Accounting
America was not founded as a Democracy or as a Monarchy, for the educated and landed founding fathers felt assured that neither would provide the nation with rights for all and privilege for the few. America was founded as a Republic, and one might add as an ogliarchic republic at that. Those with the right gender, race, and wealth were represented through their while others were represented through the votes of their betters. Today, nearly-universal sufferage (age and past misbehavior are both barriers) assures that these factors do not determine whether a person can vote -- but an argument can still be made that the majority of the political process is determined by wealth. "The creators of America's constitution and government were among the wealthy aristocrats of their day. When they created their new government, the founders excluded democracy to the extent politically possible at the time. ..The great failure of representative democracy is that our supposed representatives do not fairly represent the entire populace. They represent themselves and their wealthy clients first and best." (Rothenberger in: Grinning Planet, 2004)
The idea that the republican government in America is largely dominated by the wealthy and elite is called elitism, and it holds that power is concentrated in those who have economic wealth -- a small and extremely influential elite whose interests control all aspects of American life from the media to consumer habits to employment and politics. These elite may have minor differences of opinion, but their common interests lead to general consensus and a concentrated push for increased power. The masses have little or no power to influence the outcome of politics, as their votes and even their opinions are entirely shaped by the ruling elite, to their own detriment. There is some evidence for this stance. The elite, in this view point, are defined by wealth.
Others suggest that elitism is too simplistic of an answer, and that there does exist a degree of pluralism in the political system -- though this does not quite constitute equality or democracy. The pluralistic model (which should be distinguished from the pluralistic ideal) suggests that though power in unequal in America, it is not particularly insular. It is attributed not only to wealth but also to education, charisma, and to skill in political maneuvering and grassroots work. This suggests that there is more than one "elite" group, and that elitism may exist not only in wealth but in cultural or educational qualities. Because the government is not entirely centralized, organized and coherent interest groups can access power to some degree, and they respond by competing to make their voices heard. The elite in this view is responsive to the masses and somewhat dependent on them, and the ranks of the elite are "open" and fluid. Interaction between elite groups leads to something resembling the will of the people. In this view, then, the elite may also include those who rose to their positions through intelligence, capability, education, and so forth. It is of this perspective that Rothenberger (who does believe that America is a plutocracy) writes "We find at the top of every society an ironic mixture of those who are there by merit and capability and those who merely grab, hoard, and wield power and wealth. The excellent mingle uneasily with beasts who claim their virtues." (Rothenberger, 2001, Chapter 1) Which model is more accurate may depend a great deal on the administration in office and the political environment of the day. Though it could be reasonably argued that pluralism is not an accurate reflection of the actual functioning of the government as it stands today, pluralism seems to represent the appropriate way to understand American political functioning at its realistic best.
There are many political activities that pluralists are involved in that can influence people's judgment. Obviously, the elite hire a great quantity of lobbyists to convince members of the government to support their purposes, and these lobbyists often provide bribe-like incentives to legislators, from meals to gifts to campaign-contributions. This is largely a domain of the elite, but other interests may also manage to hire lobbyists. Pluralists may join together to fund a lobby, or they may attempt to work at the grassroots level to create agitation for or against a political move. Protests, letter-writing campaigns, political fundraising, and other such activities are all ways that plural forces may affect the decision making process. Because governmental figures still must be elected, if the votes can actually be swayed by a pluralist group,...
Target was seen as the more stylish of the two retailers, and although Wal-Mart was still the world's biggest retailer, its market share was shrinking. "From 2003 to 2007, Target's annual same-store sales growth averaged 4.6%, while Wal-Mart's clocked in at 2.9%. Over the same period, Target's annual profit growth averaged 16%, while Wal-Mart lagged behind at 10.3%." (Gregory 2009). In response to the threat of Target, Wal-Mart was
Loyalty to the client was clearly placed above loyalty to the overall public good and the standards of the profession. "Enron paid Andersen $25 million for its audit…and $27 million for 'consulting' and other services" which meant that Anderson had a substantial financial stake in retaining Enron as a client (Kadlec 2002). The Enron case illustrates the difficulty of self-policing within the industry. Today, providing additional services besides the
Accounting Ethics Ethics of Accounting There have been breaches in the ethics of accounting in recent times. With that in mind, evaluate whether or not the current trend in the regulation of business establishments is favorable to ethical behavior. Supply supportive evidence to your answers (Jeter, 2003). The generally accepted principles of accounting and the standards of auditing in contemporary practice stipulate that the financial statements of any establishment should contain the following
This process has been ongoing since then. One of the major differences between the two standards is going to be that whereas GAAP emphasizes rules, the IFRS is a principle-based approach. Implementing a principles-based approach has significant implications for American tax practice. Many of the specific differences between the two systems will have a direct impact on tax practice. In IFRS, LIFO is prohibited and inventory write-downs may be reversed
Accounting Theory Over the year, the world scholars continue to evaluate the economics of the world to understand their functioning. In this course, they developed the subject of accounting to assess the frameworks of financial principles. The accounting theory in discussion involves reviewing the historical foundations of financial reporting and creating new models of reporting the financial developments and exchanges (Richards, 2009, p. 17). Accounting theory evolves continually; thus, there are
He also says that it is common to exaggerate information in anything from house ads to resumes. Why do Drug Dealers Still Live With Their Moms? This chapter deals with conventional wisdom and when to question it, such as the idea that all drug dealers are wealthy, when if fact, many still live at home. The premise of this chapter is on how to find the right data to prove or
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