Secure Loans And Repay Capital Example For Free - Free Essay Example

Sample details Pages: 7 Words: 2103 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The concept of securitisation has developed over recent years predominantly as a means of removing assets from the balance sheet, creating liquidity and aiding the process of risk management. Securitisation as defined by David T Llewellyn is a technique that transforms or repackages a pool of assets on the balance sheet of a bank into securities that can be resold to investors in the capital market. The trend therefore to securitisation has been a product of both changes in the market and economic environment, and shifts in the relative efficiency of bank and capital markets. Don’t waste time! Our writers will create an original "Secure Loans And Repay Capital Example For Free" essay for you Create order The growth of securitisation implies a potential decline in the demand for services traditionally provided by banks, especially for the corporate sector. Mechanics of securitisation The basic structure and workings of securitisation are displayed in the diagram below taken from D T Llewellyns lecture notes. Simple securitisation structure Borrowers Receive loan Pay back interest and principle Asset seller/originator Pools the assets and sells them to the SPV Collects payments made by borrowers to pass them to SPV SPV To pay for the assets issues securities backed by the cash flow from the assets Rating agency Credit Enhancer Analyses the credit quality of Enhances the credit the securities quality of the securities Servicer Only if the seller does not retain the servicing function Investors in asset backed securities Stage 1 The first stage of securitisation for a bank is the decision to remove selected loans from its balance sheet. Once it has decided which loans it wishes to remove it collectively repackages the loans that are of a common nature, and forms a security. Stage 2 The bank then establishes a bankruptcy-remote SPV (Special Purpose vehicle). This is usually a company set up especially to fund the purchase of these assets. It is important that the SPV is independent from the originator (bank) otherwise selling to the SPV would not remove the assets from the originators balance sheet. If the bank was to become bankrupt, as the name suggests, the SPV is unaffected. Stage 3 Before the securities are sold by the SPV to investors, a number of procedures are carried out: A credit enhancement may also be added to the security. This involves an independent organisation endorsing the security, and in the event that the borrowers default and the bank cannot pay the repayments of the security, then the endorser assumes responsibility for repayment. As the endorser provides increased liquidity and credit quality, they charge a fee for the service. A rating agency assesses the quality of the securities and provides a grade. Aspects such as the value of the collateral are investigated, as well as the structure of the cash flows from the securitised assets. An assessment of the quality of the endorser is also provided and the SPV is checked to see if they are adequately bankruptcy-remote from the selling bank. The rating is used to act as an incentive for the bank to behave well. Stage 4 The asset security is then sold by the SPV into the capital market to an investor. Once the security is sold, the bank continues to retain responsibility for repayments from the original borrowers. Interest earned is then passed onto the SPV. These payments are used to service the securities the SPV bought from the bank. During the securities maturity period, the original loans are still administered by the bank and a bank-customer relationship is maintained. Types of securities that may be issued There are different types of securities which are issued by the SPV: A floating rate note is a type of security that is characterised by a variable rate of interest. Asset backed commercial paper is often used to attract short term funding, which in terms of securitisation would be to cover the receivables on the balance sheet. Asset backed interest bonds are issued with a fixed rate of interest. The rate may be changed at certain times between issue and maturity if specified on the original contract. A change every six months is common. The choice of security issued depends largely on the composition of the loans in the portfolio. The aim of the SPV is to limit risk, so it will normally try to match the type of assets in the portfolio. They will try to create a security with an interest rate similar to those in the portfolio as well as matching the maturity times. D T Llewellyn explains that Whatever instrument is issued, three servicing alternatives are available. The SPV may choose to use a revolving method which uses the flow of income from its assets to buy more assets (loans), which will, extend and continue the duration of income from the securities. A second alternative could be the bullet principal payment method. In this situation, it is agreed that the buyer of the security will only receive payment once the security has fully matured. The final method is known as the Amortisation method. Here the income from the security payments is used to cash in the security. Reasons for Banks securitising loans Asset Motive Firstly, banks will securitse its assets due to the asset transformation motive, which refers to the banks ability to manage the level of risk it is exposed to on the balance sheet. If a bank believes that it holds too many loans in a particular area of its business, then it may choose to create a portfolio of loans and then securitise the portfolio. 147s and sell the assets off relieving some of its exposure on the balance sheet. Securitisation therefore allows banks to use this method as a risk management strategy and the result of securitisation is a shift of risk from the bank to others in the capital market. Again with respect to risk management, a bank may want to diversify its asset portfolio but may be constrained by its capital available for lending. In these circumstances a bank may securitize existing assets in unwanted sectors and use the capital gained from this process to fund investments in assets in different fields. Some existing loans in a ba nks portfolio may also offer small profit margins. The bank may decide to sell off these existing loans in exchange for new more profitable loans again through the process of securitisation. A bank may in more general terms require liquidity to finance other projects or to pay for unforeseen costs. It may be that banks require funds to pay shareholders. Securitisation allows for quick availability to cash that assets in the form of individual loans cannot provide. Investors in asset-backed securities choose a specific risk (e.g. mortgages) rather than share in the overall portfolio risk of the selling bank. This, to them, is the attraction. Funding motive As the banking market becomes more competitive, the rate of return on many banks assets is becoming more tightly squeezed, to such an extent that they even become unprofitable to hold. Securitisation can be a method that can actually bring in new sources of funds without having an effect on that banks capital ratio and balance sheet. A bank selling an asset backed security is a major attraction to investors looking to invest in something with a specific risk. An investor making a deposit in a bank is effectively exposing itself to the complete portfolio of assets the bank holds. For some investors, this may not meet their risk requirements. A security issued by the bank offers a particular type of asset with a specific risk. This product provides increased funds to those who would not normally invest in the bank. As David T Llewellyn highlights there are a number of reasons an investor may choose to invest in a security rather than making a deposit. The investor may be undert aking a hedge transaction. This would not be possible with an exposure to the banks complete portfolio. the investor may already be at its credit limit to banks Some investors prefer the flexibility that comes with a security. They are marketable and therefore liquid unlike a bank deposit. When a bank segments funds into securitised packages it can also lower the marginal cost of attracting new funding. If a bank wishes to attract new deposits it has to pay a higher interest rate to all the existing depositors as well as the new ones. With a security there is a lower marginal loss when issuing new assets. Its can increase funds without having to increase its interest payments on its existing depositors. Again as is pointed out in securitisation as a technique of asset and liability management the fact that the assets have been removed from the balance sheet through securitisation, alleviates the need to hold capital against the assets which the bank once held. This again reduces costs to the bank. Fee income motive Securitisation also provides the opportunity for banks to make a continuous fee income. Because banks benefit from a comparative advantage in originating and providing loans, it is possible for them to create loans with the intention of securitising them for a profitable income stream. It is the integrated service of providing a loan that the bank charges for and makes money from. These charges include general admin costs, monitoring costs and search costs to name a few. It is these aspects of loan creation that the banks carry a comparative advantage so can confidently provide loans at the most competitive rate with the intention of securitising. Balance sheet constraint motive This other motive allows a bank to use securitisation as a means of dealing with an existing interest rate or maturity mis-match. However, for some banks, securitisation is a clear sign that they have some unprofitable assets on their balance sheets. Why repay capital to its shareholders? As mentioned in the banks asset transformation motive, banks will carry out securitisation as a means of removing risk from themselves and passing it on to a SPV. When banks create loans, this creates excess capital- not more which is often a common mistake. So, if banks believe that the rate of return on some assets is set to be too low they have to act. Shareholders may have a clear idea of the rate of return they require on their equity. Very often shareholders require a minimum of price/ equity multiplier which can be seen below: The equation above shows that at a certain level when prices/ assets falls then shareholders will repay some capital to its shareholders. This is necessary because of how competitive the market is; if the shareholders become unhappy then they will sell their shares and the overall value of the bank will fall. As a result of securitising, it means all that is left on the balance sheet are those assets which do generate the high rate of return which i s required. A company called Madura Coats planned capital reduction to repay public shareholders in August 2003. They were a multinational company in India who wanted to go private but were faced with some stubborn shareholders who refused to part with their holdings even after the stock had been delisted. They chose to go for a capital reduction programme that forced the return of capital to the public shareholders who still held on to their shares. Under the provisions of Section 100 of the Companies Act, a company has the right to extinguish any of its shares that is in excess of its wants. This is one extreme case to repay shareholders that a bank may opt for in some circumstances (highly unlikely but still a possibility). Conclusion In conclusion, banks basically securitise to pass on any risk they are associated with and to remove bad assets from the balance sheet. Recently, the guardian newspaper asks whether, banks are doomed as a result of the current financial crisis? With the securitisation of mortgages originally seen as a triumph, because it shifted risk to financial markets, while taking deposits and making and monitoring loans the purview of traditional banks was regarded as narrow and old-fashioned. By contrast, modern banks would seek finance mainly in the interbank market and securitise their loan portfolios. Northern Rock faced problems because it was securitising everything and then was lending money to the SPV it relied on. It is necessary for banks to securitise but caution must be exerted when choosing the SPV and how many assets are been securitised. It is necessary for banks to repay capital to shareholders to show strength and to give encouragement for the future. With the market been so competitive banks must try and keep existing customers and gain more so they do not fall behind.

Leadership in Healthcare - 1116 Words

In todays health care environment, leadership is a skill that will have a profound impact on health care operations of organizations in the future. Leadership will be needed to navigate a changing health care landscape. New laws have now helped reduce costs industry wide, the population is now becoming older, and a greater majority of younger individuals are now insured. In regards to overall nursing leadership, mentors often display common characteristics that allow them to effectively motivate and lead others. Many mentors in the nursing field have the ability to inspire action rather than forcing it upon others. Leadership is the ability to inspire and motivate individuals to achieve a desired result. Through leadership individuals WANT to do achieve superior results on behalf of their manager. They do not need to be FORCED to do anything (Francis, 2012). This is key distinction between leaders and managers within the health care field. Also, a leader changes behaviors of his or her respective team members. A leader must be cognizant of this as he leads his team of diverse individuals in a changing health care environment. The nursing field in particular is going through fundamental changes that require leadership. Diverse teams are now becoming a more profound part of the healthcare arena. In many instances, mentors must effectively lead individuals in an uncertain period of change. This is occurring now as mentors are subjected to changing health care laws that willShow MoreRelatedThe Leadership Of The Healthcare Industry1931 Words   |  8 PagesIntroduction to leader: In the healthcare industry, there are two types of leader. First is the governing body and the second is the chief executive managers or other senior managers. Physicians are also called the leaders because they can take decisions for the patients. In a hospital, leadership group comprises the leaders of the organized medical staff. 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Electrical Engineer Essay Research Paper ELECTRICAL ENGINEERDESCRIPTIONElectrical free essay sample

Electrical Engineer Essay, Research Paper ELECTRICAL ENGINEER Description Electrical applied scientists design, and measure the industry, proving, installing, operation, and care of electrical and electronic constituents, equipment and systems. 1 Electrical applied scientists work with an array of equipment and machinery, such as transformers, switches, electrical contraptions and types of generators, and are considered in Fieldss affecting communications, radio detection and ranging, aerospace counsel, medical and biomedical research and computing machines. Environment Preciseness is a really regarded value for an electrical applied scientist. The usage of custodies on techniques and a huge cognition of mathematics makes for the applied scientist to be really elaborate in his or her work. Must be originative and initiating, and must be perspective in covering with work and the communicating of others. Must have a feel for scientific discipline and trifle. Work is largely done indoors in offices, labs, and mills. Teamwork is indispensable, as work is frequently compared with others. Since engineering is spread outing as clip goes on, a go oning instruction is a must. Computers are used frequently to larn applications and techniques. Wage AND OUTLOOK Pay varies depending on instruction, experience, and your topographic point of employment. Get downing wages range from $ 805 to $ 3,810 per month. Experience will set down you from $ 1,295 to $ 4,980 per month, and top scopes $ 1,510 to $ 5,199 per month. ( California wage ) Get downing wages for national mentality are $ 2,000 to $ 3,175, experience $ 3,700 to $ 4,965, and top can be $ 4,400 to $ 8,800 per month. 1 Small alteration in growing is predicted for California in the old ages to come. Opportunities are higher for those who can keep a technological border. competition is relevant in the occupation market. On a national degree, faster than mean growing is expected in future old ages. Preparation A unmarried man of scientific discipline grade in electrical applied scientist ing, electronics, or natural philosophies from a school accredited by the applied scientist s Council for Professional development is the best readying for thisfield. 2 A aster s grade is extremely recommended. A acute cognition of math, physical scientific disciplines, and technology rules is needed. A cognition of tools, machinery and electrical equipment besides helps. Related businesss include electrical safety applied scientists. They differ in that they perform safety probes to observe insecure conditions. Besides related are fiberoptic applied scientists, discoverers, and highway electrical applied scientists. MY Position I researched this field because I have a high involvement in math and scientific discipline, and I am ever interested in how things work and map. I like how technology is an exact construct. I like preciseness and truth, and how the occupations are custodies on and are neer insistent. The wage is good and liveable, and you do non hold to pass an infinity traveling to school. This field does necessitate changeless thought, so concerns may happen frequently. Much math and scientific discipline demands to be learned, and scientific discipline is sometimes complex, because, well, it s scientific discipline. It is ever being studied, and at times can non be explained easy. Patience must be a virtuousness in covering with scientific discipline, and my forbearance sometimes runs short. I guess I would hold to larn more. I consider that there are more advantages than non. I have ever excelled at math, and most math is reasonably simple to me. I am ever analysing happenings, so many of the features that autumn under this field can relate to my personality. After researching this field, I would extremely see traveling into this field, and besides believe that this field would offer stableness, wagess, and a sense of ego. I would take pride in accomplishing a undertaking in which I had a batch of engagement with. I am glad I was able to research this field, as I have gained much cognition and apprehension of what electrical technology is approximately.

Vertical Integration at Sony Essay Example

Vertical Integration at Sony Essay Vertical Integration Back in 2002, Sony geared themselves toward a vertical strategy as reported by Rob Weisenthal, VP and CFO of Sony Corp. of America, â€Å"Under the USA umbrella, we undertook a number of vertical initiatives for each operating division. These have already produced significant operational streamlining and financial performance improvements. † As discussed in his release, Weisenthal talked about Sony Pictures Entertainment and their strategy to restructure television operations, where core programming competencies were focused on. Film and television digitalization efforts have been expanded and have engineered a significant reduction in their corporate overhead. In addition, he mentionted that Sony Music has made long strides in manufacturing consolidation, overhead reduction and the huddling of international offices. Between the two sectors of operation Sony has saved an average of $125 million by integrating its operations in a vertical fasion. In addition to these vertical initiatives, under the Project USA umbrella, Sony has begun a set of horizontal initiatives across the operating companies that will result in the creation of several shared platforms. Each of our divisions will share in the scale economics for all common services. These platforms include (2002): Logistics: The logistics platform will enable integrated supply chain management. All operating divisions are working towards greater consolidation of manufacturing, distribution, and transportation operations. Purchasing: The purchasing platform will increase buying power through joint purchasing contracts. This initiative has already resulted in significant savings in expenses related to travel, part-time personnel, usage of external consultants and legal fees. Media-Buying: With respect to media buying, Sony consolidated media planning and spending dollars of U. S. and Canadian operations for Electronics, Music, and Pictures divisions with Universal-McCann. Savings amounted to $20 million in this fiscal year alone (2002-2003). IT Infrastructure: And finally, Sony is the midst of consolidating our IT infrastructure (including Data centers, voice and data networks, and Web infrastructure) to increase the operating efficiency and utilization of our systems. Project USA will be largely completed by the end of this fiscal year (2003), both the vertical initiatives and the creation of these shared service platforms. The project is on course to lead us to meaningful margin enhancement and increased operating efficiencies across our divisions. Overall, we anticipate over $400 million of annualized savings from the overall project including the initiatives at Electronics. We began generating savings this past fiscal year and it will take three years for the full impact to kick in,† Weisenthal reported. We will write a custom essay sample on Vertical Integration at Sony specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Vertical Integration at Sony specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Vertical Integration at Sony specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Surprisingly, after extensive research it was found that, more currently, Sony is taking small steps to flatten out their supply chain with a horizontally integrating strategy. According to an article titled, Sonys semi biz to pivot from vertical to horizontal, written by Yoshiko Hara at Electronics Supply Manufacturing, Sony Corporation â€Å"is steering its semiconductor business from vertically integrated operation to ‘fab-lite’ operation that would involve outsourcing production of the Cell processor. This move is a significant turnaround from Sonys previous strategy to develop and manufacture core chips internally. Well invest in semiconductors on an asset-lite policy, which puts much weight on the investment efficiency, said Yutaka Nakagawa, executive deputy president of Sony in charge of the semiconductor business. Well focus more on the competitive areas. It seems that this tactical approach is meant for the short run, and lacks the vision needed for long term sustainability. Sony used to plan, design, manufacture and implement processors in its own game machines, including the PlayStation line; Sony used to have great success with its game processors due to its vertical structure but now the future is uncertain. Future Vertical Integration According to the article, Sonys semi biz to pivot from vertical to horizontal, Sony plans to keep its research and development teams running strong, but will outsource key manufacturing processes. Even if outsourced, game processors will continue to be one of Sonys main semiconductor products. The company intends to boost all the investment on Cell processor from the game business. Sony has invested a total of 460 billion yen (about $3. 8 billion) on semiconductors over a three-year period. Of this amount, 200 billion yen ($1. 7 billion) was spent on the Cell processor. In the coming three-year mid-term period beginning next April, We are considering decreasing investment in semiconductors greatly, Nakagawa said. Under the new policy, Sony intends to focus on three areas—imagers, game LSIs and system-on-chip LSIs for audio/video devices. Sony has about 60 percent market share in the imager market and is now reinforcing CMOS sensors as well. One hundred and fifty engineers were shifted to the imager section from audio/video sections to boost development. In the audio/video area, system-on-chip LSIs for TVs and Blu-ray Disc next-generation DVD products will be reinforced, but non-profitable chips such as GPS-integrated chips will be discontinued. Sonys semiconductor sales are expected to increase by 57 percent from 490 billion yen ($4. 1 billion) to 770 billion yen ($6. billion) next fiscal year, ending March, owing to the demand from game consoles and sales of imagers. About 70 percent of its sales are for its own products and 30 percent of the sales come from the merchant market. Sonys semiconductor business had been losing money before turning to the black (positive) in the October through December period of 2007. Nakagawa intends to keep the business in the black and moving forward while providing the highest level s of quality products and customer service. Sources http://www. sony. com/SCA/speeches/020509_wiesenthal. shtml http://my-esm. com/sclogistics/showArticle. jhtml? articleID=197006317

Law on Sales Essay Example

Law on Sales Essay Article 1458 of the Civil Code de? nes â€Å"sale† as a contract whereby one of the contracting parties (Seller) obligates himself to transfer the ownership, and to deliver the possession, of a determinate thing; and the other party (Buyer) obligates himself to pay therefor a price certain in money or its equivalent. 1 The Roman Law concept embodied in the old Civil Code2 that treated delivery of tangible property as the sole purpose of sale has been modi? d under the present Article 1458, which applies the common law concept of requiring the obligation to transfer the ownership of the subject matter of the sale as a principal obligation of the seller. 1. Nature of Obligations Created in a Sale The de? nition of the contract of sale under Article 1458 provides that its perfection brings about the creation of two sets of obligations: (a) Two OBLIGATIONS of the SELLER to: (i) Transfer the Ownership,3 and 1 Alfredo v. Borras, 404 SCRA 145 (2003); Cruz v. Fernando, 477 SCRA 173 (2 005); Roberts v. Papio, 515 SCRA 346 (2007). 2 Art. 445 of the old Civil Code. 3 Flancia v. Court of Appeals, 457 SCRA 224, 231 (2005), de? nes â€Å"ownership† as â€Å"the independent and general power of a person over a thing for purposes recognized by law and within the limits established thereby — aside form the jus utendi and the jus abutendi inherent in the right to enjoy the thing, the right to dispose, or the jus disponendi, is the power of the owner to alienate, encumber, transform and even destroy the thing owned. † 1 2 LAW ON SALES (ii) Deliver the Possession, of the SUBJECT MATTER; (b) An OBLIGATION for the BUYER to: (i) Pay the PRICE . Both sets of obligations, are real obligations or obligations â€Å"to give,† as contrasted from personal obligations â€Å"to do† and â€Å"not to do,† and can be the proper subject of actions for speci? c performance. 5 In contrast, obligations to do or not to do, cannot be enforced through actions for speci? c performance because of the public policy against involuntary servitude;6 although the creditor can have the same executed by another at the cost of the obligor,7 and the obligor’s refusal to comply can be the basis for claims for damages. To illustrate, Article 1480 of the Civil Code, which crossrefers to Article 1165 thereof, provides that when what is to be delivered is a determinate thing, the buyer, in addition to the right to recover damages, may compel the seller to make the delivery. In other words, a defaulting party in a sale cannot insist on just paying damages when the non-defaulting party demands performance. 2. Subject Matter of Sal e Although Article 1458, in de? ning sale, uses the word â€Å"determinate† to describe the subject matter of the sale, the present Law on Sales has expanded the coverage to include generic objects which are at least â€Å"determinable. Article 1460 states that the â€Å"requisite that the thing be determinate is satis? ed if at the time the contract is entered into, the thing is capable of 4 Acap v. Court of Appeals, 251 SCRA 30 (1995); Velarde v. Court of Appeals, 361 SCRA 56 (2001). 5 Art. 1165 of the Civil Code: â€Å"When what is to be delivered is a determinate thing, the creditor . . . may compel the debtor to make the delivery. If the thing is indeterminate or generic, he may ask that the obligation be complied with at the expense of the debtor. 6 Sec. 18(2), Art. III, 1987 Constitution. 7 Art. 1167, Civil Code. 8 Art. 1170, Civil Code. NATURE OF SALE 3 being made determinate without the necessity of a new or further agreement between the parties,† which incl udes â€Å"determinable† albeit generic objects as valid subject matters of sale. Nonetheless, the use of the word â€Å"determinate† in the de? nition of sale under Article 1458 seems accurate since it pertains to the performance of the obligations of the seller to transfer ownership and to deliver possession. We will write a custom essay sample on Law on Sales specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Law on Sales specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Law on Sales specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This would require that even if the subject matter of the sale was generic (determinable), the performance of the seller’s obligation would require necessarily its physical segregation or particular designation, making the subject matter determinate at the point of performance. The use of the word â€Å"determinate† to describe the subject matter emphasizes more speci? cally the fact that the obligation to deliver and transfer ownership can be performed only with the subject matter becoming speci? or determinate, and is not meant to exclude certain generic things from validly becoming the proper subject matter of sale, at the point of perfection. 3. Elements of Contract of Sale Coronel v. Court of Appeals,9 enumerates the essential elements of a valid contract of sale to consist of the following: (a) CONSENT, or meeting of the minds to transfer ownership in exchange for the price; (b) SUBJECT MATTER; and (c) PRICE, certain in money or its equivalent. 10 263 SCRA 15 (199 6). See also Jovan Land, Inc. v. Court of Appeals, 268 SCRA 160 (1997); Quijada v. Court of Appeals, 299 SCRA 695 (1998); Co v. Court of Appeals, 312 SCRA 528 (1999); Heirs of San Andres v. Rodriguez, 332 SCRA 769 (2000); Roble v. Arbasa, 362 SCRA 69 (2001); Penalosa v. Santos, 363 SCRA 545 (2001); Polytechnic University of the Philippines v. Court of Appeals, 368 SCRA 691 (2001); Katipunan v. Katipunan, 375 SCRA 199 (2002); Londres v. Court of Appeals, 394 SCRA 133 (2002); Manongsong v. Estimo, 404 SCRA 683 (2003); Jimenez, Jr. v. Jordana, 444 SCRA 250 (2004); San Lorenzo Dev. Corp. v. Court of Appeals, 449 SCRA 99 (2005); Yason v. Arciaga, 449 SCRA 458 (2005); Roberts v. Papio, 515 SCRA 346 (2007); Navarra v. Planters Dev. Bank, 527 SCRA 562 (2007); Republic v. Florendo, 549 SCRA 527 (2008). 10 9 4 LAW ON SALES When all three elements are present, there being a meeting of the minds, then a perfected contract of sale arises, and its validity is not affected by the fact that previously a ? ctitious deed of sale was executed by the parties,11 or by the fact of nonperformance of the obligations thereafter. Unfortunately, the Supreme Court has considered in a number of decisions that the resulting sale is â€Å"void† when some of the essential requisites are not present. 2 To the author, the more appropriate term to use when an essential element is not present at meeting of the mind is to declare a â€Å"no contract† situation. To illustrate, Dizon v. Court of Appeals,13 holds that all three elements of consent, subject matter and consideration must be present for a valid sale to exist; and that in a situation where any of the elements is no t present, â€Å"[t]there was no perfected contract of sale,†14 and that â€Å"the absence of any of these essential elements negates the existence of a perfected contract of sale,†15 rather than using the technical term â€Å"void. In Manila Container Corp. v. PNB,16 the Court held that absence of the concurrence of all the essential elements, the giving of earnest money cannot establish the existence of a perfected contract of sale. On the other hand, when all three elements are present, but there is defect or illegality constituting any of such elements, the resulting contract is either voidable when the defect constitutes a vitiation of consent, or void as mandated under Article 1409 of the Civil Code. Penalosa v. Santos, 363 SCRA 545 (2001). Mapalo v. Mapalo, 17 SCRA 114 (1966) and Rongavilla v. Court of Appeals, 294 SCRA 289 (1998), both consider the contract â€Å"void† even when they agreed that there was no meeting of the minds on the price stated in the underlying instrument of sale. Bagnas v. Court of Appeals, 176 SCRA 159 (1989), considers a simulated price or a nominal price to give rise to a â€Å"void† contract of sale. Cabotaje v. Pudunan, 436 SCRA 423 (2004), considers the lack of consent by the owner of the property to bring about a â€Å"void† sale. 13 302 SCRA 288 (1999). 14 Ibid, at p. 301. 15 Ibid, at p. 302. Reiterated in Firme v. Bukal Enterprises and Dev. Corp. , 414 SCRA 190 (2003). 16 511 SCRA 444 (2006). 2 11 NATURE OF SALE 5 4. Stages in the Life of Sale Strictly speaking, there are only two stages in the â€Å"life† of a contract of sale, i. e. , perfection and consummation, since it is only at perfection that sale as a contract begins to exist in the legal world. Until sale is perfected, it cannot serve as an independent source of obligation, nor as a binding juridical relation between the parties. 17 Nevertheless, the Supreme Court18 has considered the following to be the stages in the life of a sale: (a) POLICITACION, negotiation, or preparation stage; (b) PERFECTION, conception or â€Å"birth†; and (c) CONSUMMATION or â€Å"death. Policitacion or negotiation covers the period from the time the prospective contracting parties indicate their interests in the contract to the time the contract is perfected; perfection takes place upon the concurrence of the essential elements of the sale which are the meeting of the minds of the parties as to the object of the contract and upon the price; and consummation begins when the parties perform their respective undertaking under the contract of sale, culminating in the extinguishment thereof. 19 ESSENTIAL CHARACTERISTICS OF SALE Before dissecting sale as a contract, it would be useful to look at sale from a general point of view, by analyzing its essential characteristics. 17 Jovan Land, Inc. v. Court of Appeals, 268 SCRA 160, 164 (1997); Dizon v. Court of Appeals, 302 SCRA 288 (1999); Platinum Plans Phil. , Inc. v. Cucueco, 488 SCRA 156 (2006); Manila Metal Container Corp. v. PNB, 511 SCRA 444 (2006); Roberts v. Papio, 515 SCRA 346 (2007). 18 Ang Yu Asuncion v. Court of Appeals, 238 SCRA 602 (1994); Toyota Shaw, Inc. v. Court of Appeals, 244 SCRA 320 (1995); Limketkai Sons Milling, Inc. . Court of Appeals, 250 SCRA 523 (1995); Jovan Land, Inc. v. Court of Appeals, 268 SCRA 160 (1997); Province of Cebu v. Heirs of Ru? na Morales, 546 SCRA 315 (2008). 19 San Miguel Properties Philippines v. Huang, 336 SCRA 737, 743 (2000). 6 LAW ON SALES 1. Nominate and Principal Sale is a nominate contract since it has been given a particular name by law;20 more importantly, its nature and consequences are governed by a set of rules in the Civil Code, which euphemistically we refer to as the â€Å"Law on Sales. Sale is a principal contract, as contrasted from accessory or preparatory contracts, because it can stand on its own, and does not depend on another contract for its validity or existence; more importantly, that parties enter into sale to achieve within its essence the objectives of the transaction, and simply not in preparation for another contract. The â€Å"nominate and principal† characteristics of sale leads to the doctrine held by the Supreme Court that in determining the real character of the contract, the title given to it by the parties is not as signi? ant as its substance. 21 In one case,22 the Court held that in determining the nature of a contract, the courts look at the intent of the parties and not at the nomenclature used to describe it, and that pivotal to deciding such issue is the true aim and purpose of the contracting parties as shown by the terminology used in the c ovenant, as well as â€Å"by their conduct, words, actions and deeds prior to, during and immediately after executing the agreement. † In another case,23 the Court held that contracts are not de? ed by the parties thereto but by the principles of law; and that in determining the nature of a contract, the courts are not bound by the name or title given to it by the contracting parties. The other doctrinal signi? cance of the â€Å"nominate and principal† characteristics of sale is that all other contracts which have for their objective the transfer of ownership and delivery of possession of a determinate subject matter for a valuable consideration, are governed necessarily by the Law on Sales. 24 Art. 1458, Civil Code. Bowe v. Court of Appeals, 220 SCRA 158 (1993); Romero v. Court of Appeals, 250 SCRA 223 (1995); Santos v. Court of Appeals, 337 SCRA 67 (2000). 22 Lao v. Court of Appeals, 275 SCRA 237, 250 (1997). 23 Cavite Dev. Bank v. Lim, 324 SCRA 346 (2000). 24 In-depth discussions of this doctrinal signi? cance are found in Chapter 3. 21 20 NATURE OF SALE 7 2. Consensual Sale is consensual contract (as contrasted from solemn and real contracts), since it is perfected by mere consent, at the moment there is a meeting of the minds upon the thing which is the object of the contract and upon the price. 25 Buenaventura v. Court of Appeals,26 held that a sale over a subject matter is not a real contract, but a consensual contract, which becomes a valid and binding contract upon the meeting of the minds as to the price. Once there is a meeting of the minds as to the price, the sale is valid, despite the manner of its actual payment, or even when there has been breach thereof. If the real price is not stated in the contract, then the sale is valid but subject to reformation; if there is no meeting of the minds as to the price, because the price stipulated is simulated, then the contract is void. 7 Under Article 1475 of the Civil Code, from the moment of perfection of the sale, the parties may reciprocally demand performance, even when the parties have not af? xed their signatures to the written form of such sale,28 but subject to the provisions of the law governing the form of contracts. 29 Consequently, the actual delivery of the subject matter or payment of the price agreed upon are not necessary compo nents to establish the existence of a valid sale;30 and their non25 Art. 1475, Civil Code. Balatbat v. Court of Appeals, 261 SCRA 128 (1996); Coronel v. Court of Appeals, 263 SCRA 15 (1996); Xentrex Automotive, Inc. . Court of Appeals, 291 SCRA 66 (1998); Laforteza v. Machuca, 333 SCRA 643 (2000); Londres v. Court of Appeals, 394 SCRA 133 (2002); San Lorenzo Dev. Corp. v. Court of Appeals, 449 SCRA 99 (2005); Yason v. Arciaga, 449 SCRA 458 (2005); Ainza v. Padua, 462 SCRA 614 (2005); Cruz v. Fernando, 477 SCRA 173 (2005); Marnelgo v. Banco Filipino Savings and Mortgage Bank, 480 SCRA 399 (2006); MCC Industries Sales Corp. v. Ssanyong Corp. , 536 SCRA 408 (2007); Castillo v. Reyes, 539 SCRA 193 (2007); Roberts v. Papio, 515 SCRA 346 (2007). 26 416 SCRA 263 (2003). 27 Ibid, at p. 271, citing VILLANUEVA, PHILIPPINE LAW ON SALES, p. 4 (1998). 28 Gabelo v. Court of Appeals, 316 SCRA 386 (1999); Province of Cebu v. Heirs of Ru? na Morales, 546 SCRA 315 (2008). 29 Co v. Court of Appeals, 3 12 SCRA 528 (1999). Also City of Cebu v. Heirs of Candido Rubi, 306 SCRA 408 (1999); San Lorenzo Dev. Corp. v. Court of Appeals, 449 SCRA 99 (2005). 30 Alcantara-Daus v. de Leon, 404 SCRA 74 (2003); Buenaventura v. Court of Appeals, 416 SCRA 263 (2003). 8 LAW ON SALES performance do not also invalidate or render â€Å"void† a sale that has began to exist as a valid contract at perfection; non-performance, merely becomes the legal basis for the remedies of either speci? performance or rescission, with damages in either case. 31 The binding effect of a deed of sale on the parties is based on the principle that the obligations arising therefrom have the force of law between them. 32 In Fule v. Court of Appeals,33 the Court summarized the doctrines pertaining to sale being a consensual contract, thus: A contract of sale is perfected at the moment there is a meeting of the minds upon the thing which is the object of the contract and upon the price. 4 Being consensual, a contract o f sale has the force of law between the contracting parties and they are expected to abide in good faith by their respective contractual commitments. Article 1358 of the Civil Code which requires the embodiment of certain contracts in a public instrument, is only for convenience,35 and registration of the instrument only adversely affects third parties. 36 Formal requirements are, therefore, for the bene? t of third parties. Non-compliance therewith does not adversely affect the validity of the contract nor the contractual rights and obligations of the parties thereunder. 7 Since sale is a consensual contract, the party who alleges it must show its existence by competent proof, as well as of the 31 Gabelo v. Court of Appeals, 316 SCRA 386 (1999); Alcantara-Daus v. de Leon, 404 SCRA 74 (2003); Buenaventura v. Court of Appeals, 416 SCRA 263 (2003), citing this particular passage in VILLANUEVA, PHILIPPINE LAW ON SALES, p. 54 (1998). 32 Veterans Federation of the Philippines v. Court of Appeals, 345 SCRA 348 (2000). 33 286 SCRA 698 (1998). 34 Citing Art. 1475, Civil Code; Romero v. Court of Appeals, 250 SCRA 223 (1995). 35 Citing Aspi v. Court of Appeals, 236 SCRA 94 (1994). 36 Citing Olegario v. Court of Appeals, 238 SCRA 96 (1994). 37 286 SCRA 698, 712-713 (1998). Reiterated in Quijada v. Court of Appeals, 299 SCRA 695 (1998); Agasen v. Court of Appeals, 325 SCRA 504 (2000). NATURE OF SALE 9 essential elements thereof. 38 However, when all three elements of a sale are present, there being a meeting of the minds, then a perfected contract of sale arises, and its validity is not affected by the fact that previously a ? titious deed of sale was executed by the parties;39 and at that point the burden is on the other party to prove the contrary. 40 Despite the consensual character of a sale, under Article 1332 of the Civil Code, when one of the parties is unable to read, or if the contract is in a language not understood by him, and mistake or fraud is alleged, the person enforcing the contract must show that the terms thereof have been fully explained to the form er. 41 a. Modalities That Affect the Characteristic of Consensuality The consensual characteristic of sale can be affected by modalities that by stipulation may be added into the contractual relationship, such as a suspensive term or condition. Binan Steel Corp. v. Court of Appeals,42 reminds us that â€Å"even if consensual, not all contracts of sale become automatically and immediately effective. . . In sales with assumption of mortgage, the assumption of mortgage is a condition precedent to the seller’s consent and therefore, without approval of the mortgagee, the sale is not perfected. † On the other hand, National Housing Authority v. Grace Baptist Church,43 demonstrates clearly that even the delivery and taking possession of the subject matter by the buyer with the knowledge or consent of the seller, would not bring about the perfection and binding effect of the sale, when the meeting of the minds is incomplete, there being no agreement yet on the ? nal price. 38 Villanueva v. Court of Appeals, 267 SCRA 89 (1997); Roberts v. Papio, 515 SCRA 346 (2007). 39 Penalosa v. Santos, 363 SCRA 545 (2001). 40 Heirs of Ernesto Biona v. Court of Appeals, 362 SCRA 29 (2001). 41 Vda. de Ape v. Court of Appeals, 456 SCRA 193 (2005). 2 391 SCRA 90 (2002). 43 424 SCRA 147 (2004). 10 LAW ON SALES 3. Bilateral and Reciprocal Sale is a bilateral contract embodying reciprocal obligations, as distinguished from a unilateral contract, because it imposes obligations on both parties to the relationship,44 and whereby the obligation or promise of each party is the cause or consideration for the obligation or promise of the other. 45 Recipr ocal obligations are â€Å"those which arise from the same cause, and in which each party is a debtor and a creditor of the other, such that the obligation of one is dependent upon the obligation of the other. They are to be performed simultaneously such that the performance of one is conditioned upon the simultaneous ful? llment of the other. †46 The legal effects and consequences of sale being a bilateral contract composed of reciprocal obligations are as follows: (a) The power to rescind is implied, and such power need not be stipulated in the contract in order for the innocent party to invoke the remedy;47 (b) Neither party incurs delay if the other party does not comply, or is not ready to comply in a proper manner, with what is incumbent upon him;48 and (c) From the moment one of the parties ful? ls his obligation, the default by the other begins,49 without the need of prior demand. 50 Since both parties in a sale are bound by their respective obligations which are reciprocal in nature, then a party cannot Art. 1458, Civil Code; People v. Tan, 338 SCRA 330 (2000). Art. 1191, Civil Code; see also Vda. De Quirino v. Palarca, 29 SCRA 1 (1969). 46 Agro Conglomerates, Inc. v. Court of Appeals, 348 SCRA 450 (2000). See also Ong v. Court of Appeals, 310 SCRA 1 (1999); Mortel v. KASSCO, 348 SCRA 391 (2000); Carrascoso, Jr. v. Court of Appeals, 477 SCRA 666 (2005). See also Vda. De Quirino v. Palarca, 29 SCRA 1 (1969) as it pertains to an option contract. 47 Art. 1191, Civil Code. 48 Art. 1168, last paragraph, Civil Code; Almocera v. Ong, 546 SCRA 164 (2008). 49 Ibid. 50 Art. 1191, Civil Code. 45 44 NATURE OF SALE 11 simply choose not to proceed with the sale by offering also the other party not to be bound by his own obligation; that each party has the remedy of speci? c performance; and that rescission or resolution cannot be enforced by defaulting party upon the other party who is ready and willing to proceed with the ful? lment of his obligation. 51 Polytechnic University of the Philippines v. Court of Appeals,52 summed up the reciprocal and nominate nature of sale, thus: â€Å"It is therefore a general requisite for the existence of a valid and enforceable contract of sale that it be mutually obligatory, i. e. , there should be a concurrence of the promise of the vendor to sell a determinate thing and the promise of the vendee to receive and pay for the property so delivered and transferred. †53 Consequently, Carrascoso, Jr. . Court of Appeals,54 held that since a sale is constituted of reciprocal obligations, then â€Å"[t]he right of rescission of a party to an obligation under Article 1191 is predicated on a breach of faith by the other party who violates the reciprocity between them. † 4. Onerous Sale is an onerous contract, as distinguished from a gratuitous contract, because it imposes a valuable consideration as a prestation, which ideally is a price certain in money or its equivalent. 55 In Gaite v. Fonacier,56 the Court ruled that the stipulation in a contract of sale on the payment of the balance of the purchase price must be deemed to cover a suspensive period rather than a condition since â€Å"there can be no question that greater reciprocity obtains if the buyer’s obligation is deemed to be actually existing, with only its maturity (due date) postponed or deferred, than if such obligation were viewed as non-existing or not binding until 51 52 Almira v. Court of Appeals, 399 SCRA 351 (2003). 368 SCRA 691 (2001). 3 Ibid, at p. 705. 54 477 SCRA 666, 686 (2005). 55 Art. 1458, Civil Code. 56 2 SCRA 831 (1961). 12 LAW ON SALES the ore was sold. †57 The Court held that the rules of interpretation would incline the scales in favor of â€Å"the greater reciprocity of interests,† since sale is essentially an onerous contract. 5. Commutative Sale is a commutative contract, as distinguished from an aleatory contract, because a thing of value is exchanged for equal value, i. e. , ideally the value of the subject matter is equivalent to the price paid. Nevertheless, there is no requirement that the price be equal to the exact value of the subject matter; all that is required is for the seller to believe that what was received was of the commutative value of what he gave. 58 Again Gaite held that a sale is â€Å"normally commutative and onerous: not only does each one of the parties assume a correlative obligation (the seller to deliver and transfer ownership of the thing sold, and the buyer to pay the price), but each party anticipates performance by the other from the very start. 59 Gaite recognized that although in a sale â€Å"the obligation of one party can be lawfully subordinated to an uncertain event, so that the other understands that he assumes the risk of receiving nothing for what he gives (as in the case of a sale of hope or expectancy, emptio spei), it is not in the usual course of business to do so; hence, the contingent character of the obligation must clearly appear. 60 Gaite therefore acknowledged that obligation s in a sale can be subordinated to a suspensive condition with the party fully aware that â€Å"he assumes the risk of receiving nothing for what he gives,† although such stipulation may seem to be contrary to the commutative nature of a sale. This con? rms the view that although â€Å"commutativeness† is an essential characteristic of a sale, the test for compliance therewith is not objective but rather subjective; i. e. , so long as the party believes in all honesty that he is receiving good value for what he transferred, then it complies 57 58 Ibid, at p. 838. Buenaventura v. Court of Appeals, 416 SCRA 263 (2003). 59 2 SCRA 831, 837 (1961). 60 Ibid. NATURE OF SALE 13 with the commutative character of a sale, and would not be deemed a donation nor an aleatory contract. Take the example of a seller, selling his old car for only 5200,000. 00, when a more objective review of the prevailing market price for the particular model shows that its correct selling value would be 5500,000. 00. Under those circumstances, the contract perfected with the buyer would still be a sale, because by agreeing to receive a price of only 5200,000. 0, the seller believes honestly that he is receiving appropriate value for the car he is selling. Likewise, the consequences of negotiations and bargaining, such as being able to obtain a large discount, do not destroy the commutative nature of the sale, since in the end the test would be that the parties to the sale believe that they have each received the proper and appropriate value for what they eac h in turn gave up. However, the point of discussion pertaining to the subjective test of the commutative nature of sale cannot, and should not, be pushed to absurdity. Take a situation, where the same seller, knowing fully well that the going price for his car is 5200,000. 00, sells it for only 5100. 00 to the buyer. Even if the seller, is satis? ed in receiving only 5100. 00 for the car, the resulting contract, from a strictly legal standpoint, is not a sale, but more of a donation, and the law will presume that the underlying consideration must have been liberality. Therefore, the tax authorities may insist that the gift tax be paid on the transaction. This is all academic discussions, of course, since if no third party complains, the nature of the contract would never be at issue, and in all probability the contracting parties themselves would be bound by their characterization of the contract under the principle of estoppel. The subjective test of the commutative nature of sale is further bolstered by the principle that inadequacy of price does not affect ordinary sale. 61 Inadequacy of price may be a ground for setting aside an execution sale but is not a suf? cient ground for the cancellation of a voluntary contract of sale otherwise free 61 Arts. 355 and 1470, Civil Code; Ereneta v. Bezore, 54 SCRA 13 (1973). 14 LAW ON SALES from invalidating effects. 62 Inadequacy of price may show vice in consent, in which case the sale may be annulled, but such annulment is not for inadequacy of price, but rather for vitiation in consent. 63 Only recently Buenaventura v. Court of Appeals,64 held that: â€Å"Indeed, there is no requirement that the price be equal to the exact value of the subject matter of sale; all that sellers believed was that they received the commutative value of what they gave. All the respondents believed that they received the commutative value of what they gave. 65 6. Sale Is Title and Not Mode The perfection of a sale gives rise to the obligation on the part of the seller to transfer ownership and deliver possession of the subject matter; nevertheless, it would be delivery or tradition that is the mode to transfer ownership and possession to the buyer. Although in one case the Court de? ned a â€Å"sale† as a â€Å"contract transferring dominion and other real rights in the thing sold,†66 sale is merely title that creates the obligation on the part of the seller to transfer ownership and deliver possession, but on its own sale is not a mode that transfers ownership. 7 Thus, Alcantara-Daus v. de Leon,68 held that while a sale is perfected by mere consent, ownership of the thing sold is acquired only upon its delivery to the buyer. Upon the perfection of the sale, the seller assumes the obligation to transfer ownership and to deliver the thing sold, but the real right of ownership is transferred only â€Å"by tradition† or delivery thereof to the buyer. In Acap v. Court of Appeals,69 the Court held that an asserted right or claim to ownership, or a real right over a thing arising from Alarcon v. Kasilag, 40 O. G. Supp. 15, p. 203 (1940). Art. 1470, Civil Code. 4 416 SCRA 263 (2003). 65 Ibid, at p. 272. 66 Titong v. Court of Appeals, 287 SCRA 102 (1998). 67 Equatorial Realty Dev. , Inc. v. Mayfair Theater, Inc. , 370 SCRA 56 (2001); Alcantara-Daus v. de Leon, 404 SCRA 74 (2003). 68 404 SCRA 74 (2003). 69 251 SCRA 30, 38 (1995). 63 62 NATURE OF SALE 15 a juridical act, is not per se suf? cient to give rise to ownership over the thing; that right or title must be completed by ful? lling certain conditions imposed by law: â€Å"Hence, ownership and real rights are acquired only pursuant to a legal mode or process. While title (such as sale) is the juridical justi? ation, mode (like delivery) is the actual process of acquisition or transfer of ownership over a thing. † Acap held that the â€Å"Declaration of Heirship and Waiver of Rights† executed by the heirs waiving their inheritance rights in favor of a non-heir cannot be deemed a proper mode to affect title to the land involved because waiver of inheritance right can only be done in favor of another heir; whereas, it could not also be considered a sale contract because the document did not provide for the element of price, which is required for a valid sale under Article 1458 of the Civil Code. Manongsong v. Estimo,70 emphasized that once a sale has been duly perfected, its validity â€Å"cannot be challenged on the ground of the non-transfer of ownership of the property sold at that time of the perfection of the contract, since it is consummated upon delivery of the property to the vendee. It is through tradition or delivery that the buyer acquires ownership of the property sold. † Consequently, the proper remedy was not annulment, but rescission. Mode is the legal means by which dominion or ownership is created, transferred or destroyed (e. . , succession, donation, discovery, intellectual creation, etc. );71 title only constitutes the legal basis by which to affect dominion or ownership. Therefore, sale by itself does not transfer or affect ownership;72 the most that sale does is to create the obligation to transfer ownership; it is tradition or delivery, as a consequence of sale, that actually transfers ownership. 73 404 SCRA 683 (2003). Cited in San Lorenzo Dev. Corp. v. Court of Appeals, 449 SCRA 99, 113 (2005). 72 Quoted or used verbatim in San Lorenzo Dev. Corp. v. Court of Appeals, 449 SCRA 99, 113 (2005) without acknowledgment given to the author. 73 Equatorial Realty Dev. , Inc. v. Mayfair Theater, Inc. , 370 SCRA 56 (2001). The passage was quoted or used verbatim in San Lorenzo Dev. Corp. v. Court of Appeals, 449 SCRA 99, 114 (2005) without acknowledgment given to the author. 71 70 16 LAW ON SALES The Roman Law concept of sale encompassing only the obligation of the seller to deliver the property is actually consistent with the treatment of sale as merely a title, and by its perfection does not affect the ownership nor effect the transfer thereof to the buyer. Since it is tradition or delivery as the mode by which ownership over the subject matter is transferred to the buyer, the Roman Law concept of mandating delivery of possession of the subject matter as the essence of the sale contract would be logical. This is in stark contrast to the common law concept that the perfection of a sale over a determinate subject matter which is ready for delivery would legally transfer ownership to the buyer, even when there has been no actual or constructive delivery thereof by the seller. SALE DISTINGUISHED FROM OTHER SIMILAR CONTRACTS The other manner by which to â€Å"recognize† a sale is to know how to differentiate it from other contracts which may happen to have some characteristics similar to sale. The other contracts by which clear distinctions had to be made by the Supreme Court involved basically obligations to transfer ownership and deliver possession of a subject matter. In determining the nature or essential characteristic of a contract purported to be a sale, the Court has held that the title given to it by the parties is not as

New Role for Women in the Early Church Essays

New Role for Women in the Early Church Essays New Role for Women in the Early Church Essay New Role for Women in the Early Church Essay Church History I Theme Report New Role for Women in the Early Church This theme report analyzes how Jesus sent a new revolutionary message laying the groundwork for the elevation of the social status of women in the early church. The cultural norm of the day was that women were restricted to subordinate roles in society and the church. Jesus broke boundaries in his dealing with women and led his disciples to challenge those same boundaries as they took over leadership of the church. Luke’s Gospel story of Jesus in the home of Martha and Mary tells how Jesus was on the side f recognizing the full personhood of women. Mary’s sitting at Jesus feet in Luke 10:39 shows a violation of the social norms of the day. â€Å"She had a sister called Mary, who sat at the Lord’s feet listening to what he said. † Lesly Massey states in her book, Women and the New Testament, of critical importance is the fact that Jesus would be willing to sit in conversation with women in such a manner, or that he might have instructed them privately as a rabbi might instruct a promising student. This very fact, regardless of the spiritual depth of their talk, reveals an attitude toward women which was ncommon among Jews of Jesus day and reflective of his revolutionary manner. Massey asserts that Jesus is rejecting the second-class status of women in his society because according to the social laws of the day, only men were supposed to sit at the feet of a religious teacher and listen to his teaching. Women were supposed to stay out of sight and appear only to wait on the men. Jesus clearly rejects this double standard laying the groundwork for the elevation of women to a higher status in the new Christian church. According to the Gospels, the world was changing in 1st century Palestine, Martha and Mary represented the growing number of people who were responding to Jesus teachings. Both sisters attentiveness to Jesus as a guest in their house was not only an act of hospitality, but also a sign that they sought to understand his teachings. Their attentiveness shows the sisters as part of the movement as learners. † 1 The take away here is that this story does not show subordination of women and it shows boundaries being broken. Another insight on the same story with a focus on Martha is Satoko Yamaguchi’s Mary and Martha: Women in the World of Jesus, Yamaguchi identifies Martha as the leader of a house-church, that is, someone who cares for the practicalities needed for Jesus and his disciples to meet at her home. According to Yamaguchi â€Å"the context of the scripture implies that she frequently welcomed traveling missionaries and gave them food, shelter and possibly even financial support. In other words, Martha was one of the first church administrators (in Christian parlance, ad-minister is taken to mean in the service of ministry). Scholars now recognize that without women such as Martha to provide material support, the traveling ministry of Jesus and his followers could not have happened as effectively. † 2 Another theologian, Bonnie Thurston in Women in the New Testament says: â€Å"as I read the Gospels, under the reign of God, men and women are intended to work together in a discipleship of equals†. Thurston cites Constance Parvey’s essay â€Å"The Theology and Leadership of Women In The New Testament† in Religion and Sexism and states that â€Å"The New Testament gives two messages with regard to women. First it presents a theology of equality in Christ, a vision of equality on the theological level. But in practical parenesis many New Testament passages support woman’s subordination; that is they present a status quo ethic on the social level. Part of the power of Jesus’ proclamation of the reign of God had to do with the fact that it ushered in an entirely new mode of human existence. The fact that Jesus broke boundaries in his dealing with people led his disciples to challenge those same boundaries in their dealings with each other†. 3 Summary In the earliest days of the church, Jesus was taking steps to elevate women above their subordinate roles which was the not the cultural norm of his time. In Luke’s story of Jesus at the house of Martha and Mary, Jesus broke boundaries and broke with the status quo. The two sisters were full participants in his ministry and study. Mary elevated herself above her subordinate role by sitting at the feet of Jesus, clearly a sign of the elevation of women to a higher status in the new Christian church. Martha becomes a church leader by offering her house as a home church and by assisting in the traveling ministry of Jesus and his entourage. This story and the assertions of theologians quoted above shows Jesus breaking boundaries and breaking the cultural norms of the day which was to put women in a subordinate role unequal to men. 1 Lesly F. Massey, Women and the New Testament: An Analysis of Scripture in Light of New Testament Era Culture (Jefferson, N. C. : McFarland Co. , 1977, 19 2 Satoko Yamaguchi, Mary and Martha: Women in the World of Jesus (Maryknoll, N. Y. : Orbis Books, 2002, 46-47. 3 Bonnie Thurston, Women in the New Testament Questions and Commentary (New York, N. Y. : Crossroad Publishing Company, 1998, 160-161.

Develop an evaluation form that includes 7 objective criteria to Essay

Develop an evaluation form that includes 7 objective criteria to evaluate the effectiveness of the developed plan (regarding nursing shortage) - Essay Example After communication, the evaluation form would be distributed to personnel who would be deemed most appropriate to respond. The distribution of evaluation forms would be done the day after the monthly meeting. Collection of the responses would be undertaken the day after these evaluations forms are distributed. The data would be interpreted through collation and tallying, according to nursing units. The findings would be communicated by the assigned nurse manager to the department heads. The department heads would assign one department manager to integrate the findings for subsequent report to the vice president of nursing. Any weaknesses in the evaluation form could be identified and corrections would be recommended. The final report would be submitted to the board of directors for their review. After the board has reviewed the findings from the evaluation form and report, the results, recommendations, and conclusion would be disseminated to the involved personnel in the next scheduled monthly meeting. Health practitioners and nurses could therefore communicate any methods of improvement in achieving the identified objectives; as well as in suggesting any improvements in the evaluation process, as deemed necessary. Education Career Articles. (2014). The Latest Statistics on Nursing Shortage. Retrieved from educationcareerarticles.com:

Parents or Prisons Essay Example | Topics and Well Written Essays - 500 words

Parents or Prisons - Essay Example This paper would be dealing with. Morse’s arguments in three points. First, the article stated some news reporting the dumping of a dismembered body by two boys. Such news is common even before because the crime appeals to sensationalism that makes the reading public buy newspapers. Grisly accounts of murders, whether or not involving parents is common since ancient times. Then, the news article was linked by Ms. Morse to the budget cuts imposed by city Mayors except for the Department of Corrections. Apparently, the article missed to establish the main reasons why budget spending for prisons were not part of said budget cuts. The Department of Corrections spending needs to be increased simply because the increasing rate of population also produces a higher incidence of criminality. This doesn’t mean that majority of the crimes can be attributed to juvenile delinquency as caused by children from single-parent homes. There are many factors why the Bureau of Corrections h as to increase spending which the author failed to explain. Instead, the news reports were directly correlated to incidence of juvenile delinquency which lacked substantial evidence. Second, the article cited some studies that link mental illness and single parents.

Direct and Interactive Marketing Essay Example | Topics and Well Written Essays - 2500 words

Direct and Interactive Marketing - Essay Example The following is a discussion of strategic approaches in relation to the strengths and opportunities that the management seeks to accrue from the business environment. The details further establish the salient use of the variables in rebuilding the supermarkets’ strategic framework. Analyses for Morrisons’ supermarkets Situation analysis in Morrisons Morrisons has competently claimed its position in the U.Ks retail market through the lead in the delivery of quality food and groceries. The supermarket chain has grown tremendously after merging with Safeways Company. Morrisons invested in a total of 32 million pounds for online marketing to ensure prompt approaches to the clientele groups. This investment approach targeted to acquire the stipulated clientele given that the consumer groups were deviating from point-of-sale purchases to placing orders and expecting home deliveries (Vickers, 2013:3). The threat of competition is overwhelming in the UK’s retail market, factors articulated to Morrisons dwindling rate of profitability despite the struggle to retaliate accordingly by offering the best retail services in the UK market ahead of their fellow competitors. In 2011, the month of November, the company’s management evaluated that profitability rates were dwindling along various quarters, and their market leadership was falling under a continued rate of threat. The current forecasts implement that Morrisons’ supermarkets have competitively engaged in a recovery program to recuperate and yield profitability (British grocery market, 2012:4). The company shall possibly achieve the desired market edge through the expected success of the M-Local initiative. Direct marketing in determining market size and trends The strengths and weaknesses, opportunities and threats determine the rate of profitability in the market segments. Through the analytical approach, Morrisons’ management must determine of the approaches that seem most appropriate to reaching the desired market share. As the company currently holds 10% of the total market share, perceptions are that the management may ensure precise research and development study to ensure that all factors of the product mix favor the outlined specifications of prompt delivery of value and satisfaction at a profitable rate to the clientele community of the UK. As Morrisons competes with Tesco, Marks and Spencer, Asda, Sainbury, and Waitrose among others (Vickers, 2013:4). Morrisons held a worrying 10% market share as at November 2012 and situation reflected to the company’s diversification of investments through big stalls and shopping centers while competitors gradually adjusted to direct marketing approaches. The retail stores accrued importance through the purchase of online channels of communication (Dahle?n, and Lange, 2008:144). As rival competitors such as Tesco and Asda lose their market share -43% and due to the discovery that the beef sold in the market contained horsemeat up to 50%, the companies lost accordingly while Morrisons acquired over 20 small-sized stalls. SWOT analysis As the company evaluates of the probabilities of success to prosper and compete with others effectively, the management realized that the reinvestment rate of Asda and Tesco posed considerable threats to competition and success. The competing firms remained threatened by the rate of

The Changing Role Of The Management Accountant Commerce Essay

The Changing Role Of The Management Accountant Commerce Essay Charles Darwin the famous scientist who introduced the theory of natural selection said In the struggle for survival, the fittest win out at the expense of their rivals because they succeed in adapting themselves best to their environment. He used this theory to explain the extinction of the dinosaurs from the earth. I believe this theory in fact is not confined to species. It is a universal truth which is applicable to so many phenomena we see in our day to day lives. One such illustration is the transformation of finance function. The enormous change the corporate world underwent over the last few decades has inevitably pressurized the finance function to adapt to its operating environment. As a result, today the finance function is in the fore-front of decision making positioning itself as a business partner for the organization as opposed to a conventional support function. It is in this context that every organization today should embark on the journey of transforming its finance function to adapt to the challenges of the modern business environment. It is needless to exaggerate the changes this brings about in the role of the management accountant. However being humans it is natural for us to resist such change. What we should remember nevertheless is that if we fail to adapt to these changes, our destiny would not be different to that of dinosaurs. This reinforces the argument that tomorrows successful management accountants will be the ones who not only understand the need importance of finance transformation but also who take proactive measures to bring about effective change and eventually manage such change to ensure sustainability of the business. 2. Finance Transformation 2.1 How it has changed? Accounting Finance function over the centuries has evolved significantly from the basic double entry bookkeeping the revolutionary concept which started it all. Today we live in a world where global companies exist and the finance function like so many other things in human life has transformed itself to cater the ever increasing demands of modern day businesses. Let it be financial reporting, treasury management, budgeting or any other area in finance for that matter, there is visible transformation. For instance, bottom-line in financial jargon, only meant financial profitability until recently. But today organizations strive for a triple bottom-line which is way beyond the boundaries of financial profitability. A recent research conducted by CIMAs centre of excellence at the University of Bath concluded the following changes (see Figure 1) as the most frequent changes faced by businesses. Figure 1: Key changes faced by the Finance Function in the last decade Source: CIMA Centre for Excellence, Excellence in Leadership, December 2009, p.12 As per the above research data, an overwhelming majority of 96.4% has confirmed that there had been at least one change in their finance function for the period in concern. However the degree, to which these changes have been popular, may extremely vary with Cost reduction being the forerunner with a popularity of 59% while Outsourcing of non-routine tasks was confined to a mediocre 5.5%. The same study later classifies these changes to four broad types and also pinpoints two main motives behind these changes namely Cost efficiency and Value creation (See Table 2). Table 2: Classification of Changes Faced by the Finance Function Source: CIMA Centre for Excellence, Excellence in Leadership, December 2009, p.12 Cost Efficiency motive is where a business is keen to improve its output by using its resources more efficiently. On the other hand Value creation involves performing tasks in better ways whilst eliminating non-value adding activities such that the organization creates value in terms of profitability. It is clear from the data (See Figure 1) that it is the Cost Efficiency based changes which were more prominent in businesses during the last decade. As the research suggests, Cost Reduction and Business Process Re-engineering (BPR) appear logical steps for organizations as they grow. The economies of scale, firms are expected to achieve with its size, rationalize such change. Further the world economic crisis stemmed in 2007 prolongs to date would also have significantly influenced finance managers to run their businesses on tighter budgets and thus focus on efficiency based transformation. Although cost efficiency measures, up to now, have had the upper hand in finance transformation, it is expected that the value based changes would take precedence in times to come, as finance functions embark on the journey to achieve the visionary value creator status. 2.2 Why has it changed? So far we discussed how the finance function has evolved over the years. Let us now examine the underlying drivers which caused this dramatic change. This inevitably leads us to look at the changes that occurred in the environment in which businesses operate. One thing that surely comes to my mind is globalization. I believe this concept single handedly revolutionized the way people engaged in business. For instance virtual organizations such as Dell and online market places such as e-bay have not only been highly successful, but also have challenged the future viability of traditional business models. However globalization is only one among many drivers of change as per CIMAs recent research findings on finance transformation. In fact it ranks well below the likes of increased competition technological advancement which grabbed the top two spots in terms of popularity (See Figure 3). Figure 3: Drivers of organizational change ranked in terms of popularity Source: CIMA Centre for Excellence, Excellence in Leadership, December 2009, p.15 Increased risk and uncertainty and External reporting requirements achieved 3rd and 4th places respectively with market development coming next. It is important to mention the part played by the collapses of big corporate giants such as Enron, Worldcom and subsequent changes it created in the finance function especially in terms of risk assessment models and stringent reporting guidelines. The report further highlights some of the differences that exist within different business sectors. For example, demographics are as twice as popular driver in public sector compared to the private sector in which competition market dynamics are more prevalent. In financial services industry risk uncertainty is hailed above all drivers of change. All these drivers subsequently created pressure on the tradition finance function and new finance control models evolved to suit the new playing field. 3. The changing role of the management accountant in todays environment 3.1 The way forward So far we analyzed the nature of finance transformation and its underlying causes. It is now high time to look at the evolving role of tomorrows management accountant. Having acted as a steward for decades, today the finance professionals are increasingly pressurized to be a navigator or a business partner in performing his/her duties. With reference to the previously mentioned study done by CIMA, it is evident that Business partnering is clearly emerging as a way forward for finance transformation. Table 4: Business Partnering in finance function Source: CIMA Centre for Excellence, Excellence in Leadership, December 2009, p.11. In its research report, Finance transformation business partnering, CIMA Centre for Excellence defines business partnering as a behavior which involves members of the finance function acting as close advisors or internal consultants in greater collaboration and cross-functional working with others in the organization, so they can understand the business better, and provide the advice and support that is needed.  [1]   The idea here is, for finance members to actively participate in the decision making process and take collective ownership of the decision as opposed to being passive advisors. However in order to do so, the finance professionals not only need to posses technical knowledge in finance IT, they should also be equipped with extensive industry knowledge business acumen. In addition to that, the need for enhanced interaction across all the levels in the organization would mean that the management accountants need to master necessary communication and interpersonal skills. Further the traditional barriers that exist between departments would also need to be relaxed so that effective inter-functional associations are enabled. Erik ter Horst, Vice President Finance, CFO EMEA and Latin America, BT, offering insights to CIMAs survey adds for me, finance can only be functional if the finance function is a part of the whole organization  [2]  . However one might also argue that this may compensate the level of independence exercised by finance and hence affect the objectivity of its decisions. While acknowledging the possibility, Morten Sorensen, Finance Director Central Europe, Middle East and Asia Pacific, SSP, believes that the potential risk to the objectivity of finance function will be outweighed by the additional value generated at the end of the day it comes down to the integrity and professionalism of the individual.  [3]   3.2 Finance transformation and the role of the Management Accountant at Bodyline 3.2.1 Background: Bodyline Private Limited, a joint venture between MAST Industries, Triumph International MAS Holdings, is one of the largest lingerie sportswear manufactures in Sri Lanka with a workforce of around 6000 employees and an annual capacity of around 15 million pieces of bras. The company caters to some of the worlds most glamorous brands including Victoria Secret, Nike, Marks Spencer and Lane Bryant. Over the last couple of years Bodyline has synergized its multi product customer portfolio to its competitive advantage whilst investing on technologies such as bonding, 3D hemming and ultrasonic welding. However the company is constantly facing stiff competition from low cost manufacturers in Asian countries such as Bangladsh Vietnam, and as a result recently underwent drastic changes in its business model which in turn caused the finance function to transform accordingly. 3.2.2 Finance Transformation at Bodyline Table 5: Changes faced by the finance function at Bodyline Finance Function Change Example Type of Change Motive for Change 1 Greater emphasis on cost reduction Projects to curb major cost overrun areas. E.g. Overtime Tracking Mechanism Cost Reduction Cost Efficiency 2 Increased outsourcing of routine tasks Outsourcing of VAT Returns Process to a 3rd party BPR 3 Increased Use of Shared Service Centers for routine tasks Setting up a common commercial department in collaboration with MAS Intimates group 4 Increased work on product pricing Developments of Pre Post Order Profitability functions on SAP Product Focus Value Creation 5 Cross functional teams Formation of customer teams comprising of representatives of different departments including finance Focus on internal processes 6 Greater emphasis on poor performance within the organization Facilitating greater depth in Performance Management. (Catering to Business, Departmental Individual levels) 7 Increased external benchmarking of the whole organization Risk assessments and external benchmarking activities leading to sound business decisions being taken Source: Primary data collected from Bodyline The above diagram depicts functional changes experienced by Bodyline Finance and it could be directly compared with Table 2 in page 3. (CIMAs original model) 3.2.2.1 Cross Functional Teams:  A drastic structural change was introduced few months back where cross functional teams (representing virtually all the departments) were formulated to uniquely cater each customer. A business analyst was appointed to each team to represent finance and he/she adheres to a dual reporting structure where the individual reports to the Head of Finance as well as to the Head of the respective customer account. Each customer team sits together in a separate area within the factory so that interaction between the members is enhanced. However the transformation involved significant cultural change. People had to be convinced that the previous structure that had been adopted for the past 15 years was not the right way forward.   Members of finance worked very closely with the new leadership to change the internal structures reporting lines to logical cross functional business teams to support customer expectations. The management accountants involved in articulating the methodology of performance management systems including Key Performance Indicators as well as devising segmental reporting of customer bottom lines coupled with policy control deployment. This helped the people to understand the big picture and most importantly, where do they fit in to the new structure. The increased level of transparency helped us create a healthy competition among customer teams which in turn contributed to break the resistance to change whilst aggressively driving towards the achievement of business objectives. 3.2.2.2 Greater emphasis on poor performance: Performance management initiatives across many departments layers are being introduced with the direct involvement of finance which provides design to delivery solutions. For instance, the incentive scheme for sewing operators was changed to an efficiency based group incentive mechanism from an individual performance based incentive system, with finance department functioning as the project champion. This is one fine example where Bodylines finance function operated as a true business partner coming out of its comfort zones, co-operating with the other relevant departments and executing the project to perfection. It is noteworthy to mention that whilst executing this project, complex human dynamics of 6,500 people and the cost implications of providing incentives to all of them were considered. A series of information sessions had to be conducted to manage the knowledge transfer requirement in terms of the new system. Nevertheless a sign ificant increment in factory efficiency was noticed within the first month of project implementation. In order to facilitate such advance business requirements, the finance function was strengthened with people having dual backgrounds. In other words, apart from hardcore finance graduates, Bodylines finance team comprises of several apparel engineering graduates from the University of Moratuwa who are also qualified in CIMA. It is this unique resource combination that has enabled Bodylines finance team to successfully strive for excellence amidst numerous challenges. 3.2.2.3 Risk Analysis: The members of the finance department are also engaged in analysis assessment of risks facing the company, developing projections based on such risks to draw the attention of the management on high risk areas. For example early identification of the risks of Western economic recession, paved the way for the company to take immediate actions and thereby mitigate the impact of these adverse events at least to a certain extent. 3.2.2.4 Cost Reduction: As a follow up action plan to Budget Monitoring, the finance team in collaboration with other departments initiated 4 major projects to cut down companys overhead cost. These are namely Implementation of overtime cost tracking controlling mechanism A project to control transport expenditure A project to control courier charges A project to control stationary cost A project leader is appointed from Finance for each project and this individual is solely responsible for delivering the objectives of the project. The leader is expected to collaborate with relevant departments, device an action plan, follow up action points and present the progress at the next months budget monitoring session. Significant cost reductions were observed in each area with the inception of these projects. On the other hand, these projects offer a great opportunity for the budding management accountants to move out their comfort zones, actively involve in cross cultural teams, learn and become business partners who actively participate in achieving the companys strategic objectives.  Ã‚   3.2.2.5 Increased work on product pricing: To enhance the visibility of financial information at the Sales Order level, a project was initiated by finance with the collaboration of IT to develop SAP (the companys ERP system) based modules which calculates the expected profitability of a Sales order in the system itself. This process currently happens on spread sheets off the ERP system and as a result lot of information is duplicated and resources are wasted. The second phase of this project involves linking purchase order authorization procedure to sales order profitability so that an effective control on at the point of material purchases can be exercised. Yet again this is a challenging project which requires the individual to move out of the comfort zones of an accountant and work with System users/IT specialists and to gather system requirements and thereby ensure effective system development is achieved later. 4. Conclusion Modern day businesses experience change at a dramatic rate and whichever the ones that do not adapt quickly, would be gone before long. Being part of that business, the finance function can never isolate itself so should get accustomed to change. If the finance function has to change, that indirectly means the management accountants should expect their roles to frequently change in future. In fact it is the management accountants who are expected to manage the process of finance transformation. As their roles evolve, tomorrows management accountants will be expected to learn new skills (more often out of their comfort zones) work with cross functional teams and ultimately act as business partners who take responsibility for the collective decisions. Although we all tend to resist change initially, we also might feel it is after all not so bad. It certainly brings opportunities provided we take it in the right spirit we may end up being better off. The story of finance transformation at Bodyline is certainly of that type. Transforming was never an easy journey and it still is not. However as a team the finance function moved forward with positive attitude and as a result in the process has achieved so many milestones. As I conclude, the fundamental point I wish to bring up is that the finance transformation is inevitable. Irrespective of whether we like it or not its here to stay. However it is our decision either to embrace the change like a lizard which quickly changes its color to suit the environment and thereby survive through successful camouflaging or else ignore the change just like the dinosaur and simply extinct.

Computers and Medical Database Advances :: Essays Papers

Computers and Medical Database Advances Computers have revolutionized the way we do things in the medical field from the devised used the pharmacy to the databases used to keep patients medical records. Pharmacies, offices and hospitals have been able to take advantage of the benefit computers can bring to their companies. Computers make it easy to keep tack of their patients, as well as what medication they take in order to make it easier for everyone. Computers can be used to advance the uses of health care systems in hospitals in more ways than one. One of the first systems that use computers to store and transfer information for the use of giving advice and solving clinical problems is the HELP system. (Fitzmaurice) This system not only alerts physicians to abnormal and changing clinical values but can generate reminders for physicians. For example: A trial by Indiana University showed that tests for respiratory ailments were reduced by ten to thirty percent because the computer was able to remind the doctor to give a flu vaccine to those patients. In Beth Israel Hospital in Boston computers were also able to alert physicians when kidney failure was a risk. (Fitzmaurice) Another way that computers can benefit physicians in hospitals is the costs it can decrease. Physicians are able to order tests by computers which can automatically display cost affective testing. At Wishard Memorial Hospital in Indianapolis they saved $594 per admission when using computers to write all impatient orders.(Fitzmaurice) That is a total of more than three million dollars in projected hospital savings. Also the physician ordered fourteen percent fewer tests when using computers because the computer was able to show test results, test prices and abnormal results. (Fitzmaurice) By being able to write programs for computers that can contain a database full of patients makes it easier for everyone. In the 1980’s in order for pharmacies to process third party payors, it had to be done the old fashion way-via paper. With millions of people rushing to the pharmacy to get their medication, a more efficient way had to be established to process claims.(Sardinha) During the middle of the 1980’s pharmacies were able to establish online computer claims making it easier to bill insurance companies online.

Web-site Search

Decisions about who Is considered needy and how they are to be helped are dependent on our economic development, political views, and are often dependent on government resources (Stern & Axial, 2012). In research, primary data sources are beneficial when assisting the learner to completely understand every facet of a topic as It relates to the topic of discussion or a body of work. As it pertains to social welfare, it is vital to build a foundation which encompasses past, present and future happenings that will impact the body of work.While doing research web-sites about primary documents as it relates social welfare policy, the following site seemed useful http://www. Ass. Gob/history/PDF/heisted. PDF. The Historical Development document discusses the history of the U. S. Social Welfare structure. There is also an interactive timeline provided for the Social Security Acts and the Development of U. S. Social Security Programs. One is provided a sequential view of the progression of t he Development of U. S.Social Security Programs, such as unemployment, Public Assistance, Temporary Assistance for Needy Families In 1 996 TAN), Public Housing, National School Lunch Program and the Food Stamp Program, amongst many more programs. This tool has provided this learner an insight to the key historical, political and social events that have impacted our country. As The united States approached the sass's, the Great Depression was upon us, which resulted in our government taking a greater role in helping the poor and the establishment of the Social Security Act of 1935.As one continues to study the history of social welfare, we will began to gain a better understanding of what drives our programs as well as how we can contribute to their success. Reference: Axial, J. , & Stern, M. (2012). Social welfare: A history of the American response to need (8th deed. ). Boston, MA: Allan and Bacon. Http://www. Ass. Gob/holster/PDF/ Halsted. PDF. Web-site Search By Krishna reforms o f today. Be sure to format your citation in proper PAP format in your The history of Human Services is important for us to understand so we can grasp the goals of our current social welfare programs.