Implications of Chinese Capital Account Liberalisation

Implications of Chinese Capital Account Liberalisation If China does liberalise, few other events over the next decade are likely to have more impact on the shape of the global financial system. This also sets out a conceptual framework, identifying three separate factors which help explain why the scale of the subsequent movements in capital flows — both into and out of China — could be very large relative to the size of the world economy: (i) ‘Closing the openness gap’- There is a large gap between China’s current level of openness and that of advanced economies. Liberalisation will lead this gap to close, generating large flows in the process. (ii) ‘Catch-up growth’- China’s economic growth is expected to be relatively high over the next decade. So even if China’s capital flows do not increase relative to its own economy, they will relative to the world economy. (iii)‘Declining home bias’- Prior to the recent crisis, the global financial system became increasingly integrated. A resumption of these trends over coming decades would lead capital flows to increase both in China and globally. Summary chart Potential impact of capital account liberalisation on China’s international investment position Based on these three factors and some simple but plausible assumptions, the summary chart shows a hypothetical scenario for China’s global financial integration in 2025. It shows that China’s gross international investment position could increase from around 5% to over 30% of world GDP. The global financial integration of China has the potential to be a force for economic growth and financial stability not just in China but also globally. Global implications of Chinese capital account liberalisation The potential changes in both the magnitude and composition of capital flows outlined in the previous section would dramatically alter the financial landscape both in China and globally. In principle, capital account liberalisation in China could be a powerful force that enables the Chinese and global Implications for China For China, there are several potential benefits of liberalisation which can all be viewed through the broader lens of contributing to economic rebalancing. The Chinese economy is now starting to transition to a new model of growth, away from reliance on exports and investment as the key sources of demand. The new model of growth will therefore place a greater emphasis on consumption as a source of demand and an increase in the production of services relative to exportable manufactures. This is a challenging task and will require an ambitious agenda of structural reforms. Among these reforms, capital account liberalisation will play a key role. A removal of restrictions on outflows, for example, will allow Chinese companies and households to diversify their large pools of savings by investing in overseas assets. This should help to spread risk, reducing the need for precautionary saving and hence free up income for current spending. And it may also boost household income if returns earned on overseas assets are higher than on domestic assets (which is likely given that real deposit rates in China are currently negative due to  regulatory caps). China has the biggest banking system in the world by total assets but it is very domestically focused. If China’s banks were to diversify their balance sheets by expanding abroad — either directly through cross-border bank lending, or indirectly through lending to foreign affiliates — they may become more resilient to an adverse shock in their home market and so be better able to maintain lending to domestic companies and households in China. Allowing more channels for inflows, on the other hand, will help to deepen and diversify China’s financial system, providing alternative sources of capital for Chinese borrowers. Should liberalisation also lead to lower reserve accumulation, it could lead to an improvement in China’s fiscal balance since the return on its FX reserves is lower than the cost of sterilising those purchases. And if it were accompanied by a more flexible exchange rate regime (as was suggested by the Third Plenum), it could allow China to operate a more effective monetary policy, increasing its ability to respond to domestic shocks. All of these factors should promote China’s rebalancing and its transition towards a new model of growth. But there are also risks. There are several notable examples where capital account liberalisation has resulted in instability. The most recent, perhaps, was the Eastern European countries where large capital inflows contributed to unsustainably rapid cr edit growth that ultimately culminated in economic and financial crisis in 2008 (Bakker and Gulde (2010)). Chinese policymakers will need to ensure they have sufficient scope to set policy to offset shocks that could pose risks to economic and financial stability. It will be particularly important to sequence carefully external liberalisation with appropriate domestic macroprudential and microprudential policies to mitigate risks from excessive credit growth and asset price volatility. One concern is that by opening the financial gates, some banks and, ultimately, borrowers in the Chinese real economy may find themselves faced with a shortage of liquidity. China’s banking system is heavily reliant on domestic deposits for its funding, which account for around two thirds of total liabilities. A reallocation overseas of even a small share of these deposits could therefore cause funding difficulties. By  enabling higher real returns for Chinese domestic savers, however, domest ic interest rate liberalisation could help to reduce these risks. Another set of risks are related to inflows. In the short run, there could be indigestion in China’s asset markets, which are still small relative to potentially large inflows of capital. And over a longer time period, inflows could lead to an unsustainable build-up of maturity and currency mismatches in national balance sheets (for example, long-term domestic investment funded by short-term overseas FX-denominated borrowing). Large mismatches are susceptible to unwind in a disorderly way, as was the case for some Asian economies in 1997–98. Finally, the risks arising from a more flexible — and potentially more volatile — exchange rate would need to be effectively managed. Which of these outcomes — more sustainable growth or a rise in instability — would dominate will depend on the accompanying policy framework. The empirical evidence on the costs and benefits of financial openness tends to suggest that countries benefit most when certain threshold conditions — such as a well-developed and supervised financial sector and sound institutions and macroeconomic policies — are in place before opening up to large-scale flows of capital (Kose et al (2006)). This underscores the importance in China of careful sequencing of capital account liberalisation alongside other domestic reforms such as domestic interest rate liberalisation, development of effective hedging instruments and enhancing the microprudential and macroprudential regimes. Implications for the rest of the world From the perspective of policymakers outside of China, it is important to understand how capital account liberalisation might ‘spill over’ to affect other economies. Four such channels are discussed below, although there are undoubtedly others. Greater exposure to the Chinese financial system If liberalisation has a large impact on the Chinese economy or financial system, it is also likely to have a significant impact in other countries as well. Although China’s economy is already considered able to generate material spillovers onto other economies (International Monetary Fund (2011b)), the process of capital account liberalisation will likely increase its systemic importance even further, by magnifying existing transmission channels, while also creating new ones. Foreign households, businesses and financial institutions will increase the amount and the number of their claims on China, while those in China will do the same with respect to the outside world, thereb y deepening the complex web of financial interconnectedness. If China does hard-wire itself into the global financial system, it will bring important benefits in terms of risk-sharing. Households that purchase Chinese assets whose returns are not perfectly correlated with their own income would be better able to smooth consumption. And foreign banks that  expand in China would diversify their earnings base and potentially enhance their resilience. The flipside of increased interconnectedness, however, is that the global financial system will be more sensitive to shocks originating in China. Increased holdings of Chinese assets, for example, would imply greater exposure to fluctuations in their price. Greater reliance of global banks on Chinese banks for  funding, in turn, would bring about the possibility of a liquidity shortage if those banks were to repatriate funds in response to balance sheet pressures back home.(1) Increase in global liquidity If China’s financial walls are lifted, some of its vast pool of domestic savings will migrate into global capital markets, providing a significant boost to liquidity. The illustrative scenario in Chart 5 suggests that these flows could amount to a substantial share of world GDP. A new source of global liquidity from China could lead to several beneficial effects, particularly during a period where the world’s financial system is becoming increasingly fragmented and retreating into national borders (Carney (2013b)). As well as providing a new source of finance for borrowers, it could lead to a more diversified and more stable global investor base. At the same time, however, a rapid increase in liquidity from China could lead to absorption pressures in some asset markets in the short run, which could lead to a mispricing of risk with adverse consequences for financial stability. Increased global role of the renminbi Greater international use of the renminbi would add another dimension to the global impact of capital account liberalisation. Potential benefits include lower transaction costs and a reduced risk of currency mismatches. But it may also amplify the international transmission of Chinese policy and domestic shocks, of which policymakers around the world will need to take into account. Take the following hypothetical case: a country purchases a large proportion of its imports from China and its currency depreciates against the renminbi. If the prices of those imports are set and invoiced in the domestic currency of that country, the depreciation would not automatically lead to an increase in their price and hence no response in domestic monetary and fiscal policy would be needed.(2) If, however, the imports were invoiced in RMB, then their price would increase in line with the exchange rate depreciation, leading to domestic inflation. Moreover, a country that had no trade with China but whose imports were set and invoiced in RMB — such that the RMB would be a ‘vehicle currency’ — would need to respond to macroeconomic or policy fluctuations in China that affect the exchange rate and feed through into domestic prices of that country. There is a body of literature which finds evidence of these invoicing effects for the US dollar, as the world’s most international currency. Goldberg (2010) finds that for non-US economies, large use of the US dollar in reserves and in international transactions is typically associated with greater sensitivity of trade, inflation and asset values to movements in the value of the dollar relative to the domestic currency. However, as discussed above, it would likely take much longer than a decade for the renminbi to take on a similar role to that of the US dollar today. Global imbalances The literature on the causes and consequences of global imbalances is as vast as it is inconclusive. According to one influential perspective, the large imbalances in current account positions that accumulated over the past decade partly originated in high net saving rates in developing Asian countries (Bernanke (2005). If true, capital account liberalisation in China could potentially help to alleviate these imbalances to the extent that it leads to a reduction in China’s net savings and correspondingly its current account surplus (although clearly the impact of this on overall imbalances would depend on the corresponding adjustment in other countries). This may occur either because liberalisation lowers the incentives for precautionary saving or because it leads to a more flexible and higher exchange rate. But even if Chinese capital account liberalisation were to lead to no reduction in global imbalances, it could still help to lessen some of the adverse consequences relating to these imbalances. There is evidence that reserve accumulation by foreign governments can materially depress the risk-free interest rate in the United States (Warnock and Warnock (2009)) which, in turn, may encourage excessive risk-taking behaviour globally. So to the extent that Chinese capital account liberalisation were to result in a switch in the composition of outflows, away from reserve accumulation by the central bank and towards overseas investment in riskier assets by other Chinese residents, this may reduce some of the downward pressure on government bond yields and related rates i n the United States and globally. Of course, this would bring other challenges. But in the longer term, it could be beneficial for the stability of the international monetary and financial system as a whole. Conclusion If China continues to liberalize its capital account over the next decade or so, it is likely to be a force for development and constancy not just in China but also for the international monetary and financial system. While this process will be companied by new and important risks, it falls to international bodies and national authorities to monitor and take appropriate policy actions to mitigate such risks. This will not be a petty task. As we already know Chinese capital account liberalisation could lead to striking changes in the global financial landscape, policymakers will be facing uncharted territory. In order to succeed, policy cooperation between national authorities is necessary, both to increase understanding of the risks and to develop common policy approaches. Currently the Bank of England is working intimately with the People’s Bank of China regarding the development of offshore renminbi activity in the United Kingdom and will continue to seek other ways to suppo rt a successful integration of China into the global financial system.

Explain why Act 2. Scene 2. is a turning point in the play for Macbeth and Lady Macbeth Essay

Explain why Act 2. Scene 2. Is a turning point in the play for Macbeth and Lady Macbeth. How should the actors playing these characters behave to show the audience what they are feeling? In the First Act we learn that Macbeth is thought of as a very noble, loyal, brave man. â€Å"For brave Macbeth †¦ O valiant cousin, worthy gentlemen!† Macbeth was victorious in a battle on behalf of the kingdom and gets lots of praise from the king, and the other soldiers, and unknown to him is soon be given the title, ‘Thane Of Cawdor’. Banquo and Macbeth are travelling home and they came across 3 witches. These witches prophisize that Macbeth will become Thane of Cawdor and that soon after he will become king. â€Å"All hail Macbeth! Hail to thee, thane of Cawdor! †¦All hail Macbeth! Thalt shalt be King hereafter.† Macbeth doesn’t pay to much attention to them and continues on with his journey, when he returns home, he finds out that the King is coming to stay with him and Lady Macbeth in their castle. Macbeth then finds out of the title and tells Lady Macbeth of the three witches prophesies, and then Lady Macbeth starts to hatch a plan. Macbeth was so horrified of the idea of killing Duncan because in those days, people believed in something, which was called the divine right of kings. Which meant that they believed the king to have been chosen by god. So an attack on King Duncan would have been considered sacrilege. In Act one, Macbeth comes across as brave and loyal, but if he goes through with the murder, he will be forever looking over his shoulder, he will have to watch what he says and does, because he could be found out. This would change his character entirely. Macbeth has to realise that there can be no going back once the murder has been committed. James 1 would have understood and believed in the divine right of kings, so when the play was being written, including it would have been more interesting as the play was originally wrote for James 1, who was king at the time. Scene 2 has to be the most violent part of the play although we don’t actually see the murder in the written play, it is only included in the film version, which we recently watched, directed by Roman Polantski. It is interesting that Macbeth kills King Duncan offstage, the scene could be written this way because Shakespeare wanted us to concentrate on Macbeth’s reaction to the murder, rather than the murder itself. It’s a crucial part in the play as it the first of many murders. The murder takes place on the night of the King’s stay. Everything that happens in the play now is revolved around this scene. This scene is important because it not only features the murder scene. It is also the start of the falling apart of the relationship between Macbeth and Lady Macbeth. There is a lot of tension when we see Lady Macbeth pacing about nervously, waiting for Macbeth to come back. We also see Lady Macbeth’s softer side too when she says â€Å"Had he not resembled my father as he slept, I had done’t† meaning if the King had not looked like her father she would have gone through with the murder herself. I imagine her to be looking quite sad at this point, yet nervous, for fear of still being caught. It reminds us that lady Macbeth still has some humanity because it might help the audience to understand why she does what she does at the end of the play. Lady Macbeth hears an owl screech while she is waiting for Macbeth and jumps, as she is clearly quite nervous even though earlier on in the play she says â€Å"That, which hath made them drunk, hath made me bold.† This is obviously not the case. Lady Macbeth may say this half-jokingly and holding the cup up near to her face, which she drinks it. When Macbeth comes to meet his wife they are both nervous, yet they seem excited to, as they don’t speak in full sentences, it’s a short, sharp exchange of words. â€Å"When† , â€Å"Now† , â€Å"as, I descended† , â€Å"Aye†. His shows the audience that they are worried, nervous etc. They will at this maybe looking around them to see if there is anyone coming, or looking at each other trying to see what the other is thinking. Macbeth also still has hold of the daggers, which makes the tension in the scene increase. Macbeth can’t seem to believe he has committed such a crime as he says, â€Å"This is a sorry sight†. He is also referring to his hands, which are covered in blood, Macbeth must have been putting his head in his hands at this point for him not to notice, therefore holding them up in fr ont of his face. He can’t seem to forget about the murder after this point. He seems obsessed with what he has done and almost in a hypnotising state of mind. Lady Macbeth, although in a way mocks him, she stays calm and says to him â€Å"Go get some water and wash this filthy witness from your hands.† Lady Macbeth is probably pushing him to the fountain and is keeping an eye on him, as so, they won’t get caught. Macbeth knows that he might be able to get rid of the stain from his hands but not from his conscience. He says â€Å"Not all Neptune’s ocean can wash me clean†. Lady Macbeth makes fun of Macbeth for dwelling on the murder and has a go at him for being a coward. Macbeth and his wife seem to lose a connection with each other and Shakespeare has made it obvious that Macbeth is the weaker of the two characters and his and Lady Macbeth’s relationship isn’t going very well. He shows this by having Macbeth ramble on, and say long speeches. But Lady Macbeth stays in control, she acts almost evil and without a conscience. The play seems to build up more tension by Macbeth saying that he thought he had heard a voice saying â€Å"Glamis hath murdered sleep, and therefore shall sleep no more: Macbeth shall sleep no more.† This could be Macbeth’s imagination, or him hearing another of the witches prophesies. The knocking on the door startles Macbeth, as he knows now, this could tell whether his crime is about to be found out or not. Lady Macbeth again keeps her head amongst all of this, although nervous they will be discovered. Lady Macbeth quickly returns the bloodstained daggers to Duncan’s grooms, and goes one further and says, â€Å"If he do bleed, I’ll guild the grooms with Duncan’s blood, for it must seem their guilt.† Shakespeare has her do this to make the audience aware of how much more confident than Macbeth, Lady Macbeth is. Whereas Macbeth is still in shock of the crime he had committed. Shakespeare conveys that Lady Macbeth and Macbeth’s relationship is slowly deteriorating, as Macbeth seems to be acting crazily and Lady Macbeth seems evil and calculating and in control of the situation. The knocking still carrying on, lady Macbeth appears annoyed and urges her husband, to his chamber, where they can hide and come across as innocent to the murder if it is discovered. Shakespeare has once again let Lady Macbeth take control. Shakespeare has cleverly used language and structure of sentences manages to create a lot of tension and excitement in this scene. He uses the right language in the right places to make the characters and the play really believable. Towards the end of the play Macbeth becomes overwhelmed by guilt and fear, he murders anyone he suspects might know. Eventually the heir to crown kills Macbeth, after Lady Macbeth has taken her own life as she is overcome by the guilt. King James and the rest of the Shakespearean audience would have wanted the murders and lies and drama, this is probably what they would have expected. Sacrilege was believed to have been punished by God. Macbeth and Lady Macbeth were the murderers so this would have added excitement; the witches added some eerieness and supernatural theme to the play. These are good choices for the play at that particular time, and it still makes it good today.

The Problem Of Tobacco Cessation And Its Effects On Health...

In an effort to reduce avoidable hospital use and promote a more financially viable and high performing healthcare system, DSRIP has proposed multiple solutions to reach this goal. This program aims at redesigning the Medicaid system through domains that introduce new facets that build off of new or old projects. Domain four primarily deals with the State s Prevention Agenda on its intended influence to population-wide health. A specific project introduced in this domain focuses on promoting tobacco use cessation in low socioeconomic status populations and those with poor mental health. The objective of this prevention project is to decrease the prevalence of cigarette smoking in adults ages 18 and older, along with promoting the use of tobacco cessation services. This includes programs that enhance NYS Smokers Quitline and nicotine replacement products. The online research toolkit explains the rationale behind focusing on tobacco cessation to promote health and well-being of the co mmunity. Previous research by the New York State showed that tobacco addiction is the leading preventable cause of morbidity and cigarette use alone causes about 25.000 deaths in the state (New York State Delivery System Reform Incentive Payment Program Project Toolkit). The toolkit also describes how tobacco use can increase the risk of developing diseases such as lung and oral cancer, heart disease, stroke and COPD. Some of the proponents of tobacco use cessation strengthen their argumentShow MoreRelatedSmoking and Health Essay1411 Words   |  6 PagesIntroduction Tobacco use is one of the major health indicators according to the Healthy People 2010 program. Community Health Nurses are aware that tobacco use is the world’s leading single avoidable cause of death. Many major diseases are caused by cigarette smoking including different types of cancers. 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Mr Kan Essay - 873 Words

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Security Manager is Essestial to Todays Organizations Essay

A security manager position is one of the most important jobs that you will find in any organization today. Recent events over the past few decades, have called for more re-amped security measures and procedures throughout facilities. The demand for this position was not the same as it was, twenty or thirty years ago. However, not every company operates on the same level and the position of a security manager may differ from company to company. The main objective of the job is to oversee the security operations for that company. Security managers are in place to develop and enforce security policies to ensure a safe environment for both employees and visitors. While looking over those two aspects, they ensure the overall safety of the†¦show more content†¦Which is making sure travels are secured at all times and protecting the airports assets. The security manager must show that he or she has confidence in their workforce, to ensure that the general public, airlines, and all person’s on an aircraft get to their destination in a safe and sound. A security manager for TSA needs to make sure all procedures are being followed according to the standard operating procedures or (SOP). Security deviations are a big concern for security managers. They must act quickly to identify these deviations and come up with plans when noticed. Another key responsibility that a security manager must closely look at is ensuring all procedures are followed accordingly. As a security manager, he or she must ensure that each employee knows all required procedures and is proficient in their tasks. If an employee was to be considered unfit for duty, and the manager allowed them to continue working, this could put the airport in jeopardy. It is apparent, that every security manager has a lot of responsibilities and is considered to be a vital asset to any organization. Security, is the main focus and priority of those that are selected into the position of security manager. The roles and responsibilities of a TSA security manager are solely based on protecting the traveling public and maintaining order within an airport terminal. The security managers are in place to make sure that these people never even

Medicinal Herbs (Shilajit, Neem, Stevia) Free Essays

Shilajit Once believed to be simply a powerful aphrodisiac, recent research has determined that the substance known as Shilajit has many additional health benefits not originally known to possess. Research conducted by The Medical College in Baroda, India based on ancient text discovered by Dr. Michael Hartman support these claims and show many ancillary health benefits of this powerful miracle herb. We will write a custom essay sample on Medicinal Herbs (Shilajit, Neem, Stevia) or any similar topic only for you Order Now According to Dr. Michael Hartman, ancient texts described a mysterious substance known as shilajitas which was referred to as â€Å"the destroyer of weakness which provided powerful health benefits as well as provided users with positive changes in their total life balance. † Based on these translations performed by Dr. Hartman, The Medical College in Baroda, India went many steps further and applied modern-day scientific research to confirm these beliefs of nearly 3000 years prior. As recent as 2011, research performed at The Medical College in Baroda studied the effect of Shilajit on Diabetic Rats to monitor how this wonder herb effected blood glucose and lipid profiles when combined with traditional anti-diabetic drugs. Across the board, the Diabetic Rats which were given Shilajit experienced a significant reduction in blood glucose levels as well as increases in HDL levels. Based on this and other findings conducted with beginning human trials, The Medical College in Baroda concluded that Shilajit is a legitimate natural supplement which helps the long-term management of Diabetes. Neem Neem is a tree. The bark, leaves, and seeds are used to make medicine. Neem leaf is used for leprosy, eye disorders, bloody nose, intestinal worms, stomach upset, loss of appetite, skin ulcers, diseases of the heart and blood vessels (cardiovascular disease), fever, diabetes, gum disease (gingivitis), and liver problems. The leaf is also used for birth control and to cause abo rtions. The bark is used for malaria, stomach and intestinal ulcers, skin diseases, pain, and fever. The seed and seed oil are used for leprosy and intestinal worms. They are also used for birth control and to cause abortions. The stem, root bark, and fruit are used as a tonic and astringent. Some people apply Neem directly to the skin to treat head lice, skin diseases, wounds, and skin ulcers; as a mosquito repellent; and as a skin softener. Inside the vagina, neem is used for birth control. Neem is also used as an insecticide. Contd.. Stevia What is Stevia? Stevia is one of the most health restoring plants on earth. What whole leaf Stevia does both inside the body and on the skin is incredible. Native to Paraguay, it is a small green plant bearing leaves which have a delicious and refreshing taste that can be 30 times sweeter than sugar. Besides the intensely sweet glycosides (Steviosides, Rebaudiosides and a Dulcoside), various studies have found the leaf to contain proteins, fiber, carbohydrates, iron, phosphorus, calcium, potassium, sodium, magnesium, zinc, rutin (a flavonoid), true vitamin A, Vitamin C and an oil which contains 53 other constituents. Quality Stevia leaves and whole leaf concentrate are nutritious, natural dietary supplements offering numerous health benefits. Slim Tea Slim Tea, a kind of herbal tea, especially prepared for controlling the obesity is a natural product composed of Himalayan herbs whose main focus is decreasing obesity. The main ingredients of Slim Tea like Gymnema sylvestre (reduces fats and helps preventing accumulation), Eommiphora mukul (reduces weight, scrapes fat deposits), Ocimum sanctum (good antioxidant, minimize negative effects of obesity) and Piper longum (increases metabolism and reduces fat deposits) are the anti-fat natural herbs which especially works on obesity decreasing fats of body and increasing metabolism activities. Therefore, slim works greatly against obesity and provide great other health benefits. It reduces the fat accumulation, increases the body’s metabolism and thereby reduce obesity and also minimizes the side – effects caused by overweight . For further information: Narendra Hamal +977-9851046024 n. hamal@yahoo. com How to cite Medicinal Herbs (Shilajit, Neem, Stevia), Essay examples

Business Participant Observer Perspectives -Myassignmenthelp.Com

Question: Discuss About The Business Participant Observer Perspectives? Answer: Introduction As a product manager of the confectionary company, I would never finalize the supply contract with the Thai toy manufacturing company as the real labors are the small children aged between 5 to 14 years of age. On visiting the Thailand factory and seeing the exploitation of labors especially the children working over there was a major setback. Having nieces of that same age and imagining them doing labor jobs would never allow my gut instincts to continue with the business contract. Welfare and opportunity for the unfortunate children is far more important to me than my own profit. I would treat the other person in the same way as I would like to treat myself and my near and dear ones. This study aims to focus on Kantian theory and its relevant implications to resolve an ethical dilemma, which I being product manger face. Deontological ethics are generally concerned with the motives of the individuals and not the impact of their actions (Tuna, 2016). It is a duty based ethics that teaches few acts are right and wrong so people have the responsibility to act accordingly to the situation regardless of its positive or negative outcomes. People have the right to practice right things even though the outcome can be bad. The Kantian ethics demonstrates that something should never be practiced no matter how efficient and good is the overall consequences (Pirson, Goodpaster Dierksmeier, 2016). Kantian duty based ethical system always focus on giving equal respect to each and every human beings. Ethical dilemmas are generally the situations where the employees are confronted to choose a fair or right path rather than the path leading to more gains. The decision to behave e thically should be a morale one (Scharding, 2015). The supreme principle related to morality has an extremely larger scope as it is not only extended to the rational human beings but also to the other existing rational beings. According to the Kant theory, every human being should work out for them to discover what is good or bad and does not depend on their community or god. It is a vital element of ethics to perform our duties by doing the right things (Biss, 2015). This principle of ethics thus concludes that the action performed for a good motive is the only right action regardless of the consequences. The main ethical issue in the given case study is that the share price of my company, PCC is about to negatively affected due to the recent discovery of lethal side-effects in our companys bestselling herbicides. Therefore, it is certain that once this confidential information is disclosed to the public our company stock prices would be negatively affected. The effect on the companys share price before the publication of the report could be substantial. I have already decided to sell my shares in PCC as soon as possible but the major problem lies in sharing this confidential information to my college friend, who also has invested a huge amount in the company. Being an account manager in an investment bank he also advice his clients to invest in my company. The main stakeholders over here are Freddie, my best friend and his numerous clients, who had their numerous stocks in my company. These stakeholders are really important for my company as they invest a huge amount in my company (Weiss, 2016). If article about the companys recent failure would leak in public, it would created a negative impact on the company. I would ultimately choose to tell my college friend, Freddie about the information as sooner or later he is going to hear the news. After publication of the report the effect could be more substantial. As the first thing on Monday, I am going to sell my own shares of PCC so I would like the same thing for my best friend. Yes, there is an ethical difference as it would be wrong if I would keep this information with me and not share with my best friend. I would want to treat my friend in the same way as I would like to treat myself even though it is unfair for my company. I am more loyal and concerned towards my friendship than my organization. Justice is applicable for all behavior and situations in the workplace. Moreover, there is also ethical difference of Freddie taking measure action after hearing the information and passing it to his clients as he is more loyal to his customers than to his friendship. He is applying the principles of fairness and honesty with his customers and co-workers. Freddie is more concerned and committed about his workplace than the job. Employees practicing integrity in the organization always support the circumstances that is morally right (Chell et al., 2016). The main ethical in this case is to hire the new applicant as a team member in the clinical trial for AllCure Pharmaceuticals. The job requires the applicants to have meticulous work attitudes, very reliable, efficient social skills to maintain harmonious relationship with the clients, various departments and approving authority in the company. Surfing through the posts of the applicant to be hired for the job to know their social skills, one of them is found to be engaged in illegal activity. Though being qualified for the job is it uncertain for her to fulfill all the potential needed to be a part of the organization. Social media accounts and site helps in obtaining very useful and personal information about the people to be hired. As per the Utilitarian ethical theory, there are generally more positive consequences than negative by allowing the employer to make legal employment determinations through social media. As per Kant theory, it is completely immoral to intrude into job applicants personal life on social media without their permission in a coercive and surreptitious manner (Ladkin, 2018). On the other hand, it is useful for the employer to make a background check on the employees. I use face book sites more often to keep my personal and professional life balance. I upload all my pictures and posts to keep my friends and relatives updated with the story of my life. I am also use to partying and uploading the party pictures in face book and Instagram. This case has influenced me to a great extent as I would be now more aware about my posts and updates in the near future. The increasing use of technology in recent times is undeniable. Recently the organizations are monitoring the posts of the employees before hiring to forecast and evaluate the performance of the employees (Wang Calvano, 2015). Being a HR manager of the company I would also use various social sites while hiring the applicants to make rational decisions. It is illegitimate for the organization if rational decision is not taken for making the organization more trust-worthy. Social media investigation, monitoring and decision made by the employer are ethically moral. As the information obtained is directly related to the performance of the job and the information or consent obtained is truly public. Though it would be immoral to investigate about a person but it would not be immoral if valid and rational decision for the company is made if the applicants posts display lack of character, according to Kantian ethics (Michaelson et al., 2014). Organic food generally refers to the techniques that are used to create food without using any pesticides, artificial fertilizers. This is generally grown in the soil where mineral resources are increased by using natural mineral fertilizers. Genetically and conventional modified seeds are ascertained to be occasionally combined with the organic supplies (Kuimi et al., 2018). In reality it is a completely different story as the field testing done for ensuring compliance is a rarity in current situations. Certification usually requires any such operations that have a well compliances record and system plan. Processors and farmers have to stern set of standards to gain EUs organic label. This includes the overall requirement that majority f agricultural ingredients products are should be organically created and certified. In the year 2009, American retailer, Target was into light for falsely promoting its company product soymilk as organic. Moreover, in the year 2013, several authoriti es in German suspected that more than 200 farms sells eggs at premium prices for being organic in nature but in reality the eggs were produced by hens stored in pens. Moreover, auditing and labeling of the product is also another issues related to the organic food production (Campbell Cowton, 2015). The consumer are kept under false information of buying organic as most f the products contains carrageenan that thickens foods and monosodium glutamate that enhances the flavor of the food (Greenwood Freeman, 2018). The consumers are not provided full information related to the food products. Many of the organic proponents usually claim that their foods are safer due to lower level of pesticides residues. But in reality the amount of chemical used is high possessing major threat to the health. Before the product is labeled organic the three vital areas that is needed to be assessed are food safety, sensory quality and nutritional value. The report indicating conventional and organic products may differ due to various sensory qualities as the outcomes and findings are inconsistent. Moreover, the food products certified as organic would not protect consumers no matter what is the rule (May, Luth Schwoerer, 2014). In the name and safety of organic foods, publics are cost more besides reducing their trust in the organic products. In the current scenario, the organic label of the product is not really worth. The main actor involved in the cotton supply chain is forced child labor. Instead of pursuing education the children were picked from their classrooms for harvesting annual cotton crop of Uzbekistan. There are various crucial stages of transforming cotton from agricultural crop into a finished product for the consumers. This involves harvesting of cotton by hand rather than machine by the child labors which is then sell to manufacturers, processors and stichers before arriving as a complete garment to the retailers. The several approaches adopted by Western brands to handle or deal with violations of human rights within Uzbek supply chain were remarkable and bought a major difference in the organization (Quarshie, Salmi Leuschner, 2016). clothing designing companies like Marimekko and Estonian both declared boycott of Uzbek cotton and in 2008 several clothing and retail brands signed up the petition for boycotting Uzbekistans cotton that increases to more than 150 companies, including American Apparel, Adidas and Zara. This impacted the economy of Uzbekistan as export of the cotton supply was negatively impacted due to this drastic action taken by the western countries. This approach taken by the western countries proved to be successful to a certain extent as in the year 2008, the government of Uzbekistan announced that it would completely ban all the childrens fewer than 16 to pick cottons. Moreover, it signed the conventions of ILO by committing it would stop child labor but it still did not achieve the desiring outcome As Uzbek started using adult forced labor for picking cotton and started exporting its cotton to countries like China, Bangladesh and South Korea. Western companies already have efficiently performed their ethical responsibility by boycotting Uzbek cotton. Though there are various other alternatives open by improving the traceability in the cotton supply chain to ascertain the source of cotton. While working for eradication of child labor, my strategy to eradicate the forced child labor for the cotton industry would be by bringing laws to make it illegal for all the childrens to work in an organization until they reach a certain age (Liebel, 2015). I would emphasize on the importance of education. Quality education widens the perspectives of the children by showing them they have various options in life rather than simply being a labor and earning wages to survive (Wallace Sheldon, 2015). This is only possible by raising awareness of the people by making welfare groups. References: Biss, M., 2015. Kantian Moral Striving.Kantian Review,20(1), pp.1-23. Campbell, D. and Cowton, C.J., 2015. Method issues in business ethics research: finding credible answers to questions that matter.Business Ethics: A European Review,24(S1). Chell, E., Spence, L.J., Perini, F. and Harris, J.D., 2016. Social entrepreneurship and business ethics: Does social equal ethical?Journal of business ethics,133(4), pp.619-625. Greenwood, M. and Freeman, R.E., 2018. Deepening Ethical Analysis in Business Ethics.Journal of Business Ethics, pp.1-4. Kuimi, B.L.B., Oppugn-Nkrumah, O., Kaufman, J., Nazify-Munoz, J.I. and Nandi, A., 2018. Child labor and health: a systematic review.International Journal of Public Health, pp.1-10. Ladkin, D., 2018. The Aesthetic and Its Relationship to Business Ethics: Philosophical Underpinnings and Implications for Future Research.Journal of Business Ethics,147(1), pp.35-51. Liebel, M., 2015. Protecting the rights of working children instead of banning child labor.The International Journal of Children's Rights,23(3), pp.529-547. May, D.R., Luth, M.T. and Schwoerer, C.E., 2014. The influence of business ethics education on moral efficacy, moral meaningfulness, and moral courage: A quasi-experimental study.Journal of Business Ethics,124(1), pp.67-80. Michaelson, C., Pratt, M.G., Grant, A.M. and Dunn, C.P., 2014. Meaningful work: Connecting business ethics and organization studies.Journal of Business Ethics,121(1), pp.77-90. Michalos, A.C., 2017. Issues for business ethics in the nineties and beyond. InHow Good Policies and Business Ethics Enhance Good Quality of Life(pp. 197-212). Springer, Cham. Pirson, M., Goodpaster, K. and Dierksmeier, C., 2016. Guest editors introduction: Human dignity and business.Business Ethics Quarterly,26(4), pp.465-478. Quarshie, A.M., Salmi, A. and Leuschner, R., 2016. Sustainability and corporate social responsibility in supply chains: The state of research in supply chain management and business ethics journals.Journal of Purchasing and Supply Management,22(2), pp.82-97. Scharding, T.K., 2015. Imprudence and immorality: A Kantian approach to the ethics of financial risk.Business Ethics Quarterly,25(2), pp.243-265. Tuna, E.H., 2016. A Kantian Hybrid Theory of Art Criticism: A Particularistic Appeal to the Generalists.The Journal of Aesthetics and Art Criticism,74(4), pp.397-411. Wallace, M. and Sheldon, N., 2015. Business research ethics: Participant observer perspectives.Journal of Business Ethics,128(2), pp.267-277. Wang, L.C. and Calvano, L., 2015. Is business ethics education effective? An analysis of gender, personal ethical perspectives, and moral judgment.Journal of Business Ethics,126(4), pp.591-602. Weiss, J.W., 2016. Business Ethics: A Stakeholder Issues Management Approach, 2014.Cyrus Chronicle Journal,1(1), pp.66-69.