Essay on Ion and Ionic Bonding

Article on Ion and Ionic Bonding Article on Ion and Ionic Bonding In Chemical Bonds, particles can either move or offer their valence electrons. In the outrageous situation where at least one particles lose electrons and different iotas gain them so as to create an honorable gas electron arrangement, the bond is called an Ionic Bond. Run of the mill of ionic bonds are those in the soluble base halides, for example, Sodium Chloride, NaCl. Ionic holding happens between charged particles. These might be iotas or gatherings of molecules, however this examine will be led regarding single particles. Ionic holding happens between metal iotas and nonmetal molecules. Metals for the most part have 1, 2, or 3 electrons in their furthest shell. Nonmetals have 5, 6, or 7 electrons in their external shell. Molecules with external shells that are just somewhat filled are temperamental. To get steady, the metal iota needs to dispose of at least one electrons in its external shell. Losing electrons will either bring about a void external shell or get it closer to having a void external shell. It might want to have a void external shell on the grounds that the following lower vitality shell is a steady shell with eight electrons. Polyatomic Ions are gatherings of at least two components that have an accuse related of them as a gathering. They can thusly then cling to different components or polyatomic particles to frame progressively complex structures. Rule 1. The cation is composed first in the name; the anion is composed second in the name. Rule 2. At the point when the equation unit contains at least two of the equivalent polyatomic particle, that particle is written in brackets with

Research and academic review related to the strategic importance of Essay

Research and scholarly audit identified with the key significance of information and the various methodologies associations take to - Essay Example Information and Information Knowledge for the most part alludes to the down to earth utilization of data. Then again, data alludes to the general information communicates by words, pictures, sounds and number. Data can be shared, put away or shipped. Then again, information doesn't have these attributes. Worldwide retail industry has been considered for the examination so as to decide the significance of information in the business procedure of a few associations inside the business. Just assembling data about cutting edge process or another procedure can't assist an individual or an association with getting accomplishment through it. The associations need to noteworthy degree of mastery and information how to actualize these applications or apparatuses (Schnedlitz, Morschett and Rudolph, 2010, p.109). The facts confirm that information instead of data has become the serious driver over ongoing years. Worldwide retail industry has gotten exceptionally serious because of the nearness of a few driving associations. Associations like Tesco, Walmart, Morrison’s, Sainsbury and others are attempting to actualize noteworthy techniques in the business procedure to guarantee positive business development. ... The facts demonstrate that data about some business devices and procedures help the associations to consider further system improvement process. In any case, information about these instruments and accomplished data can assist the association with making viable choices that will guarantee authoritative objective. Information as key wellspring of riches Earlier, capital, land and work were considered as the wellspring of riches and business benefit. Presently a-days, information is considered as wellspring of riches for a few business associations. The significant test of the information based economy is to guarantee and cultivate development. A few driving associations inside the retail business are attempting to profit by the potential open doors that have been made because of globalization and innovative unrest (Varley, 2013, p.19). The facts confirm that associations can embrace and actualize progressed mechanical procedure in business activity at the same time, can't get accompli shment without viable information about the usage procedure. A few driving and famous retail chains far and wide are attempting to actualize trend setting innovation in every single business work, for example, assembling, coordinations and gracefully chain, money and human asset the executives. Serious achievement depends on how deliberately the associations mentally deal with the capital. Successful information the board is considered as a significant key instrument. The associations inside the retail business are executing separated specialized instruments to improve business process. The facts demonstrate that usage of trend setting innovation in coordinations and gracefully chain the board helps the main retail fastens to decrease business activity time and cost

Changes In The Representation Of Women In Advertising Essay

Changes In The Representation Of Women In Advertising Essay Promotions are one of the most social elements which form and reflect society. They are a universal and unavoidable piece of everyones life: regardless of whether we don't peruse a paper or sit in front of the TV, the pictures posted over our urban encompassing are inevitable. The promotion makes an interpretation of these announcements to us as human explanations: they are given a humanly emblematic trade esteem. (Wiliamson, 1976) Numerous scholars accept that apparent sex jobs structure the bases for the improvement of sexual orientation personality and hence it is essential to contemplate the speculations used to uphold these sex generalizations and their works day. Eaglys social job hypothesis infers that sex jobs dependent on generalizations have been created because of sexual division of work and cultural desires. Eagly (1987) separates among the normal and age extents of sexual orientation generalized highlights. The regular character is arranged by components, for example, nurturance and passionate expressiveness, for the most part connected with family unit exercises, and consequently, with ladies. The age job is ordered by attributes, for example, threatening vibe and sway, for the most part connected with common exercises, and in this manner, with men. Sexual orientation jobs emphatically impact conduct when societies bolster sex generalizations and develop solid desires dependent on those generaliza tions (Eagly 1987). As per Deaux and Lewis sexual orientation generalizations vary on four measurements: qualities, job practices, physical attributes, and occupations (Deaux and Lewis 1983). This work is additionally evolved by Berm who expressed that Gender generalizations are embedded through youth socialization and are strengthened in adulthood. This idea is upheld by Berms Gender construction hypothesis, which presents that youngsters figure out how their societies characterize the jobs of the two ladies and men and afterward disguise the information gained as sexual orientation composition. (bem 1993) Women's activist lawful hypothesis depends on the conviction that the law is instrumental in womens chronicled subjection. There are two components of the women's activist lawful hypothesis. To begin with, women's activist statute plans to clarify the manners by which the law assumed a job in womens previous subordinate status and in the last mentioned, women's activist legitimate hypothesis is devoted to changing womens status through an adjusting of the law and its way to deal with sexual orientation. As indicated by Gunther ladies in TV adverts preceding 1970s were not demonstrated to be in paid work, and when they were, they would be cliché employments, for example, a medical attendant or individual right hand. Housewife culture declined after the 1950s, yet it was as yet regular during the 1960s and 1970s (Gunther, 1995 :34). Content examination of promoting in TV during the 1970s gave solid proof of the presence of generalizing. All adverts which included ladies demonstrated seventy five percent were for kitchen and restroom items. Men were seen with ground-breaking legitimate jobs and gave the reliable voice-over (Ibid: 35) Research in the late 1970s and mid 1980s strengthened a continuation of these patterns, with men appeared at work and ladies as housewives and moms at home. In any case, it turned out to be increasingly regular for men to be appeared at home too, in the job of spouse or father, and the scope of womens occupations expanded (in the same place : 36, 37). Thi s is suggestive of the Social Learning Theory. During the late 1970s ladies in publicizing played a focal spotlight on magnificence, tidiness, family and satisfying others. During the 1980s TV publicizing began to conceptualize the possibility of the bustling working ladies by offering answers for the working lady, who was expected, would in any case perform family unit undertakings, for example, cooking and cleaning. Pg 55Through the mid 1990s, an examination was directed of 500 prime-time TV promotions in the UK, by Cumber clump (announced in Strinati, 1995: 86),and it was derived that publicist had apparently become shift of numerous years sponsors were hesitant to do anything not the same as the traditionalist cliché sexual orientation jobs until during the 1970s and 1980s women's activists took the dissent to streets. Pg 55 TV crowd are assaulted with pictures and mottos through commercials. In 2000 Nielsen Media Research and Radio Advertising Bureau study presumed that the normal U.S. family unit, observed over seven hours of TV for every day (Albarran, 2000). Crowd subliminally retain trademarks and assimilate pictures without addressing them. This is known as the development impact (Gerbner, Gross, Morgan and Signorieli (1980)) .The impact of this introduction produces development, or instructing of a typical perspective, normal jobs and regular qualities. (Gerbner, Gross, Morgan Signorieli, 1980, p.10). So as to comprehend the adjustment in female generalizations we should apply a semiotic examination to the notices in the differentiating time frames.Williamson (1978) expressed that semiotics considers takes a gander at any arrangement of signs whether the substance is verbal, visual or an unpredictable blend of both. (Semiotics and Ideology (n.d) para.2). Philosophy is the significance made essential by the states of society while assisting with propagating those conditions. (Williamson (1978) p.13). We should initially talk about intersubjectivity, (OSullivan, Hartley, Saunders, Montgomery, Fiske, (1994) p.157 158) As the crowd In request to comprehend commercials we should figure out how to understand them. It is imperative to deconstruct them by the utilization of encoding and translating. Encoding is performed by the transmitter of the notice message and interpreting is a procedure achieved by the getting crowd. The visual message is the most significant component of a TV adver t in light of the fact that through it, its semiotic arrangement of codes and shows it draws in potential purchasers of the item. Most female individual consideration items target buyers by offering them a glorified peruser picture (McCracken (1992 p.20). In this manner TV commercials pull in the crowd by selling them dreams of how they might want to see themselves. The codes and shows on the advert have been violated by Dove which as a brand has removed a sharp abandon customary ordinary belief systems of female recognitions. Notices must consider not just the characteristic characteristics and qualities of the items they are attempting to sell, yet in addition the manner by which they can make those properties mean something to us㠢â‚ ¬Ã¢ ¦ The segments of notices are variable and not really part of one language or social talk. Commercials rather give a structure which is equipped for changing the language of items into that of individuals, and the other way around. Judith Williamson, Decoding Advertisements, 1978, p.12 (chip doc) As per Gerbner; basic media learning has expanded TV seeing is related with increasingly cliché sees, particularly of sexual orientation (Allan Scott, 1996). Gerbner et al (1980) contended that for visit substantial watchers, TV for all intents and purposes subsumes and consumes different wellsprings of data, thoughts and awareness. Moreover, the incessant watchers see the world as TV delineations . (Gerbner, et al., 1980). Bird old advert The ads of the mid 1960s start with a male voice over. This man portrays the advert and his cases of Dove being new and progressive and this is strengthened through female portrayal. This can be supposed to be intelligent of male controlled society prevailing at during the late 1950s and mid 1960.The catchphrase in the advert is new and is rehashed, for each situation before the brand name. The perusers eye is attracted all the while to the models eyes and face, and the content onscreen. The Advert stressed as the brand name and consequently the content stays the obvious importance of the item however new is the principal word you read. Beautifying agents sponsors mean to decrease rivalry by passing on that their items are the most current item with the most recent innovative advances. Accentuation in adverts is put on the new key property of the item. For instance, Dove creams and washes down your skin and flaunts that different items just rinse and dry ; here, there is a solid rami fications of analysis of different brands and items and this urges ladies to be disparaging of themselves and their companions in utilizing wearing of outdated brands that don't exemplify the most recent key properties or innovation. The start of the advert contains an image of the items bundling; this is the thing that the crowd is to search for when purchasing the item. The picture of the bird speaks to Greek meanings of Aphrodite, goddess of excellence and love in this manner speaking to customary female magnificence and attributes. Next the crowds see a splendidly manicured female hand , this keeps on fortifying female thoughts of magnificence. When the item is unpackaged the bar of cleanser is breathtaking, this could tentatively resemble the unload maturing of the female body which like the cleanser is additionally awe-inspiring. The words totally new are draw upon the eyes of the crowd eye drawn and this point is strengthened by the story. The crowd is acquainted with the item by a male voice over. A Female voice over alludes to the cleaning of the item cleaning, an inconspicuous reference to the situation of ladies in the home, filling of bar may likewise be illustrative of cooking. She keeps on looking a t purging, the item cleans and creams and this is rehashed and is strengthened to the crowd. The male voice at that point strengthens the positives of the items; his analysis is like that of a researchers new disclosure. It tends to be contended that the mode in the advert goes about as a test subject for the exploratory utilization of the item, it is her motivation to serve the male voice over. We are just ready to see the models face, and towards the finish of the advert her cosmetics changes as though she were all set out, for a date maybe, and in this change she is compensated by an unknown male, whose hand we see as he strokes her cheek proceeding to strengthen the past Aphrodite ideas magnificence and love and want to

Osama Bin Laden and the Al-Qaeda Essay Example for Free

Osama Bin Laden and the Al-Qaeda Essay Osama Bin Laden is an aggressor Islamist and the organizer individual from Al-Qaeda association. His dad was a rich agent with a nearby connect to Saudi illustrious family who after death, Osama acquired all the riches. In 1996 and 1998, Osama gave two orders to the Muslims encouraging them to execute military faculty and regular people from the U. S. also, its nearby partners until they quit supporting Israel and pull back their military powers from Islamic countries. He has been named as the power behind U. S. government office bombings in Tanzania and Kenya, and associated with September 11 U. S. besieging. In 968 to 1976, he joined a first class model school, and later he was presented to Muslim solidarity instructing at Saudi schools and colleges. Before the development of alameda, Osama used to be an individual from MAK 0rganizations drove by Assam, which le left in 1988 after vital contrasts with its pioneers. As indicated by Laden, he needed an association that would prepare, prepare and lead its Arab fighters to fights with the guide of Arab troopers. Their disparities originated from Assam tirelessness to incorporate the Arab warriors among the Afghan battling gatherings. Rather than making their autonomous battling gatherings. Loaded was not dazzled with the thought and in 1990, he came back to Saudi Arabia as a jihad warrior, who was exceptionally refreshing subsequent to cutting down Soviet Union. Simultaneously, Iraq troopers assaulted Kuwait and canister loaded was advised of the arrangement to retaliate by non-Muslim fighters, and offered to help. Notwithstanding, he disregarded the nearness of non-Muslims warriors I. e. the American warriors thinking about that the war was close to the two blessed urban communities Mecca and Medina. He began scrutinizing the Saudi administration, an explanation that made faithful family troubled. They attempted to quiet him, consequently he had no other alternative other getaway to Sudan. He at that point began enrolling and preparing his warriors, with the guide Sudanese government and relatives. It is in Sudan where al Qaeda was conceived. Al Qaeda has been connected to a few endeavored assaults on U. S. these include: the 1992 shelling of the Gold Minor inn in Yemen, which was expected to slaughter American warriors remaining in the lodging, on their to Somalia. Furthermore, the association was likewise connected to 1998 U. S. government office bombings in Kenya and Tanzania. Finally, the proof uncovers that Al Qaeda and canister loaded were associated with September 11 assaults on U. S. , however no hard proof was gotten. Arrangement RECOMMENDATIONS: Terrorism is an event, which can be overwhelmed by plainly looking at the conditions under which it happens. These is ascribed to rage and edginess that leaves them with no other choice other psychological oppression and savagery, no sum authorizes and war can extinguish these thirst. This leaves U. S. with just a single alternative other to arrange or possibly yielding to their complaints. Rather than deciding on twofold norms where it is in the front line to rebuff the individuals who abuse human rights, yet with regards to cases to Muslims human rights infringement it gives a hard of hearing ear. For whatever length of time that the U. S.does not haggle for harmony between the Islamic and warring gatherings, at that point this issue is there to remain. Simultaneously, there is have to different nations in the battle against psychological oppression as far as money related, military and alleviation arrangement, and at any rate to counter their moves as they are over the world. REREFERENCES Augustus Richard Norton (2007). Hezbollah: A Short History, Princeton University Press, New York. Emerson, S. (2002), American Jihad: The Terrorists Living Among Us, Free Press, Chicago. Hakan Ozoglu (1996) State-Tribe Relations: Kurdish Tribalism in the sixteenth and seventeenth Century Ottoman. Realm, British Journal of Middle Eastern Studies, London. James L. Gelvin (2005), the Israel-Palestine Conflict: One Hundred Years of War, Cambridge University Press, Cambridge. Laurence F. Bove, Laura Duhan Kaplan (1995), From the Eye of the Storm: Regional Conflicts and the Philosophy of Peace, Rodopi Press, Rodopi. Magnus Ranstorp (1996). Hezbollah in Lebanon: The Politics of the Western Hostage Crisis. St. Martins Press, Richard N. Haass (2005), Office of the Policy Planning Staff: Remarks to the World Affairs Council of Northern California, San Francisco, California.

The MCAT Tutor When It Comes to Studying, Less Can Be More

Sometimes less is more. Most students applying to medical school are driven individuals who subscribe to the notion of a linear relationship between how much they do and the resultant payoff: increased study time leads to increased grades, which leads to increased odds of getting in to medical school. And a lot of the time, this is true. However, when it comes to the MCAT, students often take this logic to ludicrous lengths. As an MCAT tutor, I ask my students what kind of time commitment they are planning to make to studying, before I give them my suggestion for what it takes to succeed on the exam. I often hear: My student says: â€Å"I’ll get home from work at 5:00 pm, and will then study until I go to bed at 11:00 pm, so that is about 6 hours per day.† I reply: "Really?" Are you planning to eat? Exercise? Do laundry and dishes? Do you have the mental stamina to work all day without taking a break?" The idea of using every free minute to study is appealing, especially for students trying to balance MCAT studying with work, school, and other obligations. But many students who take this approach find themselves struggling to keep up with their study expectations. Additionally, as their life shifts completely towards studying and balance is lost, MCAT prep, an already daunting task, becomes an even more dreaded undertaking. Here are a few additional reasons why creating and sticking to a realistic study schedule trumps an overly ambitious, all-consuming approach. Your brain isn’t the Energizer bunny It can’t keep going and going and going and going. Taking time away from studying allows you to approach the material refreshed and with a high level of focus. Just like completely cutting out sweets on a diet can lead to binge eating later, trying to study 24/7 may lead to burn out and a lack of drive as the exam gets closer. Quality Quantity We all have days when we keep reading the same paragraph over and over again, and can’t seem to retain any of the material. When you are mentally fatigued, instead of continuing to push yourself to study, step away for a bit. Take a nap, go for a run, chat with a friend, and then go back to studying. You will find that taking time for a break saves you time in the long run, as you can be more efficient when you return to the books. Healthy body = Healthy mind It always seems like the MCAT is too close, and there is still so much to review, that taking time away to work out is impossible. You will find that not exercising and eating at fast food establishments in order to save time will ultimately leave you feeling low on energy and may impact your mood and outlook, all of which can be detrimental to exam preparation. Meeting goals feels good And it helps you gain confidence as you go through the MCAT preparation process. Some students are tempted to create an extremely ambitious study schedule, knowing they likely won’t get through everything they plan to do. Not only does this make you feel off-track and overwhelmed, it can leave you scrambling to figure out how to adjust your schedule. Instead, make a schedule that allows you to feel like you accomplished an adequate amount each day; this will help you achieve confidence and peace of mind going into the test. I want to be clear: succeeding on the MCAT requires a significant commitment to studying. Running 10 miles a day and having a healthy body will only help you maximally achieve on the exam if you have also adequately prepared. The key is being realistic with yourself from the onset of studying, and beginning preparation early enough that you have time to work in breaks for exercise, mental relaxation, and activities of daily life, while still getting through the necessary material. For more relevant reading, check out these other blog posts, written by ourprivate MCAT tutors in NYC, Boston, and online MCAT tutors: When Should I Take the MCAT?, Getting an MCAT Study Buddy, and 4 Last Minute Tips to Raise Your Verbal Score. ;

Affirmative Action in College Admissions

Affirmative Action in College Admissions August 16, 2012 Where do you think Martin Luther King, Jr. would stand on Affirmative Action if he were alive today? Affirmative Action in college admissions  will be up for debate again. The Supreme Court of the United States will be reviewing Fisher v. University of Texas in the upcoming term. Abigail Fisher, who is a Caucasian, filed suit against the University of Texas for discrimination based on race. She believes that the University of Texas violated her 14th Amendment right of no state denying any person within its jurisdiction equal protection of the laws. According to The Washington Post, more than 50 friend-of-the-court briefs have since been filed. The administration of President Obama is weighing in on the controversial issue as well. The administration wants Affirmative Action as a policy in college admissions to stand. And what do they cite? The Equal Protection Clause of the Fourteenth Amendment. They believe that Affirmative Action in college admissions is in fact vital to maintaining the great diversity at Americas universities. What do you think about Affirmative Action as a factor in college admissions? Do you think it should stand? Which group do you think is discriminated against most in highly selective college admissions? Caucasians? Asian Americans? At Ivy Coach, we have a strong opinion on the matter. No group suffers more discrimination in the highly selective college admissions process than Asian Americans. Chinese American appliants. Indian American applicants. These are the applicants who have it rough. And we help them overcome the obstacles in their path. Its what we do best.

Legal institutions in the financial market - Free Essay Example

Sample details Pages: 8 Words: 2476 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Legal Institutions and rules are essential to building up strong and vibrant financial markets. Do you agree? As has been acknowledged by many writers, financial markets rely on laws and regulations to ensure that financial transactions occur in predictable ways. This is important for the efficient functioning of markets, as the more confident the participants in said markets are in the laws governing transactions, the more likely they will be to invest, and the more significant their investments. Indeed, given that any free market economy is dependent on the repeated actions and interactions between buyers and sellers of goods and services, some legal protection for both will be vital to ensure that markets remain stable in the long term. However, the generally accepted view is that the law has historically needed to be well developed and consistently applied in order to generate this long term stability. Indeed, as early as the 18th century, Adam Smith (1776) argued that, in order to function properly, markets needed to be guided and regulated to avoid exploitation. Whilst Adam Smith is often cited as promoting minimal outside interference in markets, he nevertheless realised that the à ¢Ã¢â€š ¬Ã‹Å"Invisible Handà ¢Ã¢â€š ¬Ã¢â€ž ¢ needed a strong legal framework and basis in order to be effective. However, Chase (1971) argues that there are numerous laws and regulations which actually interfere with the efficient operation of many intermediaries in financial markets. Whilst Chaseà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1971) work mainly focuses on laws affecting the depositing of funds, the laws as a whole place significant restrictions on new firms entering financial markets, place restrictions on mergers and acquisitions, restrict investment portfolio regulations, and often include mandatory, and inefficient, insurance programs to reduce the risk to external participants. Whilst supporters of these laws claim that they reduce the tendency for interna l participants to take excess risks with external participantsà ¢Ã¢â€š ¬Ã¢â€ž ¢ investments, Chase (1971) argue that they also reduce competition and innovation, thus acting to redcue the performance of markets. Hence, whilst they may increase the security and reliability of transactions, this is not necessarily good for investors who wish to voluntarily sacrifice security for additional performance. Further to this, Strahilevitz (2007) argues that laws and legal interventions can actually pose a threat to the development of more advanced forms of market activity, such as social production. Indeed, this argument is based on the fact that the existing legal and institutional framework actually acts to maintain the status quo, hence reducing the chance that initiatives such as social production will increase market participation and help reduce the gap between the rich and the poor. However, Walker (2000) makes the point that, whereas traditional markets involve exchanging goods o r services for payment, financial markets are fundamentally based on exchanging money in expectation of future rewards. These rewards may be interest, potential capital appreciation, or a right to future corporate earnings, but the key factor is that the promised returns must be creditable. As such, legal rules and frameworks such as bankruptcy provisions and loan securities, together with recourse to the courts should there be a dispute over a debt or a contract, are vital for ensuring this credibility. In particular, Walker cites and analyses the Asian financial crisis as an example of how inadequate security and creditworthiness in the global financial market triggered a major crisis. However, whilst Walker (2000) argues that the legal and regulatory framework should develop with the market, in order to support ongoing financial stability; this is often not what occurs in real life. Instead, regulations such as Basel II and Sarbanes-Oxley were created and enacted only in response to issues, such as the Enron fraud, as said issues arose. Indeed, there are growing arguments in favour of embracing the concept of the social market economy, whereby the market is regulated by social cohesion, with only a basic framework of legal rules and regulations. As such, the normalisation of transactions in the market is driven by shared cultural values and common interpretations of fairness and reliability. There is still recourse to the courts for any major issues encountered in the markets, but the spirit of the agreements between buyers, sellers and intermediaries is considered, rather than the letter of the agreements. As such, the market has more of a constitutional status than a legal and regulatory focus (Ebner, 2006). Whilst this type of market will likely require more conceptual development before it can be made viable on a large scale, it offers the chance to move away from constricting and reactive legal and regulatory frameworks and towards a more holistic m odel of the market. However, in the short term, it is clear that legal rules are still a vital component of a well functioning market economy. Gianetti (2003) argues that legal rules, along with firm characteristics and financial development, are vital factors in the raising of corporate finance; which in itself is a vital part of any financial market. As part of this argument, Gianetti (2003) demonstrates that rules providing a good level of protection for creditors increase the flow of capital within the market, particularly for unsecured loans or firms operating in volatile sectors. This is particularly important in developing nations, where their stock market is less advanced; as the majority of firms will unlisted and thus will need to raise more finance from debt, rather than equity. In addition, providing legal rules which support the rights of creditors, and provide functioning enforcement mechanisms, tends to increase the amout of long term debt available to firms (Giann etti, 2003). However, Bar-Gill and Fershtman (2004) argue that legal rules have a more important role than simply incentivising markets; rather the rules actually change participantsà ¢Ã¢â€š ¬Ã¢â€ž ¢ preferences and behaviours. As such, given that free markets invariably encourage participantsà ¢Ã¢â€š ¬Ã¢â€ž ¢ self interests, it is necessary to understand how laws and regulations affect preferences and behaviour, as well as how they affect outcomes. As such, Bar-Gill and Fershtman (2004) argue that legal rules must be created to address all individual concerns, particularly their concerns around being treated fairly, in order to encourage efficient and productive behaviour by market participants. As such, legal rules such as enhancing the remedies available to participants for breaches of contract will likely reduce the equilibrium preferences for fairness, as the participants seek contracts which are more advantageous for themselves. However, Kerwer (2005) argues that the e fficient regulation of financial markets needs to move away from rigid legal rules, and towards more voluntary and alternative options such as best practice rules and standards. This is based on the claim that, where these standards can be agreed, they can be highly effective in moderating behaviour, to a greater extent than rigid legal rules. In particular, standards have influence because they are based on the knowledge and expertise of the market participants, rather than being driven by outside institutional agencies, and will thus be more acceptable for states which want to maintain their regulatory autonomy. For example, the Sarbanes-Oxley legislation was passed by the US Senate, and thus creates problems for firms looking to do business in the United States, whilst being based in a nation which has not adopted the Sarbanes-Oxley requirements. In addition, Kerwer (2005) argues that global standard setters can often be held more accountable than regulatory institutions setting legal rules, as the standard setters will answer to the market, not to the government. This implies that standards could play an important future role in market regulation. Rodrik and Subramanian (2003) argue that institutions are vital to the development, regulation and maintenance of stable financial markets. However, they acknowledge that there is no one institutional framework which will be suitable for all settings, with many different nations having different institutional frameworks with varying degrees of success. Indeed, this is supported by Stephen et al (2005) who argue that whilst institutions are important in promoting entrepreneurial activity in both developing and developed nations, nations need to take a contingent approach to the development of said institutions. Stephen et alà ¢Ã¢â€š ¬Ã¢â€ž ¢s (2005) work supports the fact that legal rules and institutions need to protect creditors and investors, in order for financial markets and economies to grow. However, th ere are no such prescriptive solutions for the nature of the institutions needed to support this growth. This argument is further developed by Teubner (2002) who argues that the process of globalisation is deconstructing the traditional framework of legal and institutional norms; making pluralism a driving force in formation of global markets. As such, a new framework for legal and regulatory institutions is required if said institutions are to remain relevant in the modern global economy. A similar argument has led Ramirez (2007) to argue that the legal structure underlying corporate governance standards in the United States, and the wider world, needs to be altered to reflect this changing nature. In particular, the inherent nature of corporate governance implies that it should be based upon the verdicts and influence of the market. This implies that corporate governance best practice and à ¢Ã¢â€š ¬Ã‹Å"scienceà ¢Ã¢â€š ¬Ã¢â€ž ¢ should be used to largely replace the current ins titutional framework, as these institutions are largely driven by political concerns and are thus poorly equipped to impose relevant standards (Ramirez, 2007). In spite of the growing backlash against the institutional dominance of the financial markets, many academics continue to argue that legal and regulatory institutions are essential to maintain strong financial markets. This is largely due to the fact that institutions set up to protect investors have been shown to increase the strength of markets by reducing and controlling information asymmetries (Black, 2001). In addition, Musacchio (2008) argues that institutions are vital in ensuring continued creditor protections and the enforcement of financial contracts such as bond contracts. However, Musacchio (2008) also argues that institutions are somewhat constrained by past legal traditions, and thus have an inherent tendency to be backwards looking when attempting to regulate markets. Oà ¢Ã¢â€š ¬Ã¢â€ž ¢Driscoll and Hoskins (2006) also recognise this backwards looking tendency, however they argue that this is largely restricted to government institutions. As such, they claim that markets are characterised and governed by both prices, and by market rules and institutions, with government institutions often undermining the existing system of market based regulation. However, it is important to recognise that some institutions do not always act to support the economy; rather they use the legal frameworks and existing institutions to act against the market for their own self interest. By far the most well known of these institutions are the trade unions, who have been argue to both promote and reduce levels of economic efficiency and social welfare in markets (Kaufman, 2005). This is because the trade unions are well versed in the rigid legal rules and regulations, and thus are able to use them to their advantage by arguing that the laws they are using are designed to increase social welfare. They also take advantage of the fact that many lawyers will be systematically optimistic about their ability to use the legal frameworks to their advantage in court. As such, they will frequently use the threat of litigation, and its associated costs, to force any opponents into a favourable settlement (Bar-Gill, 2006). This is argued to be due to the current design of the legal and institutional framework, which serves to support any court action against market participants, thus arguably decreasing the efficiency of the markets and placing a financial burden on participants. As such, it is clear from both sides of the argument that legal rules and institutions are essential components of a strong market. Without them, unscrupulous participants would be able to operate with impunity, breaking contracts and failing to repay loans. Whilst internal market regulations could impose penalties on these participants, without the backing of legal rules and institutions, there would be no effective way of enforcing these penalties. However, whilst there is a strong argument in favour of a strong, basic legal framework to protect creditors and enforce contracts, there is also an argument that any further regulation is better performed by market based institutions, rather than legal rules and government institutions. In particular, critics of legal regulation argue that the Sarbanes-Oxley Act in the United States has damaged the American financial markets, whilst the market based Financial Services Authority in the UK has helped increase the UK marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s competitiveness by providing a more market based form of regulation (Bloomberg and Schumer, 2007). This market driven regulation also helps reduce the occurrence of corporate lawsuits in the UK, thus further reducing the burden on market participants. As such, whilst legal rules and institutions are vital parts of strong, stable markets, it is important to recognise that they should only form part of the overall market framework, and should not be used to the exclusion of other factors such as best practice, market standards and market based institutions. References Bar-Gill, O. (2006) The Evolution and Persistence of Optimism in Litigation. Journal of Law, Economics Organization; Vol. 22, Issue 2, p. 490-507. 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London: The Adam Smith Institute. Stephen, F. H. Urbano, D. and van Hemmen, S. (2005) The impact of institutions on entrepreneurial activity. Managerial Decision Economics; Vol. 26, Issue 7, p. 413-419. Strahilevitz, L. J. (2007) Wealth Without Markets? Yale Law Journal; Vol. 116, Issue 7, p. 1472-1516. Walker, J. L. (2000) Building the Legal and Regulatory Framework. Building an Infrastructure for Financial Stability, Conference Series No. 44, Rosengren, E. S. and Jordan, J. S. (Eds) Paper presented at the Conference of the Federal Reserve Bank of Boston; June 2000, p. 31-66. Don’t waste time! Our writers will create an original "Legal institutions in the financial market" essay for you Create order