Low Wage Social Dumping - Free Essay Example

Sample details Pages: 6 Words: 1732 Downloads: 7 Date added: 2017/09/14 Category Advertising Essay Tags: Minimum Wage Essay Did you like this example? Group 3 LOW WAGE SOCIAL DUMPING PREPARED BY: Shams Baiani Hsin-Yun Chen Sreekrishna Gourneni Hemanth Jayaram Yu-Wen Kao Dhaval Shah Darshit Trivedi Prepared in the partial fulfillment for the requirement of course IMS 6204 – 556 GLOBAL BUSINESS Fall 2010 Dr. Habte Woldu September 14, 2010 ? DEFINITION What is Dumping? Dumping is generally used in the context of international trade law, where dumping is defined as the act of a manufacturer in one country exporting a product to another country at a price which is either below the price it charges in its home market or is below its costs of production. What is Social Dumping? Social dumping† is defined as a term (with a negative connotation) that is used to describe a temporary or transitory movement of labor, whereby employers use workers from one country or area in another country or area where the cost of labor is usually more expensive, thus saving money and potentially increasing profit. Don’t waste time! Our writers will create an original "Low Wage Social Dumping" essay for you Create order Social Dumping refers to an unfair advantage in international trade. It results from differences in direct and indirect labor costs, which constitute a significant competitive advantage for enterprises in one country, with possible negative consequences for social and labor standards in other countries. 6] TYPES OF SOCIAL DUMPING 1. Social Dumping a. Social dumping is the process whereby a transnational organization shifts production from a country with relatively high-employment costs to a country with lower costs. b. Examples of Social Dumping are Production of Shoes by Nike in the third world countries. 2. Product Dumping a. The act of a Manufacturer/firm in one country exporting a product to another country at a price which is either below the price it charges in its home markets or below its costs of production. b. Exporting Products that are considered illegal in one country to another country where it’s not illegal. . Examples for Product Dumping are Japanese Automobile s sold in United States, Baby Pacifiers exported by United States that cause choking problems. 3. Environmental Dumping a. Environmental dumping is the practice of Trans frontier shipment of waste (household waste, industrial/nuclear waste, etc. ) from one country to another. b. Examples Ship Dismantling in India. 4. Cultural Dumping a. Cultural Dumping is the unfair competition caused by cultural barriers aiding local firms. b. Examples: Long working hours by Indian IT professionals working in United States. 5. Financial services dumping . Fianancial Services dumping is the unfair competition because of country’s low capital/asset ratio. b. Exports due to low exchange rates. CAUSES FOR SOCIAL DUMPING Technology – Technological innovations, particularly in the field of information and communication, have played and still do play a central role without doubt. The Internet represents a symbol for globalization in many respects. Transport – The enormous increase in trade as a further central element of commercial globalization results the fact that transport costs have sunk rapidly, and goods can be transported more quickly. End of the Cold War – The end of the Cold War is also frequently named as a cause. Whereas the world was divided up into two camps during the East-West conflict, this separating influence crumbled in the years following 1989/90 following the fall of the Iron Curtain. The former Eastern Bloc countries have opened their borders to the world market. [4] Global Problems – Global problems have played a central role, above all at a conscious level. The presence of â€Å"one world stores† in the highly developed industrial nations is not the only evidence of this. Liberalization – Globalization critics in particular, such as the ATTAC network, continually point out that we are not dealing with an inevitable process, but that globalization, in essence, is more the result of deregulation policies under the leadership of the USA since the Second World War. Without the liberalization of world trade within the framework of GATT or the WTO, these developments would, in fact, have been unthinkable. [1] EVOLUTION OF SOCIAL DUMPING 1974 – 1980:– US congress under pressure from Labor unions had included a provision requiring President to raise subjects of ‘Fair Labor Standards’ in the GATT framework. Same time European countries suggested minimum labor standards be included to provide tariff preference and financial aid to the African, Caribbean and Pacific countries. 1980 – 1990:– Added social clause for labor in textile and chemical industries. Protection of human minded groups against human right but the developed nation won’t be able to compete with the low wage of the developing nations and use the political powers to lower the standards. They referred this to as the ‘race to the bottom’. But there can be no race to the bottom without any domestic distortions and constraints on tax subsidiary. Another similar concept they came across was ‘psychological spillovers’. [5] 1990s – The difference in hourly wages of the EU nations: Germany $26 and Portugal $5. U. S and UK have good and healthy working conditions and not child or forced labor but with low employment protection such as layoff restriction, minimum wages, unemployment benefits etc. In late 90’s almost 5 million workers lost their jobs due to corporate recruiting and they were compelled to take a lower wage job. Pay cuts of 30% and 55% with a lower pay option led to the new public policy amongst workers. [3] Present situation – firms in high – labor ountries will be free to relocate their operations strengthening their work force and exert downward pressure on the wages and working conditions. Employment totals more than 150 million with almost 2million people changing the job on a monthly basis. As per OECD, U. S has the highest reemployment factor of 2. Future situation â⠂¬â€œ By 2015, roughly 3. 4 million business – processing jobs for U. S firms will be performed abroad. INTERNATIONAL TRADE What’s international trade? International trade is exchange of capital, goods, and services across international borders or territories. Globalization, multinational corporations, and outsourcing are all having a great impact on the international trade system. [15] International trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in other factors of production, such as capital and labors. The year since the Second World War, the General Agreement on Tariffs and Trade (GATT) was the only multilateral instrument governing international trade from 1948 until the World Trade Organization (WTO) was established in 1995. [14] Take two free trade agreements NAFTA and EU for example. Close economic integration between the US and Mexico borders, Mexico supplies cheap labor but with lax enforcement of health, safety, and environmental standards. United States supplies the consumer market and derives the profit but facing further wage cuts and the unemployment. And EU on the other hand, there are indeed significant differences among EU countries in wages and fringe benefits. Employers in high wage countries are broadly supportive of the Social Charter, which aims to counteract social dumping via long-term upward harmonization† of labor standards and social policies. What’s next? Aroused by the issue, anti-dumping measures are regarded as a solution for many people. A more comprehensive answer to the question of social dumping will have to take into account other factors in the investment location decision, such as education and skill levels, infrastructural development, land costs, transportation costs, and the particular costs of multinational operations. [16] RECENT TRENDS AND EXAMPLES OF SOCIAL DUMPING Social dumping has come into existence since the beginning of industrialization and has increased geometrically since the advent of globalization. The lower wages in a different part of the country or in a different country, lack of proper enforcement of human rights and employee rights have made social dumping to appear attractive to producers as it provides an opportunity for maximizing profits. The recent trends in social dumping can be divided into two sections. Trends in labor standards: 1)Recently with the exposure given by the media, and the rising awareness by consumers about the low (or absent) labor standards, companies have resorted to creating a better image for themselves by providing better living conditions to the workers. 8] 2)In addition to pressure from the consumer organizations like ECE (Evaluation Committees of Experts) has been enforcing the bills being passed such as International Development and Finance. [9] 3)The host nations are bringing laws into effect that would prevent their labor force from being exploited. Foreign companies have to follow a set of laid out rules to operate in their country. [12] Trends in operating procedures: 1)The very objective that companies are achieving by moving the production works to low wage regions is â€Å"higher profits†. Despite all the exposure and the laws preventing over exploitation of labor, producers have somehow not decreased their profit margins. [6] 2)Producers have moved to countries where labor standards are more flexible and labor is cheaper. It was considered that relocating and training the new staff was more cost effective than continuing in a region with high restrictions. FUTURE OF SOCIAL DUMPING Increased labor immigration has led to problems with social dumping in some industries. Social dumping is deemed to be present both if foreign employees are subject to breaches of health, safety and working environment regulations and if they are paid wages that are unacceptably low. The Government’s action plan against social dumping contains measures that are intended to contribute to the necessary regulations being put in place and to ensure compliance with the regulations. Dealing with foreign labor in accordance with the rules and preventing social dumping are significant factors in this. 11] [7] By development of economics rather than trade sanction, the standard for labor will be promoted and social dumping will be eased. The problem of social dumping is the product based on capital market derived from the uneven development of globalized economics. Therefore, the solution for social dumping must be proceeding in the overall framework of globalization. [13] REFERENCES 1. Product dumping, labor dumping its all the same https://wistechnology. com/articles/4 068/ 2. Dumping https://www. authorstream. om/Presentation/Docker-315709-dumping-20101-kashif-business-finance-ppt-powerpoint/ 3. Environmental dumping https://en. wikipedia. org/wiki/Environmental_dumping 4. https://www. guardian. co. uk/politics/2009/feb/03/trade-unions-lindsey-strikes 5. https://www. amicustheunion. org/pdf/ 6. NECC%20Social%20Dumping%20February%202004. pdf 7. https://www. eurofound. europa. eu/areas/industrialrelations/dictionary/definitions/socialdumping. htm 8. https://www. voxeu. com/index. php? q=node/213 9. https://ec. europa. eu/trade/tackling-unfair-trade/trade-defence/anti-dumping/index_en. tm 10. https://trade. ec. europa. eu/doclib/docs/2006/september/tradoc_129812. pdf 11. https://www. antidumpingpublishing. com/ 12. https://www. regjeringen. no/en/dep/aid/topics/The-working-environment-and-safety/social-dumping. html? id=9381 13. https://www. eurofound. europa. eu/eiro/2010/03/articles/dk1003031i. html 14. https://en. wikipedia. org/wiki/Wiki 15. Jou rnal article by Sheldon Friedman; Challenge, Vol. 35, 1992 p. 27 16. Journal article by Christopher L. Erickson, Sarosh Kuruvilla; Industrial Labor

The Dual Nature of the Progressive Era Essay - 1322 Words

The Dual Nature of the Progressive Era One common misconception is to view the Progressive movement as a unified core of reform-minded crusaders dedicated to improving the social welfare of American society. While this viewpoint is not entirely incorrect, it is only a partial and thereby misleading assessment of the movement that categorized the early part of the nineteenth-century. What some may fail to appreciate is the duality of the period-the cry for social welfare reforms juxtaposed against the demand for optimum efficiency through scientific controls. Theoretically the two movements were compatible in nature, and under certain circumstances, perhaps even mutually dependent upon one another. 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Kristens Cookie Company - 1359 Words

Kristen s Cookie Company Kristen s Cookie Company is a good example where the success or failure of the company depends directly on the process planning adopted by the company, i.e., the company can maximize its productivity by utilizing its resources effectively. One major aspect of process analysis is to identify the major bottlenecks in the process and trying to mitigate their effects with least possible level of costs and resources. The following flowchart shows the overall process adopted by the company: (Exhibit 1) Filling a rush order: Process Resource(s) Process Time Cumulative Time Consumed Taking Order E-mail 0 minutes 0 minutes Washing and Mixing Self 6 minutes 6 minutes Filling Tray Self 2 minutes 8 minutes Preparing†¦show more content†¦So, if labor cost is Rs. 20 per hour, we get the following costs distribution: Order size Labor Time Cost Cost per Dozen 1 dozen 12 Rs. 4.00 Rs. 4.00 2 dozen 17 Rs. 5.66 Rs. 2.83 Thus, cost per dozen of labor is decreasing. 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Human Resource Management At China And Japan - 1289 Words

â€Å"Fifth wheel employees are those who are a result of the mistake made by the human resources wing, i.e. by recruiting wrong person to the wrong job just to fill in the vacancy and then expect better performance. Further such an employee is unable to put in his best and is just an additional mass available within the organization.† ― Henrietta Newton Martin. Human Resource Management is the function within an organization that focuses on recruitment, management and providing direction to people working in the organization. HRM has become a core and an integral part of any organization and is vital to success. In this paper we will be looking at practices in China and Japan and comparing their different approaches to Human Resource†¦show more content†¦Due to this ‘iron rice bowl’ philosophy there is enormous social pressure on State Owned Enterprises to keep surplus workers, or to reject new qualified employees in order to keep their existing e mployees. Since, the entrance of foreign enterprises in China, SOE employees are attracted to foreign firms because of personal development through training as well as better pay packages and working environment. Foreign enterprises in China face challenges such as high training and development cost of employees and adhering to the labour laws of China. The employee turnover rate in China was 18.5% in 2010 for privately owned companies. Few of the reasons cited by employees for jumping ship are: Better compensation package, better career opportunity, better training and development, better benefits and company has better chance of success (EUSME, 2015). The Chinese system can still be classified as bureaucratic and rigid. In order for employees to join foreign companies their personal files need to be released by their current work units or employers, which causes hindrance and leads to wastage of time and resources. Joint ventures between foreign enterprises and SOE’s are overstaffed and leads to opportunity cost of having better and more skilled employees. Foreign organizations usually overspend on their HR and training budget because training and development is a powerful motivator for employees in China. Using connections or networks in order to land a job for

Islamic Banking In Saudi Arabia Free Essays

string(260) " important of the characteristics mentioned above is that Islamic financial institutions should not involve under any circumstances, an element or a transaction based on Riba \(interest\), because the Islamic Financial system centers on interest-free banking\." INTRODUCTION: INTRODUCTION TO ISLAMIC BANKING: GENERAL OVERVIEW: It has been conceptualized that Islamic Banking refers to a financial system that is in parity with the fundamental Islamic concepts and highlight the values prevalent in the religion of Islam. These values are a pre-defined in a code of conduct called the Shariah Law that governs the Islamic way of life and. Sharia Law is influenced by the teachings in the Quran (the holy scripture followed by Muslims) and the Sunnah (teachings of the last Prophet), and is consistently practiced in all Islamic economies around the world. We will write a custom essay sample on Islamic Banking In Saudi Arabia or any similar topic only for you Order Now Sharia Law, on a general level, instructs individuals to abstain from the concept of fixed payment while simultaneously refraining from conventional banking policies and instruments that have elements of interest. Islamic law instructs its followers to avoid using interest (known as Riba) along with all classifications of conventional banking practices that are considered unethical. Therefore, business practices that are contrary to the principles of Sharia Law are termed as Haraam (forbidden). In essence, the concept of Islamic Banking differs from conventional banking system as it forbids the use of interest and relies on the transactions that are based upon tangible goods and real, measurable services. (1,2) HISTORICAL VIEW OF ISLAMIC BANKING: Historically, the use of interest was present in ancient Middle Eastern societies, imposed on the poor by the rich. However, with the spread of Islam, the teachings of the Quran and the Sunnah introduced a novel financial system that freed all citizens of interest (Riba) and introduced equal rights for all. Through the use of the Sharia Law in commencing businesses and transactions, various communities in the Middle Eastern region prospered and grew into an immense trading arena. Moreover, through the popularity of the Islamic banking system because of its attractive outcomes, the application and use of it spread worldwide and can now be found implemented in many western societies. (1,3) Before 1950s, Muslims strived and succeeded in giving way to a financial system that didn’t use interest to gather capital for business transactions (5,7). The evolution of contemporary Islamic banking system can be traced back to the 20th century, when Ahmad El Najjar from Egypt, built its basic foundation by introducing a system of savings based on ‘profit-sharing’. In 1963, a number of Egyptian banks applied the profit-sharing system by investing in local trade and industry, and shared the profits with the depositors. The Egyptian community discovered sound success during the years implementing Islamic financial system, aiding to the economy’s success. Although the return of profit is relatively slower in Islamic banking, bankers found the conventional financial system more attractive as it returned higher profit returns through the use of interest. Therefore, when conventional banking surfaced in many Middle Eastern societies, it quickly rose to great p opularity for businesses and investors. However, as the conventional system solely depended on interest-bearing activities, many scholars of Sharia Law dismissed it as prohibited according to the religion of Islam. (4,6) From the period of 1950 to 1960, Muslim scholars got together in order to formulate a banking system that would be free from interest and would be based on the fundamental principles of Islam. This resulted in the formation of a model known as present day Islamic banking, which was based on two concepts. Firstly, they established profit and loss sharing contracts, known as Mudarabah; and secondly the concept of Wakalah, an investment account in an Islamic bank that would earn a flat fee for investors. (3) Keeping this model in mind, the countries of Egypt and Malaysia were the first to produce Islamic financial institutions that were non-interest based. In 1971, Nasir Social Bank was established in Egypt that was essentially declared as ‘an interest-free commercial bank’. Later in the 1970s due to the booming oil revenues from the Middle Eastern countries, small commercial banks sprang up as they competed for the surplus funds amidst the growing popularity of no-interest banking (4,8,10). United Arab Emirates introduced the first commercial bank that was a result of private enterprise, established in 1974. This was followed by the establishment of an international financial institution by the name of Islamic Development Bank in 1975 in the city of Jeddah in Saudi Arabia. (5) The 1980s saw rapid growth of the Islamic banking industry. One of the major developments in this period was the establishment of the Islamic Training Institute by IDB, which invested on research and development of conceptual and theoretical applications of the Islamic Banking principles. Countries like Bahrain and Malaysia supported the advent of such a system and promoted Islamic banking. This move was followed by the conversion of the banking systems to non-interest institutions in countries such as Iran, Pakistan and Sudan (3,10). Due to the phenomenal growth witnessed by other financial institutions, conventional banks began introducing Islamic windows in their institutions by offering Islamic products such as Mudarba and Musharaka, which are described later on in the report (7). In the 1990s the growth that was witnessed earlier steadied, as governments and lawmakers were attracted by the propositions of this banking system. Through increased development in the Islamic financial system, different innovative products and services were introduced. Islamic insurance, known as Takaful, was introduced along with the introduction of Islamic equity funds (2,3,8). In the contemporary world, the Islamic banking system has established itself across the world and got is recognized as a major banking system in both western and eastern societies around the world. (4) WHAT IS ISLAMIC BANKING? There are certain defining characteristics that separate an Islamic financial institution from a interest-based conventional system. Firstly, Islamic financial system shares the risk of investment that translates into sharing the risk of ownership concurrently (1). Secondly, Islamic banking is based on real assets and transactions that have a certain economic purpose (2,3). Thirdly, Islamic financial system grants that fairness should be guaranteed in the execution of the agreements so that there are no dubious terms and conditions for every party involved (6). The most important of the characteristics mentioned above is that Islamic financial institutions should not involve under any circumstances, an element or a transaction based on Riba (interest), because the Islamic Financial system centers on interest-free banking. You read "Islamic Banking In Saudi Arabia" in category "Essay examples" (3) GROWTH AND DEVELOPMENT: In order to understand the growth and development of the Islamic banking model, we need to evaluate the extent of reach of the current Islamic banking system. Islamic financial institutions have now engulfed several Muslim countries across the globe, and have begun establishing roots in many western societies. An eminent example is of the Islamic windows present in HSBC by the name of Amanah, as well as Standard Chartered Sadi in the UK. Figure 1: Geographic Breakdown of Islamic Assets Recent studies have established that Islamic assets have increased by 15% per annum over the past two decades (5,6). This is because Islamic economists have modeled current financial products offered by Islamic banks by adapting on to the much demanded conventional banking products to cater to and fulfill the consumer’s needs. However, they have successfully altered them to avoid the use of interest and comply with the fundamental aspects of Sharia Law. (5,9) The current global picture of the position of Islamic banking sector is very promising. Assets under the Islamic banking management would soon cross the 1 trillion dollar mark for the very first time in 2012 (3,6,9). In 2011, the assets were valued at 840 billion dollars, which was preceded by the asset value of 400 billion dollars in 2009 (4). This shows a remarkable growth of 100% in the year 2011 and a further 25% growth in 2012. (8,11) Table 1: Total Volume of Sharia Complaint Assets in USD Currently, there are 300 banks and financial institutions across 50 countries that offer Islamic financial services to its consumers (1,11). Economists’ have made predictions for the unparalleled growth and demand for the Islamic banking system, forecasting a growth rate of 15% to 20% annually for the next eight to ten years (5,8). According to these statistics, the growth in the Islamic Financial sector is set to achieve a 4 trillion dollar mark from 2020 to 2022. (3,9) ISLAMIC BANKING PRINCIPLES AND CONCEPTS: FINANCIAL INSTRUMENTS OF THE ISLAMIC BANKING: Following are the key financial instruments applied in Islamic banking. Some of them may seem duplicate to many products offered by conventional banks, however, they differ through the basic concept of interest-free banking that are governed by Sharia Law. (3, 7, 10) Mudharabah Mudharabah is an agreement usually established between a capital provider and an entrepreneur, who will invest the amount in his business. Any profits generated would be shared in a pre-determined ratio, while losses incurred are borne solely by the provider of capital. This whole process of profit sharing will continue till the point that the loan is repaid. Musharakah Musharakah is usually confused with Mudarabah as the concepts are quite overlapping. Under Musharakah, partners provide different capitals to invest in their business. The profits generated are shared according to a pre-determined ratio; however, the losses suffered are shared according to the ratio of equity participation. Murabahah Under this financial instrument, goods are sold keeping in mind a certain profit margin that is agreed by both parties involved in the transaction. Every detail regarding the possible transaction should be elucidated to the purchaser, such as the selling price, purchase price and the profit margin. Murabahah is a fixed income loan that is used for buying assets with a profit margin involved. Wadiah and Hibah Wadiah is an arrangement where the bank is deemed as the â€Å"safe keeper† of the funds deposited, until the depositor wishes to withdraw the amount. In such an arrangement, the bank, at its own discretion, might use these funds to invest in businesses. By doing so, the bank will provide the depositor a certain amount for the use of their funds. Hibah refers to the same procedure; however, the capital comes from savings accounts held by consumers in an Islamic banks. Qardhul Hassan Qardhul Hassan is a loan that is extended on the basis of goodwill to the debtor where no interest is charged. The debtor is only to pay back the initial amount of the loan, without any added interest. In this situation, the debtor, in his pure appreciation of the bank’s services, can provide back an extra deposit at his own discretion without promising for it in the beginning. Takaful Takaful is referred to as Islamic insurance, based on the underlying concept of mutual cooperation and bearing each other’s burdens. In a Takaful agreement, the policyholders pay a certain premium to each other and in return share the profits made by businesses in which their funds have been invested in. Wakalah Wakalah is a term similar to a power of attorney. It is applied within the operations of Islamic banking where one person appoints another person to be his representative, bestowing on him the power to take transactions their behalf. Sukuk Sukuk refers to a bond that is issued with no interest charged on it. Thus, they are in accordance to the injunctions of Islam where the basic concept is the interest of ownership by the investor or the bondholder. Ijarah Ijarah refers to lease, wage or rent. In application to Islamic banking principles, it is the arrangement where the benefit of using a certain product is provided for a fixed charge. The bank would make available the asset or the service for a consumer to use, which they are to pay a certain fixed amount as rent until they continue using it. ISLAMIC BANKING IN KSA: ECONOMIC HISTORY: Saudi Arabia enjoys a rich economy, due to its prosperous oil-based reserves. As the country is an absolute monarchy, government intervention is present in most of the major activities and functions of the economy. The petroleum sector alone accounts for around 45 percent of the budgetary revenues, 55 percent in contribution to the Gross Domestic Product and most importantly 90 percent to the exports of the country (8). Saudi economy was an agrarian economy that was based on agriculture before the discovery of oil in the 1930s. One of the most prominent economic acceleration came from the 1973 oil crisis, from which Saudi Arabia gained benefit in its economic growth as the GDP per capita increased by 1858%. (4, 8) ISLAMIC BANKING SECTOR AND ITS GROWTH: The Islamic banking sector in the Saudi Arabia is supervised and governed by Saudi Arabian Monetary Agency (SAMA) (4,8). SAMA is an independently established and operated governmental agency that is directly subject to the orders and instructions passed by the Council of Ministers. The Ministry of Finance and National Economy is in charge for matters pertaining to SAMA. (4,8) The growth of the Islamic banking sector can be divulged from the fact that Saudi Arabian banking sector is currently the largest, when measured in terms of assets. The Al- Rajhi Banking and Investment Corporation is considered the largest Islamic Bank in the world (2,4). Currently there are 15 banks operating in the country, out of which 3 are foreign banks that have played their respective role in the growth of the banking industry in Saudi Arabia. They arethe Deutsche Bank, JP Morgan Chase and BNP Paribas. (2,7,9) DIFFERENCE BETWEEN CONVENTIONAL BANKING AND ISLAMIC BANKING: In conventional banking, money is treated like a commodity that can be sold at a price higher than its face value. However, in Islamic banking money retains its position at store value and a medium of exchange only that cannot be sold at a higher price. Also, in conventional banking, interest is charged on the time value of capital whereas in Islamic banking profit is earned through trade of goods and services. Moreover, in conventional banking, interest is charged even when the party suffers losses. This doesn’t depict the profit and loss sharing arrangement (9, 11). In Islamic banking, in case of losses suffered, the bank will share the losses depending on the financial instrument used. Under the system of conventional banking, no agreement is made to allow for the exchange of services when dealing with the disbursement of cash finance, working capital finance or running finance. On the contrary, while disbursing cash finances under Islamic banking system, agreements regarding the exchange of goods and services must be made and followed through. While using money as a commodity, conventional banking system can lead to inflation whereas the Islamic banking contributes to the development of the economy by linking the sectors of the economy to trade activities and thus creating a link with the real assets as well. (7, 10) COMPARING TABLE: Works Cited Choudhury, M.A. Venture capital in Islam: a critical examination. Journal of Economic Studies, Vol. 28:1,2011 Lewis, Mervyn, and Latifa M. Algaoud. Islamic Banking. Cheltenham, UK: Edward Elgar Print, 2001. Ghannadian, Farhad F., and Gautam Goswami. Developing Economy Banking: The Case of Islamic Banks. International Journal of Social Economics 31.8: 740-52. Print. 2004 Binladen, Abdullah M. Western Banking Practices and Shari’a Law in Saudi Arabia a Thesis. 1992. Bintawin, Samar. Performance Analysis of Islamic Banking: Some Evidence from Saudi Arabian Banking. Journal of Economic Studies, Vol. 29:5, 2011. Muzaffar, Islam. Growth and Development of Islamic Banking. 2002. MAbid Ali Al-Jarhi and Munawar Iqbal. Islamic Banking: Answers To Some Frequently Asked Questions. Islamic Development Bank, Islamic Research And Training Institute, Occasional Paper No.4, 1422h, 2001 Saudia Arabia Banking Sector. Global Research. 2006. International Association of Islamic Banks. Report, Cairo, Egypt: IAIB. 1998 Islahi, AbdulAzim. Hennie Van Greuning and Zamir Iqbal Risk Analysis for Islamic Banks. The World Bank, Journal of King Abdulaziz University-Islamic Economics 22.1: 197-204, 2009. Chachi, Abdelkader. â€Å"Munawar Iqbal and Philip Molyneux Thirty Years Oflslomic Banking: History, Performance and Prospects.† Journal of King Abdulaziz University-Islamic Economics 19.1: 39-41, 2006. How to cite Islamic Banking In Saudi Arabia, Essay examples

Ny Giants free essay sample

The New York Giants are a professional football team, located in East Rutherford, New Jersey. The Giants have been around since 1925, and have become a well-known organization and one that other teams look to emulate. The Giants play their home games at MetLife Stadium which was just built in 2010. The Giants are a part of my life, everyday conversation, looking up breaking news, who they are interested in taking in this year’s draft. It’s something I can share with my Dad, a fellow Giants fan, and many of my close friends. This team keeps us talking for hours as if we were on the field or in the locker room with them. There’s nothing better than waiting around all week to watch this team play on Sunday’s. History 1925-1932 The New York Giants came into the league in 1925; the team was purchased by owner Tim Mara for 0. In the first season as being a professional football team the Giants ended up with an 8-4 record. In both 1929 and 1930 the Giants lost in the title game to the Green Bay Packers. In 1930 Tim Mara who had purchased the team gave up ownership to his two sons Wellington and Jack Mara. In that same year many believed that college athletes played with more intensity and passion than professional players. The New York Giants played a team of Notre Dame All-Stars. The Game was played at the Polo Grounds, in hopes of raising money for New Yorks unemployed. The Giants ran away with the game, not even letting up a single point to Notre Dame. Many believe that this was a game that proved the legitimacy of the professional game. 1933-1956 The Giants would win their first ever NFL title in 1934 where they defeated the Chicago Bears by a score of 30-13. This game is one that will always be remembered and is better known by the â€Å"Sneaker Game. The Giants were trailing going into halftime 13-3, during half time many of the Giants changed out of their cleats and played the second half in sneakers because the field was so icy. The Giants gained traction by wearing the sneakers and went on to win the game. From 1933-1946 the Giants played in eight NFL titles games winning two of them. In 1941 with the bombing of Pearl Harbor many football players joined the service and lost their lives. The NFL struggled as did the Giants; there was some hope in 1952 when the Giants selected Frank Gifford with the number one overall pick in the NFL draft. The picture to the left is of Al Blozis of the Giants who died during World War II. ) 1956-1978 The Giants won the 1956 NFL Championship that had a team and coaching staff of people who would be inducted into the National Football Hall of Fame. During the 1956 season the Giants also found a new home stadium, they played their home games at Yankee Stadium moving from the Polo Grounds. From 1958-1963, the Giants made the Championship game five times. Unfortunately, they had nothing to show for this as they lost all five Championship games. From 1964-1978 the Giants recorded only two seasons with winning records and had zero playoff appearances. In 1976 the Giants moved to their own stadium, the Meadowlands, in East Rutherford, New Jersey. In 1978 the Giants played one of their most hated rivals, the Philadelphia Eagles. The Giants had the lead with seconds left and instead of kneeling and the game being over, the Giants decided to run the ball. The ball was fumbled and return by the Eagles for a touchdown and a win, this game is known as â€Å"The Miracle in the Meadowlands. † 1979-1993 In 1979 the Giants began rebuilding their team back into contenders. They drafted quarterback Phil Simms in 1979, and in 1981 drafted linebacker Lawrence Taylor. In 1981, Taylor won the Defensive Rookie of the Year Award and the Defensive Player of the Year Award. In 1986 the Giants had a 14-2 regular season record and were led by Phil Simms and the league MVP and Defensive Player of the Year Lawrence Taylor. This was a special season that ended with a Superbowl win. In 1990 the team won its second Superbowl over the Buffalo Bills 20-19, led by Taylor and Simms once again. In 1993, both Taylor and Simms retired and members of the New York Giants. 994-Present In 2000 the Giants reached the Superbowl again for a third time to face the Baltimore Ravens. The Giants got a beating in this game and lost 34-7. In 2004 the Giants introduced new head coach Tom Coughlin. They also traded up in that year’s draft to the number four spot. They selected quarterback Philip Rivers, and in a blockbuster trade were able to get Eli Manning from the San Diego Chargers who was the number one overall pick. In 2007 the Giants went on a magical playoff run where they ended up in the Superbowl against the heavily favored undefeated New England Patriots. The Giants won 17-14 in one of the greatest Superbowl upsets. . This past season the 2011-2012 season was a roller coaster ride that had so many ups and downs, but ended with every fans dream, a Superbowl victory. That being said, buckle up, and get ready to relive the Giants Superbowl run. New York Giants 2011-2012 Season Ever since Tom Coughlin became the coach of the New York Giants they have always started off the season with a great record. Every fan is so happy that this could be a Superbowl year. Once the second half of the season starts the Giants begin to stumble and lose games to teams that should be beat. This season was no different and had me on the edge of my seat all season long, bad losses, close games, and must win games. It was a memorable year that I will tell my kids and grandkids about. Before the season started the Giants had lost some key players. Eli Manning loved throwing the ball to Steve Smith and Kevin Boss, both left to go to different teams. This left the door open for Victor Cruz and Jake Ballard to emerge as stars. Through the first nine weeks of the season the Giants were sitting pretty with a 6-2 record. The Giants were on a roll, but in the back of every fans mind was their play during the second half of the season. Everyone believed it couldn’t happen, again. As Giants fans all over sat down hoping to avoid a second half collapse the Giants lost the next four games they played, bringing their record to 6-6. With their backs against the walls, there was still hope. They could still win their division. The following game they beat the Dallas Cowboys, another heated rival of the Giants, only to lose the following week to the lowly Washington Redskins. With two games remaining in the regular season the Giants had to win both games to win their division and secure a playoff spot. They had to play the New York Jets and the Dallas Cowboys again. The previous two years the Jets had made it to back to back AFC Championship games, one game away from heading to the Superbowl. They lost both games but they were talking as if they owned New York. Jets Coach Rex Ryan and his players started talking about how it was their town now; the Giants didn’t do much talking the week leading up to the game. The Giants beat the Jets, and personally I don’t know what I would have done if they lost that game. This left them with one game to win and move on to the playoffs, a showdown against a heated rival in the Dallas Cowboys. In this do or die game against the Dallas Cowboys the Giants looked as if they were ready to make a Superbowl push. They came out and dominated every facet of the game, their defense was clicking on all cylinders and the offense moved down the field every possession. The Giants dominated the Cowboys by a score of 31-14. They had won the NFC East division and were on their way to the playoffs where they would go on a magical run. This team was battle tested, facing two must win games, essentially playoff games. Their first round opponent was the Atlanta Falcons.