead to the loss of customers. They must have an entrepreneurs natural talent to spot profitable projects and to avoid bad ones, and should develop it into a professional tool. The intermediarys staff will have to be carefully picked and trained to bring out inherent entrepreneurial talent. Such intermediaries will have ample reward, as they will share in the profits. It requires a new culture, a culture of entrepreneur-financiers and of professionally run partnership companies. The system is heavily dependent on proper and accurate bookkeeping, accounting and auditing. That requires the availability of trained bookkeepers and their wide use, as well as professionally responsible and well-trained accountants and auditors. They are the bedrock of the system. The system requires a high level of integrity from these personnel, and it is in the interest of all the participants in the system to respect it. Substantial investment is necessary in the training of such personnel, and legal protection is necessary to safeguard the independence of the auditors. The comprehensive system presented in the four books groups the entire spectrum of business activities into three broad categories: at one end is the one-man-owned-and-operated small enterprises, including the ones financed or supported by loans and advances from commercial banks, and at the other end are the large enterprises fi nanced entirely by shareholders and managed by professionals. In between are the proposed participatory-financed enterprises. The size of the enterprise is an important factor in this categorisation, and the type of financing and the type of organisation must generally match the size. Presently in all developing countries  ¾ to which group most of the Muslim economies belong  ¾ the distribution is highly skewed towards the smaller end. To achieve a better and stable economy, it is necessary to bring about a more even distribution (www.islamicbanking.nl). The mudaraba principle is applicable to a range of situations, from a simple local two-person partnership to a multiparty international corporation. A shareholder company works essentially on the mudaraba principle. But the participatory financing scheme envisaged in this article aims at the middle section of this range. It brings in the intermediary, and provides the investors with a unit trust type of investment o pportunity. The scheme is ideally suited to medium scale new enterprises. However, it is possible to modify it slightly and bring in some of the running businesses too into the participatory financing system. The enterprise is a running business and has debts owing to, say, a commercial bank. In this case, the investment bank/company will pay up all the debts and go into partnership with the enterprise, as in the first case, with this amount as its capital contribution (Yasseri, Ali, 2000). In establishing the new institution of mudaraba-based investment and finance, using the participatory financing scheme as described above, it is preferable to start with medium size running businesses. This will provide a stable base for the new institution to test the theory and to gain experience. CONCLUSION Principal-Agent Relationships range from the simple to the complex. In corporations, the set of contracts view of the firm illustrates the complexity of multiple agency relationships across many stakeholders. When an investor values a firm, the evaluation always takes into account the risk associated with the separation of ownership and control. Investors must ask: what assurances are in place to make certain agents in the firm are working for the best interest of the owned. In order to bring about a riba-free economy, the countrys banking system has to be riba-free, its commercial enterprises have to be financed by equity capital, and its investments have to be on a profit and loss sharing basis. This article has dealt with investment and financing, and has introduced a mudaraba-based system called participatory financing that takes into account present-day realities. This is a new institution specifically developed to address the concerns of Muslims. It has no parallel in the conventional economy, but the individual tools and techniques it uses are ones tested and proved in the conventional setting. Thus, while re-invention of the wheel has been avoided, proving the viability of the new institution and benefiting from it are challenges specific to Muslims. It is for the Muslim intellectuals, professionals, investors, entrepreneurs, and other concerned individuals, institutions and organisations to take up the challenge. Conflicts arise in Principal-Agent relationships when alternatives faced by the agent can affect his/her own personal interests. Some principals go to great lengths to monitor and limit the power of agents to ensure that the principals interests are properly adhered to. However, it is nearly impossible to monitor and limit the agent to a point where no conflicts are possible. In addition, these steps taken by the principal may limit the agent so much that he/she can not ensure that the interests of the principal are acted upon in a man ner where positive outcomes are maximized.

Frida Kahlos Influence Essay - 1067 Words

Frida Kahlos Influence Frida Kahlos influence still lingers around the world. Even with Frida dead for almost two decades, she is still celebrated and thought of as an idol. Frida Kahlo was an artist in many different ways. Besides Fridas incredible talent to paint surrealist thoughts and emotions on canvas, she also was and artist in her mind and body. Fridas attire of traditional Mexican clothing, which consisted of long, colorful dresses and exotic jewelry, and her thick connection eyebrows, became her trademark. To the public, Frida Kahlo appeared to be full of spirit and joy. She walked through life happily, with a smile glued to her face. However, her feelings of anguish, anger, unhappiness of her painful miscarriages, and†¦show more content†¦Alejandro Gomez, Fridas boyfriend at the time described the accident and said that among the iron rods of the train, the handrail broke and went through Frida from one side to the other at the level of the pelvis (104). Frida Kahlo was left with a broken spinal column, a broken collarbone, several broken ribs, a broken pelvis, and eleven fractures in her right leg. In addition her right foot was dislocated and crushed, and her shoulder was out of joint. For a month, Frida was forced to stay flat on her back, encased in a plaster cast and enclosed in a boxlike structure. The steel handrail from the tram had literally gone through her body at the level of the abdomen; entering on the left side, it had gone out through the vagina. Due to this accident, Frida underwent thirty different operations and three miscarriages. It was during this time that Frida Kahlo discovered her talent for painting and drawing, also during this challenging time for her she produced The Broken Spine. Having to depend on everyone but herself, Kahlo portrays herself as weak and helpless. She depicts her self-portrait with metal rods supporting her broken s pine. Although Fridas recovery was miraculous, she did have relapses of tremendous pain and fatigue all throughout her life, which cause her to be hospitalized for long periods of time, bedridden at times (106). She underwent tremendous stressShow MoreRelatedHow Frida Kahlos Experiences Influences Her Artwork1390 Words   |  6 Pages Frida Kahlo was an amazing woman whose many tragedies influenced her to put her stories into her paintings. She was born in July 6th 1907 to a Mexican Roman Catholic mother who was of Indian and Spanish decent and a German photographer father. Frida had three sisters, Mitilde and Adriana, who were older and Christina who was younger. She learned about Mexican history, art and architecture by looking at her father’s photography. When Frida was six she got polio and it was a long time before sheRead MoreEssay On Frida Kahlo1342 Words   |  6 PagesFrida Kahlo was one of the most influential female artists in the twentieth century. 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Frida Kahlo exemplifies the strength required to express oneself openly and boldly, sharing her painful life through paintings. Kahlo is one of the most famous female painters from Mexico and is known for her mutilating, heartbreaking and courageous self-portraits of her lifeRead MoreComparing Frans Snyders Deer Hunting And Frida Kahlo s The Wounded Deer1423 Words   |  6 Pagesme the ability to compare and contrast art, literature, and other mediums as well as being able to analyze works with my own interpretations. I have chosen two paintings to compare and contrast for this essay: Frans Snyders’ Deer Hunting and Frida Kahlo’s The Wounded Deer. Deer Hunting was painted in 1631 in Belgium during the Baroque period. The Wounded Deer was painted in 1946 in Mexico and is a piece of surrealist art. 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This is shown by the use of bright colours and symbolism within her artworks. Kahlo was also influenced by many personal life experiences, like Diego Rivera and Kahlo’s unfaithful marriage, traumatising miscarriagesRead MoreComparing the Art Works of Frida Kahlo and Osamu Tezuka907 Words   |  4 PagesArt Comparison A comparison of the works of Frida Kahlo and Osamu Tezuka based on their cultural significance. Introduction Art and culture are two heavily intertwined concepts. Art can be thought of as an expression of culture and sometimes the influence of art is so great that it can work to transform culture. Therefore the two concepts can have effects on each other that are somewhat cyclical in nature. The two concepts can also both be considered as different forms of expression justRead MoreSelf Portrait With Monkey By Frida Kahlo1740 Words   |  7 PagesSelf-Portrait with Monkey: By Frida Kahlo Self-Portrait with Monkey made in the year of 1938 by Frida kahlo a Mexican artist who was influence by the traumatizing events that occurred during her early life. Which were physically and psychologically tragic. Frida Kahlo used her personal tragedies to create art. She painted herself because it was what she knew best. Kahlo’s Self-Portrait with Monkey, was made to show a living and soulful being holding her by having his arm around her neck as a form

The Denver Museum Of Nature And Science Essay - 1393 Words

I visited the Denver Museum of Nature and Science on the 23rd of November. This museum is located in Denver, Colorado but its history starts in Breckenridge, Colorado. Edwin Carter moved to Breckenridge in 1868. Edwin Carter’s passion for wildlife and science shaped the beginning of a collection that would change many lives. Edwin began to collect and assemble three displays that primarily included birds and mammals, butterflies and moths, and crystallized gold. This passion was for the scientific study of birds and mammals of the Rocky Mountains, which shaped his collection of Colorado wildlife. Folks from all over this area became increasingly interested. His collection turned into a display that he sold for $10,000. The idea of the Colorado Museum of Natural History was born on December 6, 1900. This idea grew until July 1, 1908, when it was open to the public. Ever since then it has developed into a huge building, preserved many Colorado finds and finds from other places, added on numerous exhibitions, but most importantly it has â€Å"housed compelling programs and experiences for millions of guests and schoolchildren that inspire a passion for exploring and understanding our natural and cultural world† (Museum History, 1). I chose to focus on a specific artifact in the â€Å"Egyptian Mummies† exhibition of the Museum of Nature and Science. The overall theme of this exhibition was of course, Egyptian mummies and culture pertaining to their religious beliefs of the afterlife.Show MoreRelatedMod Assistants : A Service Company1503 Words   |  7 PagesIntroduction A. Description of the business MOD Assistants is a service company who is headquartered in downtown Denver and whose clients are in the Denver Metro area. 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For example, if a student wanted to major in Social Studies Education, Secondary, there are many requirements that must be met in order to obtain that degree. This degree is called Bachelor of Science in Education or BSE. The basic requirements of degree include but are not limited to: Common Core, Flex Core, and Area of Specialization. Common Core consists of basic education courses which are designed to develop the necessary skills needed forRead More Independence and the Development of the American Identity and Mathematics in the Ninteenth Century5631 Words   |  23 Pagesfamous book The Elements. Euclid started with definitions, common notions, and postulates. Common notions are truths common to all knowledge, to all the sciences, whereas postulates are truths within the field of geometry. (Witter p.232) In Euclids five postulates he tried to capture self-evident truths about the fundamental patterns of nature. 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Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesBehavior 22 Coming Attractions: Developing an OB Model 23 An Overview 23 †¢ Inputs 24 †¢ Processes 25 †¢ Outcomes 25 Summary and Implications for Managers 30 S A L Self-Assessment Library How Much Do I Know About Organizational Behavior? 4 Myth or Science? â€Å"Most Acts of Workplace Bullying Are Men Attacking Women† 12 An Ethical Choice Can You Learn from Failure? 24 glOBalization! Does National Culture Affect Organizational Practices? 30 Point/Counterpoint Lost in Translation? 31 Questions for Review

Total Care Nursing Home s ( Tcnh ) Rehabilitation Therapy...

Description of Organization: Total Care Nursing Home’s (TCNH) rehabilitation therapy program is designed to produce positive outcomes in the restoration of patients’ lives by providing Physical Therapy, Occupational Therapy, and Speech Therapy. TCNH provides treatment specifically tailored to patients’ needs and capabilities. During the admission process TCNH designs a personalized treatment plan by conducting a rehabilitation therapy screening that takes into consideration each patient’s medical condition and their ability to undertake rehabilitation therapy. The facilities rehabilitation therapy program is designed to produce positive outcomes, including but not limited to: †¢Improving patients’ mobility †¢Assisting in the ability to do self-care tasks †¢Tools needed to prevent further/future complications †¢Assisting patients’ in managing pain †¢Most importantly providing hope and encouragement to those patients in the facility Types of Rehabilitation Therapy Physical Therapy: Probably the most commonly known form of rehabilitation therapy, physical therapy is the treatment of disease or disability through therapy and exercise. The programs include assistance with gait training, bed mobility, wound care, restraint reduction and wheelchair positioning. Occupational Therapy: Occupational therapy is designed to help patients regain skills related to activities of daily living. Individuals may require this therapy if, as the result of an illness or injury, they have

Ethical Dilemmas at Willowbrook Mental Institution

Willowbrook State School was an institution for children with mental retardation located in the Willowbrook neighborhood of Staten Island in New York City from the 1930s until 1987. Originally this school was designated to house 4,000 mentally retarded; however by 1965 it had a population of a little over 6,000. This large number of occupants named this the largest state-run institution for the mentally handicapped in the United States. (Bursztyn, 2006) After Kennedy took a tour of the institution he stated there were â€Å"questionable medical practices, and experiments† thus labeling this institution a â€Å"snake pit† and proclaimed that individuals in the overcrowded facility were living in filth and dirt, their clothing in rags, in rooms less†¦show more content†¦Feeding live hepatitis virus to mentally disabled children in order to deliberately infect them does not respect them as persons. (Boylin, Scott, 2006) References: A Guide to Willowbrook State School Resources at Other Institutions Retrieved February 2, 2011 Boylin, J, Scott, J. (2006). Practicum internship: textbook and resource guide for counseling and psychotherapy [Fourth Edition]. (Google E-book), Retrieved from http://www.google.com/search?hl=enq=Fusillo,+Maureen+C.+The+Willowbrook+State+School:+An+Oral+History.+Student+Project.+%5BS.I.+s.n.,+1994%5D.tbo=utbs=bks:1source=ogsa=Ntab=sp#sclient=psyhl=entbs=bks:1q=APA+Ethical+Principles+of+Psychologists+and+Code+of+Conductaq=0paqi=p-p2g2g-o1aql=foq=pbx=1fp=1cad=b Hevesi, Dennis. Robert W. McCollum, Dean of Dartmouth Medical School, Dies at 85,The New York Times, September 25, 2010. Accessed February 3, 2011 Marsden, S, Malander, M. (2001). Historical cases of unethical research. Unpublished manuscript, University of North Dakota, North Dakota. Retrieved from http://www.und.edu/instruct/wstevens/PROPOSALCLASS/MARSDENMELANDER2.htm Milestones in OMRDDs History, OMRDD, (2001-09-19). Retrieved on 2011-02-03- Powers, Ron (1977), The Newscasters: The News Business as Show Business, New York: St. Martins Press, p. 185, ISBN 0-312-5707-7 Rivera, Geraldo. Willowbrook: A Report on How It Is and Why It Doesn’t Have to Be That Way. New York: Random House, 1972. ISBN

Corporate Governance of Large Companies against Family Business

Question: Discuss Between Corporate Governance of Large Companies against Family Business? Answer: Introduction Corporate Governance includes regulations, practices and norms according to which a company functions and is directed or controlled(Bhagat, 2008). The field of corporate governance is necessary as it includes attaining a balance amongst various stakeholders interests which includes customers, suppliers, management, financiers, community and government such that companys greater objectives can be attained. Therefore, it includes internal controls for measuring of performance and various corporate disclosure norms especially those relating to accounting disclosures. Though there are specified norms in internal disclosures and accounting disclosures, corporate governance of large companies as against family businesses(Kolk, 2008). The hospitality industry in Australia is characterized by immense issues and scandals that has given rise to evaluate several corporate governance norms. The scope of the current report discusses contemporary issues and practices in corporate governance in fam ily businesses as against those of large companies in a specific industry. While large hotels in the industry follows Anglo-US model clearly other smaller organizations and hotels have failed to follow such norms creating stakeholder dissatisfactions and failure to adhere to corporate governance norms. Literature Review Contemporary businesses are facing major issues in relation to corporate governance that arises from role of board, quality of financial reporting, auditing, risks management, remuneration of directors, corporate social responsibility and so on(Brezeanu, 2008). These pertinent issues can be discussed according to pertinent theories and models of corporate governance that highlights the relevant roles and regulations for each member. There are three prominent models of corporate governance as Anglo-US model, Japanese model and German model. The Anglo-US model identifies share basis ownership of individuals who are separated from the corporation(Dittmar, 2007). Hence, there is a defined relation of management, shareholders and directors according to legal framework thus; there remains a clear and uncomplicated interaction between the corporation and its shareholders. This model of corporate governance is a much clearer framework and allows for special investment funds, there are clear expectation from shareholders within the organization as can be understood from the diagram below. Figure 1: Anglo-US Model Source: (asci.org.in, Retrieved on 1st May 2017) The Japanese model of corporate governance there is a high level of stock ownership from banks and companies which provides the shareholding patterns(Huse, 2008). In this model there is a multiplicity of services as accordance to their industrial policy which is prohibited in many countries worldwide especially in the US. Bank, Affiliate Company, management and government functions as the main players in the corporate governance, hence the model is relatively inapplicable in other parts of the world due to its key features. The German model of corporate governance is applicable across multiple countries across Europe however it remains inapplicable around the world due to its features. In this model there is a reliance on the two tier-board structure with voting rights restrictions and cannot be altered by the supervisory board. Thus, the primary focus of discussion across International Corporation is the Anglo-US model which has immense applicability and well-defined structures(Adam s, 2010). Analysis Corporate governance clearly has an indispensible role in functioning of businesses hence hospitality industry needs to abide by such norms to overcome issues faced in their businesses. Drawing from necessary literature review it can be well understood that while corporate governance might include clear cut regulations and disclosure norms often the selection of inappropriate models causes issues(Bowen, 2008). Evaluating the impacts and possible issues form Anglo-Us model it can be understood that as the model has clear format for instructions it is mostly followed across international and professional companies around the world especially in Australia. Large multinationals as Rydges Hotels follows this model such that there are no legal litigations and challenges faced in their businesses, however in smaller and family run businesses this is not the case. Issues in businesses especially arises in family run as there is no clear instructions that separates roles of shareholders as ag ainst multinational corporations. Australia Hotel is an Inn that is functioned by the family, friends and relatives of the family members(Bebchuk, 2009). Often the head of the business cooks when the chef remains absent and also doe house cleaning, with no clear defined roles there is a high level of challenges in services faced. Duties of Directors: The duties of a director though remains clearly defined in large hotel chains and international hotels but is not clearly defined in smaller hotels. Australia Hotel Inn director often faces issues that contradict his roles and responsibilities of being a director. He has to often play the role of a HR manager, Accountant and various other roles that hinder him from carrying out his defined roles(Hind, 2009). Composition and Balance of the Board: While in family businesses there is lack of board composition and even if they exists they are not professionally defined which results in their failure in the future(Larcker, 2007). As for example the Ridges has its Board members clearly defined and well structured, but in case of Australia Inn it is not. All family members are the members of the board hence there is an imbalance in the board creating improper composition and advice from people. The business functions according to direction and in accordance to what a member feels right or wrong. Remuneration and Reward of Directors: The Directors in family run businesses have often been seen to withdraw funds from the business for their personal usage. Such withdrawing of funds is against corporate governance rules and regulations. These arbitrary funds withdrawing occur as there is relatively less control over their roles. Reliability of Financial Reporting and External Auditors: Small businesses often make their financial reporting by family personnel or familiar personnel who can easily divert funds(Brennan, 2008). Such auditing and funds appropriation relatively holds less to no value causing little implication on corporate governance. Boards Responsibility for Risk Management and Internal Control: While in larger businesses responsibility for handling risks and incorporating for internal control is clearly laid out, in smaller businesses such appropriation is often handled by owners. This might result in increased and unforeseen risks and loss of internal control for the business. Shareholders Rights and Responsibilities: The shareholders rights and responsibilities are not clearly not spelt out in family businesses. While in larger firms responsibilities are clearly laid out and rights are defined no such barriers exists in smaller organisation creating challenges for shareholders. Corporate Social Responsibility and Business Ethics: There is a low perception regarding CSR and ethics in smaller businesses as compared to that of larger businesses. Smaller businesses often avert CSR norms and business ethics overlooking their importance altogether. Recommendation and Conclusion Corporations especially those family run businesses to conform to better corporate governance needs to abide by specific rules and regulations. While the field of corporate governance exists and various professional models and disclosure models are available the following recommendations will help accommodate specific regulations for better corporate governance practices. The duties of Directors in every type of businesses especially in family run businesses need to be clearly defined. Defining of roles of directors will allow them to accommodate for specific roles and there will be no overlap in the functionality and structure for such roles and responsibilities, which generally occurs in family businesses. The board member composition and balance of the Board has to be attained for clearly attaining of corporate governance. Remuneration and Reward of Directors are generally arbitrary in nature in family run businesses. In such businesses director withdraws amounts as and when he feels like and decides to which results in challenges while financial reporting. Reliability of Financial Reporting and External Auditors are clearly not defined and compliance requirements need to be met. Boards Responsibility for Risk Management and Internal Control has to be established in family run businesses. Responsibilities needs to be given to members within the business such that they can handle risks and regulate internal controls. Shareholders Rights and Responsibilities: While shareholders rights remain defined within legal documents they are not applied. The corporate governance rules and procedures books need to define them appropriately. Corporate Social Responsibility and Business Ethics: Family run businesses for gaining sustainability have to accommodate for CSR norms and ethics such that they can create and generate a greater impact for their businesses. Reference Lists Adams, R. B. 2010. The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economic Literature, 58-107. asci.org.in. (Retrieved on 1st May 2017). Anglo-American model of Corporate Governance. https://asci.org.in/journal/Vol.27(1998)/V27_byraju.html. Bebchuk, L. C. 2009. What matters in corporate governance? Review of Financial studies, 783-827. Bhagat, S. . 2008. Corporate governance and firm performance. Journal of corporate finance, 257-273. Bowen, R. M. 2008. Accounting discretion, corporate governance, and firm performance. Contemporary Accounting Research, 351-405. Brennan, N. a. 2008. Corporate governance, accountability and mechanisms of accountability: an overview. Accounting, Auditing Accountability Journal, 21(7), 885-906. Brezeanu, P. a. 2008. Corporate governance models. VIII (I), 15. Dittmar, A. .-S. 2007. Corporate governance and the value of cash holdings. . Journal of financial economics, 599-634. Hind, P. W. 2009. Developing leaders for sustainable business. Corporate Governance: The international journal of business in society, 7-20. Huse, M. 2008. The value creating board: Corporate governance and organizational behaviour. Routledge. Kolk, A. 2008. Sustainability, accountability and corporate governance: exploring multinationals' reporting practices. . Business Strategy and the Environment, 1-15. Larcker, D. F. 2007. Corporate governance, accounting outcomes, and organizational performance. . The Accounting Review, 963-