Essay on Industrialization

Influence of Industrialization on the lives of Europeans

Industrialization originated in eighteenth-century England and was spurred by the introduction of the steam engines and modernization of the textile industry. In the nineteenth century industrialization moved on, spreading to the rest of Europe, America and Japan.

The workplace of most Europeans was significantly changed. Businesses grew bigger, and industrialization sped up the formation of  «corporations, monopolies, and cartels» (Watts). Financial capital turned into an important source of power, and petroleum and electricity became vital energy sources.

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The industrialization «gave man a new conception of power in relation to his physical environment» (Kreis 2004), giving one a sense of power and control over one’s physical conditions. Man was now the master of nature to a greater degree than before, and so far the disastrous consequences of industrial activities such as pollution were not as evident.

With all the benefits of the advances in technology, the Industrial Age came at a social cost. It resulted in “social dislocation, overcrowded cities, inadequate housing, worker exploitation. child labor, new extremes of wealth and poverty, political conflict, and pollution”  (Kreis 2004).

The life of the rural communities was transformed no less than the life of the cities as people flocked to urban areas to join the ranks of industrial workers. As early as in 1815 the majority of  Europeans and Americans «lived in rural villages and worked the land» (Watts), but the process of movement that was to make Europe a predominantly urban area had already started.

The advent of machine production caused profound changes in the social layering of society. The shift of industrial workers had no land of their own, but were instead dependent on those who had the means of production in their hands, that is, factory owners.This modification led many to feel that they were passed over in the scientific and industrial breakthroughs, and added popularity to the  Marxist doctrine that gained recognition in the second half of the nineteenth century. Marx claimed that capitalism is another step in the long chain of different social setups where the lower-class society members were bound to remain in the lower social layers. Industrialization, Marx claimed, led to a perpetuation of the poverty and discrimination based on class.

The Industrial Age has elicited criticism from many thinkers, especially those belonging to the Romantic movement who believed it led to depersonalization of people and society, and destruction of nature, while others endorsed the growing might of man.

Success of humankind’s scientific and economic achievements has led many thinkers to support the policy of "laissez-faire", meaning that the less government intervention into society’s affairs the better. This view was supported by Bentham, a utilitarian philosopher who believed that the best decision is the one that best serves the interests of many people. Thomas Paine (1737-1809) also said that «the best government is the one which governs least» (Kreis 2004).

The utilitarianist philosophy was a step forward from the old irrational moral systems. The utilitarians backed the passage of the 1832 Reform Bill that gave the middle class the franchise. They argued for the drastic reforms in the social sphere, abolition of aristocracy and even monarchy, earning themselves the title of philosophical radicals. Utilitarians held to the idea expressed by Bentham in Fragment on Government (1776) that «correspondent to discovery and improvement in the natural world, is reformation in the moral» (Kreis 2004).

The establishment of the middle-class capitalist ideas in Europe, the success of the Western civilization gave impetus to the view of other nations as intellectually and culturally inferior. The ideas of racial supremacy led to the appearance of Social Darwinism, “the pseudo-scientific application of the theory of evolution to social and political issues”, that  «reinforced ethnocentrism and racial bigotry” (McNeill). To some extent these notions gave extra momentum to the First World War later on.

Thus, the palette of thought in the nineteenth century ranged from denunciation of the achievements of the industrialization that failed to bring improvement in human life to enthusiastic support for the process that radically advanced the economic development of society.

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Competition Law Essay

The Competition Act 1998 includes a lot of features been in the author’s draft Bill. Actually this brings UK competition law into line with the model of European Community (EC) that today has been adopted in some other member states. The Chapter I of the Act prohibits agreements and concerted practices, which preclude, restrict or warp competition in the United Kingdom (UK), unless they are freed under Article 85(3) or on the UK grounds equivalent to this Article.  A provision in analogous terms to Article 86 of Rome treaty (called the “Chapter II prohibition”) forbids abuses of chief positions in the UK. In both, the essentials of an effect on trade within the UK are substituted in the Act for that on trade between the EC member states. In the first case there is also the requirement that the decision, agreement or practice in the UK is or is intended to be executed similarly to the standard for the EC jurisdiction described by the European Court in the case of Wood Pulp.

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A main clause provides that courts and tribunals “must act (so far as compatible with the provisions of this Part) with a view to securing that there is no inconsistency between (a) the principles applied and the decision reached by the court in determining that question; and (b) the principles laid down by the Treaty [of Rome] and the European Court, and any relevant decision of that Court, as applicable at that time in determining any corresponding question arising in Community law” in determining questions arising under this legislation as well as “must, in addition, have regard to any relevant decision or statement of the [EC] Commission”.

Major of the UK laws on competition (apart from the mergers and acquisitions control and general investigations of oligopolies) are repealed, including sections 44 and 45 of the Patents Act 1997 which regulated the supply of patented agreements and tying and automatic extension provisions in patent licenses.

In brief, the UK Competition Act of 1998 spreads prohibitions equivalent to 85 and 86 articles to situations when EC law does not apply, as there is insufficient or no effect on trade of the United Kingdom and other member states.  The importance of the extension is not only in covering many situations that previously were not covered by described articles, but also in providing greater enforcement authority and proximity.

The competition authorities in the United Kingdom, applying the new prohibitions, have started investigations, connected with complaints, made out decisions and even faced appeals against those decisions. The Office of Fair Trading (OFT) has set strong fines on companies found to have breached the rules and has used its powers to launch so called ‘dawn raids’ that means unannounced inspections of the premises of those suspected in the rules infringing. At the same time, OFTEL and OFGEM (the utility regulators) have not hesitated to use their powers applying the new laws on competition to the sectors they are responsible for. In addition, regulations have been developed to govern the procedures of both the Competition Commission’s Appeal Tribunals and the OFT; secondary legislation has made exclusions from the powers of investigation, prohibition and rules for the penalties determination. Besides the OFT and the sector regulators have issued guidance to assist the Act interpretation. Moreover, cause of the Act applying by reference to the equivalent EC legislation on competition, this Second Supplement also involves the main developments in the met EC law on competition.

So, it contains:

1. New cases regarding the concept of ‘affecting trade between Member States’ and the meaning of an ‘agreement’;

2. New block exemptions on research-and-development agreements, vertical and specialization agreements;

3. Proposals for the ‘modernization’ of EC competition procedure. The proposals are likely to have a significant impact on the scope and operation of the Competition Act in the UK.

Though the Bill comprises these careful provisions for enforcement by public authorities, it does not specify what effect the prohibitions have on private rights stated in The Human Rights Act of 1998, which was incorporated by the European Convention on Human Rights into UK law.  The only express provision is section 2(4), which simply says that agreements prohibited under Chapter I are freed.  Provisions of previous legislative acts governed private rights are repealed. 

Various questions will have to be resolved according to the EC interpretation clause and general principle.

This includes the following:

• Are agreements forbidden by Chapter I invalid? Does the invalidity affect provisions not restricting competition or being exempted? 
• Does Chapter II also prohibit conduct?
• Whether a person can claim damage in respect of the Chapter I or II breach? How much it influence if the claimant was party to the breach?
• Has a person the right to claim an instruction restraining Chapter I or II breach?  If so, in what situation?
• Whether conduct prohibited by Chapter II or I can affect the proprietary rights enforcement?  If so, in what circumstances?

Under conventional United Kingdom standards of established interpretation, the Act on Competition of 1998 might have been regarded as not conferring any private right on action for damages. The prohibitions defend the public interests and the Act provides an detailed enforcement and immunity system where agreements and conduct are notified to the OFT. If the careful arrangements protecting parties notified the OFT remain exposed to civil liabilities which could be very substantial one can say that the system seems to contradict them. 

That clauses in the Act which provide for the use of the OFT’s findings facts and information in court proceedings has been suggested to indicate that the Act confers rights to claim damages. On one hand, the fact of referring to proceedings related to the agreements validity could explain the provisions. On the other hand, the interpretation part of EC specifically explains that it applies to decisions as to the liability of an agreement for harm caused by its Community law infringement. So the position under Community law is necessary to be considered.

The European Court has considered Articles 85 and 86 to make direct effect and confer rights on private parties that must be protected by national courts. It has not definitely stated about ability to claim damages for private parties. Nevertheless, in accordance with EC law general principles, the protection of these rights in national courts must be efficient and not less favorable than that accorded to similar rights under national law. The UK Act could be considered to form the second criterion circular, but at the same time there is a strong argument based on the first criterion about the rights protection that would be ineffective in case damages could not be claimed.

The House of Lords majority strongly supports the opinion that damages can be claimed infringement for articles 85 and 86, but do not make a clear decision to this effect. Therefore the majority of the Court of Appeal expressed some doubt on this view, which seemed to hold that judicial survey provided an effective remedy for breach of article 30 against the state. However, it is submitted that the damages availability for infringement of articles 85 and 86 is highly likely to be confirmed.

These decisions are regrettable from the point of a person interest in the effective competition law enforcement. To an anti-competitive agreement third parties very often have a less concern and worse information than a party to expose its incompatibility with law on competition.  Moreover, the function of article 85 analysis of the Court of Appeal appears to be unduly restrictive, and it remains to be considered if it will be overturned. The main point is a question of EC law that should be directed to the European Court. To the UK Act interpretation the application of Chapter II should follow the result under Treaty’s Article 85.

In Gibbs Mew v. Gemmell The Court of Appeal said that the situation would be different under article 86 since the article imposed the duty only on the dominant party. However, an agreement making a dominant position abuse in infringement of article 86 or Chapter II is likely also to contradict article 85 or Chapter I. Also it could still be disputed that the victim cannot rely on its participation in such a kind of agreement even if damages were claimed under article 86. 

In spite of Gibbs Mew v Gemmell a party may still meet a prohibited agreement to claim damages for distortion as to its validity. 

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Research Paper on Middle East Conflicts

Why have initiatives for peace in the Middle East been so difficult to achieve?

The problem of unrest of the Middle East remains one of the most urgent in today’s geopolitics. Middle East is a very frail region was nearly none had experienced peaceful life and life without violence. Conflicts between Arabs and Israelites, Muslims and Jews, Arab Christians and Zionists and other conflicts caused by religious and ethnic intolerance became a usual thing and had become a shameful way of life in Israel and states that border with it. Probably none could even image that UN resolution of 1948 about Israel state and its territorial borders would bring such violence, sufferings to both Arabs and Jews.

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There are lots of premises for the nature of violence and terror in the Middle East, which are caused by historical and ethnic particularities of the region. For centuries the lands of Syria, Lebanon and Palestine were dependent territories starting from the first centuries AD. After Roman Empire collapsed, they were captured first by Arabs, later ruined in the time of Crusades and then captured by Ottoman Empire.  The status of Palestine was undefined nearly for 80 years since it appeared under the protectorate of British Empire.  Middle East has a very important strategic location as it’s a gateway to Asia and Northern Africa; its location in the Mediterranean region makes it real close to Southern Europe, and promotes its economical and political interaction with various neighbors.   It explains a high interest of super-powers in this region: of great Britain, France and czarist Russia in the nineteenth century, and North Atlantic Alliance and Soviet Union in the second half of the twentieth century. Frail peace and relatively peaceful coexistence of different ethnic diverse groups, of representatives of different confessions was once broken with establishment of Jewish state on the territory populated for centuries by Arabs, representatives of another culture and another religion. For conservative Eastern societies and eastern cultures it means a lot, as they are used to keep to traditions and customs that have been static for centuries.

  

The seeds of future violence were planted by unconscious and short-eyed politics promoted by the UN, who wanted to solve “Palestine question” at once and never refer to it, as it one of the most urgent especially after the end of WW2 and horror of Holocaust.

    

Besides historical particularities, ethnicity and religion played a key role in the development of conflict and spread of violence seeds all over the Middle East. Arabian population has predominantly common language, common culture and common values. Among them a special place is devoted to hospitality and self-dignity or pride. The last one is very common for Arabian culture as well as custom of deep offence and revenge, tied bonds between families and relatives promote the spread of revenge to the whole family and its friends, so if one becomes an enemy to someone of Arabian origin, he will remain an enemy for a long time. This people values and remembers everything good, but for sufferings and evil they have a longer memory. So to explain historical particularities and historical right of Jews on Palestine territories was impossible to Arabs as they were more than historically attached to the Holly land as well. It was the land of their fathers and ancestors as well, that why the single-valued solution of this uneasy geopolitical question caused multi-valued future problems that seem to be never solved as they live in minds and hearts of those who suffered from violence of Middle east eternal unrest. Besides it’s important to outline that there exist no premises for religious hatred and anti-Semitism origins in the history of middle east before the partition of Palestine territories. Moreover Muslims acknowledge the connection between Koran, Old Testament, Talmud and Torah, and there are similarities in moral aspects of both religious. No true followers of Islam in Palestine support the ideas of vakhabism or Islam fundamentalism, which has a purpose of a holly war against “unfaithful”. It’s very different. It takes it roots from the times of Sallah-ad-Dyne or Salladyne the Great and is spread on the territory of modern Palestine, Lebanon and Egypt- the territory of the ancient Islamic civilization. They follow the ideology of “Muslim brothers” which is based on the religious unity of all Arabian nations: Palestinians, Egyptians, Syrians, Iranians, Iraqis. Muslims are in very good terms with Christians who live in these countries, even call them “brothers” and it explains religious diversity in this part of the Muslim world: Lebanon population is 54% Christian, Syrian population is 30% Christian, Iraq and Iran have an impressive number of Christian and Jewish minorities for Muslim world as well. And there are no burning religious conflicts or issues on religious soil in none of these countries. Peaceful terms with Jews had existed always in Islamic world. For example in Morocco (Muslim country in Northern Africa, where Jews were immigrants and had no natural rights, because they were in minority only 10% of population) there were never serious religious and ethnical conflicts.

1948 was a turning point of Jewish history: Jewish nation created its state on their historical land – Israel. “The aspiration of returning to their homeland was first held by Jews exiled to Babylon some 2,500 years ago - a hope which subsequently became a reality”.

After this great event in the history of Jewish people the main task of Zionism was proclaimed to be “strengthening of Israel, repatriation of exiles of the land of Israel and care about the unity and prosperity of Jewish nation”. Only strong country could let “Jews be safe from the waves of oppression which had occurred in virtually every country in which they had lived, especially in the West”.

UN ratified Jews’ decision for self-determination and legalized their new state- the state of Israel on the territory of Palestine. The UN’s resolution about Israel got positive feedbacks from different states all over the world but I don’t think some of them were really sincere, for example Soviet Union. As Paul Starobin wrote in his article Rethinking Zionism: “The establishment of a Jewish state even won support from the Soviet Union, a Communist nation and Cold War rival” but I would note that the real plan of soviets was the established of communism in Israel and of a puppet-state in hands of “Red threat”.

For many reasons the year of 1947 was a year of great hopes and the year that gave the birth to radical Arabian anti-Semitism and to a continuing conflict between Israelites and Palestinians. Let’s have a closer look on the historical and political background that led to this conflict.   The partition of the Palestinian territory on a state for Jews (Israel) and a state for Palestinian Arabs was the main task of UN’s Middle East commission.  There existed different plans about partition of the territory, but the only one was realized one that set the borders of the sate of Israel (according to the UN’s resolution of 1948). According to this plan Jews had got 88 percent of Palestine, while Arabs only 12 percent rest. There were to many sides who had no personal interest in the establishment of Palestinian state both among Zionists, British administration and neighbouring Arab states. As Walid Salem writes in the article The paradox of the 1947 Partition plan:

“1)The plan, in its written version, set up a Jewish state that would be bi-national in structure, in which Palestinians would represent 46 percent of its population4 (498,000 Jews and 407,000 Palestinians).In reality, however, Plan Dalet contemplated removing Palestinians from that state.

2) While the plan talked about two states, the Zionist leadership worked (with British support) to divide Palestine between Israel and Jordan and to prevent the establishment of a Palestinian state (see later).

3) Jerusalem, according to the plan, was to be governed as an international city (Corpus Separatum), while Plan Dalet set out a strategy for occupying half of it by Zionist forces. External evidence confirms this.”

Jewish political and Zionist leaders as Ben Gurion even insisted on annexing the whole city of Jerusalem and the maximum of Palestinian territories:

“Jerusalem as the capital of the Jewish Nation ... it must be, not only a great and expanding centre of the Jewish settlement, but also the centre of all Jewish national and international institutions, the centre of the Zionist movement, the centre of Knesset Israel, which will embrace every Jew in the land of Israel, as well as those residing outside the Jewish state, the centre of world Jewry…We know there are no final settlements in history, there are no eternal boundaries, and there are no final political claims and undoubtedly many changes and revisions will yet occur in the world.”

If most of western and Jewish historians insist that the failure to create a state for Palestinians was resulted by their undemocratic form of government and lack of democratic institutions, than real historical facts witness oppositely:

“the Palestinians asked the Arab League to establish a Palestinian government on July 10, 1947, but the Arab League refused. The request was repeated in February, 1948, and was again refused.”

The reasons are obvious: Egypt and Jordan had their own territorial interests in solution of this uneasy territorial question. The strange decision of the UN can be also explained by the pressure of the USA and British empire, who supported Zionism and saw allies in Jews as well as they considered Israel to be the instrument for the realization of their strategic plans in the region. Those plans mainly included control of Arabian oil, control over Suez canal territories and bridge-head for communism resistance in developing third world countries.

So UN’s declaration made the solution of the Palestinian problem turn into a new conflict. Now it was Palestinian struggle for right to self-determination. The results of partition for the following: Israel was acknowledged to be a state, both by UN and by its neighbours, and Palestinians were left without sovereignty, without land and appeared to be refuges on their motherland:

“Crudely put, the root of each (hatred) has been the instability created by the territorial split: either an Arab wish to destroy the state of Israel or an Israeli wish to extend its boundaries into Arab populated areas. Egypt and Jordan made peace deals with Israel but the instability has persisted. Fears of a regional, or wider, conflagration over Israel have receded but only to be replaced by the view that the conflict is a spur to Islamist terrorism, or stirs up hatred towards Israel’s mainly western backers.”

The years of prolonged conflict, several years of peaceful life and the start of the conflict prove once again: the UN’s resolution about Palestine was not perfect and there remains a lot of space to work on in order to protect the main human right to live peacefully and to live in tolerance. Israel’s administration had made concessions by allowing Palestinians to create autonomy. Here Zionists also have to make concessions and allow Arabs to participate in Israel’s public life on equal rights. According to Hertzberg(2002) discrimination takes place and is a matter of concern of world community:

“How many Arab officials have we installed in our banks? Not even one. How many Arabs have we brought into our schools? Not even one. What commercial houses have we established in company with Arabs? Not even one.»

It’s a well-known fact that inequality is being observed for decades in Israel and this issue has to be solved as soon as possible in order to return the trust of Arabian minorities.

Zionists have to review its programs that proclaim the superiority of Jews and Jewish dominance in the region. Some of nationalist principles have to be changed as well. The main role of it  is given to Jewish media,  media of Israel’s allies: the USA and the U.K. If Palestinians would see that Jews change their attitude to them, they would act in the same way.

  Modern Jewish society, which was raised in Zionist propaganda already changes it’s views and want peaceful solution for the question as well as mutual quest of alternatives for peaceful existence of two different cultures and community groups. The fact that more and more Israeli high school students choose Arabian as a foreign language, serve as a good argument and evidence for their desire to solve this uneasy question.

In giving the leading arguments to Zionism when solving the problem with Palestinians right to self-determination it’s important to remember the international legislature which gave the priority to Zionist movement in occupying the territories of modern Israel in Middle East. It’s important to remember the right of nation on being sovereign, especially on its historical territory. Zionism, even being nationalist, sometimes chauvinist movement, succeeded in achieving these very purposes of Jews. And now Jews have the full right to set their own conditions to the Palestinians. From historical point of view it looks in the following way. Zionists accepted Balfour declaration of 1917, which had one of its articles to protect the rights of Arab minorities and guarantee them decent conditions for national and cultural development. Zionists also agreed to the more moderate possessions in Palestine, when partition plan was just a project. They agreed on creation of Palestine state, as Walid Salem writes in his article. Besides as The Guardian writes today’s the attitude of Israelites towards Arabian neighbours is more tolerant:

“This inner battle is not to be disregarded. Israel is torn inside and hopefully as close to a civil war as it will ever get. It is not an easy thing to evict your fellow citizens from their homes, especially for the sake of someone who is still, for many Israelis, `the enemy’. If there is a good thing to be said about the Oslo Treaties, it is that they were the turning point in the way Israelis viewed Palestinians and Palestine. The moral and realistic inevitability of the Palestinian state is widely recognized by the Israeli public. This need to recognise the ‘other side’ and its rights, is just as crucial on the Palestinian side.”

But pan-Arabian policies of neighbouring states of Israel rejected any of these plans, which suggested compromise decision. They wanted to possess Palestinian territories and as well as people who inhabited them. This was a betray from the side of Palestinians’ “supporters” and “spiritual brothers”. Certain circles in Arabian world knew that they would use those refugees from Palestine as war units in resistance to Jewish and American expansion in the Middle East. Any conflict has specific mercantile interests of certain groups of people, who cover their real faces under the mask of struggle for freedom, rights and justice. The interests of Arab oil producers expand froim year to year, as these countries with relatively small population, economical and industrial potential had turned into a significant power is some few decades. Their will defines the oil and gas price policies round the world, in fact they have control over the engine of modern life because they have fuel, fuel which makes world infrastructure work. The process of centralisation of Arabian states into an integral superpower will definitely create a threat of war and threat to world stability if to take into consideration religious fanatism of Islamic fundamentalists and aggressive ambitions of some of Arabian countries (for example of former Iraq). The existence of the Jewish state in the centre of Arabian world has historical, political and just explanations.  Israel is realization of dream about a sovereign state of Jewish people; Israel is outpost of American and European interests in the region and the guarantee of fair oil-price policies and protection of Western business interests in the region. 

The people of Palestine have to understand it and force their leaders to look for dialogue with Israel. Modern realities show that progress in solution of this geopolitical problem is in the process as “A democratic and modernising wave appears to be sweeping through the Middle East, mired for so long in autocracy and social backwardness.”

Israel has a lot of arguments for its dominant position in the region, but will make new concessions as well. The only thing that has to occur is that Palestinians have to recognize the rights of Israel state, its people and political dominance. Political power, sovereignty of Israel is undisputable and it remains and will remain forever. Only the dialogue and compromises will solve these issues.  Another serious problem is that “the return of three and a half million Palestinians would likely worsen rather than solve the problem of Jewish-Arab violence, for it is hard to imagine that two peoples who have been at war with each other for so long could suddenly live in peace and harmony” (Slater, Jerome Can Zionism be Reconciled with Justice for the Palestinians?) as well as “…The return of so many refugees would inevitably mean the displacement of many Jews”.

So the best on achieving solution and compromise is to leave things as they are and start from the gradual reforming process. If Arabian world community recognizes the rights of the state of Israel on it’s sovereignty and recognizes its failure to “help” Palestinians as Arabian leaders mostly had a pursuit of their private interests in the Arab-Israelite conflict, then the people of Palestine will accept Israel’s conditions for peace as well. The role of Zionism is essential in this process as it firmly stands on the positions that protect Israeli people and their state. Zionists act according to the laws, according to the principles that make them protect their nation and their freedom. No concessions from this point are permitted; the sovereignty of the state has to be protected by power, by military and by adequate “strikes back” on each attack from the side of Palestinian terrorists. 

  

The government of Palestinian autonomy goes on dialogue with official Tel-Aviv in order to find the most optimal way to avoid a new conflict and reduce existing tension. Last events looks more optimistic both for Arabs and Palestinians who are tired from pro-longed conflict   and the latest events “ When Mahmoud Abbas clasped the hand of Ariel Sharon yesterday the gesture carried with it the hope of millions that this time the years of bloodshed would be over.”

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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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