Investment in Gold and its effect on the society Essay Example for Free

Investment in Gold and its effect on the society Essay Gold is the most popular form of investment of all the precious metals. Many investors in the contemporary society prefer to buy gold as protection against crisis that may emanate from changes in the political, economic, social or financial systems in the society. Political economy has great impact on the economic development of a country because of the interaction between the economy and the society . For instance, a crisis may be caused by political instability triggered by social unrest or war, decline in market investment, inflation, currency failure and burgeoning of a national debt. The popularity of gold in investment has resulted to the establishment of a gold standard. The term â€Å"gold standard† refers to a monetary system whereby the standard economic unit of an account is defined by a certain fixed weight of gold. Investment in gold can have negative and positive impact on the society. This paper will discuss the issue of investment in gold and how it affects the society. Issues that will be addressed include how and why gold serves as money in the monetary system. In addition, how tightly the gold is tied to the movement of money as well as the ancient history and legends on gold will be covered. Discussion Importance of gold in the World Monetary system The human lust for gold has been witnessed since the existence of ancient races and civilizations. Throughout history, gold has always been used as a relative standard for currency and a form of payment. Ancient civilizations used gold coins as money because of their high value and lack of paper money. However, even after the introduction of paper money, the significance of gold in the monetary system remained. In the late nineteenth century, gold standards were introduced in various European nations. However, the gold standards were affected by a financial crisis that was witnessed during the First World War. During the war, the US and Great Britain were some of the countries that suspended the strict Gold Standard but Great Britain returned to the gold bullion standard in 1925. The significance of gold in the monetary system increased after the World War II when gold was pegged to the US dollar by the Bretton Woods system. Back then, the US dollar value to the gold was pegged at the rate of $35 per troy ounce. The system was eliminated after 1971 when the US made unilateral suspension of direct convertibility of the US dollar to gold. Trading in gold has maintained its importance in replacing money. In the US, the important role of gold was evident in 1975 when trading in gold for delivery was done in New York Commodity Exchange and Chicago International Monetary Market in 1975 . In 1980, the International Monetary Fund (IMF) sold about one third of its gold holdings and in 1986, the American Eagle Gold Bullion coin was introduced by the US Mint. Over the years, gold has maintained its high value and significance in the world monetary system in the contemporary society. Currently, gold continues to be traded across the globe on the basis of intra-day sport price which is derived from gold trading that occurs through the counter in gold-trading markets. The high demand and supply of gold drives the price of gold just like in other many investments. However, disposal and hoarding of gold affects its price in the market because there is more gold that exists to be supplied in the market for the right price. For centuries, gold has been the foundation of monetary systems hence as an investment is considered to be very critical in the global monetary system. This is because it does not generate income hence its intrinsic value is measured based on the Central Bank International Monetary Reserves. Many governments acknowledge the significance of gold in stabilizing the economy . For example, the end of British Gold standard in 1914 paved way for the World War I inflationary financing. The end of the monetary inflation in 1921 on the other hand resulted to stability in the United Kingdom and the United States. This stability resulted to positive effects on rising Bonds and Equity market prices and interest rates. Due to the need to maintain the role of gold in the economy, the Bretton Woods in 1944 ratified the US Gold Exchange Standard of 1935 . Central banks in various influence the gold price and countries can limit gold sales. For example, 1999, limitation of gold sales by the members of the Washington on Gold (WAG) who included Japan, Europe, US, Australia, the IMF and International Settlements was done. The countries limited gold sale to less than 400 tones per annum. Due to the high value of gold and its importance in the monetary system, ancient history and legends have confirmed how important gold has been for centuries. For example, ancient stories have pointed out that the Europeans believed that there was a place of immense wealth that was referred to as El Dorado due to the presence of gold in the place. As a result, many people made efforts to search for the place to get the gold. However, it has never been confirmed whether this place exists or not. In addition, during the Egyptian civilization period, the people used to bury great amounts of gold together with dead pharaohs in belief that they would use the gold in the afterlife. Just like the ancient civilizations, many countries are now interested in increasing their gold reserves as protection in case of a financial crisis. As a result, the countries make efforts to improve the returns of the official gold reserves. The modern world monetary system is founded on gold that has been held by the Central Banks and in the Treasury. Gold is considered to be equal to money due to its importance in the Gold Standard . The three gold standards that are used in the monetary system include the gold specific standard, the gold exchanged standard and the gold bullion standard . A Gold Standard ensures that the public can prevent governments from pursuing destabilizing monetary policies through escape Asset and Debt deflation or Fiscal profligacy. The holdings of gold at the market price by the World Central Bank constitute part of the World International Monetary Reserves(IMRs) upon which the World monetary system is based. Measurement of changes in IMR defines whether there is expansion or contraction of the World Central Bank Monetary Base. In 1944 at the time of the Bretton Woods agreement, gold accounted for about 90 per cent of the consolidated World Central Bank Monetary Reserve and because the United States owned about 90 per cent of the Central Bank gold, the dollar managed to become the International monetary system key currency. Gold has real money value because its value is not affected by changes in the economy or control by the government economic policies. Ancient civilizations recognized the importance of gold hence they had many prisoners of war work in gold mines in search for the gold. In 4000 BC, Eastern Europe began using gold to make fashion and decorative objects and by 1200 BC, Egyptians were beating gold to extend its use in the society. They even combined it with the other metals to create alloys and also use it for the lox-wax technique. In 550 Scathe Greeks mined gold in the Middle East and the Mediterranean and used it foe art and in the monetary system. In 344 BC, Alexander the Great is believed to have crossed the Hellespont carrying vast quantities of gold he had acquired from the Persian Empire. According to the Greek mythology, in 1550 BC, the King of Mycenae who led the Greek expedition to Troy had worn a gold funerary mask. The Romans also mined and used gold which they sometimes sought in the water streams . By 50 BC, the Romans were able to issue a gold coin known as Aureas. The value of gold in the society remained over the years and in 1299AD, Marco Polo wrote about gold that he had seen in his travels to the Far East. In 1903AD, the Gold Standard Act in the US was officially established and enabled the US to maintain a fixed exchange rate as compared to other nations. This ancient history of gold confirms how important gold has been to the society for many centuries as a monetary value and for other applications. Investment in gold Investment in gold is very vital in economic growth and stabilization of the economy . Research studies that have been carried out in the economic confirm that the economy and the wider society interact . Gold is considered to have great value as compared to other precious metals that are mined and used in the society. The significance of gold in relation to the world monetary system makes investment in gold an excellent long-term means of saving and protecting wealth from negative economic forces. Initially, gold coins were used as money when paper money had not been introduced in the economy. However, the introduction of paper money made the carrying of bank notes that were more divisible and lighter than the heavy gold coins more convenient. This case was witnessed in the US during the 1930s Great Depression when President Roosevelt advocated against the use of gold. Gold is also very important when there are negative or low real interest rates. This is because the demand for gold is increased when real estate equity and return on bonds are not adequate to compensate for risk and inflation. For instance, during the 1970s when economic changes resulted from stagflation that led to an economic bubble. In cases where national crisis is experienced as a result of looting, invasion, war or crisis, many investors are concerned about the seizing of the assets and the reduction in currency worth. In efforts to maintain the currency worth, the investors therefore consider gold to be a solid asset and a good form of investment. Investors have taken advantage of the relation between gold and money by investing in various ways. Many investors in gold as well as the economists agree that gold has become the world’s ultimate dollar hedge investment. Investors can invest in gold is various ways . For example, investment in gold can be done through direct ownership, Gold Exchange-Traded Funds(ETFs),gold mutual funds, junior gold stocks and gold options. In direct ownership form of investment, the gold bullion is very important hence the investors who choose to invest in gold through direct ownership enjoy permanent high value of gold. The Gold-Exchange Traded Funds (ETFs) refer to the mutual fund that trade on stock like ordinary stock. In the United States, the two gold ETFs that trade hold onto the gold bullion. On the other hand, the gold mutual funds allow investors to invest where the funds hold portfolios of gold stocks of companies that mine gold while the junior gold stocks are preferred by the investors whose risk of tolerance is broader. The investors hence accept the possibility of gold-based losses. The gold options form of investment is used by the experienced and the sophisticated investors due to the element of speculation in gold prices. Investment in gold can also be done through the purchase of bullion gold bars. In many countries, the billion gold bars are usually sold over the counter in the countries’ major banks. In addition, the gold bullion dealers provide investors with an opportunity to purchase the bars which differ in sizes. As difficulties in storing, verifying and storing pure gold increase, investors now find it easy to invest in gold though a gold account. Because gold bars are easier to store, they are often sold as kilo bars. Investment in gold is also done by buying gold coins and this enables one to hold the monetary value through gold. Examples of banks that sell and buy gold counts over the counter include the Liechtenstein and Swiss banks. The American Eagle billion coin is the most popular gold coin that has been used for hundreds of years. These coins have a stated amount of pure gold made from the denominations that are provided by the treasury. The Gold exchanged traded funds are sold or bought as shares on the major stock exchanges in Sydney, New York and London. For those who investors in gold through the gold billion, a certificate of ownership is held. These certificates enable various investors to sell or buy security without the inconvenience that may be associated with actual physical gold transfer. Gold certificates were first issued to customers in England and Netherlands in the seventeen century in order to allow the investors/ customers to keep the gold bullion safe through the certificates.

Abortion Issues in Midwifery

Abortion Issues in Midwifery This topic has been chosen to examine in detail the impact of law and ethics upon nursing practice and midwifery, including the ethical dilemmas that face nurses and midwives on a day-to-day basis. It is thereby demonstrated that despite the governance of health professional practice by bodies such as the Royal College of Nursing and the United Kingdom Central Council for Nursing, Midwifery and Health Visiting, ethics and law play a very important role, and health professionals must always act within the law to avoid legal actions being brought against them. The various schools of thought in relation to ethics are also examined and utilisation of the same via decision-making models. In relation to the general ethical dilemmas which face nurses and other healthcare workers in practice, Fletcher et al 1 discuss the ethical principles, explaining that although all health professionals face such dilemmas during practice, a multi-disciplinary approach has to be adopted in solving ethical problems. Fletcher et al outline the main ethical principles applicable to nursing ethics as the principle of respect for persons, respect for autonomy, justice, beneficence and non-maleficence. Fletcher et al explain that the origins of moral philosophy date from 600 BC, and that the two most influential schools of thought are consequentialism and deontology. Consequentialism is explained as the justification of an action by examining the consequences of undertaking that action. Branching out from this school of thought are the various approaches, the first explained is teleological theories or unilitarianism, associated with the philosophical writings of Jeremy Bentham and John Stuart Mill. Fletcher et al state that Mill stipulated that the utility or ‘happiness’ principle stated that actions can only be regarded as moral if they promote the greater amount of happiness and the absence of pain. Thompson et al 2 explains this ideology as a means to try to justify moral principles with regard to an overall goal or sense of purpose in society, the purpose being the pursuit of happiness, which is ‘built in’ in man. They discuss that that this stemmed from Aristotle in 320 BC, and that this form of ethics is known as teleological eudaemonism, the former word referring to his belief in the ‘built in’ purpose in nature, and the latter word describing the quest for happiness. They further explain the significance to health care, as they are under a duty to try to prevent or reduce pain wherever possible and promote the health and well-being of patients. ______________________________________________________________________________ 1 ‘Ethics, Law and Nursing’ (1995) pp 7-17 2 ‘Nursing Ethics’, pp233-238 Thompson et al justify the means by which health professionals can evaluate what likely consequences of treatment may be including side-effects. As act unilitarianism, although they note that where health professionals have to take into account the wider responsibilities to the patient, the hospital, research or otherwise, then rule utilitarianism is more applicable. They conclude that this ideology emphasises the achievement of goals that are important to the context of human life, and the practical application of principles or rules and that consideration of the consequences of application are important to consider to determine whether a particular course is right or wrong. Fletcher et al set out the separate branches from this notion, ‘act’ and ‘rule’ utilitarianism. Firstly dealing with ‘act’ utilitarianism, this is explained as each action is to be considered according to the consequences that ensue from it, morality determined by examining whether the greatest good came from that act. In relation to ‘rule’ utilitarianism, this is described as following of the general basic rules being in existence, forbidding murder, theft etc, rather than looking at the consequences that may ensue from that action, as by following these rules the greatest good must ensue as a natural result. Fletcher et al also discuss ‘preference’ utilitarianism, as being the allowance of discretion of individuals in undertaking a certain action and to judge the morality of each with regard to their own judgement rather than following a rule or principle. This is plainly applicable to health practice. The second school of thought explained by Fletcher et al is deontology, explained as the promotion of the importance of compliance with a duty when undertaking an action, the consequences thereof being irrelevant when considering to take such an action. This is explained as stemming from religious justification, that the explanation of such duties are the ‘laws’ sent from God, as God can be relied upon to distinguish what is right and wrong. Fletcher et al discuss the contribution to the school of thought by Immanuel Kant, a German philosopher (‘Groundwork of the Metaphysic of Morals’) who stipulated that the basis of morality lay in the ‘categorical imperative’, a moral command, set by established moral laws. Following such moral rules is regarded as imperative, regardless of the consequences of an action taken in compliance. Fletcher et al emphasise that the deontological perspective reinforces the need to follow obligations, what ought to be done, and how, in a certain situation. The obligations that befall nurses are described as contractual, as part of the terms and conditions of employment; obligations similar to family ones are seen via the role of carer, though artificially created, and moral obligations, such as the obligation to respect patient confidentiality, patient’s autonomy, to do good (beneficence) and to do no harm (non-maleficence). Fletcher et al explain that these obligations can conflict in practice situations. The obligations of nursing staff must be balanced against the rights of the individual as patients, as enshrined in The Patient’s Charter, effective from April 1992. Thompson et al further explain that deontological theories can also be distinguished into act deontology and rule deontology, the former being based upon the ability of an individual to impose their own moral duty into a situation when considering whether to take a form of action, and the latter being the emphasis upon moral duties and laws taking a universal form. They discuss the linkage of this school of thought to religious beliefs, as such rules can be argued as coming directly from God, as in the Ten Commandments. They do not discuss how this school applies to health practice, though it can be seen that this could be applied in paternalism (see below) when considering a patient’s autonomy. Religious writers such as J.F. Keenan, from the Catholic perspective 3 explain that there has been a turn to virtue ethics which has rejected the modern practice of establishing that morality is governed by human rights language, which is considered the extent to which the principle of autonomy can be exercised. Keenan states that virtue ethicists ask whether there is a character building nature to the proposed course of action and that all moral evaluations are subject to a three sided question, who are we, who ought we to become, and how can we get there? He further explains that virtue ethics considers that actions should be considered in the context of whether they will affect the type of person they will become by undertaking that action, rather than asking whether there is a right in a certain way. Fletcher et al discuss the issue of autonomy 4 as a basic principle that health professionals should always fully inform a patient about the diagnosis, forms of treatment available, and obtain his consent thereto, that is to treat him an an ‘autonomous being’. It is discussed that this may cause problems if the patient is mentally impaired or a minor, therefore it is recognised that there cannot be strict adherence to this principle, as patients would often not have the specialist knowledge to enable them to make a well-informed decision. The dilemma described in this instance is that the principle of autonomy can conflict with the principles of beneficence and non-maleficence. Fletcher et al explain that paternalism may be used quite often by health professionals, namely the belief that they can make a decision in terms of treatment on a patient’s behalf without considering their wishes or overriding the same. This is exercised in accordance with the principle of beneficence, though it is explained that usually patients are told and their wishes are taken into consideration. Fletcher et al 5 distinguish between legal rights and natural rights, the former enforceable via courts, and the latter deriving from natural law, originally thought of as coming from God, but in modern terms, has become enshrined in the concept of human rights, which have also become legal rights via the Universal Declaration of Human Rights 1948, itemising rights including the right to liberty and to life. ______________________________________________________________________________ 3 Catholic Medical Quarterly May 1992: Assisted Suicide and the Distinction Between Killing and Letting Die: J. F. Keenan 4 Ethics, Law and Nursing’ (1995) pp 35-56 5 (ibid) pp139-143 Fletcher et al 6 discuss the law governing abortion, stating that it is a criminal offence under section 58 of the Offences against the Persons Act (OPA) 1861 to unlawfully do any act with intent to procure a miscarriage, which made abortion illegal prior to the enactment of the Abortion Act (AA) 1967. Fletcher et al explain that the Abortion Act 1967 did not repeal this earlier Act, but set out grounds which specified when abortion was legal, as a defence to a charge of criminal abortion. They state that this has been amended by section 37 of the Human Fertilisation and Embryology Act (HFEA) 1990, which specify five grounds, including that a pregnancy has to be less than 24 weeks advanced; the risk or threat to the mother’s life, mental or physical health is too great to allow continuance of pregnancy; if there is a substantial risk that the child would be born with abnormalities rendering it severely handicapped; and, a unilateral act by a doctor to avert an immediate risk to the life or health of the mother. Fletcher et al explain the right of nurses to exercise a conscientious objection, for example to carrying out an abortion, the rights of which are enshrined under section 4 of the AA 1967 and the HFEA 1990, the former being the refusal to participate in an abortion, the latter a right to refuse to participate in any treatment defined by the Act. This can be utilised where the individual health worker’s personal moral code conflicts with such a practice. However, as stated by McHale and Tingle, 7 this must be actual participation in treatment, not a mere refusal to type a letter of referral 8. It is explained that such an individual can leave him/herself open to a legal action against him for an omission if there is a duty to act, though in practice this is rarely undertaken as another member of staff could perform the same treatment. Nursing staff may also record their objections to a specific course of treatment prescribed by another health professional on personal moral grounds, which might be affected by their contract of employment when the employers make decisions with regard to this. Additionally, Ann Young 9 states that the refusal of the health professional can be made unless the treatment is necessary to save life or prevent grave permanent injury to the physical or mental health of the mother. However, she criticises the ambiguity of the word ‘grave’ as this could constitute depression as well as a serious heart defect. In Selective Reduction and Feticide: The Parameters of Abortion 10, David Price emphasized that there is ambiguity in the use of the term of abortion by medical practitioners and lawyers alike. He noted that Glanville Williams’ definition of abortion 11 states that For legal purposes, abortion means feticide: the intentional destruction of the foetus in the womb or any untimely delivery brought about with the intent to cause the death of the foetus. ______________________________________________________________________________ 6 (ibid) 7 ‘Law and Nursing’ p 208 8 Jannaway v Salford AHA [1988] 3 All ER 1079 9 ‘Legal Problems in Nursing Practice’p 209 10 (1988) Sweet Maxwell Limited and Contributors: David P.T. Price 11 Textbook of Criminal Law, (2nd ed., 1983), p.292 In the context of non-consensual abortion, Price explains that this can occur where the death of a foetus was caused by an act of non-consensual violence upon a pregnant woman. He argues that this act may not necessarily fall within the definition of a criminal abortion under section 58 OPA 1861, and would rather be treated as an assault. He states that in the United States, courts are prepared to extend the crime of abortion, which is similar to section 58, to non-consensual assaults upon women resulting in foetal death 12 though in this case the man causing foetal death was charged with assault rather than foetal murder. Looking at an American viewpoint, in Bioethics and Medical Ethics 13, Thomas Platt considers that the emphasis on autonomy ignores the deeper metaphysical issue of the degree to which any human act can be regarded as freely chosen. He states that the scientific perspective purely states that human behavior is the result of genetic and environmental factors. He stipulates that it has to be the environment in which a person has been raised which will determine how a person will respond to a suggestion, for example abortion, and that in less technologically developed cultures, they would respond in a different way to the West. Verena Tschudin 14 explains ethical decision making models in many forms including Jameton’s model, which requires identification of the problem, gathering of data to identify options and make a decision to act and then assess the consequences thereof; Crisham’s model; initially ‘massaging’ the dilemma, outlining the options, reviewing the criteria, before the act and evaluation thereof and the Nursing process model, which requires assessment, planning, implementation and evaluation. The latter involves a series of questions at assessment level, planning identifies whether the ethical problem is a question of teleology or deontology, with a series of questions to follow, implementation requires consideration of whether one would like to receive the same treatment, and finally evaluation considers whether the act has solved the problem and what was gained, with a series of questions. In relation to the exercise of patient consent, this is described as an exercise of a patient’s autonomy. The UKCC’s guidelines re that the health professional must ‘explain the intended test or procedure to the patient without bias and in as much detail as the patient requires’, and that if no questions have been asked then the health professional should assess the amount of information the patient requires 15. It is explained that a nurse, as per Clause 1 of the UKCC Code of Professional Conduct must ‘act in such a way as to promote and safeguard the interests and well-being of patients and clients’. This is explained to go so far as stating his/her opinion that there has been insufficient information provided to the patient to render the same fully understandable to him and enable him to make a fully informed decision 16, which can affect the judgment given by a doctor. ______________________________________________________________________________ 12 Hollis v. Commonwealth 652 S.W. 2d 61 (Ky. 1983) 13 Medicine, Metaphysics and Morals: Thomas Platt: West Chester University 14 ‘Ethics in Nursing’ p 85-95 15 ‘Exercising Accountability’ 16 (ibid) It is explained further 17 that the principle of autonomy is enshrined in law as the right to self-determination. Written consent is usually provided before surgery, in a standard form from the Department of Health, which has been amended in 1991.The case law relating to consent stems from the general principle that every adult person of sound mind and body has a right to determine what happens to his body, and that a surgeon who performs an operation without his consent has committed an assault 18. However, this principle is heavily qualified is discussed. In the case of informed consent, where the patient is given insufficient information about the risks of a certain procedure, the patient must sue in negligence rather than in battery 19. Even the standard set in negligence is weighted heavily in favour of the health professional, as it has been ruled that a doctor is not guilty of negligence as he has acted in accordance with the accepted practice in that field by other doctors 20. This case was affirmed in Sidaway v Bethlem Royal Hospital 21, and in further subsequent cases such as Blyth v Bloomsbury AHA 22 and Gold v Haringey AHA 23, where the restrictive disclosure policy was supported by general medical opinion. It was highlighted that despite this, Lord Bridge has emphasised in Sidaway 24, that even if a health professional acts in accordance with general practice, the court may still take a decision that there has been non-disclosure of material facts. Specific problems are highlighted in the context of where a patient is incapable of providing consent, which is governed by law. The case law has established that a health professional must only do what is absolutely necessary to save the patient’s life, which does not include removal of a womb if it has been considered a further pregnancy would jeopardise the patient’s life 25. Therefore, it is argued that this principle of doing what is necessary to save a life overrides the right to autonomy 26. However, this does not extend to the life of a foetus in risk 27. Regarding accountability, Fletcher et al 28 states that the Code of Professional Conduct stipulates a registered nurse, midwife or health visitor is personally accountable for her practice, even off-duty. This ties in with the professional’s legal duty of care, as explained by Tingle Cribb 29, deriving from Donoghue v Stevenson 30, as the need to take reasonable care to avoid acts or omissions that can be reasonably foreseen to injury a person affected by the acts or omissions, which can result in an action for negligence. Tingle Cribb state that the nurse has to weigh up the potential harm and benefit of the patient at that time, and reach the decision involving the least harm. ______________________________________________________________________________ 17 (Fletcher et al: ibid) 18 Schloendorff v Society of New York [1914] 19 Chatterson v Gerson [1981] 20 Bolam v Friern Hospital Management Committee [1957] 21 [1985] 22 [1985] 23 [1988] 24 (ibid) 25 Devi v West Midlands AHA 26 Re T 27 Re F (in utero) [1988] 28 (ibid) pp104-129 29 ‘Nursing Law and Ethics’ p 13-19 30 [1932] The professional standards are maintained by the UKCC in the Code of Professional Conduct, and each nurse or midwife is under that duty, though they argue that this standard is set by the profession itself. In the case of an allegation of a breach of such a duty, the health professional can be subject to disciplinary action for misconduct. They explain that accountability merely requires a health professional to be able to justify their actions. Fletcher et al consider that it is important for the professional to have regard to the interests of patients and clients rather than purely the rules of the UKCC. Verena Tschudin 31 states that nurses have both a legal and moral accountability, which arises from patient autonomy. Fletcher et al discuss the dilemmas that may occur in healthcare practice, and where the health professional’s moral code is at odds with her duty, The Code of Professional Conduct stipulates that the professional must ensure that no action or omission by that person will be detrimental to the condition of the patient, which can be seen as the principle of non-maleficence. An example is provided that if the incorrect dose of medicine has been administered to a patient, then that health professional’s self-interest should not override her duty to disclose the error as this could not be argued to be in the patient’s best interests. In relation to professional competence, Fletcher et al state that The Code of Professional Conduct stipulates that a health professional must maintain and improve their professional knowledge and competence. As regards midwives, Fletcher et al state that they requirement is to attend a five-day refresher course, five approved study days every five years or another approved course. There has been an impact in the context of European Community (EC) legislation, as explained by Bridgit Dimond 32, the activities of a midwife are defined in EC Directive 80/155/EEC Article 4, including providing family planning advice to recognise warning signs of abnormalities necessitating doctor referral. Fletcher et al criticise the limitations of the Post-registration Education and Practice Project in 1990 for newly qualified nurses, and those returning to health care practice after five years, requiring five days study leave every three years and demonstration of professional knowledge and competence. However, since then, Ms Dimond has argued that Project 2000 has sought to integrate nurse clinical teaching and practice 33. Fletcher et al explain that ethical dilemmas can arise from the instructions provided by a senior member of staff, which does not accord with the health professional’s personal or moral beliefs. When making a decision on how to act, that professional will have to consider whether she is acting within the law, according to the Code of Professional Conduct, and also in the best interests of the patient as well as her own beliefs. They discuss the remedies available to patients or clients, which are a complaint to the UKCC which would result in a hearing before the Professional Conduct Committee; use of the formal Hospital Complaints Procedure; or a complaint to the nurse’s employer. ______________________________________________________________________________ 31 (ibid) p 116 32 ‘Legal Aspects of Nursing’ pp 444-457 33 (ibid) p 270 In conclusion, in the context of conscientious objections, it has been suggested that there should be ward-based abortions carried out only 34 in special units by professionals who have taken up such jobs as they do not have moral or ethical objections to abortion. Verena Tscudin 35 states that here is however, always a conflict between a nurse or midwife’s duty to preserve life rather than destroy it. The culmination of ethical perspectives in decision-making models assist the professional, though she must also always be mindful of her duty to the patient, the Code of Professional Conduct and the law. ______________________________________________________________________________ 34 Ann Young, p 209 35 (ibid) p 137 BIBLIOGRAPHY Bioethics and Medical Ethics :Medicine, Metaphysics and Morals: Thomas Platt: West Chester University Catholic Medical Quarterly May 1992: Assisted Suicide and the Distinction Between Killing and Letting Die: J. F. Keenan ‘Ethics in Nursing’ (2nd edition) 1992 (Butterworth/Heinemann) pp 85-95: Verena Tschudin ‘Ethics, Law and Nursing’ (1995) Manchester University Press pp 7-17; pp 35-56; pp 139-143: Fletcher et al ‘Legal Aspects of Nursing’ (2nd edition) 1995 (Prenctice Hall) pp 444-457: Bridgit Dimond ‘Legal Problems in Nursing Practice’(2nd edition) 1993 (Chapman Hall) p 209: Ann P.Young ‘Law and Nursing’ (2nd edition) 2001 (Butterworth/Heinemann) p 208: McHale and Tingle ‘Nursing Law and Ethics’1995 (Blackwell) pp 13-19: Tingle Cribb Selective Reduction and Feticide: The Parameters of Abortion ((1988) Sweet Maxwell Limited and Contributors: David P.T. Price ‘Nursing Ethics’(2nd edition) 1993(Churchill Livingstone), pp233-238: Thompson et al 104134 Legally Binding Undertaking 1. I Rebecca Asghar undertake that in line with my contractual obligations this work is completely and wholly original. 2. 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Eriksons Psychosocial Stages and Adopted Children Essay -- Eriksons

Difficulties and Stages of Adopted Children Erikson believed that people develop in psychosocial stages. He emphasized developmental change throughout the human life span. In Erikson's theory, eight stages of development result as we go through the life span. Each stage consists of a crisis that must be faced. According to Erikson, this crisis is not a catastrophe but a turning point. The more an individual resolves the crises successfully, the healthier development will be. The first stage of Erikson's psychosocial stage is trust vs. mistrust, which is experienced, in the first year of life. Infants learn to trust in order to satisfy their needs thus developing a feeling of self-worth. When infants receive inconsistent care they may mistrust the people in their life. This is a very important stage to look at when looking at adoption and the foster care system. Children who are adopted in the first few weeks of life will probably not face may difficulties during this stage because their care will be consistent from the second or third week on. This is very different from children who are adopted later in this stage or who are in the foster care system during this stage. Some of these children will have inconsistent care thus mistrusting people in their lives. This mistrust will follow this child for a long time or possibly for the rest of their life. For example I was adopted at three years old and I remember my social worker coming by a year after I hav e been placed with my family to do the last home visit. As soon as I saw her I ran and hid in my closet because she had taken me away from so many places and my care was so inconsistent that I have formed a sense of mistrust of people. With the help of my family I have learned to trust and have successfully completed this stage.   Ã‚  Ã‚  Ã‚  Ã‚  Autonomy vs. shame and doubt is Erikson's second stage of development occurs between the first and third years in life. During this stage children learn to be independent by mastering tasks such as feeding a dressing themselves. If children do not develop autonomy during this stage they will doubt their ability and develop a sense of shame. I lived in one foster home from the time I was one and a half to the time my parents adopted me at age three. I believe that I developed during this stage just as well if not better than children who are biological or who are adopte... ...olation and loneliness. This is the stage that I am going through now and I believe that I am on track. I have friends and a boyfriend. My relationships are healthy, I know what I want to be and get out of life.   Ã‚  Ã‚  Ã‚  Ã‚  Generativity vs. stagnation is Erikson's seventh stage of development, which occurs in adulthood. Generativity includes responsibilities such as raising children and being productive in a job. Adults who do not perform these tasks become stagnant.   Ã‚  Ã‚  Ã‚  Ã‚  Integrity vs. despair is Erikson's eighth and final stage in development, which occurs in Old Age. Older adults look back on their lives and evaluate the outcomes. Those who view their life as productive and satisfying feel a sense of integrity. Those who do not see their life as productive will feel disappointed causing despair.   Ã‚  Ã‚  Ã‚  Ã‚  I believe that an adopted child has more hurdles in developing than a biological child. I also believe that a child who is adopted later in life will have more issues than those are adopted earlier in life will have. I also believe that if the foster parents and adopted parents are have good intentions and work together the child will be able to complete each stage successfully.

International Marketing Essay -- GCSE Business Marketing Coursework

International Marketing Proctor & Gamble originated in 1837, when William Proctor and James Gamble formed a partnership in Cincinnati, Ohio. The partnership flourished making the company a gaining name as principled manufacturer of high quality consumer goods sold at competitive prices. By 1992 Proctor & Gamble was a multinational company with annual sales of almost $30 billion profits exceeding $1.8 billion, and a reputation for quality products, high integrity, strong marketing, and conservative management. When P&G grew they became more and more interested in foreign markets. In 1992 they had sold their products in more than 140 countries around the world. In 1991 P&G after being satisfied with their success with Charmin Bounty and Puffs they decided they wanted to expand their business to foreign lands. They decided that Canada was the best and most logical choice to make that first step because of its location and free trade between Canada and the U.S. In 1991 P&G found that Canadian Pacific Product Company, a large paper company was prepared to see Facelle Paper Products, it’s tissue division. Facelle was a medium sized manufacturer and marketer of tissue, towel and sanitary products. So for 185 million P&G bought the Facelle Co. Proctor & Gamble had to consider many things when entering the market in Canada. Tissue products were inexpensive, widely used and were frequently purchased (on average once every two weeks.) Brand swi...

Perceptions of the 18th Century Novel in Ian Watt’s Book, The Rise of T

Perceptions of the 18th Century Novel in Ian Watt’s Book, The Rise of The Novel The eighteenth century novel was one that changed the way novels were written in many different ways. In reading Ian Watt's book, "The Rise of The Novel," quite a few things were brought to my attention concerning the eighteenth century novel; not only in how it was written and what went into it, but how readers perceived it. This essay will look into Ian Watt's perceptions on the eighteenth century novel and how it changed from previous literature. Coming out of the Renaissance and Jacobean ages, the novel was characterized by "realism", with the term "novel" not really being used until the end of the eighteenth century. This realism was not defined like we would define realism today (defined by Webster as an interest or concern for the actual or real), but instead is grounded in the position that "truth can be discovered by the individual through his senses." (12) Instead of conforming to traditional practice (such as the classical and renaissance epic based on history and fables), the novel focused more on the individual where "the pursuit of truth is conceived of as a wholly individual matter, logically independent of the tradition of past thought." (13) By rejecting traditional plots the novel distinguished itself out from any other previous form of literature, making individual experience the replacement for collective tradition. Many other things apart from plot were changed for the novel to fully show this new take on reality. Now the plot was acted out by "particular people in particular circumstances" (15) rather than, as in the past, by general people against a pre-determined background by appropriate literary convention. The nove... ...hough much of the literature was religious oriented, there was a great surge towards secular reading by the public of which the booksellers became largely responsible as they sought to increase their pay. The eighteenth century was definitely a time of massive change for literature. Not only had the way of writing been drastically altered, but the amount of reading done by the public altered as well, bringing about a resurgence of reading, not only in the upper classes, but also in the all the classes. Though lacking in some areas, plot not being least, the novel revolutionized the eighteenth century and brought about a new way of thinking. By today's standards, it might not seem like much was done, but in the history of things, the eighteenth century novel is probably one of the biggest things to ever happen to the progression of literature throughout the years. Perceptions of the 18th Century Novel in Ian Watt’s Book, The Rise of T Perceptions of the 18th Century Novel in Ian Watt’s Book, The Rise of The Novel The eighteenth century novel was one that changed the way novels were written in many different ways. In reading Ian Watt's book, "The Rise of The Novel," quite a few things were brought to my attention concerning the eighteenth century novel; not only in how it was written and what went into it, but how readers perceived it. This essay will look into Ian Watt's perceptions on the eighteenth century novel and how it changed from previous literature. Coming out of the Renaissance and Jacobean ages, the novel was characterized by "realism", with the term "novel" not really being used until the end of the eighteenth century. This realism was not defined like we would define realism today (defined by Webster as an interest or concern for the actual or real), but instead is grounded in the position that "truth can be discovered by the individual through his senses." (12) Instead of conforming to traditional practice (such as the classical and renaissance epic based on history and fables), the novel focused more on the individual where "the pursuit of truth is conceived of as a wholly individual matter, logically independent of the tradition of past thought." (13) By rejecting traditional plots the novel distinguished itself out from any other previous form of literature, making individual experience the replacement for collective tradition. Many other things apart from plot were changed for the novel to fully show this new take on reality. Now the plot was acted out by "particular people in particular circumstances" (15) rather than, as in the past, by general people against a pre-determined background by appropriate literary convention. The nove... ...hough much of the literature was religious oriented, there was a great surge towards secular reading by the public of which the booksellers became largely responsible as they sought to increase their pay. The eighteenth century was definitely a time of massive change for literature. Not only had the way of writing been drastically altered, but the amount of reading done by the public altered as well, bringing about a resurgence of reading, not only in the upper classes, but also in the all the classes. Though lacking in some areas, plot not being least, the novel revolutionized the eighteenth century and brought about a new way of thinking. By today's standards, it might not seem like much was done, but in the history of things, the eighteenth century novel is probably one of the biggest things to ever happen to the progression of literature throughout the years.

5 Bases of Power and Leadership Essay

When we mention the word â€Å"Power† most of the people will think that power is evil, corrupt, self-serving, manipulative and hurtful. However, there is a positive face to addressing power acquisition, power-base development, and power use. When power is used in an ethical and purposeful way, there is nothing evil about it. Leadership is â€Å"interpersonal influence, exercised in a situation, and directed, through communication process, toward the attainment of a specified goal or goals. (Tannenbaum, Weschler, & Massarik, 1961, p. 24). Sales Leadership regularly acquires and uses power to accomplish specific work goals and to strengthen their own positions to empower salesperson rather than dominate them. There are five different powers that affect leadership which include expert power, referent power, legitimate power, reward power and coercive power. Expert power is define as a major source f personal power is expertise in solving problems and performing important task. (French & Raven, 1959) Expert power is needed for those employees who need task direction. It also builds confidence in the leader’s ability to teach and delegate tasks that the team needs to accomplish. The more important problem is to the target person, the greater the power derived by the agent from the possessing the necessary expertise to solve it. With the expert power it helps the leaders to develop and maintain a reputation for technical expertise and strong credibility. Moreover, Charisma leader have the expert power and also have insight into the needs, hopes, and values of followers and are able to motivate commitment to proposals and strategies change.

Market Equilibration Process Essay

Market equilibration gives businesses the opportunity to mold to different changes that occur within the field of marketing. With market equilibration, market prices are established through product and service competition. For example, the amounts of goods or services required by customers are equivalent to the amount of goods or services produced by business. Market equilibration will allow the business and customer to be on the same sheet of music with product and prices. Law of Demand In order for market equilibrium to exist, the economy must have a need for a particular product or services. For there to be a demand, customers must be prepared to pay the established prices set by the industry. After the need for a particular product has been identified, manufacturers can begin producing the products. Law of Supply With supply, the product or services are made available to the economy. When a consumer is prepared to pay the price the market is asking market equilibrium is established. Should there be an imbalance of the demand or supply, there would be no equilibrium. In cases of supply imbalance, this could cause prices to increase which would inadvertently create business and revenue for the competition. Contrary to supply shortage is an excess of supplies. Excess supplies in the market will cause the market prices to drop resulting in an imbalance in the market equilibrium. Efficient Market Theory Efficient market theory is an investment theory that states it is impossible to â€Å"beat the market† because stock market efficiency causes existing share prices always to incorporate and reflect all relevant information (Investopedia, 2014). Because stock usually trades at fair values the efficient market theory keeps the stock exchange fair and honest. It prevents investors from selling at over inflated prices or purchasing at underrated prices. Surplus and Shortage Another cause of an imbalance in the market equilibrium could be a result of supply surplus. A supply surplus could also cause product prices to drop. Because there are more products available it could mean that customers just are not buying or that there are too many suppliers of the same product. The counter to this problem is to limit the number of like products available within the economy. The opposite effect to a surplus could be very beneficial to business competitors. A shortage would allow a competitor to move the business into the local economy and set prices high. As a result of shortages, this would allow the competitors to monopolize the market causing duress to surrounding companies. Real World Experience A real world example of the free market is when a customer looks for a bargain for the same product that both Wal-Mart and Target offers but at different price. Most consumers prefer to choose the item that has the best price versus the store name. Another factor that plays a role in the decision process is the location. If a customer has to drive further away to make a purchase they may elect to select the most expensive item. Customers can take advantage of supply and demand when the businesses are competing with each other. Conclusion In economics, manufactures and customers are the primary stakeholders in the equilibrating process. The market equilibrating process is difficult to balance because of the shifting market. By obtaining a good understanding of how the equilibrating process works, it will assist consumers on how to spend his or her money while saving at the same time. References McConnell, C., Brue, S., & Flynn, S. (2009). Economic Principles, Problems, and Policies (14th ed.). Boston, MA: McGraw-Hill Irwin. Investopedia. (2014). Retrieved from http://www.investopedia.com/terms/e/efficientmarkethypothesis.asp