Effects Of Power Fettweis On American Foreign Policy

There have been numerous books written in the past by various political scientists on how to improve U.S. foreign policy. However, Fettweis’s Pathologies of Power provides a very interesting and somewhat unusual dig at U.S. foreign policy. In his book Pathologies of Power Fettweis is highly critical of the below average foreign policy performance of the United States over the last few decades and he strives to shed some light on why the U.S. keeps repeating the same mistakes over and over again. In his view, the many blunders in American foreign policy can be attributed to the nation’s deep connection to a series of closely held pathological beliefs that he collectively describes as fear, honor, glory, and hubris. Professor Fettweis in his book also discusses the origins of these deep pathological beliefs. He strongly argues that some of the major foreign policy disasters like the Iraq War, the Bay of Pigs and the Vietnam War was a result of these strongly held patholog ical beliefs. He also recommends that American foreign policy performance can be improved significantly if these strongly held pathological beliefs are identified and eradicated and replaced with prudence and restraint. The first among the pathological beliefs is fear which Fettweis strongly believes is a sort of paranoia where one believes that the world is full of enemies and makes decisions based on these deeply held beliefs which is often misguided. He then provides example of how America’s paranoia aboutShow MoreRelatedChina’s Rise and Policy Options for the United States Essay1599 Words   |  7 PagesThe rise of China as a great power will most likely be one of the greatest potential challenges facing the United States in the 21st century. The rapid growth of China’s military and economic power – and the simultaneous decline in American capabilities –could become a source of tension and perhaps conflict between the two countries as the responsibilities that each state feels it should take on begin to change. There is reason for optimism, however, as specific economic factors, the general â€Å"openness†

Orthodox House Warming - 4539 Words

ir Ck Jdgn; (At the time of the house warming service, a cross. Two candles lighted, and a bowl with water to be blessed and sprinkled, shall be placed on a table facing to the East of convenient place of the house. All others including the Celebrant, who is conducting the service, must stand behind it. Now it is time to start the house warming ceremony) ir Ck Jdgn cau; Qgk SaCSaH Qgk dkgjCk; g!k d\jv saqkdkfjgj uk; Qgk elYf\jH ilq[\j Ck Jdgjv[ fxj)lrk= si=ik; djq)k emj lyluj ir\jsRy ] ik; cOdgUak= ÃÅ'lr\k siu[)kd. CkYCo rm\lrk= ekSgl|jfR KXs/sm th^ligk; Tfjrk ej#jhluj rjH)k d. TS/lX irilq[i[ :glPr fkm*lrk= caualuj HOUSE WARMING KAUMA CELEBRANT: In the name of the Father, and of the Son, and of the Holy Spirit, one true God:†¦show more content†¦Splir Ck jdgn; PERSON: DEACON/ALTAR SERVICE PERSON Stoumen kalos ¨oà ­Ã‚ ªhuJ ¡Ã‚ ©k ¡o ® RESPONSE: Kurielaison dkyjSuhlujSclR CELEBRANT: Let us all pray and beseech of the Lord, mercy and Compassion. ekSgl|jfRà ¢ rl; th^ligk; Yel jv[ d\lijSrlm[ Là «Yz |*xk; dgknuk; ulvj)n;. RESPONSE: O merciful Lord, have mercy upon us and help us YefjildU;à ¢ Là «Yz|jà §#irlu d\lSi! B*Sxlmk d gkn svià ­Ã‚ ® B*sx c|luj)nsa. CELEBRANT: Make us worthy to raise up praise and thanksgiving, homage and holy exaltation, unceasingly, continuously, perpetually, and without intermission in every season and at all times. Glory be to that doer of mercy open to all sinners; that haven of life, which vivified the mortals; that purifying hyssop which cleans the unclean; that cleaning lustraction which brightens those who are defiled. Unto him is meet and glory, honour and whorship at this time of the hallowing of this house, and at all festivals and times, hours and seasons, and during all the days of our life, fo r ever. 7 HOUSE WARMING : ir Ck jdgn; B’kilahun Yowmoso D’hayayil L’olmeen. RESPONSE: Amen. ekSgl|jfRà ¢elejdX)luj fky#jMjgj)k# dgknuksm il ekSgl|jfRà ¢ fjhk; agnak=isg wJij/jvflu g uksm fkyakD ik; LCk sg simj/l)k# Scl/luk; ahjrsgsiN aul)k# fxj/k; :u d\lijrk oà ­Ã‚ ¤Y ¢. fsÊ plc sÊ ir Ck Jdgn\jsÊ TO cau\k; cdh se gk#lxkdxjhk; dlh*xjhk;Srg*xjhk; B*xksm L iclr rlX sisguk; frj)k; fsÊ ekYfà «; fsÊ e gjCk yo|lu[)k; oà ­Ã‚ ¤Y ¢uk;  ©oà ­Ã‚ ¡Yfik; dSg kduk;Show MoreRelatedAnalysis Of The Book Gore A Political Life By Bob Zelnick949 Words   |  4 PagesGore Junior is the son of Al Gore senior and Pauline LaFon Gore. He was on of two children. AL Gore Junior had an older sister named Nancy, who was ten years older. Gore was born on March 31, 1948 in Washington D.C. Gores father was a member of the house of representatives and also a senate member for Tennessee. Gores father was a democrat as was his mother. Al Gore junior was raised in D.C. and also on his family s farm in Tennessee. When he was at the farm he would work from morning to nightRead More Nazi Propaganda Essay1463 Words   |  6 Pageswrites. (Powell 37). These unintelligent and uninformed beliefs made it an easy task for Hitler to convince and pollute the Polish minds. The Germans began by taking pictures of Jewish institutions; they temporarily reopened the citys largest Orthodox shul and ordered communal leaders to hold full service so that a German crew might capture it on film (Powell 58) and repeated the same process for a ritual slaughtering by a kosher butcher. The footage was later used in the most famous Nazi propagandaRead MoreChurch Proliferation in Nigeria Society4318 Words   |  18 Pagesto leave the church because he saw some of the elements like the lighting of candle, burning of incense and ritual washing as a departure from the true word of God. Somewhat dissatisfied with some of the practices, he left C S in 1952 to start a house fellowship called the â€Å"Glory of God Fellowship† with nine members. Akindayomi led this growing church, which was formally inaugurated in Ebute Metta, Lagos in November 1954 and given the name RCCG. He died in 1981 after which Enoch Adejare AdeboyeRead MoreJames Finlays Attachment8695 Word s   |  35 Pageshigh yields of good quality They are self-sufficient in sustainable timber and power (85% hydro-electric) with employment man-power of nearly 16,000 people who resides on the houses provided by the company with their families. They also provide housing, schooling and medical services. 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All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor doesRead MoreContemporary Issues in Management Accounting211377 Words   |  846 PagesAND FONG CHUA organizational participants. In studying management control of the shop Xoor in a heavy motor vehicle manufacturer, Knights and Collinson found that workers resisted attempts at psychological control through the dissemination of in-house newsletters—regarding such material as ‘a load of Yankee hypnosis on paper’ (p. 461). Yet no resistance was oVered by these workers to constructions of the production process, and its apparent ineYciency, when portrayed by Wnancial reports. Knights

The Drive to Destroy Enlightenment Values Free Essays

The history of wars and revolution is flooded with personalities with almost mythical qualities. The heroes of wars and revolutions declared new social orders based on the principles of justice and public service. These individuals, after their assumption to power and material wealth, declared the supremacy of their respective cultures. We will write a custom essay sample on The Drive to Destroy Enlightenment Values or any similar topic only for you Order Now In history, this happened many times, as in the case of the Athenian and Roman Empires, the Napoleonic Era, the Holy Roman Empire, and many others. Yet, out of these wars and revolutions, ideologies developed. These ideologies usually offered alternative ways of life, that is, new philosophies for managing civilizations. However, some ideologies became the background for advancing rationalism and progress. Out of revolutions at the latter part of the 18th century, a general atmosphere of Enlightenment clouded the countries of Europe. This ideology declared the innate greatness of man, his love for liberalism, and his drive towards order and self-regulation. The Enlightenment proposed the idea that man, given his limitations and tendencies to innovate, can achieve freedom by imputing liberal values both in the state and the society. This can be done in two ways. An individual, in association with other individuals can establish a government that promotes liberal ideas. If the state is unresponsive to the waves of liberalism or obstructs its growth, then the only answer is revolution. Here, the term â€Å"revolution† acquires a positive character. Although the new ideology was borne out of the French Revolution, it was eventually accepted by European monarchs as an alternative way of dealing with their liberal subjects. They saw the Enlightenment as vital to the survival of European civilization and advancement of science and technology. A civilized way of life can only be maintained so long as the â€Å"spirit of times† matches the needs of the populations. As one will see later, the values advanced by the Enlightenment were threatened by the wars and revolutions of the 20th century. Sigmund Freud’s Civilization and its Discontents According to Freud, the foundation of civilization can be traced to the conflict between sexual need and social mores. The former is the source of mankind’s libidinal energy; expressed in love and satisfaction. The latter is the source of dissatisfaction, frustration, and ultimately aggression. Harmony can only be achieved when an individual learned to control his violent impulses. Here, Sigmund Freud made the following assertions about the nature of man and civilization. Some of his assertions are as follows. Destructive forces or its source are exhibited in all individuals. Thus, man by nature, is an anti-social and anti-cultural. â€Å"Men are not gentle, friendly creatures wishing for love, who simply defend themselves if they are attacked, but that a powerful measure of desire for aggression has to be reckoned as part of their instinctual endowment† (Freud:1930/1989:51). Because of the anti-social nature of man, he finds difficulty in keeping promises; And, aggression is seen as an original self-subsisting instinctual disposition in man: â€Å"the greatest impediment to civilization† (Freud, 1930/1989:58). Because Freud saw man as anti-social and anti-cultural, he assumed that civilization was the product of struggle between the libidinal instinct and social mechanisms for controlling behavior. In history, according to him, some individuals were able to subdue their â€Å"feeling of obedience to social mores† to aggression. Genghis Khan, Emperor Neo, Attila the Hun, and many others were revealed as savage beasts to whom â€Å"the thought of sparing their own kind as alien† (Freud, 1930/1989:54). Freud saw aggression then as the real threat to civilization, all the more that aggression is present in all individuals. The society then is forced to use violent means to curb the threat; a form of violent reprisal of a violent tendency. Every institution in the society are called to reinforce the values of humanity, or more specifically of civilization (the values of liberalism and rationalism). This struggle between the two tendencies only increases the propensity of a bloody end. The values of civilization to which societies were built would be compromised to suit the demands of the â€Å"outlaw.† Here, Freud made his remarks about the struggle. â€Å"Civilization expects to prevent the worst atrocities of brutal violence by taking upon itself the right to employ violence against criminals, but the law is not able to lay hands on the more discreet and subtle forms in which human aggressions are ex- pressed. The time comes when every one of us has to abandon the illusory anticipations with which in our youth we regarded our fellow-men, and when we realize how much hardship and suffering we have been caused in life through their ill-will. It would be unfair, however, to reproach culture with trying to eliminate all disputes and competition from human concerns. These things are undoubtedly indispensable; but opposition is not necessarily enmity, only it may be misused to make an opening for it† (Freud, 1930/1989:61). Conrad’s Heart of Darkness Heart of Darkness is a literary piece showing the conflict between two civilizations or more accurately two competing ideologies. The struggle between these two ideologies results to bloodshed and animosity among men; a sort of social anomie Durkheim referred to as the deterioration of social norms. In Chapter III of the book, Conrad showed that men are induced to violence when demands and priorities conflict. The main character of the story, Kurtz, found his way in conflict with the natives and the ship’s manager over the value of the ivory tusks. â€Å"The manager enters the cabin to speak with Kurtz, and Marlow withdraws to the steamer’s deck. From here he sees two natives standing near the river with impressive headdresses and spears, and a beautiful native woman draped in ornaments pacing gracefully along the shore. She stops and stares out at the steamer for a while and then moves away into the forest. Marlow notes that she must be wearing several elephant tusks’ worth of ornaments. The Russian implies that she is Kurtz’s mistress, and states that she has caused him trouble through her influence over Kurtz. He adds that he would have tried to shoot her if she had tried to come aboard. The trader’s comments are interrupted by the sound of Kurtz yelling at the manager inside the cabin. Kurtz accuses the men of coming for the ivory rather than to help him, and he threatens the manager for interfering with his plans† (Conrad, 1971:27). Other Europeans though were eager to compete against Kurtz in acquiring ivory tusks from the natives. Thus, Marlow (a character in the story) and a Russian trader ended up aligning with Kurtz against their competitors. Philosophically speaking, the story presented the staggering change of heart of Marlow. Instead of presenting himself as a man of humility, he was forced to redefine his values (Enlightenment values). He suddenly became obsessed of acquiring more and more wealth. He loathed the Africans for their irrationality and savagery. He accused the Europeans of exploiting the natives while he himself indulged in every form of luxury. In the end, he became violent and indignant to the basic principles of civilization; the same thing Sigmund Freud said (although the manner Freud assumed it was academic). Thadeus Borowitz’ This Way for the Gas Ladies and Gentleman Borowitz thesis can be summed up as follows: violence can be magnified using fear as the catalyst (Borowitz, 1976). In this book, the author portrayed the brutal murder of the Jews during the Second World War, specifically during Hitler’s Final Solution to the Jewish Question. Fear erased all the hopes of survival for the Jews. Death was the only way to surrender one’s claim to this world; the only way to escape further punishment and suffering. The Author emphasized the following as the outmost determinants of fear and its intended consequences: Fear raised the morale of the aggressor. The Nazis believed that the Jewish race was a perversion in the world; a race induced in violence and cultural disintegration. Thus, the only way to exterminate a violent race was to match it with greater violence. Survival is only a temporary stage of bliss. Memories of loved ones who perished in the gas chambers will soon follow suit. â€Å"Millions of other citizens were killed for no reason at all except for the fact that they were Jewish. To survive a life full of sick competiveness, never-ending fear, and the loss of loved ones is a huge accomplishment.† Summary Freud, Conrad, and Borowitz are basically examining the basic urge in man: violence. Violence can destroy values which have been cherished since the birth of a powerful ideology. Only the methods of telling the message differed. Freud approach was academic, that of Conrad literary, that of Borowitz historical. References Borowitz, Thadeus. 1976. This Way for the Gas Ladies and Gentleman. New York: Penguin Books. Conrad, Joseph. 1971. Heart of Darkness. Cambridge: Cambridge University Press. Freud, Sigmund. 1930/1989. Civilization and Its Discontents. W. Norton Company; Reissue edition. How to cite The Drive to Destroy Enlightenment Values, Essay examples The Drive to Destroy Enlightenment Values Free Essays The history of wars and revolution is flooded with personalities with almost mythical qualities. The heroes of wars and revolutions declared new social orders based on the principles of justice and public service. These individuals, after their assumption to power and material wealth, declared the supremacy of their respective cultures. We will write a custom essay sample on The Drive to Destroy Enlightenment Values or any similar topic only for you Order Now In history, this happened many times, as in the case of the Athenian and Roman Empires, the Napoleonic Era, the Holy Roman Empire, and many others. Yet, out of these wars and revolutions, ideologies developed. These ideologies usually offered alternative ways of life, that is, new philosophies for managing civilizations. However, some ideologies became the background for advancing rationalism and progress. Out of revolutions at the latter part of the 18th century, a general atmosphere of Enlightenment clouded the countries of Europe. This ideology declared the innate greatness of man, his love for liberalism, and his drive towards order and self-regulation. The Enlightenment proposed the idea that man, given his limitations and tendencies to innovate, can achieve freedom by imputing liberal values both in the state and the society. This can be done in two ways. An individual, in association with other individuals can establish a government that promotes liberal ideas. If the state is unresponsive to the waves of liberalism or obstructs its growth, then the only answer is revolution. Here, the term â€Å"revolution† acquires a positive character. Although the new ideology was borne out of the French Revolution, it was eventually accepted by European monarchs as an alternative way of dealing with their liberal subjects. They saw the Enlightenment as vital to the survival of European civilization and advancement of science and technology. A civilized way of life can only be maintained so long as the â€Å"spirit of times† matches the needs of the populations. As one will see later, the values advanced by the Enlightenment were threatened by the wars and revolutions of the 20th century. Sigmund Freud’s Civilization and its Discontents According to Freud, the foundation of civilization can be traced to the conflict between sexual need and social mores. The former is the source of mankind’s libidinal energy; expressed in love and satisfaction. The latter is the source of dissatisfaction, frustration, and ultimately aggression. Harmony can only be achieved when an individual learned to control his violent impulses. Here, Sigmund Freud made the following assertions about the nature of man and civilization. Some of his assertions are as follows: 1) Destructive forces or its source are exhibited in all individuals. Thus, man by nature, is an anti-social and anti-cultural. â€Å"Men are not gentle, friendly creatures wishing for love, who simply defend themselves if they are attacked, but that a powerful measure of desire for aggression has to be reckoned as part of their instinctual endowment† (Freud:1930/1989:51). 2)Because of the anti-social nature of man, he finds difficulty in keeping promises; 3)And, aggression is seen as an original self-subsisting instinctual disposition in man: â€Å"the greatest impediment to civilization† (Freud, 1930/1989:58). Because Freud saw man as anti-social and anti-cultural, he assumed that civilization was the product of struggle between the libidinal instinct and social mechanisms for controlling behavior. In history, according to him, some individuals were able to subdue their â€Å"feeling of obedience to social mores† to aggression. Genghis Khan, Emperor Neo, Attila the Hun, and many others were revealed as savage beasts to whom â€Å"the thought of sparing their own kind as alien† (Freud, 1930/1989:54). Freud saw aggression then as the real threat to civilization, all the more that aggression is present in all individuals. The society then is forced to use violent means to curb the threat; a form of violent reprisal of a violent tendency. Every institution in the society are called to reinforce the values of humanity, or more specifically of civilization (the values of liberalism and rationalism). This struggle between the two tendencies only increases the propensity of a bloody end. The values of civilization to which societies were built would be compromised to suit the demands of the â€Å"outlaw.† Here, Freud made his remarks about the struggle. â€Å"Civilization expects to prevent the worst atrocities of brutal violence by taking upon itself the right to employ violence against criminals, but the law is not able to lay hands on the more discreet and subtle forms in which human aggressions are ex- pressed. The time comes when every one of us has to abandon the illusory anticipations with which in our youth we regarded our fellow-men, and when we realize how much hardship and suffering we have been caused in life through their ill-will. It would be unfair, however, to reproach culture with trying to eliminate all disputes and competition from human concerns. These things are undoubtedly indispensable; but opposition is not necessarily enmity, only it may be misused to make an opening for it† (Freud, 1930/1989:61). Conrad’s Heart of Darkness Heart of Darkness is a literary piece showing the conflict between two civilizations or more accurately two competing ideologies. The struggle between these two ideologies results to bloodshed and animosity among men; a sort of social anomie Durkheim referred to as the deterioration of social norms. In Chapter III of the book, Conrad showed that men are induced to violence when demands and priorities conflict. The main character of the story, Kurtz, found his way in conflict with the natives and the ship’s manager over the value of the ivory tusks. â€Å"The manager enters the cabin to speak with Kurtz, and Marlow withdraws to the steamer’s deck. From here he sees two natives standing near the river with impressive headdresses and spears, and a beautiful native woman draped in ornaments pacing gracefully along the shore. She stops and stares out at the steamer for a while and then moves away into the forest. Marlow notes that she must be wearing several elephant tusks’ worth of ornaments. The Russian implies that she is Kurtz’s mistress, and states that she has caused him trouble through her influence over Kurtz. He adds that he would have tried to shoot her if she had tried to come aboard. The trader’s comments are interrupted by the sound of Kurtz yelling at the manager inside the cabin. Kurtz accuses the men of coming for the ivory rather than to help him, and he threatens the manager for interfering with his plans† (Conrad, 1971:27). Other Europeans though were eager to compete against Kurtz in acquiring ivory tusks from the natives. Thus, Marlow (a character in the story) and a Russian trader ended up aligning with Kurtz against their competitors. Philosophically speaking, the story presented the staggering change of heart of Marlow. Instead of presenting himself as a man of humility, he was forced to redefine his values (Enlightenment values). He suddenly became obsessed of acquiring more and more wealth. He loathed the Africans for their irrationality and savagery. He accused the Europeans of exploiting the natives while he himself indulged in every form of luxury. In the end, he became violent and indignant to the basic principles of civilization; the same thing Sigmund Freud said (although the manner Freud assumed it was academic). Thadeus Borowitz’ This Way for the Gas Ladies and Gentleman Borowitz thesis can be summed up as follows: violence can be magnified using fear as the catalyst (Borowitz, 1976). In this book, the author portrayed the brutal murder of the Jews during the Second World War, specifically during Hitler’s Final Solution to the Jewish Question. Fear erased all the hopes of survival for the Jews. Death was the only way to surrender one’s claim to this world; the only way to escape further punishment and suffering. The Author emphasized the following as the outmost determinants of fear and its intended consequences: 1)Fear raised the morale of the aggressor. The Nazis believed that the Jewish race was a perversion in the world; a race induced in violence and cultural disintegration. 2)Thus, the only way to exterminate a violent race was to match it with greater violence. 3)Survival is only a temporary stage of bliss. Memories of loved ones who perished in the gas chambers will soon follow suit. â€Å"Millions of other citizens were killed for no reason at all except for the fact that they were Jewish. To survive a life full of sick competiveness, never-ending fear, and the loss of loved ones is a huge accomplishment.† Summary Freud, Conrad, and Borowitz are basically examining the basic urge in man: violence. Violence can destroy values which have been cherished since the birth of a powerful ideology. Only the methods of telling the message differed. Freud approach was academic, that of Conrad literary, that of Borowitz historical. References Borowitz, Thadeus. 1976. This Way for the Gas Ladies and Gentleman. New York: Penguin Books. Conrad, Joseph. 1971. Heart of Darkness. Cambridge: Cambridge University Press. Freud, Sigmund. 1930/1989. Civilization and Its Discontents. W. Norton Company; Reissue edition. How to cite The Drive to Destroy Enlightenment Values, Essay examples

Business Elements Achievements and Sustainability

Question: Discuss about the Business Elements Achievements and Sustainability. Answer: Introduction The following assessment would look into various segments of the company. During the report key areas is to be highlighted. The report is mainly focusing on the business and business elements of the company. Its achievements and the role in sustainability are also to be highlighted. Woolworths is one of the largest retailer of foods and other products was founded on September, 22, 1924 by Percy Christmas, Stanley Chatterton, Cecil Scott Waine, George Creed, Ernest Williams having its headquarters are at Bella Vista, New South Wales, Australia and the area served by the company is Australia, New Zealand and India. About Woolworths Limited The main divisions are Supermarkets ( Woolworths, Countdown, Thomas Dux, Food for Less, Flemings, Petrol (Caltex Woolworths), Liquor(BWS, Dan Murphys), General Merchandise (Big W), Home Improvement( Masters), Hotels and Gambling(ALH Group). The Company is registered in Australian Securities Exchange (ASX) and the main area of functioning is in retailing mostly in large scale in Australia and New Zealand. Woolworths is the second largest company in Australia in terms of revenue after Perth based retails group Wesfarmers. It is also second largest in New Zealand and the largest takeaway liquor retailer in Australia and largest retailer in the world. It is a public limited company (Woolworthslimited, Woolworths Supermarkets, 2016). Woolworths opened its first store, the Woolworths Stupendous Bargain Basement, at Pitt Street, Sydney which is now Westfield Sydney on 5th December, 1924. The capital was Pound 25,000 and later on shares issued of 15,000 but only 11,707 shares were subscribed for by 29 people including five founding members. The Woolworths stores are extremely innovative and have the most detailed variety of foods and other edible products. Christmas started a New Zealand operation with general merchandise on 1929 in Wellington area including the first food store in Auckland in 1956 and supermarkets in 1971 (ASX, 2016). The company growth started to happen and the second store in Sydney and more stores in Perth, Brisbane in late 1920s, Melbourne in 1933, Adelaide in 1936 . The World War II affected the growth story of Woolworth group. But despite all this the 200th store was opened in 1955 in Canberra. The company bought various retail chains like Edments Ltd., Rockmans chain of womens clothing, Dick Smith Electronics chain, Tandy chain, etc. the key highlights of finanacial performance of the is as following; Sales excluded of petrol after 131 Caltex operated site exit was recorded at 2.5% growth although if petrol sales included then the total sales is dropping by 0.2% to $60.7 billion. Gross profit increased to 27.5% as a percentage of sales after petrol exit and considering the higher margin products outweighing the gross profit margin drop in both New Zealand and Australian supermarkets due to lower price investment and introduction. Earnings per share drop down to 195.2 cents by 0.7% while net profit after tax and before significant items and uncontrolled interests increased to 0.1% on the prior year. The involvement of the net financing cost decreased by 0.2% on earlier years as a result of interest savings by repayment of high debt in part by lowering the capital bearing interest cost. Future projection Proper Capital management by restructuring entire capital setup for better capital cost management and interest on capital reduction. Proper debt financing so that fully hedged financed interest cost involved are managed rightly to reduce extra cost burden. Proper debt maturities are too managed in such a way as to highlight the loan facility in more transparent manner. Vision mission To have better management on entire retail set up after the exit of electronics chain. To manage the business in better way by not taking up any business which can make loss in the gross business system like that of Petrol business with Caltex where huge loss was incurred due to 131 Caltex sites under Woolworths face value which ultimately affected the total business setup grossly. To take up or make new acquisitions in a very careful manner with profit motive in target. Progress and strategic priorities: Long term shareholder values are given important and disciplined capital allocation and portfolio management is maintained. New introduction of the products of global repute in the stores like Honda mowers, Loctite adhesives, Sherwin-Williams Paints. Australian supermarket are taken care of by investing more than $200 million in lower prices for 9000 items to regain the market share in 2015 , 2nd half. All three format of liquor business of BWS, Dan Murphys and The Wine Quarter have performed superbly to keep the greater share. The lean retail model is developed against a target of $500 million by group wise transformation with real dollar cost in a low inflation stage. BIG W is to be placed for 80% growth out of non production inventory rolled out to 63 new stores and the online increased to product range to 28000 products. Significant Issue inChairman's Report The Chairman of Woolworths Limited Mr.Gordon Cairns who joined the Woolworths Board in September, 2015 have stated in the Annual Report of FY15 various issues which are significant for the company. The points of discussion may be stated as below $2.45 billion of Net Profit after tax but before significant items delivered. Net profit after tax has increased by significant terms 0.1% on the last year to $2,453.3 million. The net profit after tax and after significant items decreased by 12.5% to $2,146.0 million. Group sales reached $60.7 billion which is a decrease by 0.2%. Group sales excluding petrol reached $55.0 billion which is a increase by 2.5%.The Board increased a 1.5% of dividends per share to 139 cents for FY 2015 from 137 cents in FY 2014. A very significant change has been made in the senior management team. Lower employee incentive based remuneration, store operations efficiency with improved support functions helped to control to some extent the Cost of doing business which was affected by Woolworths and Caltex alliance limitation and subdued sales growth. The cost of business to sales increased 42 bps on last year to 21.3% due this limitation (Woolworthslimited, Annual Report, 2016). Emergingissuesin MD"s report The CEO and Managing Director Mr.Grant OBrien who since October, 2011 served as CEO and the company for 28 years have informed the Board of his intention to step down from CEO and Managing Director position. A very extensive global search is being done to find the right replacement of Mr.Grant. Till such time Mr. Grant will continue to enrich the company. In February, 2015 Brad Banducci was appointed as the Managing Director of Food Group of Woolworths replacing Tjeerd Jegan. Brad is replaced as Managing Director of Liquor Group of Woolworths by Martin Smith, former General Manager of Dan Murphys. Dave Chambers was positioned as Director of Woolworths Supermarkets. Pat McEntee is positioned as Acting Managing Director of Progressive Enterprises in New Zealand. Alistair McGeorge, the Managing Director of BIGW left the company in August, 2015 and was replaced by Penny Winn. The significant issues reported in FY 2015 by Managing Director Mr.Grant may be stated below FY 2015, the profit to be returned to shareholders as dividends before significant items are 72% will be $1.8 billion. By size the company is 30% larger than the nearest competitor in Australian market in liquor business. For focus on fresh and shelf availability almost 56000 hours per week is reused in service in store format. Liquor business is growing further and it has already is a global leader. Woolworths is the Australias largest domestic online retailer. ALH is Australias largest hotel chain operator. Home timber and Hardware sales for FY15 increased by 20.9% to $937 million. Masters sales for FY15 increased by 23.7% to $930 million. Home Improvement sales for FY15 increased by 22.3% to $1.9 billion. 330 new refurbished hotels at 39 important venues during FY15. Hotel sale for FY15 increased by 0.2% on earlier year to $ 1,475 million. 63 stores for new party category was introduced with another 67 planned in FY16. Total sales for FY15 decreased by 5.7% to $ 4.1 billion. Loyalty program for 900,000 members were launched as a part of Dan Murphys. 41 new Australian liquor stores opened in FY15. 30 new Australian supermarkets opened in Fy15. $200 million investment in lower prices benefited most of the food customers for variety of new cheaper products. $7.7 billion total liquor sales are an increase by 4.2%over last year. Operational management of stock at retail business may help competitors. Needs to improve computer network disturbance and system failures. Joint ventures needed to be rethinking before taking due to risk behaviour. High market competition is affecting new business hence to review. Future risks out of acquisitions and value depreciation due to such activities. Risk of non-compliance and legal and regulatory activities may affect business. A substantial decline in economic activities in Australia and New Zealand has greatly affected almost all business formats which are to be taken care of (Woolworthslimited, Reports, 2016). Significant issues in Corporate Responsibility Report: Woolworths is a major FoodandStaples retailer in Australian market. Woolworths is recognized as the Sustainability Leader in the Dow Jones Sustainability Indices. This is a major achievement for the company in terms of sustainability. Globally and locally Woolworths has earned respect for the integrity towards corporate responsibility programs.Woolworths is diverse and complex industry and directly touching lives of millions. The goal of the company is to serve people with best choice, value for money and satisfaction. The company currently employs more than 2,00,000. Literally the company is leader in corporate responsibility and earned the respect over a period of time (Federation, 2016). The highlights of the achievements are listed below; Earning trust and respect of customers are stakeholders are to be considered as the biggest achievements for the company. The company bus responsibly and source sustainably and ethically. The quality and the sustainability are paramount to the business. The business and the animal husbandry is important aspect of the business. Woolworths offer cage-free egg choices toits customers. The hens are housed indoors in barns and they lay eggs when nest boxes. The chicken meats produced and sold in the supermarkets are RSPCA approved or equivalent. The company has achieved the goals it set for 2012 (Woolworthslimited, 2016). As responsible citizen it attained significant targets in 2012; The company has managed to reduce emission from its own trucks by 25%. The company has managed to reduce emission by 30% from the company car fleet. The baseline data for all tucks and cars are closely monitored. The company has increased use of hybrid powered trucks for home deliveries. The company has reduced water usage by 200 million liters by 2010. The suppliers forums are created by the company for supply of sustainablepackaging. The company is also practicing and complying with Environmental Code of Practice for Packaging (ECOPP). The company also reports about it packaging quality to Packaging Covenant (APC). PIQET assessments on meat trays, wine bottles are also conducted regularly. The responsibility comes with source and supply of hygienic foods. This is the primary corporate responsibility of Woolworths. The company is aware of the packaging impact on the environment. The sustainability and preservation of environmental substances is the way for the future growth of the company. The organized food retailing is important for sustainability (Woolworths, 2016). Calculation of Key ratios: PROFITABILITY 2015 $ Woolworths RETURN ON ASSETS 8.44% PAT 2137.4 ASSETS 25336.8 RETURN ON EQUITY 19.20% NET INCOME 2137.4 EQUITY 11132 GROSS PROFIT MARGIN 27% GP 16523.6 SALES 60868.4 NET PROFIT MARGIN 4% PAT 2137.4 SALES 60868.4 LIQUIDITY 2015 $ Woolworths CURRENT RATIO 0.83555832 CA 7660.9 CL 9168.6 QUICK RATIO 0.30415767 CA-INVENTORY 2788.7 CL 9168.6 TURNOVER 2015 $ Woolworths INVENTORY TURNOVER 9.10159681 COGS 44344.8 AVERAGE INVENTORY 4872.2 ASSETS TURNOVER 2.40237125 NET SALES 60868.4 TOTAL ASSETS 25336.8 FIXED ASSET TURNOVER 6.04927401 NET SALES 60868.4 FIXED ASSETS 10062.1 WORKING CAPITAL TURNOVER -40.371692 NET SALES 60868.4 WORKING CAPITAL -1507.7 GEARING RATIO 2015 $ Woolworths GEARING RATIO 0.21667968 LONG TERM DEBT 3079.3 SHAREHOLDER'S FUND + LONG TERM DEBT 14211.3 INTEREST COVERAGE 13.0396389 EBIT 3322.5 INTEREST 254.8 SHAREHOLDERS' 2015 $ Woolworths EPS 0.84925302 PAT 2137.4 NUMBER OF SHARES 2516.8 DIVIDEND PAYOUT RATIO 1.63673248 TOTAL DIVIDEND 3498.352 PAT 2137.4 Value creation or diminution in terms of six capitals: The much talked about of a corporate is Financial Capital. There are other capitals also which plays an important role to the development of business and industry. These capitals are lesser known from financial point of views manufactured, intellectual, human, and social and relationship and natural capital. Each capital depicted above is interlinked to the corporate responsibility of a company. Investment and savings of money is directly linked to financial capital. Woolworths Limiteds applied retail models helped it to save $500 million in terms of cost reduction for FY 2015-16. This enabled increased investment in the operation of the company leading customer satisfaction. Human capital is linked to wellbeing of employees and customers. Grant OBrien, CEO Woolworths Limited can be quoted saying as we will do whatever it takes to improve its position in the retail market through commitment towards customers. This policy of the company can be said as preservation of human capital. The intellectual capital includes processing of foods and offering better quality service to the customers. Improvement and investment in technology to source good quality food with little wastage of the resources can be termed as intellectual capital of the company, like the company is offering good quality foods with better hygiene and packaging. The social and relationship capital is nothing but building relationship with customers and other stakeholders. The price is the key driver to the growth, the competitive pricing and the quality would drive the growth for the company in future (Woolworthslimited, 2016). Recommendation on investing in Woolworths: The CEO has listed some targets for the company to achieve in long run which would boost the performance of the company in longer run. The momentum in food products has to be regained by offering better food and adding variety to it. The liquor division is the clear market leader, the company would hold the leadership position as long as it offers new product in different category. The maintenance of disciplined allocation of investment and portfolio management would underpin growth plans. These are the fundaments of the company that will drive growth in future. Warren Buffet once said I would prefer buying those stocks which can be seen, used and felt. Here, Woolworths Limited can be seen, can be felt. It would be better for an investor to hold on to that company for longer term. The track record of the company says that it does what it commits. Therefore, it would be advisable to hold on to that company but investor need to remember one sentence from the same man Its far better to buy a wonderful company at a fair price, than a fair company at a wonderful price (Town, 2016). References: ASX. (2016, 09 10). WOOLWORTHS LIMITED (WOW). Retrieved 09 10, 2016, from www.asx.com.au: https://www.asx.com.au/asx/statistics/announcements.do?by=asxCodeasxCode=WOWtimeframe=Dperiod=M6 Federation. (2016, 09 12). federation.edu.au. Retrieved 09 12, 2016, from federation.edu.au: https://federation.edu.au/__data/assets/pdf_file/0018/190044/General-Guide-to-Writing-and-Study-Skills.pdf Town, P. (2016, 09 12). 29 Warren Buffett Quotes on Investing Success. Retrieved 09 12, 2016, from www.ruleoneinvesting.com: https://www.ruleoneinvesting.com/blog/how-to-invest/warren-buffett-quotes-on-investing-success/ Woolworths. (2016, 09 12). Environment. Retrieved 09 12, 2019, from www.woolworthslimited.com.au: https://www.woolworthslimited.com.au/page/A_Trusted_Company/Environment/ Woolworthslimited. (2016, 09 12). Annual Report. Retrieved 09 12, 2016, from www.woolworthslimited.com.au: https://www.woolworthslimited.com.au/icms_docs/182381_Annual_Report_2015.pdf Woolworthslimited. (2016, 09 12). Corporate Responsibility. Retrieved 09 12, 2016, from https://www.woolworthslimited.com.au/page/A_Trusted_Company/Corporate_Responsibility/: https://www.woolworthslimited.com.au/page/A_Trusted_Company/Corporate_Responsibility/ Woolworthslimited. (2016, 09 12). Reports. Retrieved 09 12, 2016, from www.woolworthslimited.com.au: https://www.woolworthslimited.com.au/page/Invest_In_Us/Reports/Reports/ Woolworthslimited. (2016, 09 12). Woolworths Limited. Retrieved 09 10, 2016, from www.woolworthslimited.com.au: https://www.woolworthslimited.com.au/page/The_Newsroom/Latest_News/Lean_Retail_Model_to_drive_three-year_growth_plans/ Woolworthslimited. (2016, 09 10). Woolworths Supermarkets. Retrieved 09 10, 2016, from www.woolworthslimited.com.au: https://www.woolworthslimited.com.au/page/Who_We_Are/Our_Brands/Supermarkets/Woolworths/.