Ambitious Lady Macbeth free essay sample

1. It also mentions the beauty of the poisons and the death and how the narrator wants to see the woman painfully die in front of her husband. This links to Macbeth as they find the preparation of the persons death as well as the final act of killing them, a big thrill. The idea of pain and terror excites them and they feel that what they are doing is for the greater good of themselves so to say. In both texts, they are thinking of death as a way to seek revenge and achieve their own dreams, by getting rid of the people who have the power and/or opportunity to stop them. They think of death as a bit of game-easy to commit but they do not think of the consequences that will occur from their actions, they are driven by jealousy and greed. They are desperate for attention and simply want to grab what they believe to be theirs. We will write a custom essay sample on Ambitious Lady Macbeth or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Lady Macbeths mention of the supernatural shows how desperate she is for her desire as she craves to posses characteristics of a man, desire for power, but the lengths she is willing go to achieve it. 2. Starting, Robert Browning emits a paranoid persona in the lady using repetition. He uses they abundantly in the second stanza to show she is obsessed with what others [they] think of her. She cant think about anything else and is in rapt with other peoples perceptions of her life. She then says they laugh laugh at her, again suggesting a paranoid persona who will interpret anything around her as negative attitudes towards her. She believes she is being mocked by they and everyone else around her. She has no trust whatsoever and utter embarrassment is forced upon her and consequently she is forced to act 3. She has fulfilled her desire (Macbeth is king), but the fulfillment has brought no contentment. Shes figuratively spent herself, but achieved nothing for her efforts. Any joy she feels is contaminated. 4. When she says that Macbeth is too full o th milk of human kindness and that she must work on him to make him strong and ruthless enough to do what he needs to do to fulfill the prophecy and his ambition, she doesnt foresee that she will lose him in the process. As he grows accustomed to being the kind of person she wants at that moment to turn him into, he will grow apart from her and stop confiding in her. when he arranges alone to have Banquo killed 5. Once the adrenaline high of the moment has passed, the natural feminine gentleness that she regarded as weakness returns to make her afraid of the monster she has made of the man she loves. Just look at the sleepwalking scene! 6. She knows her fortunes are now linked with his, and that with his increasing power her own will rise proportionately, owing to her influence over him. 7. Lady Macbeth’s character contradicts with the roles of women in the Elizabethan Era as they were regarded as their husband’s possessions and weren’t entitled to an opinion. A stereotypical Elizabethan woman was expected to be innocent, gentle and dutiful as they were inferior to men 8. Irony within Lady Macbeth’s character as she says that she wants everything that helps her goals to be â€Å"crown’d withal†, however later in the play eventually she succumbs to guilt and takes her own life. 9. Manipulation is again shown through dialogue, as she wants to make sure that â€Å"that no compunctious visitings of nature/ shake my fell purpose nor keep peace between/ the effect and it† (1. 5. 48-50). In other words, she doesn’t want her natural, or feminine, character to get in the way of her goal, which is the murder of King Duncan. 10. USE OF IRONY 11. Its true that she is perfectly willing to goad her husband to commit murder; its true she dispassionately both sets up and stages the crime scene; and its true she is right behind Macbeth in these evil deeds, prodding him to action and telling him a little water will wash away their guilt. 12. Soon after, though, Macbeth must sense some softening in his wife, for he fails to confide his next murderous plans to her. He plans and executes the murder of Banquo and the assassination of MacDuff and his family without telling her. His resolve grows as hers, apparently wanes. 13. 14. she finally succumbs to her guilty conscience, unsuccessfully attempting wash her hands clean of Duncans blood. Introduction In this essay, I will be analysing and comparing three main protagonists in Macbeth by William Shakespeare and The Laboratory by Robert Browning, reflecting on the poetic and dramatic techniques used by both writers that effectively portray how these characters are disturbed, and how each action they do leads to the corruption of their mental state of mind. In Macbeth, both Lady Macbeth and Macbeth succumb to insanity as a result of their guilty conscience. In The Laboratory, the woman demonstrates signs of instability much like Lady Macbeth, as she becomes obsessed with poison, power and the possibilities of death that comes with it. Part 1 Macbeth is shown to be disturbed in act 2, scene 2. Macbeth’s conscience is contaminated, having just murdered King Duncan. Murdering a king in the 16th century opposed the ‘divine right of kings’. This was the belief that God gave direct power to Kings, and any opposition to the King was seen as defying God. It was therefore considered a sin, guaranteeing doom. To add, Macbeth was not granted the Divine Right of Kings. He steals power to become King, using actions of manipulation and murder. He was not granted the Divine Right of Kings, reinforcing the idea that he goes against God, and the natural order of the universe. It is shown that he can’t handle psychological consequences, as he believes he is hearing things, asking his wife if she heard a noise, she replying with less panic than him. Additionally, their plot is in danger as he has brought back the daggers with him evidence of their murder. The quick dialogue in line 15 and fragmented line structure give a sense of urgency in both characters. Act 5, scene 1 is a powerful part in the play which depicts Lady Macbeth’s disturbance. She sleepwalks through Macbeth’s castle, with the delusion that her hands are blood stained as a symbol of guilt and recalling the events of the murders she has committed. As she talks about them, her language is fragmented, a sign that she has been destroyed by her own power. Her being destroyed links to she seems weaker and feminine than before. She appears weak and fragile nearing the end of the play, due from being tormented by guilt, whereas in contrast to previously, she was the superior partner with the role of having strength and power, and controlling Macbeth. She went against all the stereotypes of an Elizabethan woman, which was to be submissive, weak and powerless. Likewise to The Laboratory, the narrator is also an ambitious woman, willing to resort to murder to accomplish her goals, and neither has any moral problems with it. This poem was written in the 18th century, during which men had dominance over women, linking to how both Lady Macbeth and the narrator of The Laboratory want dominance because both lived in a time when men ruled over women. Part 2 Shakespeare uses language techniques to show that Macbeth and Lady Macbeth are disturbed. â€Å"Wherein you dress’d yourself? Hath it slept since? At what it did so freely? † Lady Macbeth uses rhetorical questions to attack Macbeth’s masculinity, without giving him the chance to reply to persuade and manipulate Macbeth. There is continuous use of animal imagery through the play. Lady Macbeth tells her husband to â€Å"Look like the innocent flower but be the serpent under’t†, snakes represent evil in the Bible, and she associates the snake with the evil she tells Macbeth to perform. Shakespeare uses symbolism of snakes to reveal the malevolence of characters. The imperative verb â€Å"shalt be† in the sentence â€Å"Glamis thou art, and Cawdor; and shalt be† shows her strong intentions. She also says â€Å"Come to my womens breasts and take my milk for gall†, the imperatives ‘come, take’ gives the impression of urgency and determination. This is similar to The Laboratory, in which Browning uses imperative violent verbs to describe how the narrator wishes for the poison to be â€Å"grind† and â€Å"mashed†, showing her enthusiasm as the poison progresses, excited by the thought of the death it may bring. It portrays her strong ambitions to kill her husbands mistresses, similarly as to how ambitious Lady Macbeth is to become Queen. In act 1 scene 5 during Lady Macbeths soliloquy, she says, â€Å"Stop up the access and passage to remorse. † The use of sibilance here sounds similar to a snakes hissing, emphasising the words making them more sinister. Shakespeare is again making the link to the symbolism of snakes to support the imagery of evil. Part 3 Shakespeare uses form to show how disturbed Lady Macbeth is, by using soliloquies that allow the audience to hear her innermost thoughts, which are filled with imagery of death and destruction. After reading Macbeth’s letter in act 1 scene 5, she expresses fears that Macbeth is too â€Å"kind† to take the necessary steps towards becoming King. This is shown in the quote, â€Å"I fear thy nature; it is too full o’th’ milk of human kindness, to catch the nearest way†. She believes that her husband’s character is not ruthless enough to fulfil his ambitions, that his character contains too much gentleness, which may become an obstacle to attain the quickest way of gaining power. Therefore her solution is to â€Å"pour my spirits in thine ear† and â€Å"chastise with the valour of my tongue†. She wishes to empower Macbeth with evil words, demonstrating that her personality already contains the strength of criminality, as well as showing the dominance she has over him. In the Elizabethan times, women were seen as incapable of taking the initiative and being subservient to men. However Macbeth is easily manipulated by his wife. Witchcraft accusations were very common in the past, believing that witches could influence the mind and body, which may ultimately lead audiences at the time to question if the actress playing Lady Macbeth was a witch, as it supports these beliefs. Lady Macbeth calls upon evil spirits and asks them to fill her from head to toe with cruelty. She says, â€Å"take my milk for gall†, asking to exchange her maternal, motherly instincts to bitterness, signifying the transition of her femininity to masculinity, her feminine character to become a cruel one. She asks to â€Å"Make thick my blood / stop the passage to remorse†, as she does not want to feel natural feelings of pity or guilt which run along her veins and stop her from her actions, going against all ordinary emotions. Her thoughts are shown to be grotesque and frightening, with unnatural imagery. Browning presents the disturbance of the narrator in ‘The Laboratory’ by using enjambments rather than soliloquies as it is a poem. Enjambments are used to show her unsteady dialogue and state of mind. â€Å".. and Elise, with her head / And her breast and her arms and her hands, / should drop dead! † creates an uneven pace, linking to her mental disposition. The repetition of the word ‘and’ makes you pause when reading the sentence, creating a sense of the narrator’s thoughts that are disjointed. Browning has created a contrast between this and the sinister language within the poem, with the calm, controlled structure of the poem. It has 12 stanzas and a regular ABAB rhyme scheme, so even if the narrator is talking about something evil, the lines continue to flow rhythmically along, making the poem more ominous. (FORESHADOWING) Part 4 Blood symbolizes the guilt that sits like a permanent stain on the consciences of both Macbeth and Lady Macbeth Part 5 the characteristics of Macbeth change from a battle-hardened, honourable and combat-decorated warrior to an emotionally unstable, cowardly individual who is susceptible to other peoples coercive measures, namely his wife; Lady Macbeth Setting up Lady Macbeth and Macbeth as strong and weak at the beginning of the play makes for comparisons later on in the play when Lady Macbeth becomes the weak and suicidal one, whereas Macbeth begins taking the initiative, planning Banquo’s murder without confiding in his wife. Earlier in the play, she had a stronger sense of purpose and was the force behind each of their murderous plots. She had told Macbeth that â€Å"A little water clears us of this deed† when his hands were covered in blood, whereas she now sees too much blood. She has descended into madness. This is also reflected from the fact that she is not speaking in verse. In act 5, scene 1, her speech has become broken. (examples and the language technique). The domineering wife has been reduced to someone whose speech makes little sense. There are no logical connections between her memories or sentences. Conclusion â€Å"which character you believe to be the most disturbed and why† When Macbeth was crowned King, he questioned why such happy news caused his â€Å"heart knock at my ribs / Against the use of nature†. This may be an indirect sign that Macbeth knows he will have to murder in order to fulfil the second prophecy. He shows hesitance and has a tendency to waver with the thought of murdering, whereas in contrast with Lady Macbeth, she is solid and final on the deed, showing that her intentions are dark and sinister. A soliloquy creates a better audience-character bond and increases the emotional attachment felt by the audience for the character. The language of Lady Macbeth suggests an overwhelming sense of fierce determination for her husband to possess the ruthlessness of her character. However, the evil persona she adopts fails to shadow the insecurities of her conscience, conflicting with her strong will to murder the king.

Top 25 Book Report Ideas Ways to Create a Breathtaking Book Report

Top 25 Book Report Ideas Ways to Create a Breathtaking Book Report If you have the freedom of selecting a topic for your book report, check out our list of top 25 book report ideas and topics for a winning paper. Book report writing is a rather simple task, which doesn’t require considerable effort. However, if you are new to book report writing and have received your first writing assignment, we have something that might help you. While working on your report, please feel free to read the article on how to work on the book report. Top 25 Book Report Ideas Searching for book report template? Here is a great one below. BOOK REPORT TEMPLATE Here is a list of books that are believed to be very useful for all high school students (based on materials  of  NY Times and Lexington Public Library). Want to know more about book report format? Read the article below! BOOK REPORT FORMAT If you have the freedom of selecting your own book report topic and a  way to write it in, and you feel that you will need help with your project, we will be happy to assist. Just contact out customer support staff and they will help you through the ordering process. Place your order  right now!

Global Perspective Essay Example | Topics and Well Written Essays - 500 words

Global Perspective - Essay Example The military power which both the US and the USSR accumulated, most especially weapons of mass destruction, quite effectively dictated the impossibility of their engaging in direct armed conflict. Such a conflict would have led to the deaths of millions upon millions of people, not to mention the probable obliteration of entire cities. At the same time, however, these two nations were adversaries and, because of their ideological differences, disagreements between them were as intense as that between warring nations. The US and the USSR were caught in a war with one another but had to avoid the possibility of this war turning hot.' Accordingly, their conflict assumed the form of a race for industrial development, a contest over the acquisition of satellite states, an arms race and even a space war. They may have avoided direct military confrontation but they quite often engaged in indirect warfare through proxy states, as in the Vietnam War or the first Afghanistan War, to name but two examples. Indeed, they divided the world between them. As may have been inferred from the foregoing argument, the United States and the Soviet Union were in a war with one another and the conflict between them was as contentious and as dangerous as any which had ever unfolded between two nations.

Final refluction Assignment Example | Topics and Well Written Essays - 250 words

Final refluction - Assignment Example Secondly, it is vital to have a deeper understanding and connection between customers, suppliers, and distributors. Moreover, to gain customer confidence and loyalty, marketers should be strategic in that they produce customized goods for their clients and providing specialized services. Thirdly, to have an effective distribution channel means goods get to the customer at the right place and time. Marketers need to have strategic procedures that help select the right intermediaries (Dent, 2011). I liked the course as a whole; the lecturer had sufficient knowledge about the course and was well equipped with the right materials for the course. I also liked the style of teaching where all students were involved and participated. I would like to do more presentations as this helps me gain more confidence. In addition, I would also like the lecturer to organize a trip to one of the organizations that best practice what we learn in class. Finally, I would like to see the behavior of some students changed. Submitting late assignments should be discouraged. Nevertheless, the semester was great and I look forward to having another course with the same

The Hitchhiker's Guide To The Galaxy Essay

The Hitchhiker's Guide To The Galaxy - Essay Example Arthur dent, the main character of this book has one lucky instance happening to him on a bad day. As he wakes up in the morning with a drunken hangover, Arthur finds a bulldozer outside preparing to demolish his house for making a new by-pass. While he thinks this day to be his worst, his alien friend Ford Prefect comes with the news that earth is being demolished by a Vogon construction fleet that is orbiting the earth to construct a new galactic bypass in the space. Arthur is lucky, as he along with Ford hitchhikes a lift aboard a Vogon spaceship. However, the good luck ends there as they find themselves in torturous condition, while they are finally thrown out into the open space debris. They are not perishing, as a spaceship piloted by the galaxy president Zaphod Beeblebrox along with his co-pilot Trillion spots them and picks them up into their ship. All the four along with a mentally unstable robot Marvin are now on a long search to find the lost planet, Magrathea. The meaningful chapter of the book stats next, when Arthur comes to know, in Magrathea, that the planet Earth had a purpose, to solve the riddle of life and universe. Accordingly, Earth served as a gigantic super computer, meant to find answers to these questions. As per the set calculations, the life of Earth was ten million years. However, the vogon construction fleet destroyed it 5 minutes before this. Since Arthur has survived as the only earthling, he gets a proposal to being a part of project to be named as â€Å"Earth Mark-II†. Arthur is not keen to join this research, as it requires the extraction of his brain. The question remains, as the novel has posed, about the existence of life and universe. Looking at the different adaptations of Hitchhiker’s Guide to the Galaxy, the question does not get the serious attention that it deserves. Instead, the audience seems to laugh it away, taking the sudden destruction of Earth as a dream only. However, Author’s

Importance of Maximising Shareholder Value

Importance of Maximising Shareholder Value Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head -Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management -Kaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory (Financial Management Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVES OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long term(Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970The social Responsibility of Business is to Increase its profits (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issues( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandable. This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountable (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, Geoffreys (1994) view was that, inter temporal behaviour is important for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed Shareholder theory is prepared to maximise short term objectives at the expense of long term goals (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, How Opponents and Proponents Both Get it Wrong? The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to consider the stakeholders accor dingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. Therefore stakeholder theory is not predominant to shareholder theory. Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued the effort to increase or maintain the stock prices by m anagement could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development. Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholders (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectations(Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007). Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in s hort term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. However higher the required returns, higher the risk (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock prices (Financial Management -Kaplan Publishers, 2009). Th erefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmes. The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire buildi ng, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson 2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame work. But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled Sarbanes Oxley Act 2002 CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the road map for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, its necessary to balance these two theories. According to Cathy Haywards article (Black hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than 250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham Essentials of Managerial Finance Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 Shareholder theory, How Opponents and Proponents Both Get it Wrong? Denzil Watson Antony Head Corporate Finance (electronic resource): principles and practice 2007 Management paradigms beyond profit maximisation Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson Privatisation and Rise of Global Capital Markets , Financial Management; Winter, 2000, p31-76 Peter Atrill Financial Management for Decision Makers 5th Edition 2008 (electronic resource) Poitras, Geoffrey Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling The Legitamacy of Corporate Social Responsibility ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007

Politics of Montserrat :: Essays on Politics

Politics of Montserrat The political history of the island of Montserrat has been characterized by instability for much of the time between its discovery and the present-day. First claimed by Spain, and then by Great Britain, Montserrat was a Crown Colony before transitioning to its current status as a United Kingdom Overseas Territory (UKOT). With a wide range of concerns regarding the issue of independence, the inhabitants of Montserrat remain unsure of their ability to maintain their own economic development and survive without financial assistance from the United Kingdom. The first Europeans to spot Montserrat did so on 10 November 1493, as Columbus’ ship sailed from Guadeloupe towards Hispaniola. Though he named the island, Columbus and the Spanish took little interest in Montserrat, and nothing more was written about the island by a European until July 1631. At that time, Amerindians were using the island, though perhaps not living there, and no Europeans had settled Montserrat. However, only two-and-a-half years later, in January 1634, another written account describes Montserrat as having been settled by Irish Catholics. The British, Dutch, and French had begun to claim some of the smaller islands in the Caribbean despite Spanish protests, claiming that the Spanish had no investments in the smaller islands of the Lesser Antilles, and that they belonged to whomever could â€Å"effectively occupy† them. This policy of Effective Occupation legitimized the settlement of Montserrat, and other islands, by the British. The first settlers of Montserrat were most likely Irish Catholics from St. Kitts (which was also claimed by Britain) who arrived there in 1632. By the 1650s, English and Anglo-Irish landowners formed the wealthy ruling class, and Irish indentured servants formed the bulk of the population. This hierarchy was similar to that which existed in Ireland at the time. The English government ruled Ireland, and only a few elite Anglo-Irish could participate in politics and government. Similarly, only the wealthiest English and Anglo-Irish landowners on Montserrat had any control in the governance of the island, and the Crown maintained ultimate control. Many of the first Irish Catholic settlers came from Virginia, New England, and the British Isles. Politics of Montserrat :: Essays on Politics Politics of Montserrat The political history of the island of Montserrat has been characterized by instability for much of the time between its discovery and the present-day. First claimed by Spain, and then by Great Britain, Montserrat was a Crown Colony before transitioning to its current status as a United Kingdom Overseas Territory (UKOT). With a wide range of concerns regarding the issue of independence, the inhabitants of Montserrat remain unsure of their ability to maintain their own economic development and survive without financial assistance from the United Kingdom. The first Europeans to spot Montserrat did so on 10 November 1493, as Columbus’ ship sailed from Guadeloupe towards Hispaniola. Though he named the island, Columbus and the Spanish took little interest in Montserrat, and nothing more was written about the island by a European until July 1631. At that time, Amerindians were using the island, though perhaps not living there, and no Europeans had settled Montserrat. However, only two-and-a-half years later, in January 1634, another written account describes Montserrat as having been settled by Irish Catholics. The British, Dutch, and French had begun to claim some of the smaller islands in the Caribbean despite Spanish protests, claiming that the Spanish had no investments in the smaller islands of the Lesser Antilles, and that they belonged to whomever could â€Å"effectively occupy† them. This policy of Effective Occupation legitimized the settlement of Montserrat, and other islands, by the British. The first settlers of Montserrat were most likely Irish Catholics from St. Kitts (which was also claimed by Britain) who arrived there in 1632. By the 1650s, English and Anglo-Irish landowners formed the wealthy ruling class, and Irish indentured servants formed the bulk of the population. This hierarchy was similar to that which existed in Ireland at the time. The English government ruled Ireland, and only a few elite Anglo-Irish could participate in politics and government. Similarly, only the wealthiest English and Anglo-Irish landowners on Montserrat had any control in the governance of the island, and the Crown maintained ultimate control. Many of the first Irish Catholic settlers came from Virginia, New England, and the British Isles.