Monopoly Research Paper

Research Paper on Monopoly

Abstract

The research paper is focused on De Beers and its status of a monopoly. At the beginning of the paper the current status and situation in the company are briefly discussed. Then a historical background and the origin of the company are described. It is followed by the steps undertaken by the company to gain the status of a monopoly and which keep it as such till the present moment. Then the basic principles which help the company to dominate in the world market are analyzed. 

After that the paper focuses on the main obstacles De Beers had to overcome on its way to the monopoly status and it faces nowadays. Finally, the paper is concluded by perspectives of the company and its possible future status. 

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Introduction

De Beers is one of the well-known monopolies in the world that had gained its status quite a long time ago and nowadays occupies leading if not dominating positions in its niche of the market. Quite interesting is the fact that the company is thought by many, mainly non-specialists, as the company selling and producing cut diamonds all over the world. The latter is an obvious mistake that would be discussed later in this paper. But what may be really said without any doubts is the fact that the company is a monopoly which main business concerns diamonds. Whatever one may think about it the company exists well despite numerous limitations from the part of different countries, particularly the USA. Naturally, such a company cannot fail to be in the centre of attention of many specialists in the domain of economy, management, marketing, etc.

In this paper a particular attention should be given not only to the current situation within the company and its position in the international market, but its origin and development of the company would be also discussed as well as the process of its transformation into a monopoly and the obstacles the company faced on its way to the world domination in its sector of the world market. Finally, an essential part of the paper would be perspectives of De Beers, at least in the nearest future.

De Beers: What Kind of Company is it?

At the very beginning it is extremely important to dispel the myths concerning De Beers as a company because it would significantly contribute to the understanding of the current position of the country and equally trace its development. It is not a secret that there are a lot of myths about De Beers. Probably, it is the result of an unprecedented and phenomenally long period of time the company is a leader of its sector of the market. In fact, De Beers is a leader of its industry practically throughout all its history that can be hardly compared to any other company in the contemporary world.

That is why it sounds very surprisingly if one estimates that De Beers is, for instance, a retailer or manufacturer of cut diamonds. It is a silly mistake that cannot be even taken into consideration. Nowadays, the company actually is the world leader in the mining and buying rough diamonds, some experts name its share as a buyer of rough diamonds about 70-90 per cent. As a result the company occupies a dominating position in this market and consequently may dictate its conditions to its few competitive companies and its customers. The company also may regulate and fix prices on its products, i.e. rough diamonds, and be a so-called arbiter of their prices.

Naturally, a company that has interests in many countries, where any business dealing with diamonds exists, cannot be limited within geographical borders of one country only. So, De Beers is an international company operating practically all over the world with certain exceptions. As for its main activities, it basically buy rough diamonds from diamond mines owners and resell them to cutters.

What doest then indicate that De Beers is a monopoly? Actually, these are traditional factors, namely they are the size of sells (as it has been already mentioned De Beers sells about 90 per cent of world rough diamonds production), the company also sells commodity with no other substitutes, finally it restricts output and its responds to changes in the market demands. As a result, De Beers is considered to be one of the most successful monopolies of the 20th century since it manages to regulate prices of its products which are constantly rising.  There are only few companies De Beers may be compared to, for instance Microsoft or Rockefeller’s Standard Oil, but the latter two companies are relatively young in comparison to De Beers.

Nowadays, the company works in many countries but there are particularly important regions like where the company has its mines and consequently strong interests. Republic of South Africa, Sub-Saharan countries, Siberia, Australia, Canada may be referred as vitally important regions for De Beers and they are regions where the company either works or has its own interests in.

Naturally, company possessing such potential and power should be defined as a monopoly.

The Origin of De Beers

The next question that naturally arises is the question of origin of De Beers and what is the source of its power, or in other words how the company managed to achieve such results and gain the dominating positions in the world market.

The history of De Beers starts with the end of the 19th century, namely the date of foundation of the company is considered to be the year of 1888. Taking into account that the company could not exist in isolation and depended on the circumstances and historical realities existing at that epoch it is necessary to dwell upon some facts which if not defined then significantly influenced the further development of De Beers as a monopoly.

So, at that period of time, particularly at the beginning of the 19th century, diamonds were quite rare and consequently the demand on this product was extremely high. There was only small quantity of diamonds discovered in India and Brazil. Moreover, no diamond mines were discovered yet. It seems to be quite contrasting to the current situation when diamonds are mined practically on every continent but the success of De Beers is that it manages to sustain the uniqueness of diamonds even though in reality it is not an absolutely truthful information. It is also noteworthy that first diamond mines appeared in 1869 in the colonies of Southern Africa where De Beers started and continues to operate and actively exploit local rough diamond resources. The creation of first diamond mines resulted in drastically increased number of diamonds available in the market. As soon as first mines appeared the first mine owners appeared as well, mainly these were diamond hunters who were either successful or rich enough so that they could buy and own mines.

At this period of time, i.e. in 1870-s first attempts to create a kind of organization or a company were made by mine owners. Particularly important seems to be the fact that Cecil Rhodes bought the rights to two mines on the farm of Nicolas and Diedrick De Beer in the Cape Colony, which is now South Africa, that was probably the first roots of the future De Beers’ monopoly. It is not surprisingly that mine owners and diamond hunters soon realized that the diamond prices and consequently their own prosperity depended on scarcity of diamonds as it contributed to the growth of demand on the product.

Naturally, soon they came to the realization that they had no other real alternative to prosperity than to merge their interests into a single entity, in other words they realized that being united in one company they would be stronger than working individually. It was obvious that the merger, or the creation of a united company would permit to control the mines’ production and keep the illusion of scarcity of the product, which already had been not so rare as it used to be at the beginning of the century.

As a result of such a merger, De Beers Consolidated Mines Limited appeared. It was established on 12th March 1888 with Rhodes as its founding chairman. So, this date marked the birthday of the future world monopoly.

First Steps of De Beers on its Way to the World Monopoly

At the beginning of its existing this South African company was granted an official listing in Johannesburg Stock Exchange in August 1893 that meant the intention of the company to attract additional investments from different financial sources and not only mining and selling of rough diamonds itself. Work of the company seems to be impressive if not shocking because in less than two years, i.e. till 1890, the company had already controlled 95 per cent of the world’s diamond production. The company achieved such a result due not at the last turn to its wise strategy and acquisition of any mine that was discovered in the region. In this context, the following step of the chairman of the company, as it has been said it was Rhodes, was the decision for a single channel of diamond distribution in February 1890.

After such a decision, a group of ten Jewish merchants that called London Diamond Syndicate was created and they agreed to be purchasing the entire production from all the De Beers mines and then resell them to cutters and wholesalers in Antwerp.

However, it turned to be crucial for the initial owners of De Beers because one of these merchants, whose name was Ernest Oppenheimer, started to buy his own mines under the brand of Consolidated Diamond Mines and soon he became a strong competitive to De Beers. Furthermore, he did not only start to compete with De Beers but he finally took over the company and became probably the most prominent figure in the history of De Beers and one of it’s the most famous chairman who created the basis for the future prosperity of the company and its dominant position in the whole world. He became a chairman in 1929 and, by the way, his family, i.e. the family of Oppenheimer still controls the whole company and the idea of the founder of the Oppenheimers clan that “the only way to increase the value of diamonds is to make them scarce, that is to reduce production” (Stein 2001:235) became the cornerstone idea of De Beers strategy and ideology for decades and it actually remains up-to-date even now, probably even more than ever before.

On analyzing this slogan and the corresponding actions from the part of De Beers, it is possible to conclude that the company acts as any monopoly should act I order to gain the world domination. So, the company artificially restricts output and it responds correspondingly to the changes in the market demand. De Beers also continues its old strategy to buy all new diamond discoveries. As a result, the new supply does not enter the market and consequently creates all the possibilities for De Beers to control the market, output, prices, etc. providing its monopoly in the world market.

Rules of the Game

On occupying the dominant position in the market De Beers could not exist as a monopoly if it did not follow certain rules of game that the company actually created itself.

Traditionally, the company dictated its rules of games to others. For instance, the company sold boxes of diamonds to its clients and fixed the price for them and the buyer actually did not even have a chance to choose whether to buy or not, or what price to pay. De Beers could simply refuse to sell diamonds to such ‘fussy’ clients due to its position as a monopoly it could do it without any negative consequences.

A traditional scheme of selling rough diamonds may be described as follows. Firstly, De Beers sends invitations to 250 chosen clients (diamond cutting factories in different countries and regions, including New York, Tel Aviv, Antwerp, etc.) to attend ten annual so-called ‘sights’. By the ‘sights’ are meant gathering in London to transfer a pre-selected number of diamonds from De Beers stockpile to the clients. Such gatherings are actually the best possibility to deal with De Beers but the peculiarity caused by the monopolistic position of De Beers is that the company chooses its clients and fixes prices and quantities of rough diamonds it is going to sell. Finally, the client simply receives a small box, which contains uncut diamonds and a paper with the price of the box, which traditionally varies from 1 to 25 million dollars.

However, it is not the only thing that helps De Beers to control the market and be a monopoly. There is also a set of rules that the company and its partners have to follow, willingly or not. Firstly, it is De Beers that decides who gets which diamond. Secondly, there cannot be any haggling over price. It means that, as it has already been mentioned, De Beers fixes the prices, which are usually 25 per cent less than the wholesale prices for uncut diamonds, and the client does not really have any choice. Furthermore, it is forbidden to the clients to resell uncut diamonds that naturally support De Beers’ position as the only seller of rough diamonds because in the case of reselling uncut diamonds some company might buy a huge amount of such diamonds and consequently compete with De Beers as it happened in 1977 when Israeli dealers bought unopened uncut diamonds boxes and got a stockpile similar to De Beers one. The problem was solved only due to the ability of De Beers to force diamonds out of Israeli by managing Israeli banks. Another important rule is that clients have to provide information to assess the diamond market. It is done though the filling by the client of a questionnaire in which he indicates the number of uncut diamonds in inventory, diamonds in process to cut and future sales. De Beers from its part audits their cutting factories in surprised visits. Finally, De Beers stands on the ground that diamonds should not be sold in ‘weak hands’. It is done to keep the price high.

In order to summarize al the rules and regulations from the part of De Beers that permits the company to remain to be a monopoly, it has to be singled out that it is De Beers that decides how much diamonds and of which quality will be distributed in total, how this supply will be divided among clients, and finally it defines the price of diamonds.

Obstacles on the De Beers’ Way

At first glance on the facts discussed above one may think that De Beers has and never had any problems but reality is quite different in fact. It has already been said what the problem De Beers had in 1977 with Israeli dealers but it was not the most serious one. As one of the most serious crises may be treated the period of the Great Depression when not only separate companies but the whole world economy was probably in the deepest economic crisis in the 20th century. De Beers couldn’t avoid the crisis either.

One of the most serious consequences of the Great Depression for De Beers was a dramatic decrease of the demand on diamonds. In such a situation, London Diamond Syndicate could not absorb the world’s diamond production at the high prices that resulted in huge stockpiles and the necessity of putting them in the market. Oppenheimer, realized that would obligatory fall that could lead to the lost of people’s faith in diamonds. That is why he decided to take over the Syndicate and renamed it Diamond Trading Company and started to sell diamonds to a selected group of cutters that abide De Beers’ rules. Furthermore, in order to eliminate an excessive supply all major mines in South Africa were closed and the supply was cut from 2,242,ooo carats in 1930 to 14,000 carats in 1933.

Another problem rose when new discoveries were made in Congo. To control the supply De Beers should keep controlling new supplies, particularly in Congo and the company had to sign a deal with Belgium government according to which diamonds from Congo could be sold only to De Beers. In exchange Antwerp remained the main centre for cutting diamonds. As a result, the production of diamond mines in Congo was in accordance with a quota set by De Beers. Later similar situation happened with discoveries in Australia, Siberia and Canada. In such a way De Beers managed to remain the sole buyer of their production at guaranteed high prices so as to safeguard the control of the world supply.

Another very serious test for De Beers was so-called ‘blood diamonds’ from Angola. This country suffered from 25 years civil war and diamonds along with oil were the main source of income for the country. Naturally, De Beers bought a lot of diamonds, including those, which were from the territories controlled by rebels. As a result, the company was blamed at the support and financing of rebels that threaten to the image of the company and could become a PR nightmare. Finally, the company had to close its buying offices in Angola and the Democratic Republic of Congo in order to avoid the backlash of the consumers.

Finally, the problem that still exists and is one of the main problems for De Beers nowadays it is the problem of American market. Actually, the problem is that American market is closed for De Beers because it is a monopoly, while American anti-trust regulation prevents such kind of companies work in the USA. It is particularly important that practically a half of the world’s retail diamond business industry is in the USA. That is why the only activity possible for De Beers in the USA is advertising and the company cannot operate in this country but is presented only by a marketing firm Ayer’s. The solution of the problem of American market remains one of the main for the nearest future.

Conclusion: Perspectives of De Beers

Taking into account the current situation in the world market and the current problems De Beers faces it is possible to forecast the company’s perspectives in the nearest future. It is evident that for De Beers the status of a monopoly gives a lot of advantages but nowadays the access to probably the largest market in the world is practically restricted and it cannot operate freely as in other countries. In long term perspective it may threaten the status of De Beers as a monopoly. That is why the company has to undertake a number of steps to solve the problem and finally enter American market. And, as some specialists indicate, De Beers has already started this process. It goes so far that the company even consider the possibility to refuse from the status of a monopoly declaratively in order to stimulate the situation in the world market but according to pragmatic view the company simply intends to start business in the USA. Taking into consideration De Beers’ actual position it still remains a monopoly but even if the status would be changed it is hardly possible to find any equal competitive company that could really oppose to De Beers. So, in all probability the company and its status would remain unchangeable and ‘diamonds will be forever’1 as long as De Beers controls all diamond mines in the world and women regard them as their ‘best friends’.

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Fundamental of Accounting Research Paper

1. Explain the effect of net income or net loss on owner’s equity.

Net income and net loss have a direct effect on the owner’s equity because owner’s equity comprises contribution from net income.

At the end of the period the net income is closed and the sum is transferred to the owner’s equity. In other words, any net income (positive figure) will increase owner’s equity. At the same time any net loss (negative figure) will decrease owner’s equity. This is precisely why any company should strive to increase owner’s equity, i.e. increase the net income of a given company, plus increase the price of the corporate stock.

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2. Describe and explain accruals and deferrals.

Speaking about Accruals, I would like to note that Accruals consist of accrued expenses and accrued revenue.

a. Accrued expenses: Expenses that are incurred in the current accounting period but will not be paid until the next period. Accrued Expenses cover accrued salaries, accrued interest, rent, taxes, and utilities. All accrued expenses in a company are recorded by debiting a corporate proper expense account while at the same time crediting a corresponding liability account (Rachlin 76).

b. Accrued revenue: Revenue that is earned in the current accounting period but will not be received until the next period. Accrued Revenue comprises accrued rent income, accrued interest income, accrued utilities etc.

Speaking about Deferrals, I would like to note that Deferrals consist of deferred expenses and deferred revenue:

a. Deferred expense: Expenses that are paid in the current accounting period but will benefit future periods. Deferred expenses are also known as prepaid expenses or deferred charges. Speaking about types of deferred expenses, one should remember that they comprise prepaid insurance, prepaid rent, prepaid taxes, supplier, utilities that last for more than one period. Deferred expense can be recorded as an asset or as an expense.

b. Deferred revenue: Revenue that is received in the current accounting period but will not be fully earned until future periods. Deferred revenues cover sales of season tickets, subscriptions to newspapers, rent collected in advance. Deferred revenue also goes by the name of unearned revenue or deferred charge.

Deferred revenue can be recorded as a liability or as a revenue.

3. Identify the eight steps of the accounting cycle.

Accounting cycle is a series of routine activities that comprises the following steps:

1. Identifying an event that qualifies for a transaction.

2. Preparing a source document for a given transaction/event.

3. Analyzing and classifying a transaction. One needs to apply monetary terms, identify corresponding accounts, and whether they should be debited or credited (Tracy, 207).

4. Recording a transaction by making proper entries in a proper journal or ledger. One should use a chronological order.

5. Posting entries from journals to ledger accounts.

6. Preparing a trial balance, correcting mistakes and discrepancies.

7. Preparing adjusting entries to record accruals and deferrals. Posting adjusting entries

8. Preparing adjusting trial balance.

9. Preparing financial statements. Income statement, Balance Sheet, Statement of retained earnings, Cash flow statement.

10. Preparing closing journal entries. Posting them to the ledger.

11. Preparing reversing journal entries (should they be necessary).

4. Use the accounting equation to describe an organization’s financial position.

The accounting equation is represented by the following formula A-L=SE, where A-assets, L-liabilities, and SE-Stockholder’s equity. In other words, Stockholders’ equity equals Assets less liabilities. Corporate financial position is represented by the Statement of Financial Position or the Balance Sheet which does show exactly the same thing. It shows all corporate assets, liabilities and stockholder’s equity. By applying various ratios and other approaches one is able to precisely determine a corporate financial position compared to the other companies in the industry.

5. Identify and explain the elements of a balance sheet, income statement, and statement of cash flows. The flowing elements are present in each of the statements are depicted below:

Balance Sheet:

Assets-all assets the company possesses.

Liabilities-all liabilities the company possesses.

Stockholders’ equity-the difference between company’s assets and liabilities.

Income Statement:

Revenues-or the gross sales revenue received from selling goods.

Expenses-all expenses associated with selling good.

Net income-difference between the revenues and expenses.

Statement of Cash flows:

Operating activities-all changes to current assets and liabilities

Investing activities-changes in non-current assets.

Financing activities-changes in non-current liabilities and stockholder’s equity.

Ultimately one determines the cash at the end of the period.

6. Explain the process of depreciating and amortizing assets.

Depreciation and amortization are analogous terms with the only difference of deprecation being applied to physical goods and amortization being applied to intangible goods like goodwill. Depreciation means that a certain good wears out and gets destroyed over a period of time and thus loses its value and utility for which a company should account in order to objectively represent its assets and financial position. Typically depreciation is determined by the government regulations and various types of goods can be depreciated by using different methods and over different periods of time. The most common method is straight-line depreciation that equally divides the value of an asset by the number of years used in depreciation and then subtracts that amount at the end of each period from the asset. Amortization uses the same method yet is applied to a goodwill or subjectively determined value of an intangible good.

7. Calculate cost of sales using several different methods.

Cost of sales is also known as the Cost of Goods Sold (COGS).

In order to calculate the COGS one needs to do the following steps (Warren, 133):

1. Add cost of goods purchased within a given period to the beginning inventory to obtain cost of goods available for sale.

2. Subtract ending inventory or the goods left on hand at the end of the period to arrive at the cost of goods sold.

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Research Paper on Diseases

1. Description of diseases

1.1. Malaria

Malaria is among the major causes of death in the world and kills over a million people annually. (Kujtan). Although this virus kills less than 1% of those who actually contract it, the high infection rates (over 300,000,000 people contract the disease every year) account for the impressive mortality figures. Malaria “kills more people than any other communicable disease except tuberculosis” (irishhealth.com). The deaths primarily occur among young children in Africa, especially those who live in the countryside and have poor access to health care (nobelprize.org).

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Malaria is spread mostly in tropical and sub-tropical areas including Africa, India, the Caribbean and South America, but affects people from other countries travelling to those areas as well. For example, in North America, over a thousand people are diagnosed with this disease annually after trips to the warmer regions (Kujtan). Over 90% of all malaria cases are reported in sub-Saharan Africa. Overall, this disease is found in 101 countries: “45 countries in Africa, 21 in the Americas, 4 in Europe, 14 in the Eastern Mediterranean Region, eight in South East Asia and nine in the Western Pacific Region” (irishhealth.com). Currently, the infection has appeared in the regions where it was exterminated years ago, such as Tajikistan, Azerbaijan, and Korea. Although the area affected by the disease has become smaller than 50 years ago, it is still a huge part of the world. Malaria is a major health problem now in over 90 countries with a population of 2,400 million people that represent 40% of the global population (nobelprize.org). Malaria risk is increasing as methods of land use are changing due to the development of road construction, mining, logging, and agricultural and irrigation projects. International travel, flows of refugees caused by armed conflicts and global climatic change are also exacerbating the malaria situation around the globe. The particular forms of malaria spreading have become “airport malaria” when the disease is imported by travellers, and "weekend malaria," that affects town residents in Africa getting back to their rural settlements. The United Kingdom recorded 2,364 cases of malaria in 1997 brought to the country by travellers (nobelprize.org).

The disease is caused by Plasmodia, one-cell creatures that get into human blood after bites of infected anopheline mosquitoes. The parasite inside the body of the human gets into the liver, incubating there. Malaria is more frequently transmitted during a rainy season (irishhealth.com). Malaria can also be contracted through blood transfusions or dirty needle use (Kujtan).

Malaria symptoms include “fever, shivering, pain in the joints, headache, muscle aches, tiredness, repeated vomiting, generalised convulsions and coma”, possibly also nausea, vomiting, and diarrhoea (irishhealth.com).

If malaria is quickly diagnosed, it can be cured, which is why the majority of people who develop malaria survive. Malaria is diagnosed via a malaria smear that is a drop of blood that is examined under a microscope. Malaria has four different forms, three of which are “benign”, meaning that the patient has a fairly good chance of survival, while the fourth one is dangerous as it can lead to death within 48 hours. If the disease is not fully cured, the symptoms can return in a few months.

Malaria surfaces in the regions affected by hurricanes, for example, in the Caribbean. The disease was once common in the southern US but was eradicated later on (Kujtan). Currently the instances of malaria transmission in North America are limited to the cases when infected mosquitoes have come to the continent in travelers’ bags or have bitten local mosquitoes.

The studies of the economic impact of malaria in Africa, the region most affected by this deadly malaise, have been looking into the losses caused by the outlays for treatment, lost productivity due to missed working hours, households’ expenditures on medication and treatment, the days missed by schoolchildren at educational establishments, expenses at public health care offices, and the impact on people’s health. A study by Shepard et al. in 1991 revealed that the economic loss from malaria to the African continent in 1987 amounted to $791 million, constituting 0.6% of the Sub-Saharan Gross Domestic Product (Chapter 6:164). The study by Leighton and Foster in 1993 estimated the production loss inflicted by malaria on the economies of Kenya and Nigeria to be in the ranges of 2-6% of the GDP and 1-5% respectively (Chapter 6:165).

1.2. West Nile virus

West Nile Virus is contracted by people most commonly from mosquitoes or birds (CDC). Other creatures that spread the disease include insects such as sand flies, ceratopogonids, "no-see-ums", ticks, and vertebrates such as dogs, cats and horses. The contraction of the virus by humans is accidental, and the human being cannot be infected by the West Nile Virus as a result of communication with another human. In 80% of the cases the disease will be asymptomatic, but in 20% of the cases humans will develop a serious condition called West Nile fever or West Nile disease (CDC). The symptoms of the West Nile Fever are “fever, headache, tiredness, and body aches, occasionally with a skin rash (on the trunk of the body) and swollen lymph glands” (CDC: Symptoms of West Nile Virus). The contraction of the virus can lead to encephalitis affecting the brain itself, meningitis that affects the lining of the brain and spinal cord, West Nile meningoencephalitis (inflammation of the brain and the membrane surrounding it), and West Nile poliomyelitis (inflammation of the spinal cord) called then West Nile disease, or neuroinvasive disease (westnilefever.com). the symptoms of the West Nile disease include “headache, high fever, neck stiffness, stupor, disorientation, coma, tremors, convulsions, muscle weakness, and paralysis” (CDC). The risk of developing a disease is especially common in people over 50 or those with damaged immunity, such as transplant patients. The incubation period usually lasts from 2 to 15 days, and the disease itself is usually over in a few days, although in some patients the symptoms may persist for weeks.

West Nile fever is typically of short duration and does not leave any lasting health effects. On the other hand, the West Nile disease can evoke “permanent neurological damage” and result in the death of the patient (westnilefever.com). The death rate of those infected with West Nile virus is less than 1 person in 1000, as less than 1% of those who contract the virus develop encephalitis, and the rate of fatality among encephalitis patients varies from 3% to 15%.

This dangerous virus first entered the Western Hemisphere and was registered in New York in 1999 (Zohrabian). Since then, the virus spread all over the US and most of the states registered WNV-positive in 2004, except Washington. Some of the Mexican and Canadian provinces bordering on the US were affected as well (US Geological Survey). During the outbreak of the disease in 2002, 4,156 WNV cases were registered in the United States. 2,942 people developed a condition affecting the central nervous system. 284 disease cases led to lethal outcomes (Zohrabian).

A study was conducted aimed at assessing the economic impact of the disease in Louisiana where 329 cases were reported in 2002, including 24 lethal cases. The research took into account “medical costs (inpatient and outpatient); nonmedical costs, such as productivity losses caused by illness and premature death, costs of transportation for a patient to visit a healthcare provider, and childcare expenses; and costs incurred by public health and other government agencies for epidemic control” (Zohrabian). The costs associated with the short-term impact on the epidemic on the economy of the state including the factors mentioned above were found to equal $20.1 million, and the figure is likely to be understated as some of the costs such as expenses associated with outpatient medication and others were not available to the researchers. The scientists extrapolated their findings on the local impact to other regions. Assuming that Louisiana was a representative state, the cost to the nation of the epidemic in the time span between June 2002 and February 2003 was found to be $139.8 million, including $57.5 million in short-term costs of inpatient treatment, $5.6 million for outpatient treatment costs, and non-medical costs of $76.7 million (Zohrabian). The long-term impact can be expected to be even greater as some of the patients were not able to get back to their jobs immediately after the end of the given timeframe and expected to continue with treatment.

1.3. Dengue

Dengue is world’s most common arthropod-generated disease. There exist four serotypes of the dengue virus (DENV), all of which are transmitted by the mosquito Aedes aegypti. If a person has experienced infection with one dengue serotype, the person acquires lifelong immunity to that type, but can fall victim to other serotypes (WHO Fact Sheet).

Currently, over 50 million people around the globe contract dengue every year. On the American continent, the epidemic of the dengue occurred in the 1980s starting with the first outbreak of dengue haemorrhagic fever/ dengue shock syndrome in Cuba.  Now dengue is found in many countries in North and South America. In 2002, 75% of the cases found in the Americas were registered in Brazil (Cruz 2002: 1).

Dengue infection can result in a variety of conditions ranging from a mild ailment (undifferentiated febrile illness (viral syndrome)), to an illness whose symptoms resemble the grippe (dengue fever (DF)) to the most severe condition called dengue haemorrhagic fever (DHF) including dengue shock syndrome (DSS) that can lead to a lethal outcome within 24 hours. The fatality rate for dengue haemorrhagic fever can exceed 20% without proper treatment, but with intensive therapy this figure can be reduced to 1% (WHO).

Undifferentiated fever usually develops in children infected with DENV for the first time and has the same set of symptoms as other virus infections. Sometimes this disorder is accompanied by maculopapular rashes. Dengue fever is accompanied by “headache, myalgias, arthralgias, rashes and leucopenia” (WHO Fact Sheet). Sometimes the disease is accompanies by more severe symptoms such as muscle and joint pain and haemorrhage. Dengue fever usually does not affect the local population in the areas where this disease is endemic.

Dengue haemorrhagic fever occurs with a quick advent of high fever, often accompanied by the liver enlargement. In some cases this acute condition is accompanied by circulatory failure. The fever reaches 40-41 degrees Celsius, along with febrile convulsions and haemorrhagic phenomena. The fever subsides after 2-7 days, after which symptoms usually disappear. If the patient enters dengue shock syndrome, death can follow within 12-24 hours if he/she is not rescued by intensive therapy. DHF usually occurs in people who have already experienced the DENV infection, although sometimes it can be found in people who are contracting DENV for the first time (WHO Fact Sheet).

Dengue was found in only 9 countries before 1970, but since then the disease has been gaining spread and severity. The number of the countries reporting dengue has risen by four times and continues to increase. Every year viruses cause infections in almost 100 tropical countries, leading to 2,000-3,000 deaths, primarily of children. The pandemic of the 20-21st century was caused by the changes in lifestyles that came with “population explosion, urbanization and rapid transportation of large numbers of people” (Pan American Health Foundation). The new conditions in the developing countries where population growth has been especially quick precipitate the spread of the infection creating a more favorable environment for the main DENV transmitter, Aedes aegypti. Quick migration of the developing nations’ population to cities with poor urban infrastructure, inadequate water supply, and heaps of solid waste can lead to high proliferation of Aedes aegypti (WHO). Modern trends of international trade contribute to the transportation of the mosquito’s larvae in the used tires where rainwater accumulates (WHO).

Some estimates claim that de-facto infection rates are even higher as the number of deaths may in fact total 12,000 per year as not all the cases are reported to the WHO (WHO). The pandemic is on the rise on the American continent, in the Eastern Mediterranean, Southeast Asia, and Western Pacific (WHO). In the unprecedented pandemic of dengue fever and dengue haemorrhagic fever in 1998, 1.2 million cases were registered in 56 countries worldwide.

1.4. Plague

Plague can be of three different forms: bubonic plague, septicemic plague, and pneumonic plague differing in their clinical features. The symptoms of bubonic plague are enlarged, tender lymph nodes, fever, chills and prostration. A person develops a blister at the site that was bitten by the flea. Sometimes a patient develops ulcers in places of the lymph nodes, such as groin, armpit, and neck. The patient suffers from extreme exhaustion and delirium.

Septicemic plague is characterized by “fever, chills, prostration, abdominal pain, shock, and bleeding into skin and other organs” (Wrong Diagnosis). Pneumonic plague affecting the lungs causes “fever, chills, cough, difficulty breathing, and rapid shock and death if not treated early” (Wrong Diagnosis).

Bubonic plague offers better chances of survival, but if the disease is left untreated, the bacteria get into the blood and proliferate there. In this way they spread throughout the body leading to a severe condition that often leads to death.

Pneumonic plague occurs when the lungs are infected. This is a serious respiratory illness that may lead to quick death unless the patient is given quick antibiotic therapy.

Plague is caused by bacillus called Yersinia pestis transmitted by fleas. Humans most often get fleas from rats, which was why the disease was more common in the Middle Ages when towns and villages were teeming with rats. The bacillus is transmitted via “direct contact with infected tissues or fluids from handling sick or dead animals” or from “respiratory droplets from cats and humans with pneumonic plague” (Wrong Diagnosis). Fatality rate reaches 50-90% if the disease is not treated; 15% in case of proper diagnosis and treatment.  About 14% of all plague cases in the United States result in the death of the patient.

Throughout the history of mankind plague has taken almost 200 million human lives. Starting with the first outbreak of bubonic plague in Europe during the 6th Century, the disease became the scourge of the mediaeval world. Plague comes from the Gobi Desert and achieved a pandemic reach in the 14th century. In the Middle Ages plague killed nearly one-third of the population. The disease quickly spread through Asia along the trade routes. Although this terrible death is typically associated with Europe, it was as ruinous in other parts of the world. Even countries situated at a significant distance from Europe such as China were affected. The epidemic of plague in China in 1328 reduced the country’s population to 90 million from 125 million. With the advent of European shipping, the terrible disease spread to the areas such as the Crimea and Egypt. The size of the pandemic had a devastating effect on the size of the population of the mediaeval world, as whole areas became depopulated as people were fleeing from the areas where the disease was found. A special place in the history of mankind takes the Black Death of 1665 that almost halved the population of the British capital (Black Death).

The last outbreak of plague happened in the US in Los Angeles in 1924-25 (CDC).Now the WHO reports about 1,000- 3,000 cases per year (CDC).In North America plague occurs in animals and fleas in the areas located from the Pacific Coast to the Great Plains, and from south-western Canada to Mexico. The spread of the plague in the US is limited to two great areas. One is northern New Mexico, northern Arizona, and southern Colorado, and the other includes California, southern Oregon, and far western Nevada. Plague is found in a number of countries in Africa, Asia, and South America (CDC). The people who are in the risk group for contracting plague include those who often come in contact with rodents, for example, foresters, veterinarians, etc. Hikers or campers entering areas infected with plague can also catch the infection. In the United States plague is often transmitted by animals other than rats such as squirrels, prairie dogs, and other burrowing rodents.

2. Comparison

The four diseases described above all take a heavy toll on the human health, and when it comes to an individual illness, they all have an adverse impact on the human being. But if one thinks in global terms, the seriousness of the damage is not the same.

2.1. Economic perspective

From the global historical perspective, plague has been most detrimental to the progress and well-being of human society. We could claim that is affected the history of mankind reducing the size of population by a third in the Middle Age. Plague disrupted ties between different areas as authorities were seeking to protect the people by sealing off towns and villages affected by the plague.

However, now plague has fortunately lost the significance of a history-shaping factor. Although it is still found in Asia, Latin America and Africa, it can hardly be called the deadliest disease of the 21st century. 1,000 – 3,000 cases reported by the WHO annually with approximately 15% of mortality among those who receive proper treatment do not present a serious danger to the world’s population.

Among infectious diseases, plague has yielded its horrific first place as human killer to malaria that is responsible for 300, 000, 000 infections per year. Even with a mortality rate under 1%, with the number of infections, this disease posts a serious threat to the population of 90 countries where the disease is found.

Perhaps the most serious implication of malaria is the economic loss it inflicts on the Sub-Saharan region in Africa. The annual economic loss, as indicated in the section on malaria, amounted to $791 million, although the real numbers were estimated to be much higher. In comparison, the economic damage wrought by the West Nile virus in the US was assessed to amount to roughly $140 million. The comparison of the two numbers needs to provide for the striking difference in the size of the Gross Domestic Product in the US and Sub-Saharan Africa. The United States can ward off the impact of a similar economic loss with much greater resilience than the countries in the less affluent world.

2.2. Current situation

From the point of view of the dynamics of the disease spread, dengue is one infection that has been on the rise of late. Originally confined to only 9 nations, it has now expanded to over 100 countries worldwide, claiming at least 2,000 – 3,000 lives a year or 12,000 by broad estimates.

On the other hand, other infectious diseases have shrunk in the past few centuries. Plague that was a global factor in the Middle Age is now an important social phenomenon in a handful of developing nations and has been practically eradicated in developed countries. The area affected by malaria has also shrunk in the past 50 years, although a severe battle with this disease still lies ahead as it began to re-emerge in the Asian regions where is had been eradicated, such as Korea and Central Asian republics.

In the North America, only 1 to 40 cases of plague are found per year. This compares to about 4,000 cases of West Nile Virus registered in 2002 in the US. The virus that entered the American continent in 1999, quickly spread to the majority of the states, and is now found in some Mexican and Canadian provinces. This proves that this infection is probably the greatest challenge of the four for North America. Malaria and dengue fever are also found in only scattered cases, malaria mainly imported by travellers returning from tropical countries.

2.3. Clinical perspective

From the clinical perspective, all the four diseases can progress in a relatively mild form, while in a minority of cases a more serious form can develop that has significantly higher mortality rates. West Nile virus can lead to encephalitis, meningitis, meningoencephalitis, or poliomyelitis. Malaria has one form that may cause death within 48 hours as opposed to the other three benign forms. Plague mortality is higher if the patient develops a seroseptic or a pneumonic form, and dengue can lead to death if a patient develops dengue hemorrhagic fever leading to dengue shock syndrome. Thus, lighter forms of the disease caused by the same virus or bacillus have much lower mortality rates. For example, only less than 1% of those infected with West Nile Virus die, but for those who develop West Nile virus encephalitis, the rate is 3 to 15%.

Proper treatment is also important. Among those who contract plague and do not get quick therapy, the fatality rate is 50-90%, while among patients who have access to treatment the rate shrinks to 15%.

 

While dengue, West Nile Virus and plague are typically cured completely unless the infected person dies, malaria symptoms can recur in a few months, making this disease a more debilitating experience.

2.4. Epidemiology

West Nile Virus is transmitted by both birds and mosquitoes, while dengue and malaria infections are spread by mosquitoes. This means that the infection rates for these diseases can be reduced by trying to disrupt the environments favorable for the mosquito proliferation, such as damp areas.

The plague, in contrast, is transmitted by fleas that bite humans, and fleas reside in the rats’ fur. That is why the plague was conquered when the developed nations freed their towns and settlements from rodents and found ways to get rid of the parasites.

Conclusion

Taking into consideration all of the comparisons outlined above, we will conclude that the most serious disease from the global perspective is malaria. First, it affects the poorest regions of the world, eating at their already poor economic strength. Second, the overall size of the economic damage is significant. Third, malaria is a disease with recurring symptoms unless cured completely.

From the personal perspective, plague can be considered the deadliest disease. While any of the above-mentioned disorders leave a debilitating effect on the body, plague has the highest mortality rates that are above those for any other infection. Besides, it affects the immunity system, which is extremely harmful.

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TELUS Research Paper

TELUS and Securitization Research Paper

One should start by saying that TELUS Inc is one of the largest and most competitive Canadian providers of data, internet protocols, voice and wireless communications and Ethernet services. The company provides a full range of various communication products and services that connect the world. In the year ended December 31, 2004, TELUS generated more than $7 billion in revenues.

TELUS employs over 25 thousand people with offices scattered across Canada. The following research paper will speak about the securitization process as present in TELUS corporation.

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Securitization is viewed at TELUS as a financial technique that pools corporate assets together and thus turns them into a tradable security. TELUS believes that the use of securitization will allow the company to immediately realize the cash value of a cash-producing asset. Securitization started in 1970s and currently formed a market that equals to about $6.8 trillion.

Asset backed securities (ABS) are bonds that are backed by a pool of corporate financial assets that are not easily traded in their existing form. Yet by pooling a great number of these illiquid assets into one large pool, one manages to create new instruments that are easily bought and sold on the major capital markets (Stone, 88).

The securitization process works this way. The originator establishes a large pool of financial assets, such as mortgage loans, and then in turn sells these assets to a new investment vehicle that in turn would issue bonds that are backed up by these financial instruments/assets.

There is a difference between ABS and conventional bonds. Thus, if investors purchase and hold a regular bond, they receive regular payments during the life of that bond, plus the face value of the bond at the end of the bond’s life. Therefore, as long as the issuer of the bonds makes these regular payments and is financially healthy it will continue making these payments. Thus, the risk of default of the bonds is directly correlated with the risk of corporate bankruptcy and depends on corporate solvency (Davidson, 129).

Securitization is a more complex process and the payments primarily depend on the cash flows generated by the underlying pool of securities.  Since the pool comprises many different assets, investors are given a certain level of protection should the company that created the financial asset goes bankrupt.

Because of such peculiarity applicable to the  securitization process, ABS allows various companies to issue bonds with very high credit ratings, usually AAA, A+++. It is rather hard to achieve such high credit rating with regular ‘classical’ bonds. ABS thus allows TELUS and other companies to borrow money at a much cheaper rate.

one needs to remember that although residential mortgages were the first financial assets to be securitized, various non-mortgage related securitized assets appears on the financial market and comprised instruments like credit card payments, trade accounts receivable, auto loans and even student loans.  If my memory does not fail me one would even use the royalty payments on David Bowie’s back catalog as an assets that qualifies for securitization.

TELUS finds the securitization process as a useful tool of generating cheap cash flows for the company in times of need. Annual issuance of securitized securities is about $800 billion which certainly makes the ABS market a place for TELUS to borrow money.

It is no wonder that “For TELUS, the securitization of its equipment leasing portfolio, currently managed by Telecom Leasing Canada (TLC) Limited (TLC), a wholly owned subsidiary of TELUS, will advance its national growth strategy and enable it to pay down debt incurred for strategic acquisitions.” (http://about.telus.com/cgi-bin/media_news_viewer.cgi?mode=2&news_id=275 ).

Understanding the advantage of the cheap funds generated by securitization TELUS will “apply the proceeds of the transaction, valued at C$147 million, toward the reduction in its bank operating borrowings thereby improving the financial flexibility of TELUS to invest in the growth areas of data, Internet Protocol and wireless” (http://about.telus.com/cgi-bin/media_news_viewer.cgi?mode=2&news_id=275). As a result of the successful securitization initiative for TELUS the company managed to raise about $1.2 billion from divestiture which it subsequently turned into securitization.  One needs to remember that the company surpassed its goal of raising up to $1 billion.  In 2004, TELUS had established a new financing plan that would use the free cash flows generated by its operations to “reduce and repurchase debt and amounts outstanding under its accounts receivable securitization program” (http://www.tmcnet.com/usubmit/2005/Feb/1119409.htm ). The company also plans to redeem its publicly held preference and preferred shares of TELUS communications, since Asset backed securities deployed in the securitization program of TELUS will provide the same financial resources at a much cheaper rate. As the article noted, TELUS in 2004 already repaid about $200 million in debt and would engage in sale of securitized accounts receivable. One reads further and understands that TELUS has about 900 million in cash and an undrawn credit facilities of $1.6 billion let alone cash generated by operating activities, TELUS is believed to have enough of financial resources to undergo proper corporate operations and engage in redemption of more expensive debt such as debentures (http://www.infoworld.com/Nokia/company_45847.html?view=3&curNodeId=0&prId=TO25718022005-1 ).

In conclusion, I would like to note that securitization is a very useful alternative to traditional debt as provided by banks or other financial institutions/market. Securitization allows the companies with imperfect credit rating to create triple A rated securities and thus benefit from the lower rates associated with the securities with low risks. TELUS corporation understood the advantages of securitization in 2001 and that same year engaged in creation of some ABS. In 2004, TELUS engaged in the process of redeeming its other debt and generate most of its cash flows from securitization.

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Research Paper on Justice System

Justice is the abstract philosophical concept that connotes fair distribution of society’s benefits and burdens among the members of the society. Once again one has to remember that there is no absolute justice in the world and the society, and its economic system each influence the principles of justice in the given society. Therefore, based on philosophical abstraction and King’s statement, I can state that there can be no long-term justice at all, because of the relative nature of personality degradation.  

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Based on the egalitarian principle of justice all benefits and burdens in the society should be distributed equally among the society members. This can technically be achieved by providing equal wages to all nuclear engineers, body guards, McDonald’s waiters, and high school teachers. On one hand this may appear fair and just to all society members yet on the other hand equality may reduce the motivation in people to take risky jobs that because of the equal pay would appear unattractive to the job-seekers. People would stick to riskless jobs and would completely abandon the education that would not provide any monetary incentive in the society where every one would be paid similarly. Despite the fact that human personality is uplifted since all would get equal salary, such justice would not work for long since this system fails to compensate individual’s efforts.

Based on the Socialist principle of justice the benefits and burdens should be distributed based on the principle “from each according to one’s ability to each according to one’s needs”. This was the principle used in communist Russia (Soviet Union). Based on this principle, people should voluntary contribute as much as they could to the benefits of the society while expecting to receive everything according to their needs. I should note that from the logical point of view this system appears rather egalitarian as well, while focusing more on the better workers’ contribution while distributing the benefits among the other society members. In other words, this system could only work when people are voluntarily are willing to contribute their best efforts at work, while also being able to precisely express their needs to receive the benefits. As a result the education should also become unnecessary because the years spent in school (that do not guarantee future best efforts) could be spent on the field planting potatoes-or do other things that measure best efforts. To the best of my knowledge this principle of justice indeed worked in the USSR for a short period of time, providing justice for all. Still, I should note that the Soviet Economy based on the Socialist principle of justice indeed did not work for a long period of time and the efficiency was much lower than that in the developed capitalist economies.

Based on the principles of Capitalist justice the benefits and burdens should be distributed based on the principle “from each according to his / her investment”. This principle of justice states that the rich people should receive the greatest amount of benefits, as well as those who contribute the best/ largest amount of other investment (labor, financial or knowledge) to receive the largest benefits in the society. Therefore, this principle of justice is directly correlated with the personal or inherited input in the society to receive the best benefits. The injustice associated with the given principle of justice is that those unprivileged groups of people who do not possess the investment are not expected to receive any benefits from the society that lives according to the capitalist principles of justice. The blacks, Latinos or immigrants that come to the capitalist country in search of a new life-are doomed to work for the initial accumulation of capital and only then are expected to receive the benefits the society has to offer.

In conclusion I would like to say that because there are at least three types of justices as expressed above one cannot objectively state whether or not the justice can be achieved for a long period of time for all. By the same token the statement of M. L. King Jr. “any law that uplifts human personality is just. Any law that degrades human personality is unjust,” In the Soviet Union the socialist justice was present for all, thus making everyone work to the best of their efforts while receiving only to their needs (not wants or whims!). Yet the period of the existence of the Soviet Union was less than 80 years, thus making us think that maybe once the justice is achieved the society cannot exist. Therefore, I believe that to achieve justice for all a society has to create something perfect. Yet because humans that create this justice are not perfect, thus the creation of justice for all is impossible, or the created justice is not true justice for all. The capitalist justice is currently trying to employ the egalitarian elements of justice with the government creating safety nets for unemployed, unprivileged, minorities or physically disabled. Yet still the justice according to the true capitalist or egalitarian principles is not achieved anywhere and that in my opinion contributes to the creation of the efficiencies and innovations that various interest groups strive to create to assure justice for themselves (not for all) if not for a long than at least for a short term period.

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