Banks and Credit System of Exchange Essay Example for Free

Banks and Credit System of Exchange Essay Definition of Banks—Banks are financial institutions that help people to save and borrow money.In a growing economy, the banks help to create a new pool of money to be ised for other economic activities.They complement the money or cash system of exchange with the system of credit. History of Banking in the Philippines During the pre-colonial period, Filipinos also saved and borrowed money, but usually this was done by families, relatives of tribal leaders.The oldest written relic of our precolonial past is the famous Laguna Copperplate inscriptin (LCI), which contains a record of a debt payment in 900A. D.It proves that we have a longt tradition of honoring our debts in our culture. Modern banking, as we know it, really began with the coming of the Europeans. The first credit organizations were the Obras Pias(pious work), created by the Spanish colonial government starting in the 16th century. It is interesting to know that the early Catholics in the Philippines were taught how to tithe(give 10 percent of income to the church).Thus, thye early church in the Philippines was able to collect a fund od money, and its growth and good works increased tremendously. The first general bank in Southeast Asia was the Banco Espaà ±ol-Filipino (now known as Bank of the Philippine Islands), which opened in 1851.It was given authority to issue bank notes.Soon, other banks were opened.The Catholic Church anf their trustees owned and operated most banks during the Spanish colonial period. During the American period, more banks began operations. In 1906, the government established postal savings banks all over the country to bring banking closer to the people.This Promoted the habit of thrift and savings among low-income groups. Now Americans, Chinese and Filipinos also entered the picture. In 1916 the philippine National Bank was organized. Other banks which followed were the China Banking Corporation and the Philippine Bank of Commerce.Before World War II there were 17 banks in the country. The PNB and Postal banks were owned by the Catholic Church and religious organizations, and two by Filipinos and others. The Japanese m,ilitary occupation in 1941-45 briefly restructed Philippine banking. Only Japanese and their Filipino sympathizers were allowed to operate banks. In 1946, after independence, the otigins of our modern banking system were established. Prewar banks were re-opened and resumed operations. The Central Banking Act was passed in 1948. Today, there are thousands of banks all over the country, and some Filipino banks have opened branches abroad. Tyhe Volume of banking services has also increased, as more and more services are being offered. Among these services are car loans, time deposits, automatic tellers, dreive-in windows, night depository, safe deposit boxes, payroll handling, automatic debits, and many more. KINDS OF BANKS There are different kinds of banks as follows: 1. Rural banks-These are located mostly in the countryside. The government encourages the establishment of these small banks in order to bring asavings and banking closer to people in the provinces. For example, a group may set up a rural bank with P20 million capital outside of metro Manila or cities; but p50 million is needed for a bank in the city. The main reason for rural banks is to help farmers with agricultural loans. In 1994, the Pagsanjan Rural Bank founded by Victor Zaide cabreza and Soledad Benitez Cabreza, won the award fo â€Å"Outstanding Rural Bank in he Philippines† 2. Savings and loan association—These small banks gather savings and invest them in long term securities, such as housing loans. A good example is the Monte de Piedad Bank. 3.Special government banks—The Philippine government established several bnks to handle specific duties involving its financial projects.For example, after the war, the Rehabilitation and Finance Corporation (RFC) was created to receive postwar reconstuction funds ang give financial aid to the war-damaged economy. The RFG eventually beame the Development bank of the Philippines (DBP). The Land Bank of the Philippines (LBP) helps the government implement the land reform program. The Philippine Amanah Bank was organized in 1970s to cater for the growing economic needs of Muslim Filpinos. The government may also operate postal banks within selected post iffides around the country. Many small savers and children like to use postal banks because it is closer and more familiar to them. 4.Commercial banks—These make up the biggest banking group, and comprises nearly 50% of the total banking resources in the country. The main function of this type is to supply the circulating capital for the economy in the form of short-term loans.Example are the Philippine National Bank, Metrobank, BPI, FarEast Bank and Trust Company and others. 6.Universal Bank- Also known as a ful-service bank, a universal bank provides more servies than a commercial bank. Banks which have reached a capitalixation of P50 million or more can apply for a universal banking liscence. A universal bank can make more investments and lending.It can act as an investment house, a savings bank etc. It can invest directlyin private companies. Several banks are iniversal banks, starting with the Philipine National Bank, republic Planters Bank, United Cocunot Planters Bank, Allied Bank, PCIB, BPI, Far East Bank and Trust Company, and Metrobank. 6. international banks—As the name says international banks have operations in more than one country. Some Filipino bamks have branches in other countries, e.e. PNB, FEBTC, etc. Similarly, some foreign banks have branches in the Philippines, e.g. Hongkong ang Shanghai Chartered Bank, Citibank, Australia New Zealand, etc. Apart from the private banks, thee are government-owned banks, such as the International Bank for Reconstrucyion and Development (IBRD or World Bank) ased in Washington, D.C.; the Asian Development Bank (ABD) based in Metro Manila; the Bank of International Settkements (BIS) based in Basle, Switzerland. The Uses or Function of Banks The services of banks are: 1.To accept aand guard deposits of money.People go to a bank because they trust that their money will not be stolen inside.ThePhilippine Deposit Insurace Corporation (PDIC) encures each depositor’s money up to a limit. In case the bank closes doen or is robbed, the depositor will still get their money bacl up to a fixed limit. In turn, the bank keeps a written list of the deposit in a savings book, a monthly statement or a certificate . For the right to use the money, the banks pay interest. 2. to lend money. Banks led money to qualified clients. in this way, the bank earns interest and profits. loans are ofdifferent kinds: are short-term. Loans may also be typedaccording to purpose( car loan, housing loan, business loan etc.) This may be a property title, which the bank can get in case the loan is not paid. Next, bigl loans must have a co- signer or one who will guarantee to pay the loan if the borrower defaults 9faiks to pay). 3.To remit and collect money. Banks als transfer or collect money for clients. for example, overseas contract workers can send their remittances to family through a bank to be picked up in Manila by the relative. A businesman can pay for a supply ordered from abroad through a local bank which send the payment to the foreign supplier. Usually, a bank has a correspondent bank abroad in case it does not have branches ther. Banks accept checks, bank dreafts or telegraphic transfers from other banks, according to certain conditions. 4..To perform legal roles like supervising a business, managing a private

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The attitude of the chimney sweeper is one of hope and the speaker knows well that his hope will not be prevailed in this life but in the afterlife and we can see this as his attitude is portrayed with the diction that is used and the tone of jaded desertedness which leaves the mood at a very sympathetic place. This is opposed to the attitude of the poet as he expresses the boy’s lot in life by being very sarcastic and mocking him in the poem and this is present as we can see how he hyperbolizes the events in the boy’s life. The Chimney Sweeper (Songs of Innocence) is told from the point of view of a young chimney sweeper, this persona is put on by the poet and is established in the opening stanza when the boy says "So your chimneys I sweep..." this poem is almost told in the form of a narrative and it is about a young boy telling of how his mother died and it does not mention any other details of her death other than the fact that she perished while he was very young. Then, it is said that his father sold him into slavery â€Å"while yet my tongue could scarcely cry " 'weep! 'weep! 'weep! 'weep!† this ultimately makes the audience feel very sympatric toward the boy and we can see that he has accepted his lot in life. But, this is also the first place in the poem where the opposing attitudes of the chimney sweeper and the poet are present. Initially, upon reading the poem all the reader thinks of is the poor little boy, but here the poet is being sarcastic as he is saying the boy was made in to a chimney sweep before he could even say the word â€Å"sweep† in the case that the s- sound was left off and the word left his mouth as â€Å" ‘weep† which is also why the he uses the repetition of the word to emphasize the child’s misery while im... ...ofession is viewed as a joke to Blake and we can see this here. This whole idea is exacerbated by the use of imagery present in the poem that is achieved through the use of dark imagery. This attitude of the poet is against the one of the speaker who believes he is innocent and free and had the ability to play around and display hope in his dreams. Blake’s The Chimney Sweeper (Songs of Innocence) is a poem about the life of young chimney sweeps. We are presented with two juxtaposed attitudes in this poem and that would be the hope-filled attitude of the speaker pertaining to his lot in life and the attitude of satire that is displayed by the poet himself. In the end the message that conveyed through these conflicting attitudes is one that basically ensures the speaker will not be able to prosper in this life but surly have a chance to in the one after.

Organisation Learning Essay

Where Argyris and Schon were the first to propose models that facilitate organizational learning, the following literatures have followed in the tradition of their work: Argyris and Schon (1978) distinguish between single-loop and double-loop learning, related to Gregory Bateson’s concepts of first and second order learning. In single-loop learning, individuals, groups, or organizations modify their actions according to the difference between expected and obtained outcomes. In double-loop learning, the entities (individuals, groups or organization) question the values, assumptions and policies that led to the actions in the first place; if they are able to view and modify those, then second-order or double-loop learning has taken place. Double loop learning is the learning about single-loop learning. ?March and Olsen (1975) attempt to link up individual and organizational learning. In their model, individual beliefs lead to individual action, which in turn may lead to an organizational action and a response from the environment which may induce improved individual beliefs and the cycle then repeats over and over. Learning occurs as better beliefs produce better actions. ?Kim (1993), as well, in an article titled â€Å"The link between individual and organizational learning†, integrates Argyris, March and Olsen and another model by Kofman into a single comprehensive model; further, he analyzes all the possible breakdowns in the information flows in the model, leading to failures in organizational learning; for instance, what happens if an individual action is rejected by the organization for political or other reasons and therefore no organizational action takes place? ?Nonaka and Takeuchi (1995) developed a four stage spiral model of organizational learning. They started by differentiating Polanyi’s concept of â€Å"tacit knowledge† from â€Å"explicit knowledge† and describe a process of alternating between the two. Tacit knowledge is personal, context specific, subjective knowledge, whereas explicit knowledge is codified, systematic, formal, and easy to communicate. The tacit knowledge of key personnel within the organization can be made explicit, codified in manuals, and incorporated into new products and processes. This process they called â€Å"externalization†. The reverse process (from explicit to implicit) they call â€Å"internalization† because it involves employees internalizing an organization’s formal rules, procedures, and other forms of explicit knowledge. They also use the term â€Å"socialization† to denote the sharing of tacit knowledge, and the term â€Å"combination† to denote the dissemination of codified knowledge. According to this model, knowledge creation and organizational learning take a path of socialization, externalization, combination, internalization, socialization, externalization, combination . . . etc. in an infinite spiral. ?Nick Bontis et al. (2002) empirically tested a model of organizational learning that encompassed both stocks and flows of knowledge across three levels of analysis: individual, team and organization. Results showed a negative and statistically significant relationship between the misalignment of stocks and flows and organizational performance. ?Flood (1999) discusses the concept of organizational learning from Peter Senge and the origins of the theory from Argyris and Schon. The author aims to â€Å"re-think† Senge’s The Fifth Discipline through systems theory. The author develops the concepts by integrating them with key theorists such as Bertalanffy, Churchman, Beer, Checkland and Ackoff. Conceptualizing organizational learning in terms of structure, process, meaning, ideology and knowledge, the author provides insights into Senge within the context of the philosophy of science and the way in which systems theorists were influenced by twentieth-century advances from the classical assumptions of science. ?Imants (2003) provides theory development for organizational learning in schools within the context of teachers’ professional communities as learning communities, which is compared and contrasted to teaching communities of practice. Detailed with an analysis of the paradoxes for organizational learning in schools, two mechanisms for professional development and organizational learning, (1) steering information about teaching and learning and (2) encouraging interaction among teachers and workers, are defined as critical for effective organizational learning. ?Common (2004) discusses the concept of organisational learning in a political environment to improve public policy-making. The author details the initial uncontroversial reception of organisational learning in the public sector and the development of the concept with the learning organization. Definitional problems in applying the concept to public policy are addressed, noting research in UK local government that concludes on the obstacles for organizational learning in the public sector: (1) overemphasis of the individual, (2) resistance to change and politics, (3) social learning is self-limiting, i.e. individualism, and (4) political â€Å"blame culture. † The concepts of policy learning and policy transfer are then defined with detail on the conditions for realizing organizational learning in the public sector. Organizational knowledge What is the nature of knowledge created, traded and used in organizations? Some of this knowledge can be termed technical ? knowing the meaning of technical words and phrases, being able to read and make sense of economic data and being able to act on the basis of law-like generalizations. Scientific knowledge is ?propositional’; it takes the form of causal generalizations ? whenever A, then B. For example, whenever water reaches the temperature of 100 degrees, it boils; whenever it boils, it turns into steam; steam generates pressure when in an enclosed space; pressure drives engines. And so forth. A large part of the knowledge used by managers, however, does not assume this form. The complexities of a manager’s task are such that applying A may result in B, C, or Z. A recipe or an idea that solved very well a particular problem, may, in slightly different circumstances backfire and lead to ever more problems. More important than knowing a whole lot of theories, recipes and solutions for a manager is to know which theory, recipe or solution to apply in a specific situation. Sometimes a manager may combine two different recipes or adapt an existing recipe with some important modification to meet a situation at hand. Managers often use knowledge in the way that a handyman will use his or her skills, the materials and tools that are at hand to meet the demands of a particular situation. Unlike an engineer who will plan carefully and scientifically his or her every action to deliver the desired outcome, such as a steam engine, a handyman is flexible and opportunistic, often using materials in unorthodox or unusual ways, and relies a lot on trial and error. This is what the French call ? bricolage’, the resourceful and creative deployment skills and materials to meet each challenge in an original way. Rule of thumb, far from being the enemy of management, is what managers throughout the world have relied upon to inform their action. In contrast to the scientific knowledge that guides the engineer, the physician or the chemist, managers are often informed by a different type of know-how. This is sometimes referred to a ? narrative knowledge’ or ? experiential knowledge’, the kind of knowledge that comes from experience and resides in stories and narratives of how real people in the real world dealt with real life problems, successfully or unsuccessfully. Narrative knowledge is what we use in everyday life to deal with awkward situations, as parents, as consumers, as patients and so forth. We seek the stories of people in the same situation as ourselves and try to learn from them. As the Chinese proverb says â€Å"A wise man learns from experience; a wiser man learns from the experience of others. † Narrative knowledge usually takes the form of organization stories (see organization story and organizational storytelling). These stories enable participants to make sense of the difficulties and challenges they face; by listening to stories, members of organizations learn from each other’s experiences, adapt the recipes used by others to address their own difficulties and problems. Narrative knowledge is not only the preserve of managers. Most professionals (including doctors, accountants, lawyers, business consultants and academics) rely on narrative knowledge, in addition to their specialist technical knowledge, when dealing with concrete situations as part of their work. More generally, narrative knowledge represents an endlessly mutating reservoir of ideas, recipes and stories that are traded mostly by word or mouth on the internet. They are often apocryphal and may be inaccurate or untrue – yet, they have the power to influence people’s sense making and actions. Individual versus organizational learning Learning by individuals in an organizational context is a well understood process. This is the traditional domain of human resources, including activities such as: training, increasing skills, work experience, and formal education. Given that the success of any organization is founded on the knowledge of the people who work for it, these activities will and, indeed, must continue. However, individual learning is only a prerequisite to organizational learning. Others take it farther with continuous learning. The world is orders of magnitude more dynamic than that of our parents, or even when we were young. Waves of change are crashing on us virtually one on top of another. Change has become the norm rather than the exception. Continuous learning throughout one’s career has become essential to remain relevant in the workplace. Again, necessary but not sufficient to describe organizational learning. What does it mean to say that an organization learns? Simply summing individual learning is inadequate to model organizational learning. The following definition outlines the essential difference between the two: A learning organization actively creates, captures, transfers, and mobilizes knowledge to enable it to adapt to a changing environment. Thus, the key aspect of organizational learning is the interaction that takes place among individuals. A learning organization does not rely on passive or ad hoc process in the hope that organizational learning will take place through serendipity or as a by-product of normal work. A learning organization actively promotes, facilitates, and rewards collective learning. Creating (or acquiring) knowledge can be an individual or group activity. However, this is normally a small-scale, isolated activity steeped in the jargon and methods of knowledge workers. As first stated by Lucilius in the 1st century BC, â€Å"Knowledge is not knowledge until someone else knows that one knows. † Capturing individual learning is the first step to making it useful to an organization. There are many methods for capturing knowledge and experience, such as publications, activity reports, lessons learned, interviews, and presentations. Capturing includes organizing knowledge in ways that people can find it; multiple structures facilitate searches regardless of the user’s perspective (e. g. , who, what, when, where, why,and how). Capturing also includes storage in repositories, databases, or libraries to insure that the knowledge will be available when and as needed. Transferring knowledge requires that it be accessible to everyone when and where they need it. In a digital world, this involves browser-activated search engines to find what one is looking for. A way to retrieve content is also needed, which requires a communication and network infrastructure. Tacit knowledge may be shared through communities of practice or consulting experts. It is also important that knowledge is presented in a way that users can understand it. It must suit the needs of the user to be accepted and internalized. Mobilizing knowledge involves integrating and using relevant knowledge from many, often diverse, sources to solve a problem or address an issue. Integration requires interoperability standards among various repositories. Using knowledge may be through simple reuse of existing solutions that have worked previously. It may also come through adapting old solutions to new problems. Conversely, a learning organization learns from mistakes or recognizes when old solutions no longer apply. Use may also be through synthesis; that is creating a broader meaning or a deeper level of understanding. Clearly, the more rapidly knowledge can be mobilized and used, the more competitive an organization. An organization must learn so that it can adapt to a changing environment. Historically, the life-cycle of organizations typically spanned stable environments between major socioeconomic changes. Blacksmiths who didn’t become mechanics simply fell by the wayside. More recently, many fortune 500 companies of two decades ago no longer exist. Given the ever-accelerating rate of global-scale change, the more critical learning and adaptation become to organization relevance, success, and ultimate survival. Organizational learning is a social process, involving interactions among many individuals leading to well-informed decision making. Thus, a culture that learns and adapts as part of everyday working practices is essential. Reuse must equal or exceed reinvent as a desirable behavior. Adapting an idea must be rewarded along with its initial creation. Sharing to empower the organization must supersede controlling to empower an individual. Clearly, shifting from individual to organizational learning involves a non-linear transformation. Once someone learns something, it is available for their immediate use. In contrast, organizations need to create, capture, transfer, and mobilize knowledge before it can be used. Although technology supports the latter, these are primarily social processes within a cultural environment, and cultural change, however necessary, is a particularly challenging undertaking. Learning organization The work in Organizational Learning can be distinguished from the work on a related concept, the learning organization. This later body of work, in general, uses the theoretical findings of organizational learning (and other research in organizational development, system theory, and cognitive science) in order to prescribe specific recommendations about how to create organizations that continuously and effectively learn. This practical approach was championed by Peter Senge in his book The Fifth Discipline. Diffusion of innovations Diffusion of innovations theory explores how and why people adopt new ideas, practices and products. It may be seen as a subset of the anthropological concept of diffusion and can help to explain how ideas are spread by individuals, social networks and organizations.

The Stereotypes Of Women And Women Essay - 916 Words

Medina 3 Emily Medina Professor Zolliker English 50 30 October 2016 A Misunderstood Topic We have surrounded ourselves around the many stereotypes that differentiate men and women. For many generations, we have the belief that women should vocalize their emotions while men should repress them and work it out among themselves. Society has developed masculine and feminine roles as well as expectations we feel like we have an obligation to pursue. It’s obvious that the gender roles we constructed immensely impacts how we think and operate. According to traditional stereotypes, men are assumed to be strong, assertive and dominant, while females are submissive and shy. The demeanor of men and women have nothing to do with your gender, anyone could be emotional or an easygoing individual; It all depends on your upbringing and perspective on the situation. If both parents were raised with tough love or harsh criticism, they are most likely going to implicate that into their parenting style. Every child learns differently, some benefit better with an emotional or a more of a tough love strategy. Some parents believe in inductive discipline, which is discussing the issue with your child or taking the non-aggressive discipline strategy which results in the child taking a time-out, or threatening to ground them. â€Å"The roots of these emotional differences, while they may be partly biological, also can be traced back to childhood† (Goleman, 389). Parents have to adapt to theirShow MoreRelatedStereotypes And Stereotypes Of Women1056 Words   |  5 PagesStereotypes of Women For a very long time, stereotypes have been part of the society and culture, and to this day, they are still present. Stereotypes can be defined as â€Å"[oversimplifying] the image or idea of a particular type of person or thing† (Google Dictionary). A current event would be a female who cannot work in a factory because of her gender, or a male who cannot join ballet because of his gender. 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