Economics management report writing help study analysis on: Global Financial crisis and Sustainability
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Executive Summary
This report has been designed to provide an introduction to ethics and sustainability aspects of the 2008/2009 global financial crisis. This report also focuses on how the global financial crisis represents a crisis of ethics and a threat to achieving sustainability. The industrial bankruptcies and financial scandals had effects on the stockholders and managers of the Companies. In order to regain the trust, the industry of finance will require revising its function in community and will produce updated models of the business which refer recent societal prospects of transparent and open business which delivers value to the community. . At last, in order to save the planet and humanity, we require 3 R’s recreation, resistance and regulation.
Global Financial Crisis
One potential result of the year 2008 global financial crisis considered as the structure of the new financial global architecture in understanding of the breakdown of the recent system. This overhaul shall resolve imbalance of the power and essentially non democratic place of the United State of America in comparison to the least persuasion of India, China and Brazil with the WTO and IMF. The global financial crisis in the US initiated with the sub prime mortgage, but it extend within the financial system of the US and then with the whole world. The worldwide economy had not faced this type of destruction throughout the global depression in 1930s. The enterprise of global health had done the survey which identified the four crises such as change in climate, economic, energy and food crises. The consequence of such crises had left the policy makers of the global health fighting for rear guard actions to make sure that current accomplishment has not overcome. It is very clear that the globalization formed the new types of interdependence that forced various countries to consider the matter and scope of the global interest in creating global policy, performing diplomacy & developing strategies of collective governance. The policy makers of the global health reacted to the global crisis by warning people about the impact of potential health and creating the strategies to reduce the destruction to health. To gain the trust, the industry of finance may required to revisit its function in the community and form models of updated business which consider recent societal expectations of transparent and open business which remarkably delivers the value to the community (Mizen, 2008).
It is very clear that the existing financial and economic crisis was not only the crisis of worldwide. In the wider sense, business activities of the entrepreneurial were going under the lengthy change process that can be referred as the maturity crisis concerns the function that they perform within the society. Companies at the time of global crisis were required to change their concentration about the social setting in that they interact and act. The goals of economic, environmental and social with the long period perspective were not independent and might be contradictory in the short term period (Longstaff, 2010). At that time, there was the propensity that linked the principles of inadequate ethics and values in the model of classic entrepreneurial regarded as one of the significant reasons defining the current financial and economic crisis. During the time of financial crisis, financial authorities had not innovated as they must have done to react to the requirements of the society in the logic of encompassing environmental and social variables beyond the economic profit for the process of the decision making. The current industrial bankruptcies and financial scandals had effects on the stockholders and managers of the Companies. This condition has reinforced the propensity to consider the mandatory business changes that entail concentrating on the broader idea of the entrepreneurial profit with the long period perspective and providing the adequate significance to the people and stakeholders which affect the activity of the firm. This association emerges in both the inadequate CSR as one of the effects of the recent financial and economic crisis and considered as the technique for integrating recent condition and assisting companies in overcoming of the effects of the crisis. The recent financial and economic structure, with the national markets experienced the impacts of local problems of the finance throughout the world, should be revised. After the development of the economic system of the world during the last 20 years, capitalism has developed into the best current economic models (Shleifer, Andrei & Vishny, 2010). But this declaration is not sufficient to reject and not attempt to enhance the old model which requires various changes. It is very clear that each and every Company is having its own accountability to maintain the CSR to avert the non desired facts and to provide more transparency of the market. Due to global crisis, the destruction of the environment continued throughout the globe. The activities of mining, gas and oil by the large business took place in receptive ecological areas comprising in safeguarded areas with the financial support from the Government and World Bank. The practices of intensive farming which need high chemical and inputs of pesticide quiet abound, although the call for sustainable and environmentally friendly agriculture (Kashyap, Anil,. & Zingales, 2010)
It is analyzed that strategic planning designed by organizations do not take into account various factors like change, leadership & growth and they focus on cost savings & profits which create the organization vulnerable to failure. It can be seen that simplest type of change may have a quick and influential impact on the culture of the organization which permits individuals and organizations to face failures and remain to be leaders of the industry. Rising energy costs and mortgage crisis are massive challenges faced by the recent global economy. It has been analyzed that change is a kind of something that each and every organization has faced. Many of the organizations fail to understand the value of the required change and because that time and money are wasted (Dorn, 2010).
The pending query of whether the Israel has performed war crimes throughout its Gaza invasion will focus on the age-old stress among mercy and justice. On the other side, economic bailout had developed the queries of short term advantages versus long term requirements. The conflict in Afghanistan had concentrated on the distinction among the fact on the loyalty and the ground to various leaders, positions and policies. The broad range of issues on the health care will show the requirements of the people against the community rights. Solving these confusions needs a constant group of resolution principles. During Clinton, the propensity was concerning the ends- based; utilitarian kind of principle where ethics mean did the highest good for the highest number. During the time of Bush, the judgment making was ideological and rule-based. It has been noticed that, Obama concentrated on the society organizing days to bring the care-related reciprocity principle (Brunnermeier, 2009).
The President of the WBCSD claimed that the requirement for responsible business commitment in the large issues of the time has never become urgent. According to his view, the recent financial crisis was casting the light on the defects in recent models of the business in the industry of finance and the huge extent to that trust of the public has been destroyed. In order to regain the trust, the industry of finance will require revising its function in community and will produce updated models of the business which refer recent societal prospects of transparent and open business which delivers value to the community. On the other side, companies may donate to development of global sustainable activities with the help of their core business in a path which is beneficial for the organizations and better for the development. It provides the business idea on basic opportunities and challenges for the formation of low-income based countries and basic messages for governments and companies on how to advance the solutions of the sustainable business which benefit the societies, poor and atmosphere in which they survive. During the year 2008, IMF indicated that 30 out of 48 countries in Africa have impacted with the crises of acute energy in current years. Beyond maintaining up key creating capacity, country is moving behind the power pooling. The generation of power permits countries with capacity of high production to pass their surplus electricity to countries that face deficits (Cipriani, & Guarino, 2008).
Threat to Sustainability and CrisisIt has been noticed that the economic crisis has to be viewed in relation with other main challenges that societies of European are experiencing like change in climate, shortage of water supply and energy, food shortage that have the major consequence in numerous regions of the world. The demographic change challenges worries the EU and the member of the EU regarding more sustainable procedures. To accomplish the substantive development the agenda of EU 2020 has renewed the effort and created on the foundation of similar values. The motive of Lisbon treaty for the development of sustainable practices truly coordinating social, economic and environmental elements should be implemented.
It has been noticed that the United Nation had warned in real terms that there were numerous hungry individuals in the nation during the year 2009 as compared to other years because of increase in prices of the food, growth of the population, economic downfall and ongoing conflicts. In general, business offers the chief medium for individuals to innovate and work on their path to become out of poverty and depends on government to form the sufficient legal, institutional and financial conditions comprising health services and education (Dwyer, Gerald, & Tkac, 2009).
It has been noticed that due to global financial crisis in 2008 -2009 the worldwide economy in year 2010 was unable to accomplish the sustainable economic development. In few respects, the worldwide economy now is in the similar position that it was in year 2009. The world greatest economies tried to start development with motivation plans but that motivation was the temporary procedure. The challenge faced by the economy was to achieve the organic growth. The bail out packages had changed the artificial growth but the nation of the Western had not offered such leg up through which economies might develop their own in the sustainable way. It has been noticed that the global crisis has left the unprecedented range of non employed in the United State and not used factories in the wake. The numerous stimulus procedures might safeguard economic collapse, but the consumption programs which were funded by them are storming them and have remedied to measures of cost – cutting and layoffs. The lethargic nation economic recovery place the phase for restless talks on growth rebalancing and currencies as financial managers from the world economies collected at the conference of G-20 in the region of South Africa. The restoring confidence and sustaining development shall need not only local policymaking but the unprecedented stage of multilateral integration.
ConclusionAt last it can be concluded that the complexity and magnitude of crises experiencing us today plainly demands the group of multiple and dramatic changes. The agenda and logic of globalization are totally opposing to the components concerns the sustainable future. On the other side, another phase of huge environmental and human devastation with the mixed forces of war and capitalism both of that concentrates on the judgment of the cut throat benefit. In order to save the planet and humanity, we require 3 R’s recreation, resistance and regulation. It is required to implement all means to control consumption and production at all stages of community comprising at the individual level. It is required to expand and resist the resistance of the people against corporate globalization at the national, local and regional level. Finally it is necessary to re-create ideas, social relationships, values, tactics of the social development and nurture options for the sustainable care, production and consumption.
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