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Example research essay topic: U S Dollar Industrial Era - 2,015 words

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How is Deception Practiced in the Contemporary Corporate World? The realities of post-modern living create preconditions for so-called victimless crimes to be committed on progressive scale in corporate sector, due to the fact that nowadays, the process of manufacturing and the process of making commercial profits are being increasingly alienated from each other. Nowadays, it is banking, as commercial activity, which is associated with the best prospects of making quick profits, which is why the number of banks in the world has doubled, within a matter of last 20 years. What is banking? It is the process of making money out of thin air.

The financial transactions that take place between banks consist of transferring nothingness from one bank to another, since these transactions do not even involve handling cash. The utilization of methods of electronic commerce created a situation when corporate buyers and sellers, have to pretend that they do believe that the nothingness, which is being inter-exchanged between them, in form of electronic transactions, somehow reflects the value of physical assets, which they supposedly posses, in order maintain the content of their businesses. Therefore, it is only natural for more and more acts of deception to take place in corporate realm, as businessmen understand quite well that, in order for them to survive the competition, they simply cannot be bounded by the rules of conventional morality. In fact, the so-called white collar crimes are often being perceived by public as something positive, because it is only the rich investors and not the ordinary people that suffer from them the most.

One of the most striking examples of how deception is being practiced in corporate world is the story of Canadian mining company Bre-X Minerals Ltd. , which in 1995 had announced that its geologists had found a huge gold deposit in Indonesia. As a result, the price for companys stock skyrocketed from CAD $ 0. 17 to CAD $ 286, within a matter of few weeks. The core samples that Bre-X was sending to independent labs for analyses, were being salted with gold, in order to add credibility to the myth of company being in possession of 200 million ounces of gold. However, in 1997 it was being revealed that Companys claims of discovery of a gold deposit were nothing but the part of biggest fraud in the history of mining exploration.

Within a matter of a day, Bre-Xs stock became worthless. The editorial Bre-X Scandal Haunts Former President Even at Death, which is available on the web site of CNN, provides us with the insight on sheer scope of an investment scandal, caused by Companys fraudulent reports: An independent audit concluded that Bre-X's data on Buying was falsified on a scale without precedent in the history of mining anywhere in the world The Bre-X fraud wiped out billions of dollars worth of investments and spawned a string of lawsuits by cheated investors (CNN, 1998). However, those people who criticize Bre-Xs executives for their willingness to mislead investors, appear as being somewhat naive, as it is not the actual mining activities that generate the most profit in mining industry, but manipulations with mining companies stock. There are numerous ways to increase the value of companys shares, which despite being fraudulent in their essence, are considered as fully legal. Bre-Xs officials had simply proceeded with lying to investors little too far, for which they were forced to pay an ultimate price all Companys former senior executive officers had died as a result of suicides and car accidents, within a matter of a year, after the scandal had taken place. There is another good example of large corporate entity being caught lying to investors.

Every kid in America now knows the story of Enron's bankruptcy. It seems to be incomprehensible that, before December 2001, this company was thought to be among the most stable commercial enterprises in USA. It was ranked as seventh largest corporation with its stock trading for as much as $ 90 per share in January of 2001. In year 2001, Enron's sales exceeded $ 100 billion, which was more then the GNP worth of all Eastern European countries taken together for the same year. This company had 21. 000 employees, throughout the world, with Forbes magazine naming it as the most innovative company for five consecutive years. Yet, after the allegations of corruption within Enron began to appear, its stock went down to as low as 30 cents a share, within a matter of one year.

Such steep stock plummeting was simply unknown in U. S. financial history. Just as it was the case with Bre-X, Companys executives used to intentionally withhold vital information about Enron's financial operations to maintain the aura of respectability over the Company, thus insuring a continuous flow of investments from unsuspecting citizens. It is a prime responsibility of every public company to provide truthful information about its financial operations to the shareholders. Enron has failed miserably in this respect after many years of continuous expansion onto international energy markets, which involved signing complicated deals and contracts, Enron has found itself being in billions dollars of debt.

But in order for not letting its stock to drop, companys officials had deliberately concealed this information from shareholders by the mean of fraudulent accounting, illegal loans, and partnerships with third party companies. These were secretly funded by Enron, yet on the surface, they appeared as being fully legitimate. Kirk Hanson, the executive director of the Markkula Center for Applied Ethics, in his interview to Japanese newspaper Nikkei on March 5, 2002, was being asked, in what way he thinks the accounting practices are going to be changed after collapse of Enron. He said: I do not think the rules of corporate governance will be changed in significant ways When the stock is rising and the shareholders are getting rich, there is little incentive for the board of directors and the investment community to question the executives very closely. (SCU, 2002). It is important to understand that the corporate sector will simply not be able to function properly, without integrating a certain amount of deception in its business practices.

Moreover, the government itself is known for its ability to mislead people, when it comes to designing countrys financial policies, as the ultimate mean to stimulate economy. For example, ever since the end of WWII, Federal Reserve has been infusing American economy with more and more money, in order to increase citizens buying power, thus stimulating production of goods and services. The excessive milliards of dollars were being exported abroad, in form of loans, thus preventing American economy from being affected by inflation. However, such practice could not last forever, without U. S. dollar being continuously devalued.

In 1971, Federal Reserve refused to redeem U. S. dollars for gold. Ever since, the value of American legal tender is being artificially maintained by variety of different means. For example, even today, U.

S. dollar remains to be only the currency accepted for payments, on international market of oil. However, as time goes by, this currency transforms its essence from being a legal tender, to serve as simply the physical equivalent of American dream, objective properties of which cannot even be defined by people with truly wild imagination. As a result, more and more people, throughout the world, are beginning to realize that American money barely relate to the value of paper, upon which they are being printed. In its turn, this causes large transnational companies to indulge in bartering practices, within a context of international trade, as if we lived in time of feudalism.

For example, when it comes to selling oil to U. S. , Saudi Arabia actually strives to be paid in American military equipment, rather then in U. S. dollars. The same applies to Russia, which grows increasingly reluctant to accept U. S.

dollars or even Euros, as the form of payment for sharing its natural resources with Western nations. This is the ultimate reason for the current worldwide financial crisis. Apparently, American government was deliberately deceiving people, as to the actual value of U. S. dollar. In his article America in Financial Crisis Meltdown, Abelard o J.

Arias expresses the same idea in rather radical manner: If you think the U. S. economy is going to stabilize or get better any time soon, you " re in for a shock. Due to government corruption, military intervention, credit expansion and sweetheart deals with billionaire companies like Lehman Brothers, Wachovia, Morgan and Freddie Mac, the American people will pay for the coming financial crisis for generations to come We are not heading for another Great Depression. We are heading towards America's first Great Inflation. It will make hyper-inflation of decades past seem like a hiccup.

Remember how people in the Soviet Union paid for food with wheelbarrows of worthless currency? You will see the cost of milk, eggs, bread and gasoline soar through the roof. You have our elected representatives to thank for that (Arias, 2008). Thus, we can say that it is not the practice of deception in corporate world that needs to be discussed as ultimately evil, as such practice benefits many people, if being properly utilized, but the fact that practitioners of such deception often prove themselves incapable of acting in rational manner, simply because they yield to their irrational sense of greed, while doing it. For example, during Enron's hearing in the court of law, judges and prosecutors could never understand why wealthy people would be willing to commit fraud only for the sake of making even bigger profits. The same applies to governmental officials, put in charge of governing economy their obsession with gaining immediate economic benefits, at the expense of depriving future generations of their existential prospects, results in deception, as a part of informational warfare, being recognized by citizens as the actual deception.

In its turn, this leads to American economy being deprived of its vitality, because people are no longer willing to believe in the myth of dollars high buying power. As we have stated earlier the post-industrial era is closely associated with peoples willingness to believe in notions that do not correspond to the objective reality. In its turn, this allows a lot of private and corporate entrepreneurs to make good money on providing people with non-essential goods and services, simply because many citizens are willing to pay for perceived rather then the actual value. At the same time, post-industrial era is also associated with peoples increased tendency to allow their anomalistic instincts (greed) to affect their lives, which deprives them of their existential idealism. As a result they are no longer willing to think of corporate deception in terms of legitimate informational warfare, but solemnly in terms of gaining immediate commercial benefits, with corporate business practices becoming increasingly atomized and therefore, ineffective. Bibliography: Alden, A.

The Bre-X Gold Scandal. 2000. About. Com. Geology.

Retrieved October 21, 2008 from web Arias, A. America in Financial Crisis Meltdown. October 9, 2008. Lew Rockwell. Com.

Retrieved October 21, 2008 from web Bre-X Scandal Haunts Former President Even at Death. 1998. CNN Archive. Retrieved October 21, 2008 from web Burns, S. Where Wall Street Learned the High Art of Deception. October 5, 2006. Statesmen.

Com. Retrieved October 21, 2008 from web Burton, G. Rise and Fall of an Energy Giant, November 28, 2001. BBC News UK Edition. Retrieved October 21, 2008 from web Confer, B. The Worthless American Dollar: Part Two.

October 3, 2008. SmallGovTimes. Com. Retrieved October 21, 2008 from web Gahan, M. Enron Restructures to Survive, May 6, 2002. BBC News UK Edition.

Retrieved October 21, 2008 from web Lessons from the Enron Scandal. 2002. Santa Clara University. Retrieved October 21, 2008 from web Throw, L. The Post-Industrial Era Is Over. 1989. The New York Times. Retrieved October 21, 2008 from web Triandis, H. 2001.

Culture and Deception in Business Negotiations: A Multilevel Analysis. International Journal of Cross Cultural Management, Vol. 1, No. 1, 73 - 90. Abstract: This paper discusses the ways in which deception is being practiced in corporate world.


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Research essay sample on U S Dollar Industrial Era

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