Sociology of the Family Course Notes Essay Example for Free

Sociology of the Family Course Notes Essay Indirectly they choose who wil form their child’s friend groups (neighborhood choice). Marital status, sex, sexual orientation, and age of parents shape a child. Parenthood convential order at home, gender division of paid and unpaid—daddy works at home, and mommy goes to work—shows child that’s normalcy, could be different gender of labour somewhere else. Gender specific roles due to life situation of that family Affects children (institutions) -schools, media, churches, peer groups, day care, extra curricular programs. -Siblings- more egalitarian and equal to their peer relationship. Unlike peer relationships, the sibling is inscribed, not optimal, â€Å"stuck with family,† older siblings socialize younger siblings—positivewanting to ride a bike, sharing, communication, attitudes between safe sex, positive relationships, important identity, being strong person, when not to and when to get involved in situations negative—how to use makeup, smoking and drinking, young child figures out how to manipulate parents by watching older siblings, teach skills, attitudes, delinquency and aggressive behaviour, need to know when to stand up to their rights and when to give in peer group- once children start day care and school, peers become huge part of their life, parents have power over peers when young, but control is less when children grow up as parents cannot be with them constantly, peer elatipnship being negative, peers having negative affects on children (deliquent behaviour—drinking with peers and blame behaviour that children taking part in), friends affect childrens desirers of consumers, what the leader of the group wants, everyone has to have, children gravitate to those with similar interests—try on several different peer groups and then finally feel comfortable with similar likes, learning to conform to group culture, what is acceptable and what is not, peers can act more like a family than those at home, can be closer than blood bonds, peers can also create a dose of reality for those children that are a centre of reality for their parents lives Educational system—children learn to act around authority, introduced to many new groups, impact that school has, ie learning a different language, can than have an affect on other family members, formation of gender identities through the curriculum of culture, each school has its own gender regime—masculine and feminine characteristics—ie boys are athletic, strength, power, and others are arts schools, music cultures, etc. that stress certain masculine and feminine traits Religion-attendance in church is falling in the ages of 25-44 age group, adults are not exposing their children to particular formal/organized religious venues on a regular basis, most kids unaware of Sunday school, fellowship, religion had more social impact 50 years ago than today, spirituality has gone up, but doesn’t mean they are religious Media-can display media right away through all electronics, many more electronics today, benefits—news, can see what is going on around the world, broader overview of what is going on, more social awareness through media, more multicultural issues, strong women on tv—dora the explorer, ellen degeneres, judge judy, oprah, the good wife (lawyer), Emily md, modern family, will and grace negatives—cyber bullying, gender roles, racism, sexism, ageism, portraying women as sexual objects and victims of violence, agreesiveness and unhealthy relationships, tv violence raises aggression between young boys, experiencing violence in the home will produce aggressive deliquent behaviour, heavy viewing of tv can also interfere with school performance *reading, Ideologies of Parenthood medicalization of child-rearing-mothers were expected to rely on science and experts in the field of parenthood, scientific management of children in the beginning of this century, everything very routine and systematic scientific paradigm -the ideology of intensive mothering—- after ww2 intensive mothering became an accepted belief system, childrearing should be child centred, labour intensive, financially expensive, still taking advice from experts, -expansion of educational material ‘new’ brain science-no changing a child’s brain, once it is wired, that is the way the chld will be, critics charge that little evidence to prove this to be the case in the first 5 years, it is helpful but won’t detriment them if the mother isn’t completely nurturing them -parenting became medicalized, how to raise their children good mother/bad mother discourse—mothers are blamed for children’s bad experiences, socially created categories, cannot always take ownership of others actions—if child hits, do people think you hit at home, as long as child is adjusted, parenting style is working -responsive or attachment parenting, Alicia silversteen, the goal is to form and nurture a strong connection between parent and child, co-sleeping with the child until puberty hits (until 6 or 7 years old), unscheduled styles of homework, no routine for homework, diaperless poty training, not inflicting a regid routine on a child, the child will dictate to you when they are ready to do certain things blossom—son in sling up until age of 5 and poty training was diaperless for first little bit, and co-sleeping stil at 4 and 7 (7 b’s of attachment syndrome—askdrsears) Parenting Styles -4 socialization styles -authoritarian—maximize control, regid rules and standards of behiavour, don’t like to be challenged, emphasize respect for authority, powers and threats, not a lot of autonomy and individualism expressed by child, if rule broken, severe discipline and violent, low self-esteem, dependent, high delinquency or rebellion, lack of respect for peers indifferent uninvolved arenting-uninvolved st yle, parents barely involved in family life, parents are parents centred rather than child centred, encourage child to stay at a distance, less interaction with child the better, consequences for child have attachment issues, have a void of family, look elsewhere and have attachment issues with peers, low self esteem, difficulty forming relationships, trust issues , authoritative-gold standard—to put boundaries on acceptable behaviour with warm and accepting context, based on firm consistent control with age appropriate demands, and encourage independence, encourage child to foster problem solving and autonomous decision making, controls their behaviour moderately—if break rule won’t get yelled at but with be dealt with appropriately, parent interaction—affection, give and take, not all about power dymanics of parent in control but child has expectations assumed for them. Characteristics of child—high levels of self esteem, show empathy and nurturi ng side, permissive-minimize any control, parent not heavily involved, parents don’t expect a lot from their children, when disciplining have tactics of reasoning—more friend to friend relationship, few parental constraints, parents approve child to do what they want, consequences for children-no respect for rules, push limits and very independent Home leaving and boomerang kids (clustered nest, revolving door, ful nest syndrome)—adults live in their parents home -what is the boomerang generation—1/4 of parents that live with adult children were living with boomerang kid, child may have a different consequence for a child parent who had never left the home, parents more likely to express frustration because kids take up their time and more resources, financial burden, mothers return to their second shift, washing their clothes, doing dishes, marital balance is off because another adult living in house, power dynamics and structures changes, happiness decreases for parents -parents willing to accept 1 or 2 back home but does diminish marital status, 3 and 4 times home is uncommon -no job right out of school, tuition too high must live at home, want to save money to get married or a mortgage on a house, financially struggling **two articles at end of slides, will be on final exam—essay question like for midt erm

The Riders Essay -- Literary Analysis, Tim Winton

An individual’s ‘Sense of Place’ is predominantly their place of belonging and acceptance in the world, may it be through a strong physical, emotional or spiritual connection. In Tim Winton’s novel ‘The Riders†, the concept of Sense of Place is explored through the desperate journey of its protagonist, Fred Scully. Scully’s elaborate search for identity throughout the novel is guided and influenced by the compulsive love he feels for his wife Jennifer and their family morals, the intensity of hope and the destruction it can cause and the nostalgic nature of Winton’s writing. Two quotes which reflect the ideals of a person’s Sense of Place are â€Å"Experience is not what happens to a man. It is what a man does with what happens to him.’(Aldous Huxley) and â€Å"It is not down in any map. True places never are.† (Herman Melville). Huxley and Melville’s statements closely resemble Fred Scully’s jou rney and rectify some of his motivations throughout the text. Scully’s ‘Sense of Place’ strongly revolves around the idea of a healthy marriage, a happy family, and ultimately, the presence of love. He believes that he and Jennifer have an honest relationship and that she is like his â€Å"sheet anchor...a steadying influence on him†, (p.20) but Winton contradicts this by frequently incorporating foreshadowing into Scully’s dreams to signify that Scully’s marriage is not what it seems. ‘In his dreams that night he ran, never stopping to see what was behind him, blindly going on into darkness’ (p.22). This quote highlights his trusting nature towards his relationship with Jennifer, and foreshadows the â€Å"blind† shock that he will suffer when he is betrayed. Scully does not only feel intense love for his wife, he is also devoted to his daughter Billie. He b... ...ecomes clear, that Scully’s home, his life and ultimately his Sense of Place is in Ireland with Billie by his side. It is with this newfound knowledge that Melville’s quote rings true: Scully’s true places; his daughter and his memories cannot be found on any map, only deep inside his heart. Fred Scully endured an emotionally destructive journey in order to discover his true identity and Sense of Place. In order to attain his identity Scully learnt how love could be both dangerous and wholesome, how much it hurts to have his hopes raised only to be shattered by the truth and experienced spiritual travels back to his secure past. Throughout Scully’s journey Winton reinforces the concept of Sense of place with the techniques of flashbacks and foreshadowing, which crucially contribute to Scully’s newfound Sense of Place: anywhere where Billie and him are together.

Financial Accounting

Veronica Bradley Financial Accounting August 12, 2012 Internal Controls Case Study 2 Internal Controls LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The Company has to check the internal controls of a system of checks and balances designed to detect and prevent fraud and errors. The Sarbanes-Oxley Act requires U. S. companies to enhance their systems of internal control. The company hired has to detect the internal control system and meet the companies requirements.The internal control standards applicable to Sarbanes-Oxley (SOX) apply only to large public companies listed on U. S. exchanges. There is a continuing debate as to whether non-U. S. companies should have to comply with this extra layer of regulation. Debate about international companies (non-U. S. ) adopting SOX-type standards centers on whether the benefits exceed the costs. The concern is that the highe r costs of SOX compliance are making the U. S. securities markets less competitive. These activities are the backbone of the company’s efforts to address the risks it faces, such as fraud.The specific control activities used by a company will vary, depending on management’s assessment of the risks faced. This assessment is heavily influenced by the size and nature of the company. The principles of internal control activities are (1) establishment of responsibility, (2) segregation of duties, (3) documentation procedures, (4) physical controls, (5) independent internal verification, and (6) human resource controls. Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine.When you advise the President, please be sure to reference the applicable internal control principle that applies. The things that the company is doing well are that using the pr e- numbered invoices. When the company was not using pre-numbering they violated the documentation procedures. If pre-numbered documents are not used, then it is virtually impossible to account for the documents. This will keep good documentation on some things for future reference to have on hand and things aren’t done more than one time by different people.Pre-numbering helps to prevent a transaction from being recorded more than once, or conversely, from not being recorded at all. Second, the control system should require that employees promptly forward source documents for accounting entries to the accounting department. This control measure helps to ensure timely recording of the transaction and contributes directly to the accuracy and reliability of the accounting records. With the information provided the company should invest in an indelible ink machine. This will put the company in more control of accounting procedures.And with this in hand will help reduce the chanc e of any fraud going on in the company with the checks being more manageable. Use of physical controls are essential. The accountant’s act of keeping the checks in a safe in his office is in accordance with the physical controls principle. This reflects the safeguarding of assets and enhances the accuracy and reliability of the accounting records. The President should also know what they are doing wrong like the petty cash situation. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash.The company had a hard time getting the employee to admit it was him because the company does not assign individual passwords. The company is violating the establishment of responsibility, and segregation of duties, documentation procedures, independent internal verification and human resource controls. With the petty cash Internal control over a petty cash fund is strengthened by: (1) having a supervisor make surprise count s of the fund to confirm whether the paid petty cash receipts and fund cash equal the fund amount, and (2) canceling or mutilating the paid petty cash receipts so they cannot be resubmitted for reimbursement.With the establishment of responsibility the company is violating that responsibility by not assigning responsibility to specific employees. Control is most effective when only one person is responsible for a given task. Without doing this leave the door open for fraud and other possibilities to of things to occur. With the company hiring convicted felons and sex offenders with them having a human resources department this all would have been avoided.They wouldn’t have to worry about employees using the internet to view porn sites. When the company hires employees they should have an independent verification for each individual employee. This will track all the employees with their computer and signing in and out of the system and all things that require a verification to proceed. An accountant is not certifiable to interview everyone for certain positions unless it is involved with their position.The President of the company needs to do a big evaluation of the system of internal controls to make sure all the standards are being met for planning the future of the company. As discussed earlier in the requirements of the company in order for them to go public in the future. They are going to have to follow all the guidelines for the principles of internal control are: establishment of responsibility; segregation of duties; documentation procedures; physical controls; independent internal verification; and human resource controls. Financial Accounting Financial statements produced using FIRS were used to obtain startup fund. Current quarterly statements are produced using this format to maintain consistency and clarity for investors' sake. SUBS lists balance sheet items, revenue, liabilities, and share measurements. GIBBS follows FIRS rules when reporting their financial data in every month financial statements fairly and accurately. It is good to use FIRS in the accounting process for any business so that all financial are being reported fairly and accurately.SUBS records assets at their cost using cost principle. International revenue from customers that belong to various countries is tracked and reported using FIRS. SUBS combines GAP along with the FIRS so that largely impacts stock markets, investors, corporate management, accounting standards and accounting professionals' setters. Cubit's financial statement includes GAP and FAST principals to accommodate US based customers and accountants.FIRS is dynamic and it helps the com pany produce financial statements dynamically in a constant changing environment. The convergence of both these standards helped SUBS in producing financial statements with professionalism, uniformity, optimism and transparency. The major difference between GAP and FIRS comes down to being rules- based vs†¦ Reminisces-based; this poses a challenge in areas such as the income statement, consolidation, the earnings-per-share calculation, the inventory, and the costs. In consolidation, U.S. GAP prefers a risks-and-reward model where as the FIRS favors a control model. U. S. GAP shows extraordinary items as net income where as FIRS segregates. U. S. GAP provides the option of LIFO, average cost or FIFO where as FIRS does not allow LIFO for inventory valuation. Under the FIRS the PEPS calculation does not average the individual interim period calculations, but the U. S. GAP does. Regarding developmental costs, GAP considers them as expenses while FIRS capitalizes them based on speci fic criteria.Both FAST and FIRS have identified short- and long-term convergence projects, including 20 reporting areas where differences have been resolved and completed. 3. Pro Formal 4. Internal Controls SUBS needs internal controls to provide assurance in order to achieve forecasted financial reporting, compliance and operating objectives. These internal controls help SUBS to achieve its mission by ensuring that the policies, directions, practices and reoccurred approved and designed by management and board of directors are implemented properly and functions accordingly.It also ensures effectiveness is sustained in an ever changing dynamic environment. All of the five control components in the COCO integrated framework, Control Activities, Control Environment, Risk Assessment, Monitoring, and Information & Communication are very important. SUBS implements all the five controls as an essential internal control and doesn't compromise on any one of them. Of the five, the most impor tant two implemented as critical are control activities and control environment. Financial Accounting Veronica Bradley Financial Accounting August 12, 2012 Internal Controls Case Study 2 Internal Controls LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The Company has to check the internal controls of a system of checks and balances designed to detect and prevent fraud and errors. The Sarbanes-Oxley Act requires U. S. companies to enhance their systems of internal control. The company hired has to detect the internal control system and meet the companies requirements.The internal control standards applicable to Sarbanes-Oxley (SOX) apply only to large public companies listed on U. S. exchanges. There is a continuing debate as to whether non-U. S. companies should have to comply with this extra layer of regulation. Debate about international companies (non-U. S. ) adopting SOX-type standards centers on whether the benefits exceed the costs. The concern is that the highe r costs of SOX compliance are making the U. S. securities markets less competitive. These activities are the backbone of the company’s efforts to address the risks it faces, such as fraud.The specific control activities used by a company will vary, depending on management’s assessment of the risks faced. This assessment is heavily influenced by the size and nature of the company. The principles of internal control activities are (1) establishment of responsibility, (2) segregation of duties, (3) documentation procedures, (4) physical controls, (5) independent internal verification, and (6) human resource controls. Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine.When you advise the President, please be sure to reference the applicable internal control principle that applies. The things that the company is doing well are that using the pr e- numbered invoices. When the company was not using pre-numbering they violated the documentation procedures. If pre-numbered documents are not used, then it is virtually impossible to account for the documents. This will keep good documentation on some things for future reference to have on hand and things aren’t done more than one time by different people.Pre-numbering helps to prevent a transaction from being recorded more than once, or conversely, from not being recorded at all. Second, the control system should require that employees promptly forward source documents for accounting entries to the accounting department. This control measure helps to ensure timely recording of the transaction and contributes directly to the accuracy and reliability of the accounting records. With the information provided the company should invest in an indelible ink machine. This will put the company in more control of accounting procedures.And with this in hand will help reduce the chanc e of any fraud going on in the company with the checks being more manageable. Use of physical controls are essential. The accountant’s act of keeping the checks in a safe in his office is in accordance with the physical controls principle. This reflects the safeguarding of assets and enhances the accuracy and reliability of the accounting records. The President should also know what they are doing wrong like the petty cash situation. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash.The company had a hard time getting the employee to admit it was him because the company does not assign individual passwords. The company is violating the establishment of responsibility, and segregation of duties, documentation procedures, independent internal verification and human resource controls. With the petty cash Internal control over a petty cash fund is strengthened by: (1) having a supervisor make surprise count s of the fund to confirm whether the paid petty cash receipts and fund cash equal the fund amount, and (2) canceling or mutilating the paid petty cash receipts so they cannot be resubmitted for reimbursement.With the establishment of responsibility the company is violating that responsibility by not assigning responsibility to specific employees. Control is most effective when only one person is responsible for a given task. Without doing this leave the door open for fraud and other possibilities to of things to occur. With the company hiring convicted felons and sex offenders with them having a human resources department this all would have been avoided.They wouldn’t have to worry about employees using the internet to view porn sites. When the company hires employees they should have an independent verification for each individual employee. This will track all the employees with their computer and signing in and out of the system and all things that require a verification to proceed. An accountant is not certifiable to interview everyone for certain positions unless it is involved with their position.The President of the company needs to do a big evaluation of the system of internal controls to make sure all the standards are being met for planning the future of the company. As discussed earlier in the requirements of the company in order for them to go public in the future. They are going to have to follow all the guidelines for the principles of internal control are: establishment of responsibility; segregation of duties; documentation procedures; physical controls; independent internal verification; and human resource controls.

The Effects Of Parental Rights On Children - 3262 Words

Today, it seems as if more and more parents are choosing to not vaccinate their children. Instead, these parents seem to be circumventing the mandate by utilizing, sometimes arbitrarily, the exemptions carved out by the states. But the growing number of unvaccinated children and the amount of outbreaks of preventable infectious diseases present some legal issues. One of which is the continued tension between the rights of parents and the government’s interest in the welfare of children. Parents are normally free to make the decisions for and on behalf of their children without having to worry about outside interferences. However, it does not mean that the state government cannot nor will not intrude upon parental rights if they feel the parents’ decisions negatively impact the physical and mental health of the children in the government’s jurisdiction. While parents do have the authority to make medical decisions for their children, they do not have the unrestricted power over the child’s life or death. If the state believes a child’s well-being is being jeopardized by the very people expected to safeguard them, then the state has the ability, via parens patriae, to step in and protect them. A. Fundamental Rights of Parents Parents have the fundamental right to care for their children as they see fit without interference from the government, provided there is no overriding compelling state interest. In fact, there is an expectation that the government will notShow MoreRelatedNon Parental Child Care966 Words   |  4 PagesNon Parental Child Care Non parental Child Care, and the Influences It has on Development Amara Washington SOC312 Nancy Russell July 9, 2012 Non Parental Child Care and the Influence it has on Development In today’s society more and more women are working outside of the homes and are not able to take care of the children on a full time bases. When the parents are unable to tend to their children, they have to seek help from an outside source. Years ago, it was natural for the motherRead MoreThe Effects Of Parental Divorce On Children1604 Words   |  7 Pagesdifferent households, and living with only one parent, all create a challenging environment in which to grow up and live in. However, especially for young children, parental divorce is a turning point in their life. After a divorce, the life that follows is significantly different from how life was previously. For young children, witnessing parental divorce could possibly shake trust in reliance on parents, who now act in an extremely undependable way. Divorce surgically divides the family into twoRead MoreThe Issue Of The Medical Treatment1549 Words   |  7 Pagesmedical treatment is hazardous? What if the child is begging for an alternative treatment? Due to the pain the current treatment is causing him or her. The United States of America greatly prides itself on its â€Å"rights-based† legal culture. However, it also prides itself on protecting the rights of its citizens. If a parent refuses medical treatment for his or her child, the state could interfere and take that child away, on the basis of child neglect and abuse. The child would then be forced to continueRead MoreParental Involvement And Academic Achievement1710 Words   |  7 Pages Parental Involvement and Academic Achievement: When does a child become affected by the lack of parental involvement in their lives? Some people may say when the child is older, and can fully understand what’s happening. Some even say that children know and feel the effect of the lack of parental involvement when they are as young as Kindergarteners. There are even some people who say that children will never feel the effects of the lack of parental involvement. I disagree with each statement listedRead MoreWhile Children’S Delinquency Has Been Tied To A Wide Variety1029 Words   |  5 Pageschallenges most children face is due to not having their parents at home with them. One of the many reasons for parents being separated from their children is because the parent is incarcerated. The majority of inmates incarcerated in the U.S are parents, with there being more incarcerated fathers than mothers. Rising rates of parents being incarcerated have led to an increasing number of children affected by paternal imprisonm ent. The number of parents in state and federal prisons with children under theRead MoreThe Role Of Parents In Romeo And Juliet906 Words   |  4 Pageschildren’s lives? Some parents are extremely controlling over their children while others let them do whatever they want. Others find a happy medium between these two extremes. In the play The Tragedy of Romeo and Juliet by William Shakespeare, parents greatly impact their children’s lives. While the parents in the play do not control every aspect of the youth’s lives, they still affect a large proportion. 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Parental spanking of children is a violent disciplinary technique where a parent hits childrens behinds with an open hand or object in order to deter childrens behavior in a way the parents may perceive as negative. I grew up in a home where my parents spanked me and my three younger brothers. I have witnessed parental spanking of children practiced firstRead MoreEssay on Effects of Parental Drug Abuse on Children1750 Words   |  7 PagesEnglish Composition I 1 May 2013 Effects of Parental Drug Abuse on Their Children As soon as birth, children are exposed to new things; new life experiences that will develop the path of which direction their life will take. Adolescence is the most important time in a child’s life because it is where they learn appropriate behavior from their family and the outside world. Some children are able to use these experiences to differentiate at an early age what is right and what is wrong and hopefullyRead MoreThe Effects Of Divorce On Child Development1194 Words   |  5 PagesThe Effects of Divorce on Child Development I met the love of my life in my financial accounting class. He was charming, and intelligent, and he carried himself well. Early into our relationship I realized underneath this assuring exterior, was a broken, unstable man. He had issues with trust, and he always took many health risks. He explained to me how hard it was for him to attach himself to people because he figured they would leave anyways. Nothing is forever. he seemed to believe. On top

Philosophy Study Guide - 1406 Words

Philosophys Sub-Disciplines Introduction Which argument for the existence of God is strongest? Why? This is the specific issue that this paper will address. While there are many millions of people in the world who believe in the existence of God or Allah, Brahman, Jehovah, among other names there are also millions who do not believe in the existence of God. This dispute is an ancient one; and as Deepak Chopra points out, since we cannot see God and because He is †¦nowhere and everywhere at the same time and because he †¦transcends nature†¦ [and] leaves no fingerprints in the material world, it is easy for non-believers to challenge Christians as to Gods existence (Chopra, 2000, p. 41). Christians on the other hand point to the creation of the Universe and to the natural world on Earth as evidence of a Creators work. The Atheist Philosophy There is no God Bertrand Russell is one among the list of well-known philosophers, writers and intellectuals that deny the existence of God. In Russells book, Why I Am Not A Christian: And Other Essays on Religion and Related Subjects, he points out that Christians seem to believe that God created actually designed a world so that humans and animals would be comfortable in it. And if the world was ever so little different, Russell explains, emulating the view of some Christians, we could not manage to live in it (Russell, 1967, pp. 9-10). 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Binge Drinking in the College Culture Identifying Causes,...

Binge drinking has been synonymous with typical young adult college culture for decades. Fillmore and Jude (2011) reported that binge drinking is often defined as someone drinking four to five drinks during one episode of drinking, or consuming enough alcohol for a person to have a blood alcohol concentration of .08% or higher. In this paper, I will define college culture as an exclusive group, with differing needs and attitudes from society, provide statistics and college cultural practices that demonstrate the prevalence of binge drinking amongst college students, explain several problems that can arise as a result of binge drinking, and explore harm reduction and motivational interviewing as viable treatment modalities used to decrease the likeliness of this cultural phenomenon. College students represent a unique culture that have a multitude of needs that differ from other populations. College for many individuals is an opportunity to express their individualism and experience personal freedom. For many, this is the first time they are away from a structured home life and they are now able to make their own decisions. Now autonomous, they are free from punishment and reprimand from their parents because they are away from home and their actions are hidden by distance. This is an exciting time for the student as they are confronted with many new scenarios. 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Enron and the Free Market System free essay sample

The Enron scandal was a financial scandal that was revealed in late 2001. After a series of revelations involving irregular accounting procedures bordering on fraud, perpetrated throughout the 1990s, involving Enron and its accounting firm Arthur Andersen, it stood at the verge of undergoing the largest bankruptcy in history by mid-November 2001. A free market describes a theoretical, idealised, or actual market where the price of an item is arranged by the mutual non-coerced consent of sellers and buyers, with the supply and demand of that item not being regulated by a government. While a free market necessitates that government does not regulate supply, demand, and prices, it also requires the traders themselves do not coerce or mislead each other, so that all trades are morally voluntary. In other words, a free market economy is an economic system in which individuals, rather than government, make the majority of decisions regarding economic activities and transactions. We will write a custom essay sample on Enron and the Free Market System or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In social philosophy, a free market economy is a system for allocating goods within a society: purchasing power mediated by supply and demand within the market determines who gets what and what is produced, rather than the state. The free market system is based on risk. It is impossible to maintain free markets without risk, so we must accept and manage it. The alternative—eliminating risk from the system—is a â€Å"planned† economy. Managing risk depends on transparent, honest systems for transmitting information. Enron was a Houston-based natural gas and energy company. It delivered commodities and financial and risk management services worldwide. In late 1999, the company launched EnronOnline, trading everything from weather derivatives to coal. Enrons CEO Mr. Lay was quoted in 2000 as saying Were an energy and broadband company that also does a lot of other stuff. Actually, the management efficiency is impaired by the spectrum of its business. Enron invested $1. 1 b in broadband business over two years but made no money. At the time, it was the biggest bankruptcy in U. S. history, and it cost 4,000 employees their jobs. California lawmakers accused Enron of power trading back and forth with its affiliates in the state, taking advantage of the energy crisis at its height. In the process, Enron was able to drive up the wholesale price of electricity in a vain effort to forestall its inevitable collapse. They were essentially trading among themselves. The trades created the illusion of an active, volatile market, Lynch said. In reality, they were sham transactions. The accusations made towards the top management of Enron covers a broad range of financial crimes, including bank fraud, making false statements to banks and auditors, securities fraud, wire fraud, money laundering, conspiracy and insider trading.   Kenneth Lay and Jeffrey Skilling, the former chairman and CEO respectively, can be said to be just sharp traders, businessmen who did what the free market demands of rational players: take advantage of every loophole they could find to make a profit. Despite the conviction of a couple of bad apples at Enron, its top management is not the real culprit in this case. The real culprit is a bad idea: deregulation of the natural gas and electric power industries. Thomas J. Donohue CEO of U. S. Chamber of Commerce says that it appears if the Justice Department lost sight of the obvious suspects—the individuals responsible for wrongdoing—and instead have wrongly indicted the most innocent of bystanders—our free market system