John F Kennedy Essays (322 words) - Kennedy Family, Bouvier Family

John F Kennedy John F. Kennedy was the thirty-fifth president of the United States and the youngest to be assassinated. He also served in World War II on a PT boat. He also helped to solve the Cuban Missile Crisis. He was assassinated in 1963 in dallas texas. He also started the peace corps to help 3rd world countries better them selves. He was born of Irish decent in Brookline, Massachusetts, on May 29, 1917. In 1940 he entered the second World War and he served on a PT. In 1943 when his PT was rammed and sunk by a Japanese destroyer, even though he was injured severely he still helped survivors to safety. After the war he became a Democratic Congression from the Boston area, moving on to a senator in 1953. He married Jacqueline Bouvier on September, 1953. In 1955 he wrote a book called "Profiles of Courage" which won the Pulitzer prize in history. In 1956 he almost gained the democratic Vice President, and four years later he was the first-ballot nominee for president. Kennedy became the first Roman Catholic President. His Inaugural Address offered the memorable line: "Ask not what your country can you--ask what you can do for your country." As president he set out to redeem his campaign pledge to get America moving again. His economic programs launched the country on its longest sustained expansion since World War II. Before his death, he laid plans for a massive plans for assault on persisting pockets of privation and poverty. John F. Kennedy was called the dreamer President. This inspiring president challenged America to be the first country to land a man on the moon. He gave the space program it's first push. His assassination was truely a sad day for America. He was a very loved and respected president and will truely be missed.

European journal of law economics The WritePass Journal

European journal of law economics 1 Introduction European journal of law economics 1 Introduction2 The optimal choice of the firm without financial responsibility3 Financial responsibility4 Concluding remarksReferencesRelated 1 Introduction Liability rules are important tool of environmental risks management in Canada, United States and Europe. The major legislations are CERCLA (Comprehensive Environmental Response, Compensation and Liability Act) adopted by the American Congress in 1980 and the Directive of the European Parliament and the Council on Environmental Liability with regard to the Prevention and remedying of environmental Damages which came into force in April 2004. A  *E.J.L. E. 78  liability rule induces correct incentive for risk prevention only if information is symmetric and the potential injurer has sufficient wealth to cover his liability. Indeed, it is well known from the previous literature that when the injurers wealth is not sufficient to  pay  liability judgments ex post (the injurer is said to be judgment-proof) this leads to underprovision of care ex ante (Summers 1983; Shavell 1986). In the case of environmental risks, on the one hand, perfect control of firms actions in prevention is not possible, and on the other hand, the wealth of the  polluter  may be small relative to the clean-up costs and victims compensation. There are many  policies  to alleviate the judgment-proof problem. The first one is to extend liability to the parties who have a contractual relationship with the risky firm, the case under CERCLA which imposes extended liability to lenders. The economic analysis of the extended liability has given raise to mitigated results. Pitchford (1995) considers a one-period moral hazard model with two states of nature (accident or not). Since the loan fee fixed by the lender included his expected liability costs, the more the lender is liable, the more he charges the firm in the no-accident state. Then, the state of the nature â€Å"no-accident† becomes unfavourable for the firm and the full liability of the lender2  leads to a suboptimal level of effort whereas partial lenders liability allows achieving the optimal level of prevention. In a two-period model, Boyer and Laffont (1997) show that partial liability of lender is optimal. Consequently, these authors conclude that the society has to make a tradeoff between prevention and compensation. In an alternative setting in which environmental damages are stochastic and prevention cost is a monetary investment that needs external funding, Dionne and Spaeter (2003) show that lender extended liability has a positive effect on the firms prevention level if and only if an increase in the face value of the debt implies an increase in prevention investment. Moreover, Balkenborg (2001) and Lewis and Sappington (2001) show that the benefits of extending liability to lenders depend on the observability of the firms prevention level by the lender, the bargaining power of each party and the nature of environmental damages. Finally, Hutchison and Vant Veld (2005) consider a model with both observable damage-reducing activities and non-observable probability-reducing measures and show that introducing extended liability to lender induces judgement-proof firms with high gross profits to take socially optimal levels of ca re, those with intermediate gross profits to take suboptimal level of care and drives those with low gross profits out of business. Financial responsibility is another remedy for the judgment-proof problem. Under a regime of financial responsibility, the firm is required to demonstrate that the cost of the harm she can cause is covered. The most common instrument of financial responsibility is the insurance contract. But as it is well known, the compulsory liability insurance induces the efficient level of prevention only when the insurer is able to observe the prevention level performed by the firm (Shavell 1986; Jost 1996; Polborn 1998). Following the analysis of Jost (1996), Feess and*E.J.L. E. 79  Hege (2000, 2003) consider a model with monitoring-based incentives and show that the mandatory liability coverage for total harm leads to an allocation that is closed to the first-best. In this paper, we investigate how the socially optimal allocation can be implemented through ex ante financial responsibility and ex post strict liability rule. We do not restrict our analysis to insurance contract but on contrary analyze financial guarantee contract. Indeed, in the Directive of the European Parliament and the Council on environmental liability there is a focus on a future legislation that imposes financial responsibility on the polluting firms. Then we analyze the consequences of financial responsibility on the incitation to prevention in a context of asymmetric information and show that the first-best allocation may be attainable. This follows from the fact that the level of damages provides a signal of the firms prevention level (Lewis and Sappington 1999) and can be used to design an optimal contract. But contrary to Lewis and Sappington (1999), in our setting, prevention measures do not only involve a disutility for the firm but also reduce the funds available f or compensation and clean-up (Beard 1990; Lipowsky-Posey 1993; Dionne and Spaeter 2003; Dari-Mattiaci and De Geest 2005). We consider a firm which activity yields a non-random gross profit and generates random environmental damages. The firm can improve the distribution of damages by an investment in prevention at the beginning of the period and safety measures during the production process. At the end of the period, only the damages and the resources of the firm net of the prevention cost are observable. Moreover, it is assumed that the firms wealth is lower than the highest amount of damages its activity can generate. We establish a necessary and sufficient condition for the implementation of the socially optimal allocation in spite of moral hazard when the firm is mandated to cover the highest amount of damages its activity can generate. We also demonstrate that the set of contracts that implement the socially optimal level of prevention includes a particular contract of the form â€Å"reward or maximal penalty† which is closed to a finite risk product referred to as spread loss treaty. The re st of the paper is organized as follows. The following section presents the firms optimal choice in the absence of the financial responsibility regime. Section 3 investigates the impact of financial responsibility on the firms prevention level. Finally, Section 4 concludes. 2 The optimal choice of the firm without financial responsibility Consider a risk-neutral firm which activity generates a fixed profit P and creates a possibility of environmental damages ## ]0,  L[. The firm can improve the distribution of damages by an investment in prevention at the beginning of the period and safety measures during the production process; these two measures are represented by a single prevention variable denoted  e.  However, the reduction of risk generates a cost c(e) when the firm chooses a level of prevention  e.  Moreover we assume that before engaging in its activity, the firm has initial wealth (equity)  Rwhich can be partially used to cover the cost induced by prevention measures. Let  f(##/e) and  F(##/e) be respectively the density and the distribution function of the damages; the following is assumed: *E.J.L. E. 80  Ã‚  Assumption 1  ##e,  f(##/e) 0, decreases with ##.3  This means that the observation of a lower level of damage is relatively more likely if a higher level of prevention has been adopted. This assumption implies the first order stochastic dominance: ## ]0,  L[,Fe  (##/e) 0. Moreover,  Fe  (0/e) =  Fe  (L/e) = 0. Assumption 2  ## ]0,  L[,  Fee  (##/e) 0. This distribution function is strictly concave in  e.  4 Assumption 3  ce  (e) 0 and  cee(e) 0. The prevention cost is strictly convex in  e. Assumption 4  If the amount of damages is very high, the firms assets may be insufficient for compensation; then the firm will be pushed into bankruptcy. Assume that the discount rate is null so that the firms net value without investment in prevention noted ## equals  R  +  P.Formally, this liability assumption can be written as  L   ##. What about the optimal level of prevention from the firms point of view? The intuition suggests that a firm facing limited liability will underinvest in prevention. But, as stated by the following lemma this is not always true. Lemma 1  A judgment-proof firm does not always choose a suboptimal prevention level. Proof: See the â€Å"Appendix†. The social welfare criterion is assumed to be the minimization of the total cost which is the sum of the expected damages and the prevention cost. We assume that the regulator observes the prevention level. At the social optimum, the expected marginal benefit of prevention equals the expected marginal cost. The objective of the firm is to maximize its net revenue which equals to the sum of its profit and equity minus the expected liability payments (compensation and clean-up costs). The firm can only  pay  up to her assets. Hence the private expected marginal benefit is lower than the social one because of the partial internalization of environmental damages by the firm. Moreover, the private expected marginal cost of prevention is lower than the social one because the funds invested in prevention are not available for compensation and clean-up. At the private optimal level of prevention, the private expected marginal benefit of prevention equals the private expected marginal cost. Consequently, the optimal private level of prevention may be lower or higher than the socially optimal one, depending on which effect dominates. However, the judgment-proofness of the firm may result in a partial remediation of damages. One can think about compulsory liability insurance which covers the h ighest amount of damages as a solution to this problem. But it is well known from economics literature that when care is non-observable, a full insurance leads to underprovision of care by the insured. In the following section we demonstrate that under a guarantee structure, incentives work well even if it is  *E.J.L. E. 81  impossible to observe the care by the  polluter. The reason is that under the guarantee the  polluter  receives a return on investment in prevention. Moreover, this scheme provides the full coverage of damages: prevention and compensation are both satisfied. 3 Financial responsibility This section is devoted to the economic analysis of a hybrid regime of ex ante regulation through financial responsibility requirement and ex post strict liability. More precisely, in our setting the financial responsibility takes the form of a guarantee provided by another party that has deep pockets. Then the hybrid regime can be viewed as a regime of vicarious liability in which the guarantor and the firm are joint liable. As we know, in this setting, the victims generally choose to collect from the guarantor because the later has deep-pockets. Then, in what follows, we will assume that the firm and its guarantor are jointly liable and that it is the guarantor who has to compensate for the damages generated by the firm.5,6 The analysis is based on the principal-agent paradigm. In this framework, the firm is the limited liability risk neutral agent and the guarantor is the risk neutral principal. The prevention level performed by the firm and consequently the cost of such a measure are not observable by the principal. Moreover, the amount of damages and the  net  resources of the firm at the end of the period are observable. The timing of the model is as follows. First, the guarantor and the firm sign a contract which stipulates the state-contingent-payments (transfers) that the firm has to make to his guarantor. Secondly, the firm performs a level of prevention and bears the associated cost which is unobservable by the guarantor. Then, the profit is realized and the damages occur and finally the transfer is made to the guarantor. Moreover, it is assumed that the guarantor has all the bargaining power and his objective is to design a scheme of transfers that maximizes his profit. However, the guaran tor has to take into account some constraints. The first one is the participation constraint of the firm which reflects the fact that the financial guarantee  must  yield expected revenue at least equals to what the firm would have obtained without contracting (condition 1). The second one is the firms limited liability constraint (condition 2). The third constraint reflects the fact that the transfer is bounded below in such a way that the firm could be rewarded (condition 3).7  The last condition is the incentive compatibility constraint which reflects the optimal behaviour of the firm in choosing the prevention level (condition 4).8 *E.J.L. E. 82  Formally, if we denote  t(##) the transfer made by the firm when the amount of damages equals ##, the guarantors problem (P1) can be written as: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE subject to TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The existence of schemes of transfers that solve the problem above is not guaranteed. Then it is essential to characterize the conditions under which the problem (P1) admits a solution for a given utility  u  (expected firm revenue) and a given prevention level  e.  We can establish the following result: Proposition 2  The problem  (P1)  admits a solution, i.e. the levels of utility u and prevention e can be implemented if and only if: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Proof:  See the â€Å"Appendix†. The intuition underlying the proposition 2 is the following. For a given level of prevention  e  it is not possible to find a scheme of transfers that gives a level of utility  u  if the marginal cost of such a measure is greater than the marginal benefit. Let us remark that the marginal benefit of prevention is reflected by the reduction of the expected transfers that the firm has to  pay  to her guarantor. We have demonstrated (see the â€Å"Appendix†) that there is a scheme  %23t(##) that gives the maximum marginal benefit of prevention, which equals [##   c(e)   B]Fe  (##). If this upper limit of the marginal benefit of prevention is lower than the marginal cost of prevention for a given  e,  then any scheme of transfers cannot implement the prevention level  e. From the analysis above we can derive the following result: Proposition 3  The social optimum  (u, e*)  can be implemented with the financial responsibility if and only if: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE *E.J.L. E. 83  Ã‚  Proof:  See the â€Å"Appendix† The left-hand-side term of the condition (5) represents the rate of change of the marginal benefit of prevention at the point  e* with a transfers scheme  %23t(##), whereas the right-hand-side represents the rate of change of the marginal cost of prevention at the same point. Consequently if there is a level of damage ## such that the rate of change of the marginal benefit is at least equal to the rate of change of the marginal cost of prevention then the social optimum can be implemented. The last step of the analysis is devoted to the characterization of a scheme of transfers that implements the first-best level of prevention. We can establish the following proposition: Proposition 4  The set of transfers that implement the socially optimal level of prevention contains a scheme of the following form: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Proof:  See the â€Å"Appendix† The scheme of transfers  23t(##) is such that if at the end of the period, the actual damage is lower than the target level ##, then the firm is rewarded by receiving the bonus payment B, so her net revenue at the end of the period equals ## Conversely if the actual damage is greater than the target level ##, then the payment made by the firm to the guarantor equals ##   c(e*) and the firm net revenue at the end is null. This form of contract can be approached to a spread loss treaty. It is an alternative risk transfer (ART) solution, more precisely a finite risk product. By this contract, the financial responsibility of the firm is transferred to her guarantor (that can be a bank or an insurer).9,10  At the beginning of the contract, the firm  pays  either annual or single premium into a so-called experience account. Furthermore, the two parties contractually agree on an investment return. The funds are used to compensation and the rest is returned to the client. But if the claims payments exceed the funds available, the client has to  pay  the remainder. In this paper, we consider a one-period model. Consequently, the model can be viewed as if we have aggregated the periods of the spread loss treaty. Moreover, if the realized damages are low, the funds into the experience account are sufficient for compensation whereas in the bad states of nature (high realized damages), the funds  *E.J.L. E. 84  are not sufficient. Hence, because of its limited liability, the firm cannot  pay  back the claims payments of the guarantor. Then, the guarantor takes this fact into account by penalizing the firm in the intermediate states of nature [those such that the amount of damages is between the target level ## and ##   c(e*)]. Consequently, the reward is used as an incentive device. 4 Concluding remarks A potentially judgment-proof firm may not internalize the social cost of its activity and then may have insufficient incentives to choose the socially optimal level of prevention. Whereas most of papers studied the incentive effect of extending liability to the lenders of the injurer-firm, this paper on contrary considers another remedy to the problems generated by the judgment-proofness. I demonstrate that a full financial responsibility (operation licence subject to the demonstration of a financial guarantee which covers the highest remediation cost) is compatible with the socially optimal level of prevention and establish a necessary and sufficient condition under which this is realized. Furthermore, I have shown that when the socially optimal outcome is attainable, a contract of the form â€Å"reward or maximum penalty† is included in the set of first-best solutions. Such a contract rewards the firm when the actual damages are lower than a target level because the guarantor infers that the firm took an adequate prevention level. Conversely, if the amount of the damages exceeds the target level, then the firm is maximally punished. This particular contract can be approach to an alternative risk transfer product referred to as spread loss treaty. Consequently, the alternative risk transfer solutions seem suited not only for the hedging of environmental risks, but also for incentive purpose. Finally, recall that the Directive of the European Parliament and the Council on Environmental Liability has a special focus on a future legislation which imposes financial responsibility on the polluting firms. It is necessary that before the promulgation of such legislation, European authorities help insurance and banking sectors to develop the market for environmental guarantees. Acknowledgments  I am very grateful to an anonymous referee and to the editor for helpful remarks on a previous version of the paper. I would like to thank Jean-Marc Bourgeon, Georges Dionne, Marie-Cà ©cile Fagart, Mahamadou Fall, Claude Fluet, Bruno Jullien, Anne Lavigne, Rà ©mi Moreau, Pierre Picard, Sandrine Spaeter, Jean-Marc Tallon and Daniel Zajdenweber. The paper also benefited from the comments of session participants of the 2005 SCSE congress in Charlevoix, 2005 AFSE congress in Paris and seminar participants at HEC Montrà ©al, Università © dOrlà ©ans, Università © de Sherbrooke and Università © du Quà ©bec Montrà ©al. Financial support by CREF-HEC and the hospitality of the Canada Research Chair in risk management are acknowledged. Appendix Proof of lemma 1 The social optimum  e* is the solution of the following problem: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE *E.J.L. E. 85  The associated first-order condition is given by: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The firms problem can be written as: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The left-hand-side term of Eq. 6 (7) represents the social (private) expected marginal cost of prevention and the right-hand-side represents the social (private) expected marginal benefit. From the comparison of (6) and (7)  eP  can be lower or higher than  e*. Proof of proposition 2 Part 1: u  ## [u,##   c(e)   B] Every level of utility  u  is given by the following expression: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Taking into account this expression, the objective function of the guarantor becomes: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Moreover, (2) and (3) imply: ##   c(e) ≠¥ ##  t(##)f(##/e)d## ≠¥Ã‚  B; thus 0≠¤u  Ã¢â€° ¤ ##   c(e)   B Consequently, the existence of a transfers scheme verifying (1), (2) and (3) implies that the utility of the firm is bounded:  u  ## [u,##   c(e)   B]. Note that the principals objective function depends only on the expected transfer (by  u). Therefore, all solutions that verify the agents incentive constraint and that have the  *E.J.L. E. 86  same expectation are equivalent from the principals point of view. However, the existence of such solutions is not guaranteed. Indeed, if the problem does not admit a solution, then it is not possible to implement a given level of prevention  e  for a given level of utility  u. Part 2: [##   c(e)   B]Fe  (##/e) ≠¥Ã‚  ce(e) Let us assume that  u  ## [u,##   c(e)   B], then the next step consists to establish conditions under which the incentive constraint (4) is satisfied. Let ## = {t(##)/B  Ã¢â€° ¤Ã‚  t(##) ≠¤ ##   c(e)##}, be the set of admissible transfers. Let us define:G[t(-)] = ##  t(##)fe(##/e)d##;  m  = min ##  t(##)fe(##/e)d## and  M  = max ##t(##)fe(##/e)d##. We can establish that  m  is strictly negative and  M  strictly positive.11  Thus the function  G  [t(.)] is bounded in the set of admissible transfers. Then the validity of the incentive constraint depends on the value taken by  m  as follows. Lemma 2  the incentive constraint is satisfied for a given e and u if and only if: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Lemma 3  the scheme of transfers  %23t(##)  which minimizes the function G  [t(-)] = ##  t(##)fe(##/e)d##  has the following form  12: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The second part of proposition 2 follows from lemmas 2 and 3. Proof of proposition 3 From proposition 2, we can derive that when the guarantors problem (P1) admits at least one solution, it is equivalent to the following problem (P1bis): TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE Conditions (9) and (10) imply proposition 3. *E.J.L. E. 87  Ã‚  Proof of proposition 4 From the proposition 3 we know that the socially optimal prevention level can be achieved if  Fe(##/e*)/F(##/e*) ≠¥Ã‚  ce(e*)/u. Moreover, we can demonstrate that the function  Fe(##/e*)/F(##/e*) is not increasing in ##.13  Consequently, if  Fe(##/e*)/F(##/e*) ≠¥Ã‚  ce(e*)/u, there is a level of damages ## ## such that  Fe(##/e*)/F(##/e*) =  ce(e*)/u. References Balkenborg, D. (2001). How liable should a lender be? The case of judgment-proof firms and environmental risk: Comment.  American Economic Review, 91,  731-738. Beard, R. (1990). Bankruptcy and care choice.  RAND Journal of Economics, 21,  626-634. Boyer, M., Laffont, J.-J. (1997). Environmental risks and bank liability.  European Economic Review, 41,  1427-1459. Dari-Mattiacci, G., De Geest, G. (2005). Judgment Proofness under four different precaution technologies.  Journal of Institutional and Theoretical Economics, 161(1), 38-56. Dionne, G., Spaeter, S. (2003). Environmental risk and extended liability: The case of green technologies.  Journal of Public Economics, 87(5-6), 1025-1060. Feess, E., Hege, U. (2000). Environmental harm and financial responsibility.  Geneva Papers on Risk and Insurance, Issues and Practice, 25(2), 220-234. Feess, E., Hege, U. (2003). Safety monitoring, capital structure and financial responsibility.  International Review of Law and Economics, 23,323-339. Hutchison, E., Vant Veld, K. (2005). Extended liability for environmental accidents: What you see is what you get.  Journal of Environmental Economics and Management, 49,  157-173. Jost, P. (1996). Limited liability and the requirement to purchase insurance.  International Review of Law and Economics, 16,  259-276. Lewis, T., Sappington, D. (1999). Using decoupling and deep pockets to mitigate judgment-proof problems.  International Review of Law and Economics, 19,  275-293. Lewis, T., Sappington, D. (2001). How liable should a lender be? The case of judgment-proof firms and environmental risk: Comment.American Economic Review, 91,  724-730. Lipowsky-Posey, L. (1993). Limited liability and incentives when firms can inflict damages greater than worth.  International Review of Law and Economics, 13,  325-330. Pitchford, R. (1995). How liable should a lender be? The case of judgment-proof firms and environmental risk.  American Economic Review, 85,1171-1186. Polborn, M. (1998). Mandatory insurance and the judgment proof problem.  International Review of Law and Economics, 18,  141-146. Ringleb, A. H., Wiggins, S. N. (1990). Liability and large-scale long-term hazards.  Journal of Political Economy, 98,  574-595. Rogerson, W. (1985). The first-order approach to principal-agent problems.  Econometrica, 53,  1357-1367. Shavell, S. (1986). The judgment proof problem.  International Review of Law and Economics, 6,  45-58. Summers, J. S. (1983). The case of disappearing defendant: An economic analysis.  University of Pennsylvania Law Review, 132,  145-185. IRDES, 10 rue Vauvenargues, 75018 Paris, France e-mail: [emailprotected]; [emailprotected] E.J.L. E. 2010, 30(2), 77-87

Fort Mims Massacre in the Creek War

Fort Mims Massacre in the Creek War Fort Mims Massacre - Conflict Date: The Fort Mims Massacre took place on August 30, 1813, during the Creek War (1813-1814). Armies Commander United States Major Daniel BeasleyCaptain Dixon Bailey265 men Creeks Peter McQueenWilliam Weatherford750-1,000 men Fort Mims Massacre - Background: With the United States and Britain engaged in the War of 1812, the Upper Creek elected to join with the British in 1813 and began attacks on American settlements in the southeast. This decision was based on the actions of the Shawnee leader Tecumseh who had visited the area in 1811 calling for a Native American confederacy, intrigues from the Spanish in Florida, as well as resentment about encroaching American settlers. Known as the Red Sticks, mostly likely due to the their red-painted war clubs, the Upper Creeks were led by notable chiefs such as Peter McQueen and William Weatherford (Red Eagle). Fort Mims Massacre - Defeat at Burnt Corn: In July 1813, McQueen led a band of Red Sticks to Pensacola, FL where they obtained arms from the Spanish. Learning of this, Colonel James Caller and Captain Dixon Bailey departed Fort Mims, AL with the goal of intercepting McQueens force. On July 27, Caller successfully ambushed the Creek warriors at the Battle of Burnt Corn. As the Red Sticks fled into the swamps around Burnt Corn Creek, the Americans paused to loot the enemys camp. Seeing this, McQueen rallied his warriors and counterattacked. Overwhelmed, Callers men were forced to retreat. Fort Mims Massacre - The American Defenses: Angered by the attack at Burnt Corn Creek, McQueen began planning an operation against Fort Mims. Constructed on high ground near Lake Tensaw, Fort Mims was situated on the east bank of the Alabama River north of Mobile. Consisting of a stockade, blockhouse, and sixteen other buildings, Fort Mims provided protection for over 500 people including a militia force numbering approximately 265 men. Commanded by Major Daniel Beasley, a lawyer by trade, many of the forts inhabitants, including Dixon Bailey, were mixed-race and part Creek. Fort Mims Massacre - Warnings Ignored: Though encouraged to improve Fort Mims defenses by Brigadier General Ferdinand L. Claiborne, Beasley was slow to act. Advancing west, McQueen was joined by the noted chief William Weatherford (Red Eagle). Possessing around 750-1,000 warriors, they moved towards the American outpost and reached a point six miles away on August 29. Taking cover in tall grass, the Creek force was spotted by two slaves who were tending cattle. Racing back to the fort, they informed Beasley of the enemys approach. Though Beasley dispatched mounted scouts, they failed to find any trace of the Red Sticks. Angered, Beasley ordered the slaves punished for providing false information. Moving closer through the afternoon, the Creek force was nearly in place by nightfall. After dark, Weatherford and two warriors approached the forts walls and scouted the interior by looking through the loopholes in the stockade. Finding that the guard was lax, they also noticed that the main gate was open as it was blocked from completely closing by a bank of sand. Returning to the main Red Stick force, Weatherford planned the attack for the next day. Fort Mims Massacre - Blood in the Stockade: The next morning, Beasley was again alerted to the approach of a Creek force by local scout James Cornells. Disregarding this report, he attempted to have Cornells arrested, but the scout rapidly departed the fort. Around noon, the forts drummer summoned the garrison for the midday meal. This was used as the attack signal by the Creek. Surging forward, they rapidly advanced on the fort with many of the warriors taking control of the loopholes in the stockade and opening fire. This provided cover for others who successfully breached the open gate. The first Creeks to enter the fort were four warriors who had been blessed to become invincible to bullets. Though they were struck down, they briefly delayed the garrison while their comrades poured into the fort. Though some later claimed he had been drinking, Beasley attempted to rally a defense at the gate and was struck down early in the fighting. Taking command, Bailey and the forts garrison occupied its inner defenses and buildings. Mounting a stubborn defense, they slowed the Red Stick onslaught. Unable to force the Red Sticks out of the fort, Bailey found his men gradually being pushed back. As the militia fought for control of the fort, many of the settlers were struck down by the Red Sticks including women and children. Using flaming arrows, the Red Sticks were able to force the defenders from forts buildings. Sometime after 3:00 PM, Bailey and his remaining men were driven from two buildings along the forts north wall and killed. Elsewhere, some of the garrison was able to break through the stockade and escape. With the collapse of organized resistance, the Red Sticks began a wholesale massacre of the surviving settlers and militia. Fort Mims Massacre: Aftermath: Some reports indicate that Weatherford attempted to halt the killing but was unable to bring the warriors under control. The Red Sticks blood lust may have been partially fueled by a false rumor which stated that the British would pay five dollars for each white scalp delivered to Pensacola. When the killing ended, as many as 517 settlers and soldiers had been struck down. Red Stick losses are not known with any precision and estimates vary from as low as 50 killed to as high as 400. While the whites at Fort Mims were largely killed, the Red Sticks spared the forts slaves and took them as their own. The Fort Mims Massacre stunned the American public and Claiborne was criticized for his handling of the frontier defenses. Beginning that fall, an organized campaign to defeat the Red Sticks commenced using a mix of US regulars and militia. These efforts culminated in March 1814 when Major General Andrew Jackson decisively defeated the Red Sticks at the Battle of Horseshoe Bend. In the wake of the defeat, Weatherford approached Jackson seeking peace. After brief negotiations, the two concluded the Treaty of Fort Jackson which ended the war in August 1814. Selected Sources Fort Mims Massacre Fort Mims Restoration Association

Winona LaDuke and Climate Change Essay Example | Topics and Well Written Essays - 750 words

Winona LaDuke and Climate Change - Essay Example LaDuke seeks to increase the first nation’s resilience in environmental justice. For example, in speaking out concerning climate change, the author seeks to promote the use of alternative sources of energy. The author identifies climate change as a human rights issue that has greatly affected the Pacific Islanders, Indigenous people, and Local-Land based communities due to their dependency on activities such as hunting, fishing and gathering rights. The dependency on fossil fuels has also resulted in health issues such as respiratory and infectious disease. The author also observes that the economic and cultural displacement in the society has also been in an attempt to access fossil energy. There are native solutions that greatly aid the country’s environmental sustainability. LaDuke observes that wind energy can easily be utilized in twenty-three Indian Reservations in the Great Plains. LaDuke states that these regions can produce 300 gigawatts of power that is enough to meet the country’s needs. Solar energy is another alternative that can be utilized in The Great Lakes, North West and North Eastern regions including other tribal lands in the South Western. The native solutions are beneficial as they promote local economies as they provide income, jobs and tax revenues. The native solutions respect the traditions and the responsibilities of the Aboriginal communities in protecting the sacredness of the earth. The issue of environmental justice is an important issue affecting societies on a global scale.

Macroeconomic Principles and Policy Essay Example | Topics and Well Written Essays - 750 words

Macroeconomic Principles and Policy - Essay Example A policy to fight a recession would need to take into account these numerous variables. One area that the government can control is the money supply. The Federal Reserve is tasked with monitoring and stabilizing the amount of currency in the economy. In recent years, they have accomplished this by controlling the interest rate. A lower interest rate will stimulate borrowing and investment. This will put more money into the economy as the money supply grows. As more money enters the economy, purchasing picks up and the economy grows and expands. However, the expanding economy also signals the potential for inflation. With high inflation, people have less purchasing power and the economy may falter dramatically. While controlling the money supply may be helpful, it is usually not a good long-term solution and should be used to stabilize and not control the economy. There could also be external factors that are working against the economy. High oil prices have taken money out of consumer's disposable income. Recent events such as natural disasters and inclement weather have also created hardships for consumers. The recent winter weather in the West devastated farmers while providing an additional blow of higher beef prices. There also may be cyclical pressures that are extending the recessionary period. This could be the result of a correction for the recent boom in the real estate market. Many borrowers were strapped with debt beyond their realistic means by below prime lenders. Credit card debt has also risen dramatically and consumers who are servicing these debts do so at the expense of their purchasing power. Global economics may have some effect on the flat GDP as more products are outsourced and offshored. While free trade agreements have made a system of corporate nations around the world, it has resulted in flattening the median income and created an underemployment situation in the US, which may contribute to a prolonged period of recession. This period may be exaggerated by mounting consumer debt and more difficulty managing it. All these events contribute to the consumer's negative outlook on the economy. It creates what Banik (2002) calls a climate of fear where the psychological behavior of consumers creates a cycle of recession. While 18 months may seem like a considerable downturn, with the right combination of external events and loss of consumer confidence, the recession could continue to hold back the economy for several more months. The Federal Reserve and the Money Supply The Federal Reserve (Fed) controls the money supply by controlling the reserves that banks are required to hold against deposits. By buying and selling US Treasury securities, the Fed controls the amount of reserves and therefore the money supply. With more money in reserve, banks are free to loan out more money. They also control what is known as the currency component. It is a smaller portion of the money supply that deposits and withdraws currency from banks. Together with the reserve deposits, these two factors make up what is known as "high powered money" (Schwartz 2002). Interest rates are another method that the Fed has used to control the money supply. "In recent decades the Federal Reserve...interpreted a rise in interest rates as tighter monetary policy and a fall as easier monetary policy" (Schwartz 2002). This is a method of controlling the demand for money by making it

Baldwins Views on Struggles of Blacks in America Essay -- James Baldw

Same Story, Different Continents During the late 1950?s and early 1960?s, many African nations were struggling for their independence from Europe. In ?Down at the Cross,? James Baldwin relates this struggle to that of blacks in the United States during the same time period, and there are far more similarities than Baldwin mentions. Although this comparison offers hope, demonstrating the power of blacks over white oppressors, the ongoing European presence in Africa is a painful reminder that independence and freedom are not complete. Since the 1880?s, when European nations colonized Africa, Europe had almost complete control over the continent, but this changed during the 1950?s and 60?s. By 1958, ten African countries had gained their independence, and sixteen more joined the list in 1960 alone. Although these nations? gain of independence demonstrates the ability of blacks to overpower their white oppressors, Baldwin argues ?The word ?independence? in Africa and the word ?integration? here are almost equally meaningless; that is, Europe has not yet left Africa, and black men here are not yet free? (336). While black people had been legally free in the United States since 1863, two decades before the European colonization of Africa, they were still not truly free, almost a century later. The absence of true freedom is apparent in Baldwin?s other essays, in which he writes about the rampant prejudice and discrimination of the 1950?s and 60?s. Blacks during this time were limited as to where they could live, go to school, use the bathroom, eat, and drink. ?Such were the cases of a Nigerian second secretary who was rebuffed last week when he tried to order breakfast in Charlottesville, VA, and a Ghanaian second secret... .... The National Park Service. 17 Mar. 2004 . ?Lumumba Moved; Reported Beaten.? New York Times 19 Jan. 1961: 7. McLaughlin, Kathleen. ?U.N. Jobs Easing Plight in Congo? New York Times 22 Jan. 1961: 8. ?New Money Set for South Africa? New York Times 16 Jan. 1961: 2. Power Struggle. Revolutionary Suicide: Controlling the Myth of Huey P. Newton. 17 Mar. 2004 . Schmidt, Dana Adams. ?Africans Protest Prejudice in U.S.? New York Times 21 Jan. 1961: 4. Tanner, Henry. ?Mali President Calls on Nation To Fight ?Foreign Subversion. New York Times 16 Jan. 1961: 2. The Tripartite Invasion, 1956. About.com. 5 Mar. 2004 . ?U.N. Shuns Effort in Lumumba Case.? New York Times 20 Jan. 1961: 3.

Amazon Case Syudy

AMAZON. COM Q. 1: A. Analyze Amazon. com using the competitive forces and value chain models. Five competitive forces shape fate of firm According to Porter's Five Forces Model, in my opinion, competition has increased overall as a result of the internet and e-Commerce. The internet and IT has made it possible to both focus on the top and bottom lines and market share is expanded and costs are cut. Many products and services exist just online, major companies have gone online to successfully augment the brick and mortar corporations, and the playing field is all the way to edges of cyberspace, wherever that is Traditional competitors Amazon has strong competitors like online retailing stores and a large number of physical stores(Books, Grocery,Electronics,Video games etc). Examples : Barnes & Noble, Inc. , Wal-Mart. com USA, LLC (privately held), Catalog & Mail Order Houses High – As search engines are becoming the first choice for consumers when shopping on-line e. g. Google. This increases the opportunities for other retailers. High – There is an increasing amount of dotcom companies due to the little capital needed to start up. Smaller niche affiliate online stores when combined create even more competition New market entrants Threat of new entrants is high when it is easy for new competition to enter the market. As the technology is increasing and facilitating the businesses more and more so it is becoming easier for any business to start online retailing operations. Low – For online established retailers a strong brand image generates consumer trust. Low – Economies of scale – Retailers that have refined technology and processes and are able to buy in bulk can offer the lowest prices. This is a major competitive advantage as there is much choice online. Low – Strong experience in the online retail industry gives e-retailers advantages in terms of cost and customer loyalty. High – Capital requirement entry is a low for online businesses’ as cost of lease premises is minimal. Substitute products and services High – Physical stores and touch, feel, hear factors. High – Renting products online instead of buying them is increasing in popularity. This is a major concern for Amazon in their book sales as online retailers such as Textbookflix. com and BookRenter. com are providing much cheaper options than buying. High – The internet is a â€Å"Global Market†, consumers can substitute any product by purchasing from companies overseas where products are cheaper, but of good quality. Low – Catalogue/mail order although not as popular still a substitute to online buying. Customers/Buyers High – There is a large variety of online shops and comparison websites to compare best prices. Buyer power is higher when buyers have more choices. Businesses are forced to add value to their products and services to get loyalty. Many loyalty programs include excellent services that customers demand on-line. Customers want to solve their problems and many times they are more successful on-line than on-phone. Also, we see internet savvy businesses springing up offering more valuable goods and services at lower costs. Now with the advent of eBay, many people are assuming roles as drop shippers. Individuals can have a thriving business selling goods of larger companies without having to carry inventory. Suppliers Low – For standardized products that are easily available supplier power will be low. High – Specialized products and brands increase switching costs for buyers so the suppliers have higher power. With Amazon products such as the Harry Potter books are exclusive from publisher. High – Online shops making it easier for publishers/ brands to sell directly to consumers without a third party (e. g. Blackwell’s), suppliers may not need Amazon. High – If there is a concentration of suppliers for certain products in the industry rather than fragmented. Low – Global shipping has increased the amount of suppliers available. Value Chain The value chain analysis undertaken examines the operational effectiveness of activities that enable Amazon. om to perform better than its competitors. Amazon. com configures its value chain activities to create unique value for customers, reduce its costs of carrying out these activities and reduce the cost of its customers’ transactions. SUPPORT ACTIVITIES Firm Infrastructure Huge central customer data warehouse available to all business units. Central planning function. Amazon. com has a single Technology platform wi th services being incrementally distributed to other worldwide locations, thus reducing costs by leveraging investments. Human Resource Management Amazon. om offers employees unique benefits such as medical, paid time off and stock grants and relocation allowances. Such a strategy means warehouses could be located in economically cheaper areas yet these benefits can attract highly skilled workers. For example in Kentucky, Amazon. com offers a decent rate of pay of about $11 – $12 thus reducing cost of labour. Amazon. com sources expertise from highly experienced workers from other competitors such as Walmart. Technology Development High investments in technology development to leverage new but unknown opportunities in digital sales of music, books and videos. For example being able to quickly digitize media for direct online sales/download or for â€Å"Search inside the book† service. Using standard hardware systems from HP to reduce cost of maintenance and compatibility Building an IT strategy, IT infrastructure and Data Centre on Linux open source software thus reducing cost of technology development. Renting computing resources to other companies reduce total cost of Ownership Procurement Using the Strategic Business Unit – BookSurge to keep a rich inventory of digital copies of books so as to make this readily available for customers through print-on-demand and reduce time of delivery. Specially built distribution centres, warehouses and fulfillment centres to increase the speed of order processing thus avoiding transaction costs. PRIMARY ACTIVITIES Inbound logistics Highly reduced returns to suppliers (such as unsold books and media) due to available accurate forecasting technology Laseter et al (2000). Efficiently gathering information about customer experiences to inform service inputs and inventory controls. Operations Easy and fast payment systems Online customer contact and feedback. 24hour warehouse operations to meet customer demands. Outbound logistics Close proximity to motorways e. g. UK Fulfilment Centre in Bedfordshire located next to M1. Ability to aggregate orders bound for specific locations. Marketing & Sales Discounts and price reductions made available with suggested product mixes. Similar products recommended to customers interactively. Interactive shipping and parceling price calculations. Free delivery based on single transaction spend. Service Free returns policy within 30 days. Uses marketplace to increase channel and range of goods through 3rd parties and customers. Price comparison of new products with used products in marketplace shops. B. How has it responded to pressures from its competitive environment? They responded with a continuous innovation in business strategy and information systems. Its business innovations are all driven by huge investments in information systems. There were three million titles in print, and any one physical bookstore could only stock a fraction of them. A â€Å"virtual† bookstore offers a much larger selection of titles. Amazon. com was able to charge lower prices than physical bookstores because it maintained very little of its own inventory (relying instead on distributors) and did not have to pay for maintaining physical storefronts or a large retail sales staff. Amazon also introduced Amazon. com Auctions (similar to those offered by eBay), and zShops (online storefronts for small retailers). To service these new product lines, Amazon significantly expanded its warehouse and distribution capabilities and hired large numbers of employees. C. How does it provide value to its customers? In 1995, former investment banker Jeff Bezos took advantage of new business opportunities created by the Internet by setting up a Web site to sell books directly to customers online. Amazon. com provided online synopses, tables of contents, and reviews to help with selection. Amazon tried to provide superior customer service through e-mail and telephone customer support, automated order confirmation, online tracking and shipping information, and the ability to pay for purchases with a single click of the mouse using credit card and personal information a customer had provided during a previous purchase. This was called â€Å"1-Click† express shopping, and it made the shopping experience even more convenient. Q. 2: Describe Amazon’s evolving business strategy? Amazon has changed its strategy for the last 13 years. They started from a way to sell books over the internet directly to customers, They offered so many things with time as : a. A much larger selection and lower prices b. Great customer support via telephone and e-mail c. Customer’s ability to connect with real people d. The creation of â€Å"1-click† shopping e. In 1998 began selling music and video products They set a goal of being a biggest virtual retail company. Their scope includes lean inventories, low head count, and significant cost savings over traditional bookstores and other retail competitors. Also in early 2000 they lowered prices, gave free shipping, and offered e-commerce to customers in order to increase profit. They improved their efficiency and became a profitable corporation. Q. 3: Why did the company change its strategy? Amazon kept changing its strategy throughout its existence to compete better. To be a successful player in the market a company especially an online retailer needs to have the ability to adjust according the changing situation of the market. Due to continue adjustments in its business strategy Amazon was able to get profits in less than ten years and getting a continuous profit in the recent years. They changed their strategy timely and in order to keep the company growing they need to change the business strategy according the current market and by keeping in view the competitors. Q. 4: Do you think Amazon can continue to be successful? Explain your answer. Amazon is one of the biggest online retailing company and is famous for providing textbooks and reading materials for purchase. People do not surf on internet in great deal to find another online retailing company because the Amazon has created an image in the minds of the users and they are confident that they will get a great deal at Amazon. Personally I would gladly use Amazon as It has developed a trust level over the years. As for as the success of the Amazon is concerned I think Amazon will keep getting success in the future and they will continue to deliver for their investors. If the senior management is flexible and creative they will be able to adjust in any economic situation. There will always be a great number of students and other people who needs books and other reading materials. Amazon with a good history and good steady revenue and customers also support my point more solid in regards to their continual success.