Utilitarianism, By John Stuart Mill - 1599 Words

Utilitarianism is a doctrine in normative ethics that is outlined and defended by many philosophers, including the English philosopher John Stuart Mill as a standard to determine what are right and wrong actions. At its most basic claim, the right course of action one must take should be in the interest of maximizing what is known as utility. The right course of action is determined as being right if it maximizes the total benefit and happiness gained, while at the same time reducing the greatest amount of pain for the greatest number of people. To put it simply, utilitarianism merits the greatest good for the greatest number. In Utilitarianism, John Stuart Mill details his explanation and support of the theory, and provides common criticisms of the theory that he refutes throughout the piece. A couple of these critiques include claims that the concept of utility is opposed to the concept of pleasure, and that it â€Å"renders men cold and unsympathizing† (p. 20). With convi ction, Mill is able to successfully vindicate and define utilitarianism from critiques, although he could go beyond defining by providing examples and illustrations of utilitarianism in the way that critiques perceive it to be in order to demonstrate faults and holes that would arise. The principle of utility is a concept that was primarily introduced academically by philosopher Jeremy Bentham and later confounded upon to become what is known as the â€Å"Greatest Happiness Principle.† Bentham focuses on theShow MoreRelatedUtilitarianism, By John Stuart Mill And Utilitarianism880 Words   |  4 Pagessometimes hard to define, but with John Stuart Mill and Utilitarianism it is a little bit easier. Utilitarianism is an easy one, for the reason that it is defined by the greatest happiness for everyone involved. Sometimes it does not always make everyone content, but if you look at it as a whole it makes sense. Mill says that we have to look at the bigger picture. One personâ⠂¬â„¢s happiness affects another’s and so on. Utilitarianism is a moral theory that John Stuart Mill, the philosopher, formulated toRead MoreUtilitarianism, By John Stuart Mill1365 Words   |  6 Pages In John Stuart Mill’s book Utilitarianism, he argues for the defense of utilitarianism, an age old theory originally developed by Jeremy Bentham that states the proper course of action is the one that maximizes happiness. The course of action that maximizes general happiness is also the only true standard for moral assessment. Mill also introduces the idea of ‘first principle’ which states that it is not acceptable for individuals to characterize actions as either ‘good’ or ‘bad’, because it isRead MoreUtilitarianism, By John Stuart Mill1372 Words   |  6 PagesAct Utilitarianism is a long standing and well supported philosophical argument that when boiled down to its most basic elements, can be described as creating â€Å"the greatest good for the greatest number† (122). Such was the sentiment of John Stuart Mill, one of act utilitarianism’s (also known as just utilitarianism) greatest pioneers, and promoters. Mills believed that his theory of always acting in a way that achieved the greatest net happiness was both superior to other philosophical theories andRead MoreUtilitarianism By John Stuart Mill1805 Words   |  8 PagesIn his book Utilitarianism, John Stuart Mill presents his exposition and his major defenses of the philosophy of utilitarianism. Utilitarianism, a theory in ethics developed by the philosopher Jeremy Bentham, focuses on a concept of utility that focuses on deciding if actions are morally right or wrong by analyzing the pleasure and pain they cause. In other words, if an action causes primarily pleasure for all parties, then it must be good and right; however, if it causes pain for the parties involvedRead MoreThe Utilitarianism By John Stuart Mill984 Words   |  4 P agesDecriminalize Drug use Utilitarianism as an example of consequentialism is a moral theory generally considered to have started in the late eighteenth century. In the book Utilitarianism by John Stuart Mill he defined the ethical theory stating that â€Å"†¦actions are right in proportion as they tend to promote happiness; wrong as they tend to produce the reverse of happiness†(7). The idea behind the theory is that people seek happiness, and that the ultimate goal of all human beings is to be happy.Read MoreUtilitarianism, By John Stuart Mill854 Words   |  4 PagesJohn Stuart Mill, among other things, was an English philosopher and economist who lived from 1806 to 1873. Mill grew up being immersed in the principles of utilitarianism. Mill’s essay on utilitarianism, titled Utilitarianism, was written to debunk misconceptions of and to provide support for the ideology. Mill’s essay and argument span five chapters, where his discussions range from definitions, misconceptions, re wards, methods, and validity. Utilitarianism is generally held to be the view thatRead MoreJohn Stuart Mill And Utilitarianism983 Words   |  4 PagesIn Utilitarianism actions are judged right and wrong solely on their consequence, and in order to assess this consequences, the only thing that matters is the amount of happiness and unhappiness caused and by calculating happiness and unhappiness caused, nobody’s happiness counts any more than anybody else’s. Utilitarian ethics is the most common form of ethics used today, it has thrived because two needs have been met by it. Firstly, end-based thinking is common and people have sought to improveRead MoreJohn Stuart Mill And Utilitarianism1202 Words   |  5 Pages I contend that the philosophy of John Stuart Mill and Utilitarianism can be used to show that society should will that genetic enhancement be morally acceptable if the adverse cognitive or emotional effects are outweighed by the benefits. Glannon argues tha t gene enhancement is morally objectionable because â€Å"there would be the unacceptable social cost of some people suffering from adverse cognitive or emotional effects of the enhancement.† Under Utilitarianism, society would likely deem that geneticRead MoreUtilitarianism By John Stuart Mill930 Words   |  4 PagesAnalysis Paper 2 In the essay â€Å"Utilitarianism† by John Stuart Mill, he explains his support for utilitarianism and argues any misconceptions of it. In his essay he talks about the difference between higher and lower pleasures and what significance they have in his utilitarian moral theory. His theory is based on the rule that â€Å"actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness.† Many people experience different kinds of pleasureRead MoreUtilitarianism, By John Stuart Mill2436 Words   |  10 PagesUtilitarianism is an ethical speculation that communicates that the best movement is the one that expands utility. Utility is portrayed in various courses, frequently to the extent the success of mindful substances, for instance, people and diverse animals. Jeremy Bentham, the coordinator of utilitarianism, delineated utility as the entire of all bliss that results from a movement, short the burden of anyone req uired in the action. Utilitarianism is a variation of consequentialism, which communicates

Mrs. Bennet Pride and Prejudice - 1500 Words

In Jane Austen’s novel, Pride and Prejudice, Mrs. Bennet, the mother of the protagonist, Elizabeth, is generally portrayed as a buffoon who is an adversary for he daughter that is trying to force her into a marriage she does not want. One may wonder how she can be justified in any way, considering that she is known to embarrass her family members and behave idiotically. However, in the time period they live in, a marriage is necessary for all of the family to avoid a terrible fate. Mrs. Bennet, while often behaving improperly, does try to do the best for her daughters based on the world she lives in. Elizabeth Bennet’s refusal of Mr. Collins puts her family at risk of being homeless. In England at the time of great landowners, according†¦show more content†¦As a result of being treated this way, women would have fewer opportunities to advance in their career, which were not often in manufacturing or agriculture for men or women. When women were landless and unm arried, they had little to no political representation or influence. As the BBC stated, â€Å"when parliamentary reform was being debated in 1867, John Stuart Mill proposed an amendment that would have given the vote to women on the same terms as men but it was rejected by 194 votes to 73† (BBC 1). Not until much later would women get the right to vote, meaning that the sisters could not develop a career based on their speaking or intellectual abilities in Britain, which extended to academic positions, as, according to the Republic of Pemberley, â€Å"women did not usually have careers as such, and were not citizens in the sense of being directly involved in politics, there was little generally-perceived need for such higher education for them† (Republic of Pemberley 1). No institution of higher learning would accept women, so that kind of career would have been impossible at the time. In addition to the social barriers of being a working woman, the Bennet sisters wou ld have to face serious economic impracticalities when employed. Women were almost always paid significantly less than their male counterparts, as according to London’s Central Court, â€Å"Female domestic servants earned less thanShow MoreRelated The Lovable Mrs. Bennet of Pride and Prejudice Essay2815 Words   |  12 PagesThe Lovable Mrs. Bennet of Pride and Prejudice      Ã‚  Ã‚   The general impression of Austens novels, which critic D. W. Harding says relieved him of any desire to read them, is that they offer readers a humorous refuge from an uncertain world.   In his article Regulated Hatred: An Aspect in the Work of Jane Austen, Harding claims that this impression is misleading and that Jane Austen is actually very critical of her society, covertly expressing downright hatred for certain members of itRead MoreContrast and compare the two marriage proposals made to Elizabeth Bennet in the novel Pride and Prejudice by Jane Austin: Mr Collins proposal to Elizabeth and Darcys proposal to Elizabeth4640 Words   |  19 Pagesproposals made to Elizabeth Bennet in the novel: Mr Collins proposal to Elizabeth and Darcy s proposal to Elizabeth Jane Austen lived in a mercenary world and this is reflected in her novel. In Pride and Prejudice no secret is made of the need to marry for money. Jane Austen reflects different types of marriage in her novel. There is mercenary marriage, brought about solely for economic reasons. Such would have been the marriage between Mr Collins and Elizabeth. Mr Collins proposal was fuelledRead MoreReagan Autry. Mrs. Schroder. English Iv Honors. 16 February1062 Words   |  5 PagesReagan Autry Mrs. Schroder English IV Honors 16 February 2017 The Flaws of Pride and Prejudice Pride and Prejudice is a novel that has intrigued readers for decades. Despite where one may be from, what gender they are, or what age they are, this story enthralls every reader. One of the primary reasons that this book is so notorious is because the two main themes: pride and prejudice, are two characteristics that any person can say they have come to know. Whether it be in themselves, in a friend,Read MorePride And Prejudice By Jane Austen Essay1711 Words   |  7 Pageshe 18th century novel, Pride and Prejudice, by Jane Austen, is a fascinating book about a young woman’s struggle with family and love. Pride and Prejudice was originally published in 1813, but, the most common version of the story, and the one used for this research, is from the version published in 1892, still by only Jane Austen, though many other authors have contributed to this book over time. Austen often references the class system at the time, often noting one of the multiple heroine’s strug gleRead MorePride And Prejudice By Jane Austen Essay1724 Words   |  7 PagesThe 18th century novel, Pride and Prejudice, by Jane Austen, is a fascinating book about a young woman’s struggle with family and love. Pride and Prejudice was originally published in 1813, but, the most common version of the story, and the one used for this research, is from the version published in 1892, still by only Jane Austen, though many other authors have contributed to this book over time. Austen often references the class system at the time, often noting one of the multiple heroine’s struggleRead MoreEssay about Social Classes in Pride and Prejudice by Jane Austen1737 Words   |  7 PagesJane Austen’s novel, Pride and Prejudice, was originally to be titled First impressions. Austen suggests she chose the original title late in the novel, after Elizabeth has seen the change in Darcys manners at Pemberley and feels it can only be due to her influence. However, in 1801 anothe r novel was published using that title so Austen renamed and published her novel, Pride and Prejudice, in 1813. (Stovel â€Å"A Contrariety†). The former title accurately depicts the attitudes of several charactersRead MorePride and Prejudice: Plot Synthesis1337 Words   |  6 Pages The novel Pride and Prejudice is a romantic comedy, by Jane Austen. Pride and Prejudice is a story about an unlikely pair who goes through many obstacles before finally coming together. Pride is the opinion of oneself and prejudice is how one person feels others perceive them. The novel, Pride and Prejudice, uses plot, the characters of Mr. Fitzwilliam Darcy and Miss Elizabeth Bennet, and the status of women and social standing, to portray the theme of the novel - pride and prejudice. TheRead More Class, Money, Pride and Happiness in Pride and Prejudice, by Jane Austen1721 Words   |  7 PagesElizabeth Bennet of Austen’s Pride and Prejudice states that she would be happy with someone who â€Å"has no improper pride† and â€Å"is perfectly amiable† (PP 364). While all of these novels give a glimpse into the opinions of happiness, Pride and Prejudice delves into the nuances of happiness, showing the conflicts that come with these intertwining ideas of class, money, and pride. Ultimately, we come across an important question: What constitutes happiness and how do the ideas of class, money and pride coincideRead More Essay on Prejudice and Pride in Pride and Prejudice1535 Words   |  7 PagesPrejudice and Pride in Pride and Prejudice      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In any literary work the title and introduction make at least some allusion to the important events of the novel. With Pride and Prejudice, Austen takes this convention to the extreme, designing all of the first and some of the second half of the novel after the title and the first sentence. The concepts of pride, prejudice, and universally acknowledged truth (51), as well as the interpretation of those concepts, are the central focus ofRead MoreThe Influence of Regency England in Pride and Prejudice1604 Words   |  7 PagesAusten’s novel, Pride and Prejudice, seek economic security through marriage, and cast a critical eye on those who divert themselves with lesser, frivolous pursuits, resulting in their efforts to either maintain or contend with propriety. It was â€Å"a truth universally acknowledged† (Austen 5) in Austen’s time that marriage yielded benefits of a practical nature. Indeed, several characters in Pride and Prejudice are fixated on the remunerations of an advantageous union. Mrs. Bennet serves as the character

Racing Suggested Risk Management Strategies -Myassignmenthelp.Com

Question: Discuss About The Racing Suggested Risk Management Strategies? Answer: Introducation Accidents at the track Accidents on the track can happen for a lot of reasons. One, it can happen due to uneven or slippery terrain, which would cause slips, falls or trips. It can happen with the participants, the race organizers, marshals and even the spectators. Overtaking on the track, bumping, tripping or jostling can happen with participants (Glendon, Clarke McKenna, 2016). Some of the current controls are: Briefing regarding safety prior to the race for indicating possible risks on the course and even highlight responsibilities Recommending to runners that appropriate running footwear is worn, like trailing shoes or running shoes that have grips Selecting and planning the route to be followed, with well routed oaths free of uneven or hazardous terrain Telling runners at the front to warn those behind them of imminent risk Lack of water Participants can get dehydrated on the track, and so can marshals, race organizers and spectators. Some of the current controls are: Provision of water bottles to all participants and marshals Using of water boys for participants on course for directing runners Making sure the route has refreshment stalls stocked up with medical kit and drinks (Hardiman Burgin, 2013) Vehicles and traffic Interactions with vehicles or people at traffic can divert them from track or cause accidents. This can happen to participants, spectators or marshals too. Some of the current controls are: Participants are asked to wear bright or reflective clothes and run facing the traffic Instead of just following the crowd, advice is of checking the traffic Route must be planned by race organizers on minimal risk roads Telling runners at the front to warn those behind them of traffic Advice from police would be sought regarding traffic issues Extreme weather The participants, spectators, race organizers or marshals can become prey to extreme weather conditions, or sudden weather changes. Some of the current controls are: Scheduling races for avoiding summer months Advising runners of wearing proper clothes Warm up properly in cold weather Use of sun screams if necessary First Aid/medical facilities obtainable Water stops are allowed and placed at frequent intervals to avoid dehydration (Fuller, Junge Dvorak, 2012) Risk Treatment Options The risk of accidents occurring on the track are of high impact and high probability, just like the risk of lack of water, and needs serious attention. The risk of extreme weather has a high impact but low probability, just like the risk of vehicles and traffic. Risk Further action recommended Accidents at the track It is recommended that the course to be taken for the race be assessed in the morning of the race to be commencing. Warning signs needs to be put as required. Rerouting must be done if slippery or uneven tracks are needed to be avoided. Lack of water Water boys are required to be put in places as required. Vehicles and traffic Road direction signs are required to be put in places as required. Extreme weather It is recommended that the weather is assessed in the morning of the race. Some of the secondary influence of adverse weather includes floods, thunder and lightning, mud and fog, which can result in dynamic assessment need of the laid-out controls (Keiper et al., 2014). Table 1. Risk Treatment Options References Fuller, C. W., Junge, A., Dvorak, J. (2012). Risk management: FIFA's approach for protecting the health of football players.Br J Sports Med,46(1), 11-17. Glendon, A. I., Clarke, S., McKenna, E. (2016).Human safety and risk management. Crc Press. Hardiman, N., Burgin, S. (2013). Mountain biking: downhill for the environment or chance to up a gear?.International journal of environmental studies,70(6), 976-986. Keiper, M. C., Young, S., Fried, G., Seidler, T. (2014). The legal implications of obstacle racing and suggested risk management strategies.Journal of legal aspects of sport,24(2), 78-95.

An Analysis Of The Poem If You Should Go By Countee Cullen Essay Example For Students

An Analysis Of The Poem If You Should Go By Countee Cullen Essay In the poem If You Should Go, Countee Cullen emphasizes on the understanding of human joys and sorrows. The importance of joy is shown using different examples of joy such as love and dream. Both stanzas include a persons feeling or reactions towards joy during the happy moments as well as the feelings after the joyous moment is over. In this poem, Cullen conveys several different messages. One of the themes of the poem is that one never realizes what one have until it is lost. In this case it refers to joyous moments. The second stanza the poet also tells the reader that joy makes a long lasting memory in ones mind which is seen in the persons personality or the gleam on the face 2. 7-8. Although, Cullen does not mention whom the love is towards in the first stanza and what the dream is about in the second stanza the reader can interpret that as is said in a positive manner. Using a classic example of metaphor, love is compared to the light that brightens a day just the way in which joys brightens peoples lives. The gently passing of the day without author realizing its going indicates to us that the joy is not given much importance in the persons life. The theme, a person never realizes what he has until it is lost, can clearly seen when the poet says, We would not know, but for the night, When has slipped away 1. 3-4. The poet convey the message that people usually would not feel the joy until the joy is slipped away and the person is struck by the darkness of the sorrow. In the second stanza joy is given a much more positive response. Joy in this stanza is referred to as a pleasant dream. The not realization of the passing of the joys is said in this stanza. Here the poet says the joy does not leave a physical effect on the person and that the dream has just left a gleam across the dreamers face. This shows the second theme of the poem that joy makes a long lasting memory in ones mind when referred to the gleam on the dreamers face. This poem makes the reader realize the importance of joy before it is gone. The poem also mentally prepares the reader to the sorrows that are struck after the joyful moments are over. The tone of the poem is positive. The kind of mood this poem creates is neither depressing nor very exciting. This poem might strike a reader as very passive due to the use of phrases like The gently passing day 1. 2 or Go quietly; a dream 2. 5. The rhyme scheme of the poem is a b a b. The poem If You Should Go is an excellently lyriced poem about an understanding of human joys and sorrows. The positive point of view of the poet is a plus along with the  good use of imagery like love and dream. Overall, the theme, the rhyme scheme, the pleasant imagery, the tone, and the mood all work together in the poem.

Freedom Of Press Essays - Diana, Princess Of Wales, Henri Paul

Freedom Of Press From the moment she stepped foot outside, Princess Diana of Whales had camera lenses and microphones pushed in her face. She was constantly pursued and for this reason she sometimes had to hide or disguise herself in order to avoid the unyielding persistence and constant harassment of the press. Eugene Robinson, a journalist in England said, "For the tabloids, day in and day out, no story is bigger than the royal family. All the tabloids employ royal-watching reporters, some of whom have become celebrities in their own right. The story of Princess Diana of Whales was the biggest story of all." (Sabjan, 1998) Princess Diana could not even stay out of the public eye when she was behind the walls of the royal estate. The press broke the story of her failing marriage, her intercepted phone conversation with a male friend, and finally her new relationship. The Princess often complained about the coverage, saying "Any sane person would have left (Britain) long ago." (Sabjan, 1998) But with an abundant amount of freelance photographers stalking her every move upon her leaving Kensington Palace, that idea proved impossible. Pushed almost to the edge by constant press harassment, Princess Diana was ready to consider making an attempt to avoid the public altogether. During her last interview, Princess Diana told writer Richard Kay that she was "Going to complete her obligations to her charities and then completely withdraw from her formal public life." (Sabjan, 1998) The public had forced itself into the life of a celebrity and caused the pressure from the media to become overwhelming. Princess Diana did stay in England, however, and used the incredible amounts of media attention to her advantage. Princess Diana had numerous charities and good causes that were important to her so she used the press to promote them, all the while helping to shape her own image. Unfortunately, in the case of Princess Diana, the press and their use of aggressive tactics resulted in a tragedy. Princess Diana and her friend Dodi Al-Fayed had just left the Ritz Hotel in Paris, France, late Saturday night, August 30, 1997. Sending a regular chauffeur and limousine ahead as a decoy, Princess Diana and Al-Fayed left out of a different hotel entrance and entered a Mercedes S-280 driven by Henri Paul. Some photographers saw this, and began to follow the Mercedes on motorcycles and cars. Henri Paul tried to lose the photographers as he increased the car's speed, but the photographers continued to follow, chasing the car through the streets. Eyewitnesses saw the motorcycles swarming the Mercedes as it entered a tunnel traveling over 60 miles per hour. The speed limit in the tunnel was 30 miles per hour. Inside the tunnel, the Mercedes hit a curb, lost control, and slammed into a concrete barrier post, then flipped several times. Dodi Al-Fayed and driver Henri Paul were killed at the scene of the accident. Princess Diana was brought to a hospital where doctors had to open her chest to fix a wound to a major blood vessel. Princess Diana's heart was directly massaged for 2 hours, but the doctors were unsuccessful in saving her life. Princess Diana was pronounced dead at the hospital 4 hours after the accident. (Sabjan, 1998) Soon after their deaths, seven of the photographers were arrested, declared by police as manslaughter suspects because they were the reason the car was speeding in the first place. The Princess' death had a large impact on the United States. She was a public figure that others could model their lives after and she was involved in several charities in the United States. The First Amendment to the United States Constitution grants the press immunity, but several arguments have risen for some type of further regulation. The press has an extensive history that must be observed and understood for an accurate analysis of the problems that face the press today. When the United States Constitution was written in 1787, primary authors James Madison and Alexander Hamilton had to "sell" it to the American people. The Constitution articles were written in newspapers throughout the country. These articles are now collectively known as The Federalist Papers. Without these articles, it is doubtful that the experiment known as The United States would have ever happened. Seeing the power of the press, the founding fathers guaranteed its complete freedom on the first amendment to the Constitution. (Schwartz, 1992, p.174) The Freedom of the press was designed to act as another independent outside check system. A check on either the Executive, Legislature, or

Transforming of South Korean Economy and the “Chaebols”’ Riddle Essays

Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle Essays Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle Paper Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle Paper Nadezhda Sarelska ID: 10210680317 EMA- Chinese Economy School of Economics Fudan University Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ riddle Political Economy of East Asia Term Paper Professor Dingping Guo October, 2012 Shanghai, China Table of contents: 1. Introduction 3 2. The beginning of Korea 4 2. 1. Collective will for success of South Korea 6 3. South Korea and modern economy 7 3. 1 Reasons behind Economic growth 8 4. The Birth of â€Å"Chaebols† 9 4. 1 Factors of Development of â€Å"Chaebols 10 4. 2 â€Å"Chaebol† and 1977 Asian Crisis 14 5. Case Study of Samsung Group 15 6. Conclusion and Recommendation 19 . Reference List 21 1. Introduction South Koreas ‘s significant transformation an evolution from impoverished to high-income economy during three decades starting from 1960s to 1990s is one of Asian phenomena famous as -â€Å"Four Asian Tigers†- a term used to describe the tremendous performance of four Asian economies Hong Kong, Singapore, Taiwan and South Korea. Between the early 1960s and 1997s, the four Tigers rapidly industrialized and maintained sustained high growth rates (Ref*1). Today, Korea is an example for a market economy, one highly developed country which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies(Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. 2 million vehicles annually. The success of South Korea is often called The Miracle on the Han River and it has been identified by several factors where the presidency of Park Chung-Hee (1961-1979) played a vital role. Under the President Park Chung-Hee’s era, the government played a dominating role in a country’s economy. His policies of shifting away the focus from import substitution strategies towards export- orientated industrialization and technical progress, favored the development of South Korean economy and establishment of a strong business environment appeared with a result of large conglomerates called â€Å"Chaebols†. To be defined as a â€Å"Chaebol†, an organization should satisfy two conditions: it should be owned by family /relatives members and it should have a diversified business operations ( REF*3). The â€Å"Chaebols† have created such a diversification that, as Anna Fifield said in her article, â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). The giants of yesterday are one of today’s best brands in technology field as Samsung, Hyundai and LG. They and the other â€Å"Chaebols† was the core of Korean spectacular growth and still their success can be accepted as South Korea’s success. How and why Korean’s economy was shaped by historical events and what are the reasons behind â€Å"Chaebol† establishment? What was the impact they have created over South Korean economy and could we say â€Å"Chaebols†are the reason for the Miracle on the Han River. ? Case study of Samsung will be performed in order to give us better understanding of one of the largest and famous â€Å"Chaebol† ever and its influence over South Korean economy. 2. The Beginning of Korea The land of the morning calmâ€Å"–this is the meaning of Korea’s original name â€Å"Choson†. The time of establishment of this country and its exact geographic location is still a matter of scientific research even it often believed that human activity in Korea can be traced far into the Pal eolithic period, about 500,000 years ago (Ref*5). In Asia, Korean’s history is known to be second longest following that only of China. (Ref*6) But there is a belief, according to the Korean legend, that the God-King Tangun a legendary figure born of the son of Heaven, (which existence is still disputable among scholars) and a woman from a bear-totem tribe founded the Korean nation in BC 2333(Ref* 7). Not many present- day nations can be praised with so long and rich history even this countrys time has been shaped by difficult and frequent invasions ( as many as 900 by some accounts)( Ref*6), wars and influence from its neighbors. The beginning was often said to be the time of â€Å"The Three Kingdoms† â€Å"Silla† â€Å"Goguryeo† and â€Å"Baekche† where â€Å"Goguryeo† was known to occupy the Northern part of the peninsula from the Chinese border to the Han River, while â€Å"Silla† and â€Å"Baekche† have dominated the Southern regions (Ref. 11). But in 668 AD â€Å"Silla† (668-935) unified the Korean peninsula and start developing a country with an economy, a culture and Buddhist philosophy. † Koryo dynasty† from which the English name Korea originates succeeded â€Å"Silla† in 935 and the country’s boundaries reached level which is very similar to its current size today. â€Å"The Choson dynasty† displaced â€Å"Koryo dynasty† in 1392 and moved the capital to Hanyang-gun (todays Seoul) in 1394. Soon after Confucianism replaced Buddhist philosophy and was adopted as the countrys official religion and â€Å"Hangul† -the Korean alphabet was invented. Korea’s history was filled with prosperity, but also a lot of suffering coming from external forces like Japan, Mongolia and China and this provoked Korean closed-door policy, famous as â€Å"Hermit kingdom†. In the beginning in 1876, the Japanese forced a series of Western-style trade agreements on Korea, leading to Japans annexation of the country in 1910. Due to growing anti-Japanese sentiment, in 1897 King Kojong declared himself to be emperor of the Taehan Empire, an independent Korea (Ref*9). Eventually this move helped Korea to preserve its own language, culture, traditions and sense of identity (Ref*6). However, during the Russo-Japanese War (1904-1905), Japanese forces moved onto the peninsula despite Korean declarations of neutrality and Japan-Korea Protection Treaty in 1905 gave Japan virtual control over Korea. Korea was colonized by Japan in 1910 year, but exactly at that time many modern aspects of Korean society emerged included rapid urban growth and infrastructure, the expansion of commerce, and forms of mass culture such as radio and cinema, which became widespread for the first time. Later had to endure the Korean War (1950-53), but it has achieved amazing economic growth in a short period, dubbed the Miracle on the Han River. (Ref* 2) 2. 1 Collective will for success of South Korea During Japanese influence starting 1920 and later (1937-45) – harsh measured reintroduced by Japanese, Korea had to go through a lot of confusion coming from changes in values and social order after Japanese colonial rules was introduced (Ref* 610). During its occupation, Japan built up Koreas infrastructure, especially the street and railroad systems. However, the Japanese ruled with an iron fist and attempted to root out all elements of Korean culture from society. People were forced to adopt Japanese names, convert to the Shinto (native Japanese) religion, and were forbidden to use Korean language in schools and business. Also the temp of development was rapid and the country’s population was inexperienced and unprepared in economic aspects and knowledge because was coming for monarchy of over 1000years compared to Europe and Japan. Ideological confrontation was visible in Korean society and soon after status of families with long traditions; history and wealth were no more subjects of respect and power, society followed the â€Å"money ideology† which was a way of survival. Soon after the democracy was introduced by USA in August 15, 1945, with the end of World War II, The Soviets and Americans failed to reach an agreement on one unified country and government, so in 1948 two separate governments were established the Republic of Korea in Seoul called -â€Å"The American zone†, and the Democratic People’s Republic of Korea in Pyongyang, North Korea called -â€Å"The Soviet zone† (Ref* 10). This is how the challenge for South Korea and â€Å"The American zone† has started with era of knowledge, where an investment of fond and solid education and hard work were again respectable, thus offered an equal chance to success to everybody despite their origin and status. The whole society desired a better life and this is how they have adopted the concept that â€Å"economic development is a cultural product representing the collective will of the people† (Ref*6). 3. South Korea’s modern economy In July 1953, after three years of bloody fighting in which around three million Koreans, one million Chinese, 54 000 Americans and several other nations including Turkish were killed, the Korean War ended in a truce with Korea still divided into two mutually antagonistic states – American influenced zone in South and Soviet influenced in North, which were separated by a line called â€Å"De-Militarized Zone† (DMZ). Korea has remained divided ever since(Ref*10). After the official division of Korean peninsula, a modern economy study was introduced by USA in South Korea which was differentiated from Marxism idea popular in Japan. However, after 1965 when Japan and South Korea improved their diplomatic relationships, Marxism prevailed into their economy simply because was more community oriented, instead individualistic something which was and it is a basic concept of Confucianism which was influenced South Korea in their earlier stages of history. The ideas of individualistic consumer with no intervention of government for business were too far away of Japan’s model of successful rapid grow which later in years South Korea adopted and adapted into their economic situation Table 1 – Comparison between USA and East Asian capitalism 3. 1 Reasons behind Economic growth Mutual desire for better standard of living and a chance for success were deeply rooted into society’s mind, after the country was left in poverty in the end of Korean War in 1953. The significant growth of South Koreas economy which became independent in 1945 began in May of 1960 when Park Chung Hee and a group of other military officers of the South Korean army took over the control of the government or â€Å"coup d’etat†(Ref* 11). Soon after that in 1961 Mr. Park Chung Lee became president of South Korea and the strategic planning for economic development started focusing on lifting up the South Korean economy out of poverty. The strategy Park Chung Lee developed was based on that of South Koreas nearest rivals Japan rather than Western policy advisers. (Ref*12) Export –oriented policies were implementing as a tool trying to focus the shift into international business. South Korea simply had to survive and find a way to expand economically, but looking outside of its peninsula because with its small and limited land and natural resources caused from its mountainous terrain and climate, as well the small size of the domestic market shaped the Paradigm shift in their economy†. (Ref*13) The emphasis was added on communal productivity, education and quality as Japan did with examples of so called Keiretsu. Another measure was the military-dominated government which installed itself after the coup in 1961 quickly announced an end to the corruption of the First Republic and its intention to use economic growth and development through industrialization to legitimize its authority (Ref* 14) and imple menting state policies providing the basis for successful late industrialization( Ref*15). Twenty four of the leading businessmen were arrested. The founder of Samsung, Lee Byung Chull, escaped this treatment only because he was out of the country at the time. When Lee Byung Chull returned to Korea he met with Park and agreed to cooperate with Parks economic development program. Later Lee and other prominent business leaders offered to donate all or a substantial portion of their fortunes to the government. They ended up paying fines but not giving up their businesses (Ref* 15). 4. The Birth of â€Å"Chaebols† In the process of export-led market economy the government ruled by President Park Chung Lee for 18 years reign (1961-1979) decided to work with five- year’s plans, starting the first one in 1962 which was focused on developing the industrial base and setting the stage for South Korea’s economic prosperity. (Ref* 16) After this step, the government encouraged their local, domestic business enterprises to work and expand by choosing which markets must be developed and allow entry only to several of those local companies. To be accepted as â€Å"Chaebol† a company need to be family-owned and usually this type of organization is influenced by growth-oriented family-centered business, where family male has the dominant role in a hierarchy and almost unlimited power to which his subordinates are loyal (Ref*17). This idea of Pyramid frame of working had an origin of Confucianism which teached several concepts as social hierarchy, harmony and â€Å"the concept of saving face†, kindness and care; modesty and diligence. For instance, in Japanese companies â€Å"had more visible mutual obligation which is unlikely to be seen in â€Å"Chaebol† structure, where the boss is superior compared to employees. As an incentive for local companies, financial motivations were offered such as low- interest loan, tax breaks and others simply because all the banks were nationalized as well for the purpose of economic development. This is how so called â€Å"Chaebols† -which literally mean â€Å"business association†, were born into South Korean history. 4. 1 Factors of Development of â€Å"Chaebols† With its fast speed of industrialization, the economy nourished and supported heavily â€Å"Chaebols† which were often â€Å"family-centered† enterprises. Their brands, products and companies diversified quickly and soon they were responsible for the majority of the exported products which simply meant that private owned companies were responsible for biggest share of South Korea economic development. Not only have they expanded in international level, but also started to grow bigger in local land. Brands like Samsung, Hyundai and LG were a measure for quality, technology and innovation. We could say that even today the same conglomerates are still driver force in Korea. Another â€Å"significant economic decision made by government’s planners was to focus market development through export-oriented industrialization â€Å"(Ref* 18). Because of its enough to produce, but less to consume population and still not existing local markets, all efforts were putting into creating international markets where South Korea could have an advantage and generate a profit. The results started to be visible in fast digit rate at average 10% annual growth between 1962 and 1994. The large and fast expanding multinational conglomerates enjoyed strong support from government and good success of foreign markets. While the contribution of agriculture to the economy declined from 37% in 1965 to 3% in 2008, the industrial sector increased its contribution from 20% to 37%, that of services from 43% to 60% and exports remain the cornerstone of this economic development with their share in GDP accelerating from 8% in 1965 to a whopping 53% in 2008(Ref* 13). Table 2 Share of Top 30 â€Å"Chaebols† in South Korea’s GDP Source â€Å"Chaebol Powered Industrial Transformation† by Ahn Choong-yong, Korea Institute of Public Administration and Korea Times. April 2010 All the conglomerates were liberally permitted to access foreign loans promoted by the government to support fast-paced economic development, while in contrast outflows of domestic capital were effectively curbed ( Ref* 19). The Foreign Direct Investment (FDI) was also restricted in order to keep positive economic growth, except in cases where technology and know-how were involved. In exchange of this, all the â€Å"Chaebols† were obliged to fulfill ambitious plans and to develop for the next three decades. This financial help actually protected the companies from bankruptcy and soon they turned on into â€Å"octopus†, regulating and expanding into more and more branches, industries and brands, even not related to their core scope of business; increasing their power and wealth into public level and became too difficult their decisions to be influenced. For example, a ship building company could decide to enter into a market of cosmetics products or pharmaceutical industry. Of course, simultaneously they opened more factories, created jobs and promoted economic boom. Basically they became a voice in South Korea. In this manner they grew so large that the top fifty â€Å"Chaebols† had sales equivalent to almost 94% of the total national GDP by 1984( Ref*20). In fact as a second measure introduced from President Park Chung Lee was diversifying of â€Å"Chaebol† into heavy and chemical industries, simply to be protected from North Korea . ( Ref*21)As we can see on Table 2, their share in GDP increased dramatically from 9,8 % in 1973 to 29,6% 1989 Table 3 The Growth Rate and Total Factor Productivity by country According to International Institute for Management, South Korea is ranked 5th in terms of education level, with 40 percent of the population completing higher education after high school. This movement into very strong foundation of education was resulted of democracy brought by USA , President Park Chung Lee’s reforms, but also Confucianism’s which, was earlier in history, influenced the social mind of South Korea. Understanding that high level of education and qualified human resources are powerful driver of economy and quality was one of the best tools for sustainable growth. Education system which was a resource highly appreciated by traditional values in the society and was a chance for everybody in quest of success. Moreover, South Korean workers work more hours of the day than most countries reflecting 10 to 13 percent increases in productivity per year( Ref*22). The willingness of hard-working and co-operating were very important for the efficacy and quality of the economic boom. Krugman (1994) claims that the â€Å"Four tigers† achieved the rapid growth rate because they successfully managed the resources associated with high employment share to population, efficacy of work, up-graded educational standards and the high rate of investment(Ref*19). Looking into Table 3, it is clear that South Korea achieved the highest grow rate of 8,5% per cent annually from 1960 to1994. Table 4 Domestic Saving per GDP (per cent) Another tool which helped â€Å"Chaebols† to flourish was high-saving ratio, which was initially originated from uncertain life conditions and missing social system. In Korea the social welfare system was not well established (Ref*23). In this kind of situation, similar to China’s beginning, individuals are trying to save as much as they can in order to ensure their future. Furthermore, high savings and investments also contribute to capital accumulation. For example, Kim and Lau (1996) extend their input-analysis which covers Indonesia, Malaysia, Thailand and the Philippines reveal that capital accumulation associated with high domestic saving and investment level significantly contributed to strong growth in East Asia. Also, Collins and Bosworth (1996) emphasize that saving, investment and government policy are the main contributor to high capital accumulation ( Ref. 19) 4. 2. â€Å"Chaebols† and 1997 Asian Crisis The financial crisis that hit Asian countries in early July 1997 was an unexpected situation for â€Å"Four Tigers† including South Korea which were witnessed a rapid and sustainable growth in several decades in row, offering high standard of living into their citizens, high annual growth and successful export economy. They were accepted and perceived as models of economic boom. A lot of foreign investment were flowing and then government help like bank loan , preferential policies and incentives which were used to stimulate the economy through so called multinational companies â€Å"Chaebols† . All this led to excessive diversification, a debt, a difficulty to be measured the credibility of a company and its real proportion due to unlimited bank loan with 0 interest they were given; lack of business transparency, superior managerial behavior and more. All these reasons led to so called† Asian Contagion, this was a series of currency devaluations and other events  that spread through  many Asian markets. As a result of the crisis, South Korea adopted different protectionist measures, government and financial reforms to ensure the stability of their own currency and reforms inside of â€Å"Chaebols† structures. ( Ref*24). 5. Case of Samsung Group Samsung Electronics integral part of is a multinational, family-owned company with headquarters located in Samsung Town in Seoul called â€Å"Samsung Group†. Samsung Group has grown to become one of the worlds leading and respectuful electronics companies, specializing in digital appliances and media, scycrapers, petrochemicals, fashion, medicine, hotels, semiconductors, memory, and system integration. Ref *25). As journalist Anna Fifield said in her article, â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). They operate in more than 65 different countries as sales and plants; also they are responsible for appointing for more than 170,000 employees worldwide. In 2009 the company was c lassified as largest IT Company in world with biggest sales revenue of memory chips, LCD and LED displays. For TV and smart phones devices markets, Samsung is in top position, especially after launching Galaxy 2 Note competing with Apple and theirs I pad mini and I phone. Its growing share in smart phones and tablet’s market is very high with around 20% for the first quarter in 2011 compared to 16, 1% in same time previous year. [pic] Brief history and Economic Overview The Samsung Group was established in 1938 in Taegu, Korea by Byung Chull Lee and its main scope of business was export of fish, vegetables and fruits to Mainland China. In 1951, Samsung Corporation was officially established with name Samsung Moolsan which means â€Å"Three Stars† (Ref*25). The company started to grow and later in 1958 when Ankuk Fire Marine Insurance as well DongBang Life Insurance in 1963 was acquired, the name was changed into Samsung Fire Marine Insurance and respectfully Samsung Life Insurance. In 1969 Samsung Electronics and Samsung Sanyo Electronics were established, but in 1977 they also merged and diversifying started into heavy, chemical, shipbuilding, IT and other industries. The reasons behind such a diversification could be the same between all â€Å"Chaebols† examples, but very true for Samsung. They assumed that if investing into new business or a product will avoid potential risk of a single bankrupt, gaining knowledge for a technology and know-how patents; competitions and bigger market share and another factor could be because of persuading better wealth in order to ensure all the family members. ( Ref* 21) Thanks to its clever moves and business/political decisions Samsung developed excellent domestic and international market and 1974 they bought 50% of share of Korea Semiconductors, which gave them the first place of semiconductor manufacture SWOT ANALYSIS Samsung Group is one of the largest â€Å"Chaebols† in South Korea with world-class quality products and brand. The company has dominance into digital and electronic components markets, with more than 40 existing affiliated companies. Fig. 1 SWOT ANALYSES – Samsung Group STRENGTHS Strong brand and loyal customers; Leader in several markets as IT and electronics; Excellent supply chain; Capital; Confidence; Trustworthy and Credibility; Innovation; Technology level and skilled worker HR; Product Strategy WEAKNESS Serious Competition; High Marketing cost; Managerial Behavior; Centralization; Corruption OPPORTUNITIES Good economic conditions; highly disposable income local market; Government support; International relations and business expanse; Technology development THREATS Patent’s legislations; Regulatory issues; Technological changes; Economic Crisis; China Table 5 Samsung Electronics Marketing Expenses Marketing Mix for Samsung Group – 4P Product Strategy Samsung’s diversified line of products in 3D market for example which is offering LTD, LED and Plasma TV is one of best positioned into product strategy. Their electronic market is also very good example for product strategy which is one of their strengths in SWOT analyses Focusing on unique products and innovation to compete like 3D Plasma TV with unique design and functionality allowed Samsung to became a leader into this direction. Another very well presented idea of their product strategy is smart phone Galaxy Note 2 which competes directly with Apple’s I pad mini. Among some of the benefits of Galaxy Note 2 is its display, price, Android operating system, Bluetooth, slightly lighter, removable memory, flash, front camera/rear camera and few more. Ref* 26). At the moment this is the best tablet produced by Samsung and as product strategy unique was chosen and improvement inside of the functionality. Price strategy – Samsung strategy according their pricing is being available for more consumers than I pad mini/ I phone, which is persuaded as a luxury and fashionable product, thus its price differentiates – some times even double less expensive. Another factor regarding price is that Samsung produce a big amount of it’s and also Apple’s components’ which results into higher cost and price for Apple’s products on market. Thanks to diversification mentioned earlier we can see that Samsung actually have the advantage to produce by themselves most of the electronic components of their smart phones/ tablets, but also to their competitors, so they became superior in the Pyramid. Promotion strategy: This is one of most weak part of SWOT Analyses of Samsung, because it cost billions of USD in advertisements and promotions which are conducted in three continents – Europe, Asia and USA. 8 billion USD were spending in Europe compared to 3 billion in Asia and 12 billion in North America. Using famous American singer/groups such as Black Eyes Peas into their promotion strategy is adding high cost for the â€Å"Chaebol†. Product Placement: The strategic idea here is that Samsung tablets Galaxy 2 Note are not positioned on the luxury market, but at the same time will not be sold in low-level stores as Wal-Mart. Targeting young people across three continents, Samsung focused on uniqueness, creativity, design and promotion. Apple’s product focuses on luxury and fashionable segment of the market where consumers are ready to pay more premiums. Conclusion and Recommendations Transforming South Korea’s economy was an experiment and example of â€Å"Tiger measures† conducted by the government of President Park Chung Hee in quest of best way to expand the economy in sustainable way and improve the quality of people equally. Focusing on export-oriented economy with solid foundation of education, willingness of hard-work, high saving ratio and allowanc e of private family- own enterprises in national sectors and important industries helped The Miracle on the Han River to become history of success. Chaebols† were and still are enormous part of South Korean Economy, which for three decades created a country -an example for a market economy, which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies (Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. million vehicles annually. The majority of export related goods are produced by top â€Å"Chaebols† companies which appeared in late 60s after government of Park Chung Hee offered them unlimited incentives and industries in exchange of economic growth with 10% on average. The impact of those conglomerates was measurable and visible, even though 1997 Asian crisis shaped up them and reformed these â€Å"octopus† inner structures by implementing more transparent policies and less corruption. Nowadays â€Å"Chaebols† are still the driver of South Korean’s income and economy. As recommendation for the largest â€Å"Chaebol† at the moments, Samsung Group- focusing on innovation and technology improvement will be useful, because China is starting to emerge and also other competitors are weak point for Samsung. Combing their efforts could be a good strategy in order to protect South Korean’s reputation and export share. Focusing on domestic market and not being so dependent on export. Or being sure that export is enough diversified to keep the profit. Reducing Marketing cost via cheaper, but creative techniques to attract and keep customers. Because for quality there is always a market! Reference List: . Fogel, R. W. (2005). Reconsidering expectations of economic growth after World War II fromthe perspective of 2004. IMF Staff Papers, Vol. 52 Special Issues, Washington, DC:International Monetary Fund. 2. Published by Korean Culture and Information Service Retrieved October 2, 2012, from scribd. com/doc/85568568/Facts-about-Korea-English 3. Ret rieved October 3, 2012, from https://www. fsb. muohio. edu/mis399/student/Reading%20files/history-china-korea-japan. htm . 4. Fifield, A. (March 26, 2008). ft. com. In Korea’s Bulldozer must clean up the Chaebol. Retrieved October 14, 2012, from t. com/intl/cms/s/0/97182b8e-fb3f-11dc-8c3e-000077b07658. html#axzz2LbBBYYrW. 5. lifeinkorea. com/information/history1. cfm 6. Choo, Myung-Gun. 2000. Chapter 4: South Korea: the Tragedy of Partition and the Response, in  The New Asia in Global Perspective, p. 74-5 7. https://www. fsb. muohio. edu/mis399/student/Reading%20files/history-china-korea-japan. htm. Retrieved October 3, 2012 8. ,, 9. lifeinkorea. com/information/history1. cfm 10. http://afe. easia. columbia. edu/main_pop/kpct/kp_koreaimperialism. htm 11. Education, Wikipedia , Retrieved October 9, 2012, from http://en. wikipedia. rg/wiki/Park_Chung-hee 12. Hattori, T. ,1986 â€Å"Comparison of Large Corporations in Korea and Japan, â€Å" in Hakjon Lee and Kuhyun Chun g, eds. , The structure and strategy of Korean Corporation ( Seoul, Korea: Bupmunsa, 1986)p. 151 13. November,2010. , The Chaebol in South Korea: Spearheading Economic Growth. ,Thomas White International, Ltd, Retrieved October 12, 2012, from thomaswhite. com/explore-the-world/emerging-market-spotlight/2010/south-korea-chaebols. aspx p. 2 14. Kae H. Chung, Hak Chong Lee, and Ku Hyun Jung, Korean Management: Global Strategy and Cultural Transformation ( Berlin: Walter de Gruyter, 1997) p. 15. Retrieved October 15,2012, from sjsu. edu/faculty/watkins/park. htm Sources: Clifford,  L. M. Troubled Tiger: Businessmen, Bureaucrats, and Generals in South Korea, M. E. Sharpe, Armonk, New York, 1994. Hee, C. P. To Build a Nation, Acropolis Books, Washington, D. C. , 1971. Hee, C. P. The Country, The Revolution and I, Hollym Corporation Publishers, Seoul, Korea, 1970. Hee, C. P. Our Nations Path: Ideology of Social Reconstruction, Hollym Corporation Publishers, Seoul, Korea, 1970. 16. Jasper, Kim Crisis and Change : South Korea in a Post-1997 New Era ( Seoul: Ehwa Womans University Press, 2005)p. 7 17. March, 2006. , The Case of Chaebol Cult, Asian Management, Retrieved October 5, 2012, from . PDF version 18. Jasper, Kim Crisis and Change : South Korea in a Post-1997 New Era ( Seoul: Ehwa Womans University Press, 2005)p. 17 19. http://ecostat. wordpress. com/2012/08/19/capital-accumulation-or-total-factor-productivity/ 20. Fields. J. K. , Enterprise and the State in Korea and Taiwan ( Cornall University Press, 1995) p. 35 21. Ahn(2001), pg420and Pn, E. ,†South Korea’s role in a dangerous neighbourhood† nytimes. com/cfr/international/slot3_021106. html 22. (2006, 03). Korean Economy. StudyMode. com. Retrieved October 15, 2011, from studymode. com/essays/Korean-Economy-83006. html 23. Choo, Myung-Gun. 2000. Chapter 4: South Korea: the Tragedy of Partition and the Response, in The New Asia in Global Perspective, p. 79 24. Education, Investopedia Retrieved October 18, 2012, from investopedia. com/terms/a/asian-financial-crisis. asp#axzz29i6XywR2 25. SAMSUNG Group Official WebPage, Retrieved October 3, 2101 from samsung. com/us/aboutsamsung/corporateprofile/history06. html 26. http://tablets. venturebeat. com/compare/46-123/Apple-iPad-2-with-Wi-Fi-3G-vs-Samsung-Galaxy-Note-10-1

Mergers and Acquisitions Essay Example | Topics and Well Written Essays - 3000 words

Mergers and Acquisitions - Essay Example The barriers in establishing business units in overseas countries were diluted as a result of globalization. Moreover, it is possible for larger firms to select their own strategies or mode of entry like merger, acquisition, or joint venture to enter in to the overseas market. Competition is becoming tough in every area of business and it is difficult for even big organizations to survive in the market if they fail to implement suitable business strategies to counter the competition. It is now easy for organizations to do business in any country they want because of globalization. Outsourcing and offshoring are some of the major business strategies adopted by organizations in order to exploit the overseas market. On the other hand, some organizations use merger and acquisition (M & A) based business strategies to spread their wings in to overseas countries. Gaughan (2007) explained M & A as a process in which two corporations combined together to form a single one. Moreover, only one corporation survives after the M & A while the merged corporation goes out of existence after the merger process (Gaughan, 2007, p.12). Domestic mergers and acquisitions were popular prior to globalization; however, cross border mergers were not accepted. ... This means cross border mergers have become a reality nowadays. The following chart provides an idea of the size of global merger deals between 2005 and 2007. (Mergers and acquisitions, 2008) â€Å"Cross border mergers and acquisitions (M&As) are a main vehicle for foreign direct Investment. Yet despite its quantitative importance, the determinants of cross-border M&As are still not well-understood† (Brakman et al, 2008, p.1). The benefits of cross border alliances or mergers are not limited to the companies alone. Cross border mergers and acquisitions may add more value to the companies and its stakeholders. This paper analyses the cross border merger and acquisition process and the sources of value added to the stakeholders as a result of this business strategy. Since the theories and principles with respect to cross border mergers are extensive, this paper will not discuss anything about negotiation, finance, alternatives etc. | Cross border merger and acquisition Leading f inancial consultancy Thomson Financial has said that 2006 was a mega-merger year for India: 1,164 deals valued at a total of $35.6 billion as against 1,011 deals worth $21.6 billion in 2005. After the Tata-Corus and Vodafone-Hutch mega-deals, conservative estimates by Indian analysts have pegged mergers and acquisitions (M&As), including outbound and inbound deals involving Indian firms, to reach $100 billion in 2007 (Shankar & Reddy, n. d, p.457) Companies from emerging economies like Brazil, India, Russia and China are currently engaged in acquiring some of the most prestigious companies in America, Europe and Africa (see appendix for some of the statistics of FDI inflows to the host countries as a result of cross border M& A). Recently India’s automobile manufacturer TATA acquired