...What are ‘Good’ Industrial Relations? What are ‘good’ industrial relations? It can simply be described as a workplace in which the employees are motivated and happy. This occurs when a workplace has solved their problems; however there is no single means to achieving this. Pluralism, unitarism and radicalism are three theoretical approaches to industrial relations. Unitarist theory believes that the employees should have the same goals and interests as their employer and view conflict as detrimental to industrial relations. The pluralist perspective views conflict as being inevitable due to the employer having more control than the employee. The business will flourish and grow only when a solution to this conflict has been obtained. The radicalism perspective also views conflict as being unavoidable but rather than find a solution this theory, suggests eliminating the root of the conflict altogether. All of these approaches have a negative and positive effect in the workplace. In order to answer the question of what ‘good’ industrial relations are, you need to have a full understanding of what each theory entails. Unitarists believe ‘good’ industrial relations are only achievable when everyone works together as a team and the employees share the same common goal and interests as their employer. In order for employees to work towards the same goal as their employer, everyone needs to understand not only what the goal is but also what the plan is to achieve it. This...
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...Title: Fiduciary obligations may spring up by reason of relationships of trust and confidence or confidential relations. Introduction Fiduciary is an important issue arises in business relationships, in partnerships, it helps create a fair business environment for all the parties when working together, in agency, it protects the principles' benefits, in corporations, it may lead the business operates properly and legally. Therefore, fiduciary obligations are closely related to co-operations Trust and confidence are the most important elements in these fiduciary relations, in this essay, the relationship of a fiduciary obligation and above relations will be demonstrated and explained. Table of Content Introduction P.1 Table of Content P.2 The Basic Concept of Fiduciary P.3 Fiduciary Concepts and Obligation vs Partnership Relations P.6 Fiduciary Concepts and Obligation vs Corporate Relations 1. Directors P.8 2. Promoters P.11 Conclusions P.13 Bibliography P.14 The Basic Concept of Fiduciary Fiduciary, under oxford’s dictionaries’ definition, is trustee who is given control or powers of administration of property in trust with a legal obligation to administer the beneficiary’s interest, and the Cambridge dictionary defines “relating to the responsibility to look after someone else's money in a correct way”. It is obvious that the fiduciary concept involves the element of mutual...
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...significant; they hold our basic assumption about key relations. In business life theories tell us what to look out for, what our first step ought to be, and what to expect results from our action. The four theories of strategy were and still very important until this time of day. But the 21st century is all about the game of power, how is powerful than whom, and who is dominating. So if you want to generalize thing, some theories can be used and others cant but eventually these approaches have expired because of the development that have been made until now, that were not common in Whittington’s days . Now a day we see a new phenomenon known as “game of power” which is the struggle or conflict over power because power means on dominance and...
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...classical political economists, who defined classes on the basis of the specific income form that each category of people (class) obtains. This approach to class constitutes a first form of a "friendly merger" between political economy and sociology. When combined with the classical labor value theory, it has led to a theory of class exploitation of the laboring class by the capitalist class. As economic theory became increasingly apologetic after the "Marginalist Revolution" (setting itself the aim of justifying capitalism), the theory of class has been totally banished from the corpus of "modern (neoclassical) economic science." This paper claims that the scientific elements inherent in classical political economy's class theory were preserved by the Marxist class theory, which further revolutionized the classical approach, creating a new, purely non-economistic and non-mechanistic "relationist" class theory, an d forming thus a vivid economic-sociological approach to social classes. On the basis of the Marxist approach, complex problems concerning the class structure of contemporary societies can be tackled. I Introduction THE THEORY OF CLASSES MAKES UP one of the most controversial chapters of the social sciences, in the sense that it comprises a forefront of confrontation between the different theoretical schools that are formulated within the field. To clarify what is to follow, I therefore reiterate the position that was stated by de Ste. Croix: "It seems to me hardly possible...
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...The aim of this essay is to discuss whether it is appropriate to consider the employment relationship as a contract, in the sense of voluntary between the two equal parties. Fox (1974:183) argues that it is inappropriate to consider the employment contract is equal and the employment relationship is merely a ‘brute facts of power’. With reference to Fox’s statement, this essay will discuss the nature of employment relationship, the influence of key institutions and their impact for employers and employees, and the three main perspectives at work. This essay will support Fox’s statement as inequality between the employers and employees is often an issue at the workplace. The basis of employment relationship is the relationship that exists between the employer and employee. The employment relationship is the context within which indicate interactions between employees, who may be unionised, and employers are conducted, both collectively and individually (Kelly, 1998). The employment contract is apparently central to the employment relationship. By the middle of the nineteenth century, with the development of Capitalism in Britain, based on the contractual relationship between an employer and employee, wage labour system had largely displaced traditional forms of work relations that are based on status. The role of the employment contract in the employment relationship is that it captures the way in which the employment relationship is an economic transaction, concerning the...
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...1. Why are theories of international relations important? First of all, international relation is the study of relationship between countries, including the roles of states, inter-governmental organization, international nongovernmental organizations, non-governmental organizations, and multinational corporations. In our modern society, globalization has made countries dependent with each other due to the rapid flow of goods, services, people, information and ideas that is driven by economic factor, which includes increasing productive potential and creating new opportunities for international trade and investment, technological factor, which involves faster information access and easier international activities, and demographical factor, which involves different characteristics and resources in different areas. According to the Essentials of International Relations by Karen A Mingst, theory is a set of propositions and concepts that seek to explain phenomena by specifying the relationships among the concepts. So theory of international relation is a set of propositions and concepts that seek to explain international relation phenomena by specifying the relationships among the concepts. Therefore the theory of international relationship is important to analyze political events and their background. For example, behind US attack to Iraq, there were issues of terrorism, Saddam Hussein as an individual, democracy, and weapon. Moreover using the theories of international relationship...
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...Adrienne Korson Marxism: For and Against Marxism is essentially a critique of Capitalism. In order to understand Marxism, one needs to evaluate the history of Marxism. Heilbroner described Marxism as being “inescapable” (Heilbroner, 15). Marxism is credited with the contribution for uncovering an unsuspected level of reality beneath the surface of capitalism. His mode of inquiry for uncovering the hidden reality of capitalism is through his own invented process of socioanalysis. Because of Marx’s legacy of revealing the reality of capitalism, Heilbroner compares him to Freud and Plato, all whose works are inescapable for the truths they have unveiled. Freud and Plato both unveiled hidden realities. Marx shared a further similarity in the sense that his “combination of insight and method permanently altered the manner in which reality would thereafter be perceived” (Heilbroner, 17). Marx’s works in his book Capital is still more relevant today than Adam Smith’s renowned work Wealth of Nations. Marx‘s book placed importance on technology and crises and social tension, and more importantly, undertakes the task of critiquing the political economy. However, the problem of Marxism is within trying to define it. Heilbroner believes that there exists a set of premises that can assist in defining Marxist thought, “so that any analysis that contains these premises can be properly classified as Marxist” (Heilbroner, 20). There are four main premises as described by Heilbroner; the...
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...................................................3 1.2 A brief history of industrial relations in Australia.......................................................3 2.0 Changes in workplace relations and employment relationship................................ 4 3.0 Casualisation and employment relationship.............................................................4 4.0 Technological change and employment relationship……………………………………………..5 5.0 Change in government policies and employment relationship………………………..……. 6 6.0 Change in trading hours and employment relationship…………………………………………..6 7.0 Union involvement and employment relationship………………………………………..………….7 7.1Example of union’s involvement……………………………………………………………….……………8 8.0 Equal Employment Opportunity and Employment Relationship……………….……….…..8 9.0 Psychological contract and employment relationships…………………………….……………9 10.0 Conclusion……………………………………………………………………………………………….……………9 References……………………………………………………………………………….…….…….……..11, 12 1.0 Introduction The Employment relationship is a relationship between employee and employer under legal framework over certain conditions. It is an obligation created between worker and employer to abide by parties involved over rights and benefits under the agreement (International Labour Conference 2004).Employment relationship a Balnave et al. (2009) state,it is not just an agreement between employee and employer but...
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...an internal fight as tax jurisdiction is an integral part of sovereignty and with this in mind, we should consider the measures usually used by states in order to prevent the use of tax havens: general avoidance provisions, the establishment of foreign exchange control and mandatory withholding of tax on transfers abroad, the creation of provisions against base companies, specifically by attributing income earned by such companies to the resident partners who control them, as well as the introduction of legislative giving powers to the tax authorities to adjust taxable profit by reason of special relations with another taxpayers. Tax havens make it more expensive for developing countries to collect taxes, lead to inefficient use of resources, undermine the workings of the tax system and make it possible for power elites to enrich themselves at the expense of the community. The most important damaging effect is perhaps that tax havens help to give power elites incentives to weaken public institutions, institutional quality and governance in their own country....
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...Vershire Company & Aluminum Industry Industry of Aluminum Aluminum. Less spillage or breakage, ease of storage at home or when people travel, maintenance of soft drink carbonation, ease of lithograph and ease of recycling, aluminum production is one of the modern era’s great economic stories. The world’s primary aluminium industry produces over millions ton of aluminium metal per year. The most important markets for aluminium products are the transport, building and packaging sectors, however aluminium also finds application in electrical and mechanical engineering, office equipment, domestic appliances, lighting, chemistry and pharmaceuticals. The United States aluminum industry is the worlds largest, annually producing about $.1 billion in products and exports. U.S. companies are the largest single producer of primary aluminum. The U.S. industry operates over 00 plants in 5 states , produces more than billion pounds of metal annually and employs over 145,000. Aluminum is one of the few products and industries left in America that truly impacts every community in the country, either through physical plants and facilities, recycling, heavy industry, or consumption of consumer goods. The aluminum industrys performance is noteworthy, particularly in light of the proliferation of alternative materials and global competition. Transportation represents the largest market for aluminum in the United States. In 000, transportation accounted for .5 percent of all US...
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...capital structure is determined by product market determinants, research and development activity and profitability. This paper is an attempt to test relevance of empirical evidences found in matured markets to the Indian market condition. Automobile industry is taken up for the study because of its oligopoly nature and easy availability of product prices. Some of the results are very different from the similar studies conducted in the advanced economies. It is found that the firms in the same industry can have different capital structures and there is a negative correlation between the profitability and capital structure of the companies. Interestingly, no correlation is found between R&D expenses and capital structure of the company. It was also concluded that no extra market power is attained because of high leverage. Keywords: Capital Structure, Product Market, Market Structure, Profitability, Market Power, Capital Expenditure Introduction Capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities. A firm’s capital structure is thus, the composition or ‘structure’ of its liabilities. The modern theory of capital structure began with the celebrated paper of Modigliani and Miller (1958). Their paper paved way for the development of alternative theories by showing under what conditions capital structure is irrelevant. The alternative theories include agency cost theory, Asymmetric information theory, Product/input...
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...Content Introduction 2 COMPARATIVE STRATEGY REPORT 3 Conclusion 10 References 11 Introduction This work shows comparing of 3 companies from 3 different ends of the world – USA, Europe and Asia. I would try to reveal similarities and differences among them in different points – main goals, priorities, plans, attitude to staff, work organization etc. The result of the analysis will provide better understanding of the features of work of companies in different cultures. COMPARATIVE STRATEGY REPORT Within the frame of this essay I would like to compare 3 companies: Linc energy (located in the USA), Glow Energy Public Company Limited (Thailand) and The Züblin Group (Germany) and further compare differences between the whole nations. Linc Energy is a diversified energy company that has a significant portfolio of unconventional and conventional oil, coal and gas assets and proven UCG technology ready for commercialization. Glow Energy Public Company Limited (Glow Energy) is a private energy utility company. The Züblin Group invests in energy-efficient office properties in prime locations. Linc Energy With the past year’s emphasis was made toward the commercialization of operations, they have reached some great outcomes. The stretch goals they established across different areas of their multi-divisional and international operations tried to reveal the considerable potential locked within their assets. The establishment of their 4 operational divisions turned...
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...Hennessy 1 Practice 2.1.8: Business and Labour 1. You need to analyze the relationship between business and labor. Write a question that your essay will answer. You can use one of the ideas on page 2, or you can come up with your own. The relationship between business and labor is a partnership in the enterprise of making money. What is fair when it comes to work? Labor relations are generally defined as relations between management and workers. They are also called business relations. Workers or group of workers are represented by trade unions. Labor relations may take place on different levels such as regional, national, international. The main challenge for such relation is ability to adapt to emerging changes. The world and technology develops very fast, so do relations between workers and management. Trade unions (also called) labor unions are organizations of workers who united to defend their rights, solving problems in the industry such as wages, working hours, bonuses, Union represented workers and negotiate with the management on behalf of the workers. Such relations are usually accompanied by tensions and conflicts and company owners usually want to earn more and pay less. Workers are willing to work in better conditions for a better salary. Labor unionism in the United States is an expression of the American democratic spirit working itself out in industry is hardly to be doubted. Its beginnings coincided with the period when the free colonies were ...
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...History always requires us to place things in their context and to avoid judging the past through the eyes of the present. But this is not true and it’s actually the opposite looking at the ideological forces that have shaped North (First World) and South (Third World) countries relations for half a century. In this essay one will be looking at the question of to what extend can the process of colonialism be blamed for the problems being experienced by developing countries today? Also matters pertaining to African migration, the spread of Islam, gold and slaves will be included in this essay as they are central to the process of colonialism. Towards the end of the last century, with a long history already behind it European colonization branched out in quite different forms according to the place and the interests of the metropolis. According to Thirlwell (1994:60) it was “a transitional period in which brutal power relations existed alongside paternalist feelings of responsibility towards natives who needed to be civilised” thus, great powers put the then dominant ideas into practice opening up the way to the so called “development” (Thirlwell, 1994). According to Rist (1997:100) “colonialism is a practice of domination, which involves the subjugation of one people to another”. The term colony comes from the Latin word colonus, meaning farmer. Thus, one believes that this root reminds us that the practice of colonialism usually involved the transfer of population to a new...
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...to relegate their Chinese partners to permanent junior assembler status by leaving them with nothing to invest in or no investment funds. This can be done in two ways. The first option is illustrated by the Sino-foreign joint ventures in car assembly (like SAIC) which hold more than 75% of the Chinese domestic car market and make almost no exports. Here, the dominant Western partner retains the intellectual property and know how in product and process, so that the Chinese subordinate may make profits but has no easy pathway to upward mobility through own account strategic investment in, for example, power train manufacture. The second option is illustrated by electronics assemblers like Foxconn International Holdings (FIH) which can derive little benefit from assembling premium products like smart phones for sale in Western export markets. The instrument of subordination here is the contract with the dominant Western partner which ensures the assembler makes little profit so that the Chinese Apple Business Model: Financialization across the Pacific 16 | subordinate again has no easy pathway to upward mobility because, just as in a failing Western firm, reinvestment finds are limited and defensive restructuring takes priority. The story of the development of Sino-foreign joint ventures in car assembly has been told in Eric Thun’s (2006) book, so we will concentrate on the case of Foxconn International Holdings (FIH) in electronics assembly...
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