Issues in behavioral science Essay Example | Topics and Well Written Essays - 500 words

Issues in behavioral science - Essay Example Many people from the non-western countries often find themselves encompassed by the western culture making them undermine their local culture. Subsequently, cultural globalization reduces the diversity between global societies and on the other hand increases the diversity of individual choice. Zimbabwe and Kenya portray two of the most distinctive cultures greatly submerged in the pool of the western culture. The controversies that arise from cultural diversity tend to lay their basis on the dynamics of contemporary cultural growth. International relationships or amalgamation of countries due to change in technology has become a major concern to cultural change (Bliss, 2007). In response to cultural change due to globalization, both the society of Zimbabwe and Kenya have with time completely changed from their local cultural lifestyles to adoption of foreign cultures. Before transformation, both cultures had a very different conception of lifestyle compared to their recent mode of life. They observed strict observance of the local customs and values. For instance, the mode of dressing which was perceived before transformation has greatly changed. Moreover, change in language and change approach of cultural customs has become diverse due to interaction with different invaders and indigenous inhabitants (Mensah, 2008). A case common in both countries which entails a custom of sitting around the fireplace and listening to stories has changed with technology thus having children using computers and televisions. This explains the influence of globalization and western culture on the local societies. As a growing society, Kenya has experienced diverse changes in its culture. It is evident that the western culture has polluted Kenyan’s culture in quite a number of several ways. Cultural diversity in Kenya being of major concern revolves under globalization. It is evident that the need to expand economically has enhanced

Financial Services Essay Example | Topics and Well Written Essays - 3000 words

Financial Services - Essay Example In December 2010, the Basel Committee had come up with a fresh version of its latest standards for bank capital as well as liquidity obligations. This latest set of worldwide regulatory standards for banks is referred to as the Basel III. The core facets of Basel III are planned to be realised as nationwide regulation by the first half of 2013. However, while certain portions of the new Basel principles are supposed to become effectual upon execution, the others would be implemented over a phase of numerous years. The main reason for the development of the Basel III was the deficits in the financial policies of the Basel Accord II that were exposed during the worldwide financial calamity in the year 2008 (Bank for International Settlements, 2011). This paper critically examines the general approach to measuring capital adequacy levels of banks as per the new standards implemented by the Basel III. The paper subsequently discusses the drawbacks of the Basel II standards that were expo sed during the 2008 worldwide financial catastrophe and which consequently led to the development of the Basel III standards. Additionally, the paper also appraises whether the imposition of the Basel III standards for capital adequacy as well as liquidity obligations of bank will be sufficient to prevent a further financial calamity in future. Background to Basel III Various regulatory bodies have recognised that the prevalent strategies of capital regulations of the banks in the United States as well as the European Union, on the basis of the Basel I and the Basel II Accords as a major reason contributing to the 2008 financial disaster (Shearman & Sterling, 2011; Dowd & Et. Al., 2011). This can be substantiated from the fact that under the prevalent... The paper tells that various regulatory bodies have recognised that the prevalent strategies of capital regulations of the banks in the United States as well as the European Union, on the basis of the Basel I and the Basel II Accords as a major reason contributing to the 2008 financial disaster. This can be substantiated from the fact that under the prevalent capital adequacy policies prior to the financial crisis, the least regulatory capital obligations of banks were inadequate. The low capital obligations imposed on the banks as per the Basel II in addition to certain standards linked to the Basel I were deficient in the context of the elevated exposures and real tangible losses endured by the banking entities during the economic downturn. It was also stated that the quality of the capital maintained by the banks as per regulations were time and again found to be inadequate in absorbing the losses sustained by the banks during the economic crisis successfully. The capital adequacy policies set as per the standards of the Basel II along with that of the Basel I, did not sufficiently detain the risks that were caused by bank exposures to certain dealings. The transactions or dealings that increased the exposures of the banks that the regulatory standards failed to capture were securitisations, repurchase agreements and derivatives. The regulatory policies of Basel I and Basel II also failed to effectively take into account the systemic risks related to the upsurge of leverage in the fiscal and monetary system.