Dissertation On International Public Relations Education - Free Essay Example

Sample details Pages: 14 Words: 4206 Downloads: 3 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Introduction The main theme of the dissertation is internationalisation of public relations education. It is quite a broad topic and can be reviewed and discussed from different points of view. In this regard the selected literature first examines international public relations concepts and secondly an impact it has on public relations education. Therefore, literature review has been divided into the following major themes: International public relations (IPR) and International public relations education (IPRE). The chapter will begin by presenting the main debates about international public relations and its concepts alongside with a brief overview of factors influencing it. It will be followed by a section presenting state of research on IPR. The discussion will then move to section two international public relations education, exploring the requisites and challenges for internationalisation. Finally the chapter will summarise the key themes and points identified. The major part of the literature review focuses on contemporary research, defined as 1989-2009. Don’t waste time! Our writers will create an original "Dissertation On International Public Relations Education" essay for you Create order International PR A growing number of publications document the development and challenges of the public relations in every major continent and region of the world (Nally, 1991, Moss et al., 1997, Moss et al., 2003, Sriramesh and Vercic, 2003b, Van Ruler and Vercic, 2004, Freitag and Stokes, 2009). This research refers term global PR to globalisation of the profession, which is being practises and recognised in more countries throughout the globe, while International PR refers to the planning and implementation of programmes and campaigns carried out abroad or for international audience. Hence international PR education refers to the process of adopting professional training to International PR concepts and demand. Public relations is still relatively new concern for management, even though its modern origins can be traced to the end of the last century (White, 1991). According to (Cutlip, 1994), a key researcher in the history of public relations in the U.S., the first international public relations agency à ¢Ã¢â€š ¬Ã‹Å"The Hamilton Wright Organizationà ¢Ã¢â€š ¬Ã¢â€ž ¢ was founded in 1908. International communities of professionals and scholars are increasingly interested in transferring knowledge, experiences, and best practices from national to transnational scenarios. This advancement is generated by the increasing role of public relations which is driven largely by the influence of new information technologies and globalisation (Flodin, 2003). Drawing upon this, DiStaso et al. (2009) discussed the effects of globalisation, that began with the Maastricht Treaty and NAFTAA in 1992, the WTO in 1994 and claiming it had great impact on the public relations industry. According to Szondià ¢Ã¢â€š ¬Ã¢â€ž ¢s (2009, p.115) International public relations is the planned communication activity of a (multinational) organisation, a supra- or international institution or government through interactions in the target country which facilitates the organisation (or government) to achieve its policy or business objectives without harming the interests of the publics. There have been papers which presented international PR to be simply about how to overcome barriers that are created by other cultures, including language, laws or cultural issues, which are often indentified as problems (Wilcox et al., 2001), rather than opportunities or the manifestation of diversity. The most frequently referenced paper which stands against IPR has been Angell (1990) asserted that the variance between local countries was so great as to preclude any possibility of globalisation. A much different study, also highly referenced, has been provided by Pavlik (1987), who as early as the 1980s considered IPR one of the most rapidly growing areas of the profession, and one of the least understood. The problem with defining difference between domestically and internationally done public relations is that there is not enough research or critical assessment. While basic principles do not change, the way they are carried out from culture to culture and country to country, and the attitudes and values embedded within those different cultures or countries, are different (Wakefield, 2007b). A similar study was conducted by Botan (1992, p. 157), who argued that international public relations is always intercultural. The existing public relations body of knowledge, and public relations curricula around the world, have a U.S. bias (Sriramesh, 2002). U.S. paradigm, however, strikes with the idea of that European or non-U.S. perceptions of public relations become more of value in the twenty first century. A US professor and professional Robert Wakefield (2007b), who have been practicing and researching in the area of IPR for almost two decades, believes that principles and practices of PR in Europe, emphasising social role of public relations, are more promising for effective PR in the multinational than the American-based PR-as-marketing-tool approach. He, alongside the majority of new PR schools, supports paradigms of PR incoming out of places other than the U.S. Therefore, need and call for the elsewhere theories and concepts was also a factor for a research in international/global PR. Ovaitt (1988, p.5) made an interesting suggestion saying that it was not a popular idea with marketing and advertising experts when they started thinking about internationalisation decades ago and it was not popular with public relations practitioners back to late 1980s. The idea is that what these professionals do for a living might be done on a global basis à ¢Ã¢â€š ¬Ã¢â‚¬Å" global in the sense of achieving some significant level of standardisation, not only of what is offered to customers, but also how it is presented and promoted. Public relations as a profession is not necessarily understood and practised in the same manner all around the world. This is not news per se, as several scholars (Sharpe, 1992, Vercic et al., 1996, Taylor, 2000, Rhee, 2002, Valentini, 2007) for many years have underlined that public relations requires a global understanding of cultural differences. Different studies (Kent and Taylor, 1999, Lee, 2005) show that public relations practitioners are increa singly required to be able to communicate with different international publics, no matter the size of the organisation they are working for, or whether it is private or public, including non-profit organisations. After the International Association of Business Communicators (IABC) Excellence Study yielded a review of normative principles (Grunig, 1992), Vercic et al. (1996) explained the importance of identifying five contextual variables that influence the practice of the normative principles. Vercic, Grunig, and Grunig (Vercic et al., 1996) proposed a global theory of public relations that was elaborated by Sriramesh and Vercic (2003a, 2003b, 2009) in their Global Public Relations Handbook and by Sriramesh (2009) in a special issue of PRism. Their global public relations theory attempted to answer the question of whether public relations theory and practice should be unique to each country or culture or whether it should be practiced in the same way everywhere. Authors answered this question by theorising that global public relations should fall in the middle between standardisation and individualisation (Grunig, 2009). The theoretical framework of Sriramesh and Vercic (2003) has been used to assess the status of public relations in countries around the world. Contextualised studies are the core component of the global public relations concept. As Vercic (2009) reported, international PR practices should represent the best practices anywhere because of their necessary complexities and reach. Global theory is not a positive theory, which describes a type of public relations that currently is practiced everywhere in the world. Research, such as that reported in Sriramesh and Vercic (2003, 2009), does show that there are many idiosyncrasies in public relations practice around the world that reflect cultural differences. It also shows that the one worldwide universal in public relations practice is what is J. Grunig have called the press agentry/publicity model (Grunig et al., 1995)à ¢Ã¢â€š ¬Ã¢â‚¬ the least effective of the models. Rather, their global theory is a normative theory that argues that public relations will be most effective throughout most parts of the worl d (Grunig, 2009, p.2). Emphasising cross-cultural effects on reputation in multinational organizations Wakefield (2007b, 2008) argues that there still is an important distinction between global and domestic public relations practices, and that understanding those differences will contribute to better global practice. More specifically, recent research has also called into questions of need to understand how culture affects public relations. There are numbers of key researches (Grunig et al., 1995) who have written papers specifically on the subject. A similar study was conducted by Neff (1991), who has indicated that economic development is leading public relations firms down a path requiring knowledge of culture and language in addition to public relations. Perhaps one of the most influential recent publications on multiculturalism in public relations education was produced by Sriramesh (Sriramesh, 2002, Sriramesh, 2003). He has also reported that public relations education has not kept pace with the rapi d globalisation that has occurred since 1992 (Sriramesh, 2002). Sriramesh (2009) called for a need for a more thoughtful representation of many of the à ¢Ã¢â€š ¬Ã‹Å"generic principlesà ¢Ã¢â€š ¬Ã¢â€ž ¢ of public relations practice to suit the à ¢Ã¢â€š ¬Ã‹Å"local environmentà ¢Ã¢â€š ¬Ã¢â€ž ¢, so that the body of knowledge is more holistic and relevant to global demands. However, there still is a room for an assumption that not all the practitioners require international training and international perspective. RESEARCH / CRITICS: Since the advent of the Internet, it is even more tempting to view PR practice as the same anywhere, and therefore it decreases attempts to produce research or principles that need to view à ¢Ã¢â€š ¬Ã…“cross-border PRà ¢Ã¢â€š ¬? as differentà ¢Ã¢â€š ¬? (Wakefield, 2007a). Despite the numerous calls for research, reviewed works and studies on global (national) public relations released in the 2000s (see table 1) (Portugal, United States see table) have recorded that this area of research is underrepresented. Despite global trends underlining increased internationalisation, these results can be interpreted to indicate that Researchers have not paid enough attention to the international perspective. An important indicator is the place international public relations occupy in the list of priority research topics. One recent example is a à ¢Ã¢â€š ¬Ã‹Å"Study of the Priorities for Public Relations Researchà ¢Ã¢â€š ¬Ã¢â€ž ¢ conducted by Deputy Dean of Media School of Bournemouth Univ ersity (UK) Tom Watson (Watson, 2008, Watson, 2007)[1].He sent 26 public relations topics to a Delphi study panel and the Top Ten PR research topics were identified, however, international perspective was excluded from the list. A US professor and professional Robert Wakefield responded critically to Watsonà ¢Ã¢â€š ¬Ã¢â€ž ¢s Delphi study: First, I was surprised in finding that the topic fell all the way out of the top ten. After all, arenà ¢Ã¢â€š ¬Ã¢â€ž ¢t PR issues and challenges, along with its overall scope of practice, becoming more international with each passing year?(2007a, p. 6) Nonetheless he added: à ¢Ã¢â€š ¬Ã…“There really are no more studies being done on international public relations now than have been done over the course of the last three decades. Those that are being published are increasingly making such statements as à ¢Ã¢â€š ¬Ã…“there is no such thing as local PR anymore,à ¢Ã¢â€š ¬? or à ¢Ã¢â€š ¬Ã…“today, everything is global.à ¢Ã¢â€š ¬? Well, if this represents what academics and practitioners are thinking, then it would stand to reason that no real different research needs to be doneà ¢Ã¢â€š ¬Ã¢â‚¬ that ANY PR principles, even if they are all traditionally domestic in nature, would suffice for research or practice anywhere in the worldà ¢Ã¢â€š ¬? (2007a, p.7). The seminal critique in this area is also by Sriramesh (2009, p.6), who argues: à ¢Ã¢â€š ¬Ã…“When scholars think of, and discuss, public relations, the global perspective is often overlookedà ¢Ã¢â€š ¬?. Srirameshà ¢Ã¢â€š ¬Ã¢â€ž ¢s (2009) critique of Mackey (Mackey, 2003), who claimed to introduce the various contemporary theories of public relations in the inaugural issue of Prism is also indicative: à ¢Ã¢â€š ¬Ã…“The author attempted to review à ¢Ã¢â€š ¬Ã…“the changing vistas in public relations theoryà ¢Ã¢â€š ¬?, there was not a single mention of any advances in global public relations theorising in that piece even though by 2003/that time there were several advances worth reportingà ¢Ã¢â€š ¬?(2009, p.8). Another example is Distasso (2009). Authors surveyed 312 public relations executives and educators to examine how well practitioners and instructors perceive public relations students to be prepared for the practice, the content and value of public relations curricula and, the future of public relations education in the United States. Even though scholar mentioned globalisation as a factor increasingly influencing public relations practice he had not included it in the questionnaires or research questions. Somewhat it contrast are papers from the annual International Public Relations Research Symposium Bledcom, which reflect the diverse and up-to-date research traditions amongst scholars working in the field of public relations both within the USA and Europe (Moss et al., 1997, Newman and Vercic, 2002, Moss et al., 2003, Sriramesh and Vercic, 2003a, Sriramesh, 2004, Van Ruler and Vercic, 2004, Van Ruler et al., 2008, Sriramesh and Vercic, 2009). These are scholars, who systematically examines the priorities for PR research and determine international agenda These differences in research agenda are reflected/explained, to some degree, in the/by Scholars like Sriramesh, Vercic, Wakefield and others highlighted the important point that an issue of international public relations is not reflected enough in the research questions. International public relations education (IPRE) As a corollary to the process of globalisation has been the recognition of the need to make public relations education more internationally focused and future public relations professionals more internationally and interculturally competent (Lane DiStephano, 1992) / Huthcings et al., 2002 There have been numbers of calls for new public relations curricula aimed at educating staffs that can understand and meet increasing international social, economic and political complexities and challenges. (Pratt and Ogbondah, 1994, p. 13). The International Association of Universities (1998) supported the need for business schools to be more international in their strategy, claiming higher education must integrate an intercultural dimension into its teaching and research, if it is to fulfil its role and maintain excellence. (Hutchings et al., 2002, p. 58). Another rationale for an international public relations course is the accelerating pace of societal and technological change today. These cha nges call for adaptations in academic curricula and professional development programs. There were written dozen papers on justification of international public relations education based on research in the different areas. Some went radical claiming that à ¢Ã¢â€š ¬Ã…“any curriculum that excludes international public relations courses is ineffective in addressing student and practitioner needs, particularly in the next centuryà ¢Ã¢â€š ¬? (21 century).(Pratt and Ogbondah, 1994) p.9 Factors what influence the development of IPRE are mostly the same, however they have different interpretations. The need for international courses in public relations is demonstrated further by the growing global recognition of public relations degree programs and education, a phenomenon that Cantor (1984) predicted more than twenty years ago. And indeed, previous investigation has established that the call for internationalisation of public relations education has been there for a long time and comes from both industry and academia sectors (Neff, 1991, Cottone et al., 1985). However, disagreements between practitioners and educators on a blueprint for international public relations education have also been documented (Pratt and Ogbondah, 1994). A decade old survey of U.S. public relations educators and practitioners that explored the state of curricula and content in public relations education found that both practitioners and educators perceive need to incorporate courses and cont ent that will prepare future practitioners for the global landscape (Neff et al., 1999). A Public relations is a multidisciplinary area of study and practice that must change as rapidly as the context and society in which it exists (Baskin, 1989, p. 35). As public relations continues to be a globalised profession, curriculum should be updated to reflect the practice. Ten years later similar study has recorded, that having a global perspective and experience with a variety of cultures are necessary but lacking skills for advanced level practitioners (DiStaso et al., 2009, p.269). An important consideration in providing students with some skills in achieving cross-cultural understanding is the recognition that, as future business professionals and leaders, they will live in a society increasingly characterised by international labour mobility and multiculturalism. The international manager or employee will be an individual who will spend their working lives in several distinct job areas working for several organisations as well as making several sojourns to various international postings. This means that the new style employee will need to be cosmopolitan, multilingual, multifaceted and what Schneider Barsoux (1997, p. 157) refer to as a capacity to operate à ¢Ã¢â€š ¬Ã…“across national borders somewhat like James Bondà ¢Ã¢â€š ¬?. Public relations education at all levels and in both communication and MBA programmes should educate students to practise public relations globally (Grunig and Grunig, 2002). However, not only do students need to be trained and p repared for this mobility, but even those who do not move to another nation face the recognition that the domestic work environment also requires some responsiveness to differing cultures (Hutchings et al., 2002, p. 69). Sriramesh (2009, p.6) makes a reasonable argument that even textbooks in the US and the UK should contain more à ¢Ã¢â€š ¬Ã‹Å"globalà ¢Ã¢â€š ¬Ã¢â€ž ¢ cases and interpretations so as to give their own students a more international and holistic education, thus broadening their horizons. It is indicated that authors of universityà ¢Ã¢â€š ¬Ã¢â€ž ¢s level public relations textbooks have not yet realised the growing importance of international public relations and thus deal marginally with it. The International Public Relations Association (IPRA) has drawn on its international membership to research and recommend standards for public relations education and has established the results of its work in two à ¢Ã¢â€š ¬Ã‹Å"Gold papersà ¢Ã¢â€š ¬Ã¢â€ž ¢ in 1982 and 1990 (IPRA (1982) Gold paper No. 4, A Model for Public Relations Education for Professional Practice, and (1990) Gold Paper No.7, Public Relations Education à ¢Ã¢â€š ¬Ã¢â‚¬Å" Recommendations and Standards). (White, 1991) p.184-185 Not much has changed since that time. WAYS: Number of general papers were designed in response to the need for public relations education to produce well-trained, culturally sensitive practitioners (Miller, 1992, Ekachai and Komolsevin, 1998, Burbules and Torres, 2000, Bardhan, 2003, Dickerson, 2005, Tuleja, 2008). With the increasing importance of international communication, some educators had considered creating a course dedicated to international public relations (Pratt and Ogbondah, 1994, Taylor, 2001). In a special edition of Public Relations Review on developing teaching related materials, Taylor (2001) offered guidance to public relations educators on how to develop an international public relations curriculum because: à ¢Ã¢â€š ¬Ã…“New communication technologies and global communication processes create more frequent international communicationà ¢Ã¢â€š ¬? (Taylor, 2001, p.2). Nevertheless, some of the Taylorà ¢Ã¢â€š ¬Ã¢â€ž ¢s conclusions sounded far too decisive: à ¢Ã¢â€š ¬Ã‹Å"The most comprehensive way to intern ationalize the public relations curriculum is to offer a course dedicated to international public relationsà ¢Ã¢â€š ¬Ã¢â€ž ¢ (p. 74). Creedon and Al-Khaja (2005) analysed how adding cultural competency to the list of skills and competencies required in educational programs presents an opportunity to educate a generation that will accept difference and value a global culture separate from national identity. Then again the study was rather limited the authors conducted a survey of accredited programs to determine whether or not a history course was required of their majors. Another empirical-based study argued that just talking about the importance if IPR in the classroom is not sufficient, students have to be able to live international public relations in order to understand its relevance (Bardhan, 1999, p. 19). An important portion of literature on international public relations education suggests the necessity for students to learn about other countries through immersion. According to Porth (Porth, 1997, Tuleja, 2008) the international study tour course may be a legitimate answer to critics of education who urge business schools to à ¢Ã¢â€š ¬Ã…“go globalà ¢Ã¢â€š ¬? and to create stronger ties with the international business and academic communities. More specifically, recent research has also called into question the assumption of studying internationally. For instance, Hutchings et al. (2002, p. 58)suggests that the challenge for the education is how to devise a short-term study program that is effective in exposing international concepts to the student. Yet, foreign travel alone is not the panacea for internationalising PR education because it is difficult to manage even if having resources. Hutchingsà ¢Ã¢â€š ¬Ã¢â€ž ¢ study is focused on going abroad, even so it may make some contri bution to understanding of global consciousness characterised as moving towards a recognition and appreciation of increasingly global diversity and interdependence. Arguments about which is the best approach to international public relations education, courses and its numbers, or changing the context with its live experience and observations, largely missed the important point that methods have to be fit for their purposes. For some purposes, this is the best, and in other cases the choice will be this and that. Furthermore, although those approaches rest on very different use of resources and possibilities, they can be complementary in the hands of future research and need to be incompatible. Many studies would benefit from mindfully using each approach for different purposes at different stages of the internationalisation. Fuller discussions of this are to be found in some public relations papers, including (Neff, 1991, Dibrova and Kabanova, 2004, Peterson and Mak, 2006, Chung, 2007/8, Dolby and Rahman, 2008). CHALLENGES/BARRIERS: Authors such as Kalupa and Carroll Bateman (1980) have suggested that public relations educators have failed maintain the currency of the teaching in relation to the practice. On the other hand, Holbrook (1985, 1995) has been one of the most prominent critics of the idea of selecting research topics based on what is of interest to practitioners. He has argued that such an orientation tarnishes the purity of the academic endeavour. Amongst other challenges Bardhan (1999) recorded that educators feel unprepared at present to handle the task effectively and lack of interest among students. Falb (1991, 1992) has claimed that because of putting public relations curriculums in either Mass Communications or Journalism public relations has been inhibited in its growth in academic and professional areas. Similar study was conducted by (Pincus et al., 1994), who argued that communication topics do not rate high in MBA programs: à ¢Ã¢â€š ¬Ã…“If public relations faculty do not champion the recognition of public relations topics in MBA programs, the profession will never realize entry to the highest levels of corporate decision makingà ¢Ã¢â€š ¬? (1994: p.55) . Making an analogy, this statement might be extended by claiming that If public relations faculty do not champion the recognition of international public relations concepts in Postgraduate programs, the profession will lack behind present state of research and practice. This statement finds a reflection in recent research as well. Papers like Sriramesh (2002) claim that it is time for educators to integrate experiences from other continents into the PR body of knowledge, thereby building PR curricula that contribute to training truly multicultural PR professionals. CONCLUSION: Sriramesh and Vercic (2003) underlined the compelling need for a text describing and explaining public relations practices and body of knowledge in different parts of the world. Their call for research has been taken up and largely because it proposed a framework, which made it easier to facilitate global research. Thereby, by critically examining the framework scholars in different countries enrich international public relations body of knowledge and provides prove or counter-arguments to the Global theory. Nonetheless, it might be argued that among those five factors, which have been put forward by Sriramesh and Vercic (2003), one is missing à ¢Ã¢â€š ¬Ã¢â‚¬Å" professional PR training. In this regard it can be concluded the following. Firstly, such indicator as level of professional training can be considered as a sixth factor influencing practicing public relations in country. Secondly, on the basis of a global concept can be developed a similar concept and subsequently applied to the study of international public relations education. Thirdly, basing on data provided from the five factors, it allowed to determine the degree of standardization vs. localization of IPR programs and courses and to identify barriers and obstacles. Achieving internationalisation of public relations education is concluded to be important for three reasons. First, because many graduating students will be finding employment internationally and benefit from having been educated to be effective in differing cultural settings. Second, because rapid changes in national immigration policies have meant that many more nations are considerably more multicultural than they have been in the past and citizens need to be more conscious of diversity in their national and organisational surroundings. Third, because the pace of changes in the international political economy necessitates that people must be responsive to international economic and business forces. Thus, students who receive an internationally focused public relations education should be more culturally and socially aware and prepared to cope with the demands of rapid international economic, political and social change (Hutchings et al., 2002). Professional education and training are one of the major issues in every country in which public relations is practised. Even the US, where there are hundreds of public relations education are frequently expressed, and senior practitioners rise questions about the value of existing public relations education programmes (White, 1991, p. 184). Sommerness and Beaman (1994) found only few offerings of university courses emphasising international public relations across the United States at that time. However, most recent study has shown that some authors (Hatzitos and Lariscy, 2008) report an increased interest in scholarly research in international public relations and an effort to internationalise the public relations curricula at many U.S. universities. Despite the fact that significant gaps were found between desired outcomes and those actually found in the opinions of both practitioner and educators, certain surveys (Neff et al., 1999) have revealed strong agreement between educator s and practitioners regarding the training, experience and expertise outcomes needed for career development in public relations. Thus, while the goals of public relations education to certain extent seem clear, the means of achieving those goals, including curriculum, pedagogy, and assessment, may not be as clear. However, studies such as examining perception, asking whether or not IPR should be emphasised à ¢Ã¢â€š ¬Ã¢â‚¬Å" doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t really contribute anymore as the concept have solidly grounded. There have been dozen papers reporting that call for a development. What more valuable for this particular research is the fact that international public relations education requires to be integrated into global PR perspective. International experiences, approaches and cases must be studied and shared between international academic societies. The literature review recorded a substantial gap in international public relations education research elsewhere than U.S. Therefore there is a need in further researching and describing development in IPRE globally. This particular study will explore perceptions and state of IPR education in two countries à ¢Ã¢â€š ¬Ã¢â‚¬Å" the United Kingdom and Russia.

How Islamic Banking Has Gained Momentum - Free Essay Example

Sample details Pages: 18 Words: 5419 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? In the last quarter a century, Islamic banking become as hot issue in both Muslim and non-Muslim World and gained momentum. Many studies have been conducted on commercial Islamic banking but nothing up to date has been done on integrating Islamic banking system with its conventional counterpart. Islamic banking is steadily moving into an increasing number of conventional financial systems. It is expanding not only in nations with majority Muslim populations, but also in other countries where Muslims are a minority, such as the United Kingdom or Japan. Similarly, countries like India, the Kyrgyz Republic, and Syria have recently granted, or are considering granting, licenses for Islamic banking activities. In fact, there are currently more than 300 Islamic financial institutions spread over 51 countries, plus well over 250 mutual funds that comply with Islamic principles. Over the last decade, this industry has experienced growth rates of 10-15 percent per annum -a trend that is expected to continue. Don’t waste time! Our writers will create an original "How Islamic Banking Has Gained Momentum" essay for you Create order Despite this rapid expansion, in most conventional banking systems, Islamic finance is still uncharted territory for most practitioners and policy-makers. Since current trends indicate that Islamic banking will continue to increase its penetration of conventional systems, policy-makers and practitioners need to become acquainted with this process and its implications for financial supervision. CHAPTER 1 INTRODUCTION 1.1 Overview The Islamic financial system has a century-old history (Chapra and Khan, 2000). From the very early stage in Islamic history, Muslims were able to mobilize resources and facilitate productive activities and consumer needs without interest. The system worked well during the early days of Islamic civilization. However, as the forces of economic gravity shifted activities over to the western world, western financial institutions became dominant and the Islamic tradition took the back stage and remained dormant. In recent years, there has been a significant revival of interest in developing a modern version of the historic Islamic financial system, in the wake of Muslims cry to stay away from interest, which is prohibited according to the Islamic sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah. Some countries are however trying a complete elimination of interest in the financial system while others have allowed the establishment of interest-free banking along side the conventional banks. The Islamic financial system is based on a number of principles found in the Islamic law (Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah) as well as other jurisprudence or rulings known as fatwa. The central distinguishing feature of the Islamic financial system is the absolute prohibition of interest charges. Although, Islamic finance relies on the equitable risk-sharing, it rejects the concept of pre-determined interest rate but permits an uncertain rate of return based on trade and profits. The financial sector of the economy encompasses financial instruments, financial institutions, and financial markets. Financial instruments are traded on financial markets by financial institutions. However, over the time, some participant will find it necessary or profitable to acquire more worth of goods and services than they currently produce and give in exchange. Under the modern financial system, interest and enterprises based on interest occupy a prominent position, the whole banking system rest on interest, but the Islamic financial system differs from its conventional counterpart. Islamic banking is steadily moving into an increasing number of conventional banking set-ups. It is expanding not only in Muslim majority countries but also where Muslims are minority such as United Kingdom and Japan. An important principle of Islamic finance is the desire to maintain the moral purity of all transactions. The funds intended for sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah compatible investments should not be mixed with those of non-Islamic investments. In this sense, when a conventional bank opens an Islamic window, it is only establishing a separate entity from the rest of the bank. The aim of this chapter is to lay down the objective, aims, importance, methodology, and hypotheses of the research. An overview of evolution of financial systems and a survey of chapters covered in this research will follow. 1.2 Research Objective This study will attempt to explore the concepts of Islamic financial principles which relate to the integration of Islamic banking with the conventional financial system at the present time. So much, however, has been written on the theoretical side that it might be asked whether a further study can contribute to our understanding of the subject or not. Nevertheless, this research is using HSBC Amanah as a case study with an evaluation of its operations and performance in order to try and answer the following questions to reach this objective: Can conventional banks legitimately offer Islamic financing facilities given their involvement with interest-based finance? Are both conventional and Islamic banks converging or becoming increasing distinctive? How can conventional banks offer Islamic financing facilities? Do the functions of the Islamic banks differ significantly to that of the conventional banks? 1.3 Significance of the Study Islamic finance is emerging as a rapidly growing part of financial sector in the world. It is growing at such a rapid pace that Islamic financial institutions are present today in over 51 countries (Sole 2009) Despite this consistent growth, many supervisory authorities and finance practitioners remain unfamiliar with the process by which Islamic banks are introduced into a conventional system. This work attempts to shed some light in this area by describing the main steps in the integration process, and by flagging some of the main challenges that countries could face as Islamic banking is integrated into conventional institutions. 1.4 Methodology This research work was carried out using a deductive reasoning approach. To ensure validity and reliability of the research, HSBC Amanah was used as the case study. Data was collected from HSBC Amanah head office in Dubai, UAE, Islamic Bank of Britain in Birmingham to act as the control data as well as libraries across London such as The British Library in Kings Cross and London School of Economics and Political Science Library. In more details, the methodology of the research is as follows: 1) A literature review of the western financial system is completed to enable comparisons between the western and the Islamic financial system to be undertaken. 2) The operations of conventional banks are reviewed. 3) Having established acceptable Islamic financial principles, the operations of an Islamic bank are examined in the context of conventional banks. 4) To evaluate the performance of the HSBC Amanah, historical data available in the annual reports was studied and analysed. The Islamic Bank of Britain is taken as a model for comparison. 5) To provide a more comprehensive evaluation of HSBC Amanahà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance questionnaires were distributed to collect more information to confirm or otherwise the findings of the financial analysis under 4 above. 1.5 Main Hypotheses The main hypothesis of the research is that the Islamic financial system model differs from that of conventional financial system. This hypothesis will be examined in the light of 1) The theory of Islamic finance as perceived in the Islamic economic and financial literature. 2) A case study of HSBC Amanah. 3) The opinions of those operating or Governing HSBC Amanah and Islamic Bank of Britain CHAPTER TWO LITERATURE REVIEW 2.0 Introduction The importance of the financial system cannot be overemphasized. Before the introduction of the money based economy, the barter system of trade prevailed; this involves the direct exchange of goods for goods in a simple market transaction without the intermediation of money as a medium of exchange. The main problem with the barter economy is that it is considered primitive and if there is no financial system based on money, there would be no reason to hold money but rather to accumulate physical assets. This chapter discusses the literature that provides the foundation for the research. It explores the theoretical concepts used in the later analysis and identifies the gaps in the literature that led to the study. 2.1 The Financial System The financial system consists of financial markets, instruments, institutions, business firms and government in financing the acquisition of goods and services, capital investments and in transferring ownership of securities (Schall and Haley, 1991). Financial systems are never static but changes over the time as new products and instruments are developed. The influence of the financial system is not limited to investments or borrowing but rather changes in the value of financial assets or the rate set for other financial variables can affects the whole level of activity in an economy. Financial system is important in any economy for the following reasons: 1- It provides an efficient means of bringing the surplus units and the deficit units together in order to make transactions quicker and cheaper. 2- The financial system includes the secondary markets which facilitates the buying and selling of outstanding securities. This makes it easy for a firm to raise external debt or equity capital. 3- The value of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock can be easily determined through the market forces of demand and supply. 2.2 Roles of the financial system The key roles of the financial system are not specific to conventional or Islamic based system. Financial systems perform most of their everyday operations so quickly and smoothly that their importance is not always well readily recognized. A well functioning financial system performs its principal roles of effecting payments, facilitating the investment of accumulated wealth, making funds available to finance viable new projects and providing risk management facilities. Parts of the financial system operate to make the system for payments in the economy as smooth as possible. It thus helps money to perform its function as a medium of exchange. The financial institutions predominantly involved in the monetary system are the à ¢Ã¢â€š ¬Ã…“clearing banksà ¢Ã¢â€š ¬?. They assist with the payment mechanism by offering current accounts against which the account holder can write cheques or use debit cards to pay for goods. In the absence of such facilities, people would need to carry sufficient cash in order to make payments. The role of financial intermediation requires providing mechanisms for saving and borrowing so that agents in the economy can alleviate budget constraints. This involves creating a variety of financial assets and liabilities with different characteristics that appeal to different savers and borrowers. Financial assets (equity and debt) are the basic products of the financial system (Schall and Haley, 1991). The role of financial intermediation requires providing mechanism for savings and borrowing so that agents in the economy can alleviate budget constraints. This involves creating a variety of financial assets and liabilities with different characteristics that appeal to different savers and borrowers. The conventional banks provide the mechanism for savings and borrowings on the basis of rate of interest on both the assets and liabilities side. In any particular period, some people in an economy will wish to spend more on goods and services than their income earned in the period allows, and at the same time, other people will have income more than they wish to spend and will want to save the surplus for spend in the future periods. The role of the financial system is to create a wide variety of instruments and incentives for an efficient allocation of scare financial real resources between competing ends. An efficient allocation of resources requires an accurate assessment and efficient pricing of risk. The price of finance needs to include an allowance for the risk involved. The role of financial system as provider of risk management facilities is often regarded as having emerged in the 1970s and 1980s (Neave, 1998). That view stems primarily from observations of the very rapid growth of risk trading during those decades. Risk management became more popular as the financial environment became more turbulent. Market trading of such risk management instruments as derivative securities is based on the same considerations that led insurance companies to write liabilities and commodities traders to purchase futures. 2.3 Financial system organisation This describes how a typical financial system is organised. It was mentioned earlier that the principal role of the financial system is to channel funds from surplus units to deficit units. The financial system is composed of a collection of financial institutions, financial instruments, and market trading. 2.3.1 Financial institutions Some financial institutions are involved in direct lending and borrowing of funds. Example includes banks and building societies in the UK. The other category of financial institutions is the à ¢Ã¢â€š ¬Ã…“investing institutionsà ¢Ã¢â€š ¬?. These institutions channel funds to deficit units in the economy by acquiring financial securities. Investment trusts are institutions which attract money from individuals and then invest it in larger amounts in securities issued by companies or public bodies requiring funds. Although there is a split between lending and investing institutions, there are increasing overlaps between the two. Banks have traditionally been involved in taking deposits from people who wish to save and lending to those wish to borrow. But of recent, banks are also actively trading financial securities which make it difficult to distinguish between banks and investing institutions. 2.3.2 Financial Markets A financial market is considered to be a forum for the exchange of financial products, represented in some cases by a physical location. But in others by a common information system sharing data on prices, and volumes transacted, and where a number of professional take an active part in the process of the market (Fell, 2000). Financial markets exists in most capitalist markets economies for the trade of company shares and short or long-term borrowing securities. The two major components of financial markets can be termed the money and capital markets. The difference between the two lies in that in the money market, money is exchanged for other financial assets having a maturity of one year or less while the capital markets exchange, involves claims with a maturity greater than one year. Financial Institutions Deficit Units Financial Markets Surplus Units Figure 2.1: Financial System 2.4 Functions of the Financial System There are three broad functions performed by the financial system. First, it should provide a smooth and efficient transfer of funds from surplus units to deficit units. This transfer of funds can occur either directly through money and capital markets or indirectly through the Intermediation market via financial institutions. Efficient transfer and flow of funds mean it Should be accomplished at the lowest possible cost Secondly, it should maintain a reasonable degree of soundness between financial institutions and markets in case of adverse economic conditions. Soundness of the financial system here means that institutions and markets maintain an efficient-transfer and flow of funds between SUs and DUs even in cases of adverse economic events such as inflationary and recessionary periods or avoidance of inflation and a lack of confidence in the financial system. Thirdly, it should be flexible and adaptable to the continuously changing needs of the economy resulting from economic growth and to any new conditions facing the financial system either externally or internally. If all of these functions (efficiency, soundness and adaptability) have been attained, then it will have a stable financial framework to support a rate of growth consistent with the resource base and technology of the economy, (Cargill, 1986). This stable financial framework must be accompanied by a stable monetary framework which means there must exist methods to allow money and credit to grow at sufficient rates to support economic growth at non inflationary levels, 2.5 Principles of Transferring Funds in the Financial System There are two methods for transferring the funds from SUs to the DUs which constitute the basic nature of the financial system. The two methods are through direct and indirect finance. 2.5.1. Direct Finance A direct transfer of money occurs when the DU which wants to acquire money, issues a financial asset (debt or stock) and sells it to the SU which has money available. The financial asset which is issued in this process is a piece of paper to indicate the nature of the asset which meets the legal requirements for establishing the claims (debt or stock). In this method of finance the SUs and DUs deal either directly face to face or indirectly through the services of specialized brokers, dealers, or agents. Those brokers, Dealers or agents match the SUs and DUs; they do not actually own the financial assets, rather, they only charge a commission for their services. Here the consumption units must sell their factor services to the production units for which they will receive income payments as wages and salaries. At the same time the consumption units or the households will purchase the goods and services produced by the production units or the non-financial business firms and will receive the household current expenditure payment as a price for these goods and services. The consumption units usually save part of their income and they are considered SUs and at the same time the production units usually need funds for investment and are as a result DUs. Production units do not have sufficient income to cover their current expenditures and purchase of new capital equipment and building. Since the SUs have income left over after all their spending has been completed, the DUs can use that income under the condition and willingness to pay interest to the SUs for the use of their savings. Thus, the DUs will issue IOUs to the SUs for their borrowed funds which will be used for the DUs investment and they will pay back to the SUs both the principal and the interest cost. In the direct financing method the needs of the SUs and DUs must coincide before direct financial relationships can occur. Both the SUs and DUs have to be satisfied simultaneously for the transfer of funds to occur. Hence, there are several conditions necessary fore direct finance between SUs and DUs can occur, they are as follows: a) The amount of the transfer of funds from the SU must be consistent with the spending plans of the DU. b) The time horizon (the length of the time period) the SU wants to lend must equal the time horizon of the DU who wants to borrow. C) The degree of risk the SU has to carry may be high, while the DU carries no risk, the SU must be willing to assume the risk of lending to the DU. These conditions create limitations for direct finance to take place and this provides the opportunity for indirect finance to emerge. 2.5.2 Indirect Finance The indirect finance method overcomes the limitations of the direct finance method. This method separate the SUs and DUs to such an extent that neither one is aware of the others existence (Cargill, 1986). The indirect finance method involves the introduction of a financial intermediary between the SUs and DUs. The flow of funds will be advanced from the SUs to the financial intermediaries and in turn will flow to the DUs when demanded. Also, as the figure shows, exchange involves the surplus funds being transferred for an IOU drawn on the financial institution. This financial institution deals with many SUs and will accumulate a large volume of funds which in turn can lend too, many DUs spreading not through the diversification of assets. The DUs will issue in turn IOUs to the financial intermediaries where they received loans. The financial intermediary will assume the risk of the DUs and the SUs only assumes the risk of the lending certificate (IOU) issued by the financial institution. The transfer of funds, therefore, between SUs and DUs will reallocate the burden of risk. A financial intermediary acts as a middleman between those who have funds which they do not wish to exchange for goods, and those who do not have funds, but do wish to purchase goods. They provide an indirect means of transferring funds from savers to borrowers. The process of intermediation combines two basic and vital functions-First, it provides an opportunity for savers to deposit their savings, and earn a return on them, thereby mobilizing funds which otherwise may be hoarded. Second, it transfers risk from the lender to the intermediary and/or to the borrower. Individuals with available savings may be reluctant to invest themselves, or lend directly or to take equity in a borrowers project. Those individuals may not want to take the risk, they may not be able to asses the risk, and they may not know how to protect themselves legally and financially if things go wrong. An intermediary takes these risks away from individuals and in many cases transfers them to the borrower by taking security, (Kitchen, 1986). Savers must have confidence in the intermediary; otherwise they would not place funds with them. This means intermediaries cannot mobilize funds unless savers have confidence in them. In the case of indirect finance, the excess lending over borrowing of the SUs will be represented by increases in the certificates owed by financial institutions. At the same time, the excess of borrowing over lending of the DUs will be represented by an increase in outstanding certificates held by the financial institutions. Indirect financing methods have several significant advantages for the SUs, DUs and the intermediary. Advantages to the surplus unit 1. The surplus unit can purchase any kind of investment (short or long term) and any amount (small or large) of IOUs from financial institutions. 2. Financial institutions can diversify their financial assets to a greater extent than can any single SU does by itself 3. The IOU of a financial institution which pays the same interest return will involve a smaller degree of risk for the SU than IOU drawn directly on a DU, (Cargill, 1986). Advantages to the deficit unit 1. The DU can borrow large amounts from the financial institution which has a large accumulation of funds from several small SUs. 2. The search costs of the DU in finding a suitable lender will be reduced with the existence of the financial institutions when compared with direct finance. 3. The financial institutions can offer other services to the DU such as market analysis and investment opportunities, (Cargill, 1986). The financial intermediary, it receives compensation for the services it is providing to the lenders and the borrowers which are achieved through profits generated by the difference between what the financial intermediary pays its depositors and what it charges its borrowers, (Thygerson, 1993). The following section discusses and examines the role and functions of financial institutions and their importance to the economy. 2.8 Financial Institutions The financial system consists of markets trading, financial instruments and financial institutions. These two aspects of the system are very hard to separate and in many cases it is financial institutions which create the market. In this section, the role and functions of financial institutions are examined. All financial institutions serves intermediaries to facilitate the transfer of funds from the surplus unit to the deficit units, financial institutions differ among themselves primarily in the magnitude of their operations and the services they handle to the SUs and the DUs concerning the sources and uses of funds. The financial institutions (financial intermediaries) come between SUs or suppliers of funds and DUs or demanders of funds. Financial intermediaries or institutions accept savings from SUs and in return these suppliers of funds acquire claims against the intermediaries. Intermediaries make loans or investments to the DUs or demanders of funds. The suppliers of funds expect some return in the form of interest or cash dividends as a reward for entrusting saving to the financial intermediaries, (Pinches, 1987). Financial institutions are divided into two groups- depository financial institutions and Non-depository financial institutions. 2.9 Depository Financial Institutions The depository financial institutions have a unique role in the financial system. First, they deal with every type of surplus and deficit unit in the economy. Second, they have a very important role in the money supply process. The liabilities of depository institutions classified as transaction deposits represent the major part of the money supply measured as M1 (Cargill, 1986). These depository institutions have the ability to destroy and create Money because their transaction deposits are subject to a fractional reserve requirement. This means that for every unit of reserve, depository institutions can support several units of transaction deposits. Transaction deposits are created or destroyed during the lending investment activities of depository institutions, (Cargill, 1986). Any loan made by the depository financial institutions represents a creation of that amount in transaction deposit. According to the multiplier function each unit of reserve will support several units of loans and hence transaction deposits. The same outcome occurs if the bank purchases a security. The securities purchase of the bank involves a payment which will be a transaction deposit under the name of the seller, and so on. The whole operation will be repeated and more transaction deposits will be created and more money supply will be created. The reverse process of destroying transaction deposits during the lending and investment process can also take place by paying off the loan which means drawing down the transaction deposit. In this case if the bank does not make a new loan to replace the paid-off loan this means transaction deposits will be lowered. In the case of the financial investment activity, if the bank sells a security and holds on to funds then it means transaction deposits are destroyed. From the previous discussion it can be seen that the ability of depository institutions to expand or contract transaction deposits depends on the level of reserve requirements. Any changes in the monetary base will lead to multiple changes in transaction deposits and, hence, the money supply, (Cargill, 1986). When reserve requirements decrease then the depository institutions will be able to increase lending and investment activities. Transaction deposits and the money supply; and vice versa. Depository Financial Institutions are divided into two types: banks and non-bank financial institutions. The primary difference between these two typesà ¢Ã¢â€š ¬Ã¢â€ž ¢ institutions is that: the banks dominate the issuance of demand deposits and demand deposits are considered the largest single component of the money supply. For this reason any changes in demand deposits represent significant changes in the money supply. The non-bank financial institutions do not have that impact on the level of money supply and they do not have the check-clearing mechanism for payments like banks do. In general banks are considered the first to be affected by any change in monetary policy which in turn will affect the entire financial system. The non-bank financial institutions are only indirectly affected. 3.1 Islamic Financial System It must be understood from onset that Islam is a comprehensive way of life that has its own broad and flexible economic policies which allows its followers their choice of economy irrespective of time and place (Siddiqi, 1970). Islamic finance can however be described as the operating financial system which is based on the financial teachings and practices of Islam. It can also be described as a means through which money flow from one unit to another in return for either equity or rights to share in future business profits. It could also be in form of delivery of goods and services in return for the repayment of the value I a later date. DeLorenzo (2005) described it as actually part of a Muslimà ¢Ã¢â€š ¬Ã¢â€ž ¢s practice of his or her religion. To understand the theories and ideas of Islamic financial system we need to understand the rules of Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah from which the idea of the Islamic financial system had been drawn. 3.2 What is Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah? Sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah is an Arabic word meaning the path to be followed (Kettel, 2008). Literally it means a way to a watering place. It is believed by Muslims that the path to Aljanah has been ordained by Allah through his messenger, Prophet Muhammad (PBUH) for whoever wishes to follow the path. Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:4; à ¢Ã¢â€š ¬Ã…“And who believe in that which is revealed to you (Muhammad) and that Which was revealed before you, and are certain of the hereafterà ¢Ã¢â€š ¬? The fundamental principles governing the Islamic faith are firmly based upon sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah and are in the interest of the people. The sources of the sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah law are categorized into four; The holy Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an The sunnah or the doings and practices of the Prophet Muhammad The ijma, consensus of opinion of the Ulama-learned in the society. The Qiyas, analogical reasoning or deductions. 3.3 Tenets of Islamic Finance: i) Prohibition of Interest: The central tenet of Islamic finance is the prohibition of interest. This was mentioned in four different revelations in the Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an, the first revelation emphasizes that interest deprives wealth, of Godà ¢Ã¢â€š ¬Ã¢â€ž ¢s blessing, Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:275 à ¢Ã¢â€š ¬Ã…“Those who swallow usury cannot rise up except as he arises whom the devil has prostrated by (his) touchà ¢Ã¢â€š ¬?. The second revelation condemns it, Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:276 à ¢Ã¢â€š ¬Ã…“Allah has destroyed usury and made almsgiving fruitful. Allah loves not the impious and guiltyà ¢Ã¢â€š ¬? The third revelation enjoins Muslims to stay clear of it Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2:278 à ¢Ã¢â€š ¬Ã…“O you who believe! Observe your duty to Allah, and give up what remains (due to you) from usury if you are (in truth) believersà ¢Ã¢â€š ¬? and finally a clear distinction is made between interest and trade and also enjoined Muslims to take principal and forgo debt if the debtor is unable to pa y. Qurà ¢Ã¢â€š ¬Ã¢â€ž ¢an 2: 280 à ¢Ã¢â€š ¬Ã…“And if the debtor is in straitened circumstances, then (let there be) postponement to (the time of) ease; and that you remit the debt as almsgiving would be better for you if you did but knowà ¢Ã¢â€š ¬? Although there have been discussion among Muslim scholars on the reason for the prohibition of interest, it is obvious from the above quotations that it is considerations of equity and protection of the poor that lie behind the strong condemnation. There have been arguments that a system in which interest is not allowed is unlikely to work efficiently in the short run and in the long run, this will result in the eventual dry-up of savings and investments. These views tend to reflect a basic confusion between the terms à ¢Ã¢â€š ¬Ã…“rate of interestà ¢Ã¢â€š ¬? and à ¢Ã¢â€š ¬Ã…“rate of returnà ¢Ã¢â€š ¬?. Islam clearly forbids the rate of interest but rather encourages trade and profit (Khan, 1986). ii) Profit and Loss sharing: The principle here is that the lender must share in the profit or loss arising out of the business enterprise that the money was lent. It is thought that one needs to invest its money and become partner in order to share profits and risks in a business rather than become creditors. In order to ensure investments are made into productive enterprises, Islamic financial system encourages investment in which the society at large benefits. It does not give room for people who are not willing to take risk but intend to hoard their money or deposit it in a bank and earn interest for no risk. It encourages the notion of higher risk and higher returns. The whole objective is to encourage investment and production to provide a stimulus for the economic growth. Under Mudarabah for example, the provider of fund suffers the loss in a business enterprise where as the entrepreneur suffers his loss by not receiving wages for his endeavors. Due to the nascent experience with economy-wide profit and loss sharing system in the Muslim states, it is not possible to state with confidence that such a system will function as well or better than the conventional interest-based system. iii) All financial transactions are asset backed: The idea of making money out of money is not acceptable in Islam. Money itself has no value and is only a medium of exchange, and should not be allowed to generate more money. Money only become capital when it is put into a productive venture, that is, invested in business. iv) Acceptance of only sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah compliant products: In Islamic financial system, everyone needs to work within the moral value system of Islam. All financial products and services developed needs to be approved by the international sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah board for the high end of the market. This gives it a wider market acceptance and the mitigation of sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah risk for similar products or services. v) Sanctity of contracts: Islam places all economic relations on the firm footing of contracts. The freedom to enter into contracts, designed within the framework of the sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah and the obligation to remain faithful to their stipulation has been deeply emphasized in Islam. vi) Role of the State: The stateà ¢Ã¢â€š ¬Ã¢â€ž ¢s role in the Islamic economy relates to ensuring that, firstly, everyone has equal access to natural resources and means of livelihood. Secondly, each individual has equal opportunity including education, skills and technology to use these resources. Third, that market is supervised to ensure justice in exchange, and finally, the distributive justice is assured for the next generation through the implementation of the laws of inheritance. The state is empowered within the framework of sharià ¢Ã¢â€š ¬Ã¢â€ž ¢ah to design any economic policy that is required to guarantee the attainment of these objectives and to meet the necessary expenditure associated with the performance of its duties through taxation and utilization of natural resources.

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Do you think that cities can ever become sustainable Free Essays

In relation to cities, sustainability refers to development that lets the people living now get the things they need but without reducing the ability of people in the future to get what they need i. e. growth in a way that doesn’t irreversibly damage the environment or use up resources faster than can be replaced. We will write a custom essay sample on Do you think that cities can ever become sustainable? or any similar topic only for you Order Now For example, an urban area that is growing by generating all its power from finite sources will exhaust its supply and could accelerate climate change. Megacities require so many resources that it is unlikely they will ever develop in a truly sustainable way, but there are things that can be done to make them develop in a way that is more sustainable. In order for urban areas to become more sustainable the key issues that need to be tackled are overcrowding, transport problems, crime and pollution. Exploring sustainability projects at different points along the urbanisation pathway in cities such as Shanghai (LEDC), Putrajaya (NIC), Chattanooga and London (MEDC) will give an insight as to whether city sustainability is more likely to be achieved in MEDCs or LEDCs. Whilst MEDCs may have the necessary resources and technology to make an impact on becoming more sustainable, their starting point is a much bigger ecological footprint. Therefore, there may be more potential in LEDCs becoming sustainable as they have a more appropriate use of intermediate technology. Shanghai, at the heart of China’s economic surge, has realised that a key aspect of sustainability is transport. Their major challenge was to reduce energy demands and greenhouse gas emissions but at the same time maintain mobility within the city. The city developed an eco-friendly transport system which includes a network of 11 metro lines at a total of 325km which is integrated with a bus based mass transit system, reducing the need for people to use personal cars. A railway link to the new international airport, which involves the world’s first commercial magnetic levitation trains capable of reaching 550kmh reducing travel time and greenhouse gas emissions, has been built. A reduction in the number of cars on the roads has occurred due to increasing licensing fees and restricted access to the city centre, whilst the electronic guidance system helps avoid congestion and keeps road traffic flowing. Whilst it is common for cities to encourage people to cycle by introducing cycle lanes, the 9 million cyclists in Shanghai may soon face a ban from major roads as the authorities struggle to control congestion and reduce the rising car ownership of the middle classes proving that their attempts to become more sustainable are failing. Furthering the transport systems, Shanghai is planning to create a new city designed to be completely sustainable, it will be called Dongtan and will be the size of Manhattan. It was to have been built on Chongming Island, near Shanghai, in the Yangtze River Delta. The first phase, comprising a city of 25,000 people, was due to have opened for the Shanghai Expo in 2010. By 2030 it was intended to house 500,000 residents. However no construction of the eco-city has taken place yet, so the project has fallen much behind schedule. It is claimed to be the world’s first genuinely eco-friendly city powered by renewable energy sources (mainly HEP) and will be as close to carbon neutral as possible. However the waters are rich in aquatic life and it is an important feeding ground for migrating wetland birds, the construction of this city may cause a loss in habitats and safe resting places for the birds causing a loss in species diversity making this eco-friendly city not as sustainable as was hoped. Malaysia has become one of the many countries that have deliberately created a new capital city. In 1995 it was decided that the national government function should be moved from Kuala Lumpur, which remains the country’s financial and commercial centre, to a greenfield site 25km south of the city. Putrajaya has a population of 67 964, and is located within a high tech zone 15km wide and 50km long known as the Multimedia Super Corridor (MSC), Malaysia’s ‘silicone valley’ stretching southwards from the centre of KL and includes KL international airport, Putrajaya and Cyberjaya (a ‘smart’ city specialising in education, research and high tech business). The spine of the MSC is an electronic superhighway (fibre optic network) that provides high speed computer links. A large lake is being created, surrounding an artificial island, which will play an important role in flood and pollution control, an environmental benefit, as well as providing recreational and aesthetic value. 40% of the 500 hectare site will be left as green space in an attempt to counteract any greenhouse gases emitted. The main five precincts will be situated in the core and will contain offices, banks, shopping centres and sports complexes. The peripheral area will contain residential neighbourhoods with housing for all incomes, with community centres, parks, places of worship, schools, hospitals and other amenities. There will only be a small amount of housing available for those on low incomes which means there will be a degree of exclusion as the city will be mostly enjoyed by the affluent. The city aims to be indigenous with a modern look, based on new town ventures in the US and UK, with the running efficiency allowing a relatively low rate of consumption of natural resources. However, the environmental impacts will be considerable as the construction and development of the city will involve utilising and modifying a Greenfield site. Nevertheless, high levels of recycling and better flood and pollution control will have positive effects on the environment. Cities in the MEDW will have a hard time ever becoming truly sustainable as they use vast amounts of energy to power the technology used every day. Chattanooga in Tennessee is a classic example of how a city can become more sustainable. In 1969 the US Environmental Agency named Chattanooga as the ‘dirtiest city in America’, just over 21 years later it was applauded as the nation’s best ‘turn around story’. Credit for the re-imaging of the city has to go to the partnership between the city authority and the Lyndhurst Foundation (sponsored by coca-cola) as well as many individuals. It has tackled issues such as building affordable housing, providing public education and alternative transport systems, conserving natural parks and green areas to help reduce the ecological footprint, reducing pollution and improving recycling facilities and development of the riverfront. Top down strategies such as the Clean Air Act which forces manufacturers to invest heavily in pollution-control equipment, and bottom up measures e. g. Vision 2000 programme which calls for all citizens to visualise the city as they would like it to become, from the responses an agenda evolved resulting in major developments. 10km of waterfront along the Tennessee River was redesigned into an urban park cutting through the heart of the city, made up of playgrounds, spaces for outdoor performances, fishing piers and shaded walkways, transforming the once rundown downtown area. The Tennessee aquarium has attracted many visitors, encouraging the development of the old warehouses surrounding it into shopping malls, restaurants and apartments. Transport has been improved to be more sustainable, by means of an electric shuttle bus service capable of moving a third of downtown commuters at a tenth of the cost of diesel vehicles. It is claimed to be the electric bus capital of the world, with the city manufacturing 22 seater buses that are marketed all over the world. Over 3000 inner city housing units have been renovated, and a zero emissions eco industrial park and a grass roofed convention centre have also been constructed. The sustainability of the city has been enhanced especially in terms of outputs. The environment has benefited greatly from the substantially reduced industrial and vehicle emissions as well as increased green space leading to a decrease in the ecological footprint. Residents have benefited from renovations of the housing and the downtown are. I believe that whilst these urban areas and many others are attempting to become more sustainable, there is still much more that can be done to improve sustainability. For example, housing can be built to be carbon neutral by using solar panels and insulation to reduce the ecological footprint. Public transport could be improved further to produce little or no harmful gases, such as London buses which run on Hydrogen. Renewable energy sources should be used more such as LA uses HEP from Hoover Dam, and whilst renewable energy sources will never generate enough power to support large cities, they should definitely be used more by cities that have large ecological footprints. I feel that as we are so dependent on technology in today’s society, cities will never truly become sustainable. How to cite Do you think that cities can ever become sustainable?, Papers

Hospitality & Tourism in Australia-Free-Samples-Myassignmenthelp

Questions: 1.Identify and discuss the prime ethical and governing issues presented in the Vanuatus Broken Dream video. 2.Did PO Cruises act ethically in this case? 3.Discuss how Australian and/or Vanuatus governments could have resolved identified issues. 4.Suggest at least three recommendations to overcome such issues in the future. Answers: 1.From the video, there are various ethical issues presented. The first issue in this case is failing to assist those who were supposed to be assisted with the money received from the tourists. Before the tourists arrived, the residents had great hope that a lot would change. When tourists flood in a particular area, some dollars were expected to move from the rich to the poor. From Vanuatus, this was not the case. The money which they thought would assist them to upgrade their lives were stolen for personal benefits. This was wrong based on the fact that the residents were in need of different necessities. It is also wrong to build a toilet for the tourists when the residents do not have one. Toilets plays a significant role in preventing the spread of some deadly diseases (Pierce, 2016). The community in this case are living in total poverty because those who lead them are greedy. From this great development opportunity which was triggered by tourists, those who are in charge could have utilised the received money to develop the wellbeing of the residents. When the tourists arrived, most of the residents were so welcoming. Some of them dedicated their time to even act as tour guides for the tourists, clean the area and establish artwork that would attract them. Having spent a lot of time and energy in doing so, they were never paid well. The money which they could have been paid was stolen by those in charge. This was unethical because human beings deserve better pay for the tasks they undertake and using public resources for personal gains is wrong. Failing to publish financial statements between 2004 and 2012 shows that those in charge were massively stealing public funds and did not want people to realize through the financial statements. The prime minister in this case was aware that corruption was the order of the day and was ready root it out. From the video, most of the politicians live in luxury while so many residents remain in poverty. This is not right because the residents are the ones who contribute in generating the money which make the politicians to live good lives (Wright, 2012). When the tourist arrived, the residents played a key role of welcoming them, selling products to them, and showing them some of their cultural practices. This means they were supposed to fully benefit from what was received from the visitors. 2.PO cruises acted ethically because the tourists did their part. What was questionable is how the authorities spent the money. When the tourists came, some of the residents had some stores to sell various goods to them. The visitors were so generous because they sometimes told the residents to keep the change when they purchased a particular product. The tourists were also so friendly to the residents. They were interested with various services which the residents offered (Yap, 2017). They paid those who had something unique to show case as a way of appreciating and motivating the residents. This means the PO cruises had done something good to the people because it has brought them an opportunity which would change their lives if the money was well utilized. When some of the tourist heard that the few available toilets were made for the foreigners, they were surprised (King, 2012). They did not imagine how a foreigner can have a toilet yet the residents who are the taxpayers do not. Showing concern towards this issue indicates that irrespective of feeling that they were being valued, they were also concerned with the wellbeing of the residents. Tourists remains off-limits to the people in this island (Wright, 2012). PO cruises did good to make the residents experience what tourism is all about. Tourism plays a significant role in developing an area and therefore it was a good action for the PO cruises to bring the foreigners in this area. Who should be responsible for rectifying issued that you have identified? Why? Explain your reasoning The people who should be responsible for rectifying the issue is the government and the agencies that are concerned with tourism and developments (King, 2015). From the case, Vanuatu is an island that should be developed based on the fact that the tourist came with a lot of money. The government and concerned agencies should investigate to identify where the money went. The residents should also play a role in rectifying the issue (Okech, 2010). They should always question about how public resources are being utilised when they suspect things are not going as expected. They have the right to make those who are in charge to show how each coin obtained from the tourists was used. The residents should avoid electing leaders whose ethical track records are questionable. From the case, we are told that financial statements of different years were not provided. This indicates that an individual or a group of people was misusing public funds and did not want the public to know (Klintman, 2012). Based on this factor, the residents should unit and question why that was happening. Chief tourism stakeholders like for example PO cruises should also act to rectify the issue (Okech, 2010). They should ensure the money received from the visitors is utilised to benefit those who are involved in conducting activities which pleases the visitors and also to develop the wellbeing of the community. 3.From this case, the government is the key stakeholder which should have intervened to resolve this issue. The residents were experiencing problems because those who should have intervened were among were corrupt and after personal gains (King, 2012). One of the ways which the vanuatus government would have done to address the issue is making sure the money that was received from the activity was properly used. The government of Australia and that of Vanuatu should have worked together to investigate the matter and take legal action upon the culprits. The disciplinary action should be strong enough and publicized so that those who had intentions to misuse public funds for personal gains can learn a lesson. Vanuatu government would have ensured that those who were in charge of the money were people who understood the importance of ensuring the community lives in good conditions. Having corrupt individuals in the government was the primary cause of the problems which the residents were experiencing (Wright, 2012). The government of Australia and that of Vanuatus should have ensure financial statements were availed to the public each year for scrutiny. The other way in which the government of Vanautu would have done to intervene the situation is ensuring the foreigners do not seem to be favoured more than the residents. Although this may seem a special consideration to the tourists, some of them may see it as some form of discriminating the residents and even decide to never to visit the area again (Dimitrova, 2015). The reason why the tourists may feel so is because being in an area where hygiene and sanitation is not valued may risk them to getting various diseases even if they had special toilets. The Vanutu government should also encourage the residents to engage in income generating activities to root out poverty in the region. This could be through opening small businesses, engaging in faming activities and relating well with the tourists. 4.To overcome such issues in future, the government should scrutinize all officials to ensure they value integrity in what they do (Okech, 2010). The reason which made this issue to arise was because the government officials were very corrupt and did not mind the wellbeing of the people. Ensuring high level of integrity among the government officials will assist in having leaders who are focused to development rather than personal gains. The residents can also play a role in preventing this issues from happening in the future by pressing the government to correctly utilize the money received from the tourists (Pierce, 2016). When the residents remain silent over the issue, those who steal the money will never see the importance of not stealing what should be utilized for development. The residents should also consider electing only leaders who knows the importance of attracting tourists and those who knows the importance of developments. Lastly, such issues can be prevented in the future by ensuring the legal measures are taken upon those who misuse money received from the tourists (Wright, 2012). Taking legal measures will assist in making the corrupt officials to quite from engaging in such activities and hence lead to proper utilization of the money earned through tourism. Bibliography Dimitrova, M., 2015. The Ethics of Tourism. Critical and Applied Perspectives. European Journal of Tourism Research, Volume 10, pp. 57-65. King, S., 2012. 'Australia Speaks': Reactions to Political Opinion Polls in Australia 1941-1943. Flinders Journal of History and Politics, Volume 28, pp. 78-96. King, V., 2015. Encounters and Mobilities: Conceptual Issues in Tourism Studies in Southeast Asia. SOJOURN: Journal of Social Issues in Southeast Asia, 30(2), pp. 541-562. Klintman, M., 2012. Issues of Scale in the Global Accreditation of Sustainable Tourism: Schemes toward Harmonized Re-Embeddedness?. Sustainability : Science, Practice, Policy, 8(1), pp. 87-95. Okech, R., 2010. Tourism Impacts on Local Communities around Coastal Zones: Issues of Sustainable Development. Journal of Tourism Challenges and Trends, 3(1), pp. 21-35. Pierce, J., 2016. Mythic Frontiers: Remembering, Forgetting, and Profiting from Cultural Heritage Tourism. The Arkansas Historical Quarterly, 75(3), pp. 12-23. Wright, C. B., 2012. On the Edge of Crisis: Contending Perspectives on Development, Tourism, and Community Participation on Rote Island, Indonesia. Austrian Journal of South - East Asian Studies, 5(1), pp. 95-102. Yap, O. F., 2017. When Do Citizens Take Costly Action against Government Corruption? Evidence from Experiments in Australia, Singapore, and the United States. Journal of East Asian Studies, 17(1), pp. 25-52