Theories Of Intellectual Property Philosophy Essay

Theories Of Intellectual Property Philosophy Essay Introduction: The term intellectual property refers to a loose cluster of legal doctrines that regulate the uses of different sorts of ideas and insignia.   The law of copyright protects various original forms of expression. The economic and cultural importance of this collection of rules is increasing rapidly. And lawmakers throughout the world are busily revising their intellectual-property laws.  [1]  Partly as a result of these trends, scholarly interest in the field has risen dramatically in recent years. There has been an evident mushrooming of articles deploying theories of intellectual property in law reviews and in journals of economics and philosophy. This article discusses those theories, evaluates them, and considers the roles they do and ought to play in lawmaking. Different jurisprudential approaches in IP law making: Most of the recent theoretical writings consist of struggles among and within four jurisprudential approaches of intellectual property law. 1.2.1 Utilitarian aspect of IP jurisprudence: The first and most popular of the four employs the familiar utilitarian guideline that lawmakers must put emphasis on maximization of net social welfare while shaping property rights.   In the context of intellectual property, it is generally thought that, lawmakers must strike an optimal balance between, on one hand, the individual rights of the creator and on the other hand maximization of public interest. A good example in this regard is William Landess and Richard Posners essay on copyright law  [2]  .   The distinctive characteristics of most intellectual products are that they are easily replicated. Those characteristics in combination create a danger that the creators of such products will be unable to recoup their costs of expression (i.e. the time and effort devoted to writing or composing and the costs of negotiating with publishers or record companies), because they will be undercut by copyists who bear only the low costs of production (the costs of manufacturing and distributing books or CDs) and thus can offer consumers identical products at very low prices.   Awareness of this danger will deter creators from making socially valuable intellectual products in the first instance.   We can avoid this by allocating to the creators (for limited times) the exclusive right to make copies of their creations. All of the various alternative ways in which creators might be em powered to recover their costs are, for one reason or another, more wasteful of social resources.  [3]  Ã‚   This utilitarian rationale, however has been criticized on the ground of its tendency to create monopoly rights. A related argument dominates the trademark law. The primary economic benefits of trademarks, are (1) the reduction of consumers search costs, because consumers can rely upon their prior experiences with various brands while deciding which brand to buy in future, and (2) the creation of an incentive for businesses to produce consistently high-quality goods and services. On the other hand while dealing with its criticism, trademarks can sometimes be socially harmful also, like for example, by enabling the first entrant into a market to discourage competition by appropriating for itself an especially attractive or informative brand name. Awareness of these benefits and harms should (and usually does), guide legislators and judges when tuning trademark law; marks should be (and usually are) protected when they are socially beneficial and not when they are, on balance, deleterious.  [4]   1.2.2 Labour theory and its jurisprudential aspect: Robert Nozick  [5]  after associating himself with Lockes argument, Nozick turns his attention to Lockes famously ambiguous proviso the proposition that a person may legitimately acquire property rights by mixing his labor with resources held in common only if, after the acquisition, there is enough and as good left in common for others.  [6]   Nozick contends that the correct interpretation of this limitation is that the acquisition of property through labor is legitimate if and only if other persons do not suffer thereby any net harm. Construed in this fashion, the Lockean proviso is not violated, Nozick argues, by the assignment of a patent right to an inventor because, although other persons access to the invention is undoubtedly limited by the issuance of the patent, the invention would not have existed at all had the inventor not put in any effort due to fear of copying. 1.2.3 Personality theory and its jurisprudential aspect: The premise of the third approach derived loosely from the writings of Kant and Hegel i.e. private property rights are crucial to the satisfaction of some fundamental human needs; policymakers should thus strive to create and allocate entitlements to resources in the fashion that best enables people to fulfill those needs. From this standpoint, intellectual property rights may be justified either on the ground that they shield from appropriation or modification artifacts through which authors and artists have expressed their wills (an activity thought central to personhood) or on the ground that they create social and economic conditions conducive to creative intellectual activity, which in turn is important to human flourishing.  [7]   Justin Hughes derives from Hegels Philosophy of Rights the following guidelines concerning the proper shape of an intellectual-property system (a) We should be more willing to accord legal protection to the fruits of highly expressive intellectual activities, (b) Because a persons persona his public image, including his physical features, mannerisms, and history is an important part of personality, it deserves generous legal protection, despite the fact that ordinarily it does not result from labor (c) Authors and inventors should be permitted to earn respect, honor, admiration, and money from the public by selling or giving away copies of their works.  [8]   1.2.4 Social planning theory and its jurisprudential aspect: The last of the four approaches says that, property rights in general and intellectual-property rights in particular can and should be shaped so as to help foster the achievement of a just and attractive culture.   This approach is similar to utilitarianism in its orientation, but dissimilar in its willingness to deploy visions of a desirable society richer than the conceptions of social welfare deployed by utilitarians.  [9]   Other writers who have approached intellectual-property law from similar perspectives include Keith Aoki, Rosemary Coombe  [10]  , Niva Elkin-Koren, and Michael Madow.  [11]  As yet, however, this fourth approach is less well established and recognized than the other three. 1.3 Varying jurisprudential views in US, UK, France and Germany: Until recently, the personality theory had much less currency in American law.  However in contrast, it has figured very prominently in Europe.  The French and German copyright regimes, for example, have been strongly shaped by the writings of Kant and Hegel.   This influence is especially evident in the generous protection those countries provide for authors and artists rights. In the past two decades, moral-rights doctrine and the philosophic perspective on which it rests have found increasing favor with American lawmakers, as evidenced most clearly by the proliferation of state art-preservation statutes and the recent adoption of the federal Visual Artists Rights Act.  [12]   Critical analysis of the theories of IP jurisprudence: Lawmakers are confronted these days with many difficult questions involving rights to control information. The proponents of all four leading theories purport to provide lawmakers with answers to the upcoming questions in IP jurisprudence. Unfortunately, our choice among these four options will often make a big difference. The third, for instance, suggests that we should insist, before issuing a patent or other intellectual-property right, that the discovery in question must satisfy a meaningful utility requirement; the other three would not.  The second would counsel against conferring legal rights on artists who love their work; the other three point in the opposite direction. The fourth would suggest that we add to copyright law a requirement analogous to the patent doctrine of nonobviousness; the others would not.  In short, a lawmakers inability to choose among the four will often be disabling. Similar troubles arise when one tries to apply Lockes conception of the commons to the field of intellectual property.  What exactly are the raw materials, owned by the community as a whole, with which individual workers mix their labor in order to produce intellectual products? It is agreed that IP law would have to be radically revised to conform to the Lockean scheme.  But the scale of the necessary revision is daunting. Is it justifiable on Lockean or any other premises -that if one thinks of a new way of dancing he claim IP protection and prevent everybody else from doing the same? Similarly, by registering the trademark Nike, can one prevent others from using it in any way- including reproducing it in an essay on intellectual property? If not, then what Is the extent of these rights? We come, finally, to the well-known problem of proportionality. Nozick asks:  If I pour my can of tomato juice into the ocean, do I own the ocean?  How far, in short, do my rights go?   Locke gives us little guidance.  [13]   1.5 Conclusion: The limitations of the guidance provided by general theories of intellectual property is perhaps easiest to see with respect to the last of the four approaches.  Lawmakers who try to harness social-planning theory must make difficult choices at two levels.  The first and most obvious involves formulating a vision of a just and attractive culture. What sort of society should we try, through adjustments of copyright, patent, and trademark law, to promote?   The possibilities are endless. Through continued conversations among scholars, legislators, judges, litigants, lobbyists, and the public at large, there may lie some hope of addressing the inadequacies of the existing theories.  The analytical difficulties associated with the effort to apply the Lockean version of labor theory to intellectual property may well prove insurmountable, but there may be some non-Lockean way of capturing the popular intuition that the law should reward people for hard work.  Only by continuing to discuss the possibility and trying to bring some alternative variant of labor theory to bear on real cases can we hope to make progress.   Much the same can be said of the gaps in personality theory.   The conception of selfhood employed by current theorists may be too thin and acontextual to provide lawmakers much purchase on doctrinal problems.  But perhaps, through continued reflection and conversation, we can do better. Conversational uses of intellectual property theories of the sort sketched above would be different from the way in which such theories most often have been deployed in the past.  Instead of trying to compel readers, through a combination of noncontroversial premises and inexorable logic, to accept a particular interpretation or reform of legal doctrine, the jurists and lawmakers should attempt, by deploying a combination of theory and application, to strike a chord of sympathy in their audience.  The sought-after response would not be, I cant see any loopholes in the argument, but rather, it needs to be acknowledged and addressed. That conclusion, however, does not imply that the theories have no practical use.  [14]  In two respects, I suggest, they retain considerable value.  First, while they have failed to make good on their promises to provide comprehensive prescriptions concerning the ideal shape of intellectual-property law, they can help identify nonobvious attractive resolutions of particular problems. Second, they can foster valuable conversations among the various participants in the lawmaking process.  

Air Jordan Essay

Air Jordan is a brand of shoes and athletic clothing designed, owned, and produced by Michael Jordan for Nike’s Jordan Brand subsidiary. The shoes, informally referred to in the plural as Air Jordan’s or simply J’s, were first released for public consumption in 1985 after Michael Jordan wore them in 1984 as a rookie; thereafter, new designs were released annually. Since its introduction into the sports shoe market, the Air Jordan evolved to the original basketball shoes to models for different uses, including I-XXIII). Air Jordan currently sponsors 19 active NBA players, including Chris Paul, Ray Allen, and Carmelo Anthony. They also endorse Nike Air Jordan products. Air Jordan 1 Air Jordan I, first Nike sneakers for Michael Jordan.  The Air Jordan 1 was designed by Peter Moore. The Air Jordan 1 was first released in 1985, in a red and black colorway to match the uniform of the Chicago Bulls, the team for which Michael Jordan played. This red and black color-way was later outlawed by NBA Commissioner David Stern for not having any white on them. Michael Jordan would wear the shoes anyway, and each time he stepped on the court with the Air Jordan 1 he would be fined five thousand dollars. Air Jordan 2 The success of the Air Jordan 1 encouraged Nike to release the New Air Jordan in 1986 for the new basketball season. Designed by Peter Moore and Bruce Kilgore, the original Air Jordan II was unique in that it was made in Italy giving the shoe a luxury feel. The Air Jordan II was originally retailed at $64.99. Air Jordan 3 The Air Jordan III was designed by Tinker Hatfield. By that time Michael Jordan was ready to leave Nike, but the Jordan III changed his mind. It was the first Air Jordan to feature a visible air unit on the heel, the new Jumpman logo, an elephant print trim and tumble leather to give it a luxury look. The Air Jordan III was also famous for the humorous ads depicting Spike Lee as Mars Blackmon, the character he played in his film ‘She’s Gotta Have It’. This campaign was known as the â€Å"Mars and Mike† ad campaign, which was one of Nike’s most successful advertisement campaigns. Air Jordan 4 In 1989 The Jordan IV shoe was released into the public, designed by Tinker  Hatfield. It was the first Jordan shoe released on the global market. Spike Lee, the director and actor helped in the ads for Jordan IV. Spike Lee had featured the Air Jordan IV in his movie Do The Right Thing. The Air Jordan Bordeaux â€Å"Spiz’ike IV† were specifically made for Spike Lee in order to pay respect for advertising the Jordan Cement 4’s. Air Jordan 5 The Air Jordan V was released on February 1990, designed by Tinker Hatfield again. Some elements were carried over from the Air Jordan IV, but overall they were a completely new look. Some of its new features were a reflective tongue, translucent rubber soles and lace locks. Hatfield is believed to have drawn inspiration for the Air Jordan V from World War II fighter planes, which was most notably visible in the shark teeth shapes on the midsole. Air Jordan 6 The Air Jordan VI had a new design by Tinker Hatfield and released in 1991. Later that year the Bulls defeated the Lakers in the 1991 NBA Finals, with Jordan named as the most valuable player. That was also the first NBA Championship won by Jordan and the Bulls. The Jordan VI was also seen in the film White Men Can’t Jump, which was produced in 1991 and released one year later. Air Jordan 7 Air Jordan VII sneakers specially released for 1992 Barcelona Olympics. The Air Jordan VII was released in 1992 with a new design by Tinker Hatfield. This shoe introduced the huarache technology which allowed the shoes to better conform to the user’s foot. A few things were no longer featured on the new model, such as the visible air sole, the Nike Air logo, and the yellowing soles. This was the first Air-Jordan in the line that did not have any distinctive â€Å"Nike Air† on the outer portions of the shoe. When Jordan went to compete at the 1992 Barcelona Olympics to play for the US Men’s Basketball Team (also known as the â€Å"Dream Team†), Nike released a special Olympic color combo of the Air Jordan VII model which had Jordan’s Olympic jersey number, 9 even though most of the jordans that were made, especially the Air Jordan VII had a â€Å"23† on the back. Air Jordan 8 The Air Jordan VIII was released to coincide with the 1992–1993 NBA season.  The eighth model of the Air Jordan was noticeably heavier than its predecessors. This shoe had a lot more detail than most of the earlier Air Jordan’s such as two crossover straps on each shoe and a Jumpman. Thus the Air Jordan VIII model became known as the â€Å"Punisher† because of the advanced basketball ankle support and enhanced traction. This shoe contains a full length air sole, polyurethane midsole, polycarbonate shank plate, and two crossover straps (for added support and more custom fit). Air Jordan 9 Originally released in November 1993, the Air Jordan IX model was the first model released after Michael Jordan’s retirement. Jordan never played a full season of NBA Basketball wearing these shoes. This model was inspired by baseball cleats that Jordan wore when playing minor-league baseball. Air Jordan 10 This was released in 1995, It was the first Air Jordan to feature a lightweight phylon midsole. The shoe also featured all of Michael Jordan’s accomplishments on the outsole of the shoe. Air Jordan 11 This model was designed by Tinker Hatfield. When the shoe launched, Michael Jordan (retired from basketball by then) was trying in minor baseball leagues. Hatfield designed the sneaker waiting for Jordan to comeback and hoping he would play in them. The ballistic mesh upper of the sneaker was meant to give the Air Jordan XI lighter and more durable than the past sneakers. Further changes came with the use of a carbon fiber spring plate in the clear out sole, giving the shoe better torque when turning on the court. The highlight and arguably most well-known aspect of the shoe is the patent leather mudguard. Patent leather was lightweight, when compared to genuine leather, and also tended not to stretch as much – a property to help keep the foot within the bounds of the shoe bed during direction changes on the court. The patent leather gave the XI a â€Å"formal† look. When this shoe released, some wore this model with business suits instead of dress shoes. Air jordan 12 The Air Jordan XII was inspired by Nisshoki (the Japanese flag), and a 19th-century women dress boot. However, featuring gold-plated steel lace  loops, embossed lizard skin pattern and zoom air, this model set a new direction in style and technology in shoe design. Though not as light weight as previous models, the construction and firmness of the shoe is widely considered to be the most durable and sturdy shoes from the Air Jordan line. Air Jordan 13 in 1997 Air Jordan XIII’s were released into the public . This model was known for its cushioning along the feet, designed by Hatfield. The Black Panther was the inspiration for the Air Jordan XIII, the sole resembles the pads on a panther’s paw. But also the panther is the hologram on the back of the shoe which imitates a panther’s eyes in the dark when light is shined at them. Air Jordan 14 The Air Jordan XIV was originally released from 1998 to 1999. The Air Jordan XIV co-styled by the famous Tinker Hatfield and Mark Smith was made race ready and equipped with the Jordan Jumpman insignia on a Ferrari shaped badge. In addition, these shoes include breathable air ducts on the outer sole. Air Jordan 15 The Air Jordan XVs were released in 1999–2000. Reggie Miller wore it during the 2000 NBA Finals. This was the first shoe after Jordan’s retirement. The design of the XV’s originated from the aircraft prototype X-15, which was developed by NASA during the 1950s. The sides of the XV were made from woven kevlar fibre. Air jordan 16 Air Jordan XVIs, designed by Nike’s Senior Footwear Designer Wilson Smith, were released in 2001. Unique to the Air Jordan XVI was a gaiter/shroud that covered the shoe and could be removed to give the shoe a new look. Not only was this for fashion purposes, it also had a thermal functionality. Air jordan 17 This pair of Jordan’s come equipped with Keefer, which held the shoes and a compact disc containing the Air Jordan XVII song. The retail price of the shoe was US$200. The defining functional design element of the Air Jordan XVII model, which was later replicated on the Air Jordan XXIII model, was  the reinforced mid-sole which provided a sturdy and stable chassis for the shoe. Air jordan 18 The Air Jordan XVIII shoe was released in 2003, and was the shoe for Jordan’s last season, in which he played for the Washington Wizards. The shoe was designed by Air Jordan Senior Footwear Designer, Tate Kuerbis, The inspiration for the design came from a number of things; sleek racing lines of the auto world, carbon fibre-based monocoque of F1 race cars, race car driving shoes (rubber heel wrap) and Fine Italian dress shoes (bold stitching on the soles). Air Jordan 19 Released in 2004, this is the first Jordan release after his third, and final, retirement which came after the 2002–2003 NBA season. The design was inspired by the Black Mamba snake, The Air Jordan XIX used innovative materials. The upper section of shoe was developed in collaboration with the global materials consultancy Material ConneXion, who sourced Nike a sleeving normally used in architectural applications for protecting PVC pipes from bursting. Air Jordan 20 The Air Jordan XX was also inspired by bicycling shoes. The strap was placed in the center of the shoe over the laces. It also helped to create a tighter fit and increased support.

Cable Television Essay - 2162 Words

Cable Television The word technology has meant a number of different things throughout the span of time and culture. From the beginning of the stone tablet to the introduction of cyberspace there has been technology; something that has enhance our literacy and improved our detail of life and knowledge. The development of the personal computer seems to be somewhat elementary to all of use now. Technology has made its way into our homes and is continuing to make our lives interactive with those around the world. ?Before the advent of the PC, the television and satellites brought the world into the living rooms of many homes Pictures of life beyond the boundaries of ones own community or neighborhood were made accessible every†¦show more content†¦History: Outline:1948-9: The first antenna/broadcast system came to be Utilizing the telephone poles, which he rented for $1.50 each annually, ?[John]Walson ?began to install his cable throughout the city (Roman 2). 1950: The first subscription cable system in Lansford, Pennsylvania (Panther Valley Television) ?85 foot tower on Summit hill receives signal from Philadelphia and retransmits to Lansford 1951: Martin F. Malarkey produces the first live local organization and cablecast from his home. 1962: FCC acted to limit cable’s encroachment on local broadcasters’ monopolies by requiring a microwave carrier to demonstrate that it would carry local signals and not distant ones that duplicated the programming of the local stations (Crandall and Furchtgott-Roth). 1972: Cable system had to carry all local broadcasting signals 1975: Satellite delivery (HBO, etc) 1979: 10 premium networks ?Seventy-seven percent of all systems offered twelve channels or fewer in 1976, ?and 88 percent offered twenty or fewer (Crandall and Furchtgott-Roth 6). 1984: Cable Communications Policy Act: requires that the rates of all cable systems ?facing ‘effective competition’ from regular broadcasting sources, as determined ?by the FCC, be deregulated (Crandall and Furchtgott-Roth 7) 1989: 31 channels are offered to the average viewer 1995:Show MoreRelatedThe Cable Television Industry in the United States Essay950 Words   |  4 PagesIn United States cable television industry, the traditional cable companies compete with different types of competitors. 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Toxic Holiday Plants and the Risk to Children and Pets

Public Health Measures Against Venereal Disease of the...

At the onset of the twentieth century, many changes in American life were occurring, including the expansion of cities, an increase in immigration, and a change in the typical family structure. A movement of social reforms known as progressivism arose to counter these changes, which were viewed as a challenge to domestic life. Specifically, venereal disease caught the attention of many progressives. As members of the medical profession learned more about the pathology of disease, venereal disease became regarded as the ultimate threat to the American family. The biggest outrage was the infection of innocents, women and children who encountered the disease as a result of unfaithful husbands and fathers. Efforts by the progressives to†¦show more content†¦Entry into the war would transform the problem of sexually transmitted disease into a national issue of the first magnitude, requiring a centrally conceived program†(Brandt 133). The progressives also worried about lewd behaviors projecting a negative American image on an international level. It became clear to the progressives that wartime efforts would be needed to ensure military efficiency and health. On April 17, 1917, eleven days after the declaration of war, the Commission on Training Camp Activities, or CTCA, was formed with Fosdick at the helm. The Commission utilized two main strategies to encourage sexual continence amongst troops, which was viewed as the best way to stop infection: distraction and coercion (Brandt 141). The distraction took place in centrally located huts, which became the hub of social life in the camps. Men were able to play cards, listen to music, or watch performances. In addition, athletic and recreational activities were organized. The commission believed that busy troops were less likely to engage in sexual activity. Also, strenuous athletic activity was thought to repress sexual impulses (Brand 144). In terms of coercion, the CTCA relied on education about the importance of hygiene, abstinence, and the perils of venereal disease. The General Medical Board of the Council on National Defense released an official statement rejecting the preconceivedShow MoreRelated The Origin, Etiology and Treatment of Syphilis Essay examples5684 Words   |  23 Pages The Origin, Etiology and Treatment of Syphilis â€Å"And this disease of which I speak, this syphilis too will pass away and die out, but later it will be born again and be seen again by our grandchildren just as in bygone ages we must believe it was observed by our ancestors.† – Fracastoro, 1538 1 It has been written about, debated over, and has affected every culture it has come into contact with. One can only be amazed when examining the microscopic syphilis bacterium. It traveled the seas ofRead MoreSexually Transmitted Diseases35655 Words   |  143 Pagesprokaryotes 130 Structures and functions 133-137 Microbes 148-150 Onion and cheek cells 150-151 Ecological study 154 Seed structure and germination 155-157 Reproduction in plants 158-165 Sexually transmitted diseases 166-176 Birth Control and contraceptives 177-185 Effects on population growth 186-187 Drug and drug abuse 188-191 Man’s impact on the environment 192-199 Reproduction in man 200-201 References 202 Introduction Read MoreThe Demon in the Freezer Essays12595 Words   |  51 PagesOctober 2001--was a clarion call for scientists who work with hot agents to find ways of protecting civilian populations against biological weapons. In The Demon in the Freezer, his first nonfiction book since The Hot Zone, a #1 New York Times bestseller, Richard Preston takes us into the heart of Usamriid, the United States Army Medical Research Institute of Infectious Diseases at Fort Detrick, Maryland, once the headquarters of the U.S. biological weapons program and now the epicenter of nationalRead MoreLogical Reasoning189930 Words   |  760 Pages............................................................ 220 Exercises .......................................................................................................................................... 220 CHAPTER 7 Defending Against Deception ............................................................................. 226 Deception Is All Around Us ............................................................................................................. 227 Exaggeration

Major Cultural Sporting Events and It’s Benefits Free Essays

string(79) " the accommodation on their books is fully booked at the time of the festival\." This essay will evaluate the benefits and drawbacks of Glastonbury Festival to the local community. It will mainly focus on the economic impact on the local community of Glastonbury, Pilton and Mendip but will also examine the social impact of the festival. â€Å"Festivals may be recurrent events (at intervals of a year of more) such as Glastonbury or one-off affairs like the Armada celebrations of 1988. We will write a custom essay sample on Major Cultural Sporting Events and It’s Benefits or any similar topic only for you Order Now A festival may be over in a day, a weekend or last a fortnight or more. Most festivals include associated activities, even if they a predominately one art form in concept† (Waters, 1989, pp 57). Glastonbury Festival could be described as a multicultural festival, as defined by Wilson and Udall (1982, pp 4-6, cited in Hall, 1992, pp 26) who state that multicultural festivals are, â€Å"festivals representing the cultural materials of many cultures. With few exceptions, audiences tend to be people who are not of the cultures presented. Organisers tend to be academics or eclectic fans of the folk arts with the control of the events likely to be in the hands of a non-profit institution. Glastonbury Festival donates the majority of their profits to charitable causes and attracts a diverse range of different people and cultures, from the folk fan to the raver. Glastonbury Festival for Contemporary Performing Arts was started by the owner of Worthy Farm, Michael Eavis, in 1970 and has continued to grow each year since then, with the 2000 festival attracting in excess of 150,000 people (BBC, 2002). Glastonbury Festival is now one of the most well known festivals in the world â€Å"†¦this festival is now a multi-media, international event†¦Ã¢â‚¬  (Avon and Somerset Constabulary, 2002). Hall (1992) highlights some of the benefits to the local community of hosting a festival, he says â€Å"undoubtedly, festivals and programs of special events provide opportunities for communities to expand the markets of existing firms and attract new businesses and commercial interests, and perhaps raise the overall attractiveness of the areas as places to settle. However, â€Å"the nature of impacts varies with the age and status of the event and the size of the community in which it takes place† (Wall and Mitchell, 1989, p132, cited in Hall, 1992, pp 47). An event such as Glastonbury Festival, however, may not attract the type of people or businesses that the local residents would approve of and this could create conflicts within the local community. There is a great deal of support for Glastonbury Festival from the local community who benefit from it in many ways, which will be discussed later on in this essay. The Glastonbury Tourist Information Centre show their support for the festival on their website, â€Å"The town of Glastonbury has gained enormously from its association with the Glastonbury Festival. In particular, PTA groups, Carnival Clubs, playschools, local charities and businesses are among the many organisations that have benefited from its success. Therefore we, as a community, would like to show our support for the festival and thank Michael Eavis for bringing us all such a wonderful event. † (Glastonbury TIC, 2002). However, there are also a number of local residents who are opposed to the festival due to the problems caused by the quantity and quality of those attending. These views will also be discussed later on in this essay by reviewing the minutes of the meeting by Mendip District Council for the 2002 licence application. Glastonbury Festivals Ltd. (GFL) have provided a great deal of information as to how the festival financially benefits the local community. A summary of this information will follow. In total, from January 2000 to December 2000, GFL donated ? 703,158. 97 to various charitable organisations worldwide. Of the total amount, ? 289,613. 72 is donated to local causes. These local causes vary from carnival clubs and schools to various sporting clubs, many of which rely on funding from the festival to continue. A letter to Mendip District Council (2002), in support of the festival, from a local child states, â€Å"†¦we could loose our carnival if he [Michael Eavis] doesn’t do this [Glastonbury Festival], because a lot of carnival clubs go up there to raise money to build their floats that cost thousands to make †¦ and we’ve always had Pilton Pop Festival in the past. Three cheers to Michael Eavis. † Herbert (2001) states that, â€Å"in response to the questionnaire 74 percent of local residents asked say that the festival provides financial funding for local charities and schools†. From the information provided by GFL it can be seen that it is not just through donations that the local community is benefited financially from the festival but also by an increase in business at the time of the festival. A total of 316 local businesses received  £3,308,625. 78, from January 2000 to December 2000, by direct spending from GFL. This level of financial input from GFL is much needed by local firms especially due to their rural location. â€Å"We have a lot of support locally. The economy relies on the festival what with the demise of the agriculture industry. The economic case is very, very strong,† said Mr Eavis (BBC, 2002). It is more than likely that, yet again, many of these local companies rely on the annual spending from GFL. However, it is not only through direct spending from GFL that local businesses benefit. All businesses associated with leisure and tourism benefit from the festival, from accommodation to shops and pubs, the publican from the Crown in Pilton said, â€Å"It was a magnificent boost to trade, with nothing lost, nothing stolen and nothing broken – we didn’t have to close the doors to anyone† (GFL, 2002). In the weeks prior to the festival itself, those actually setting up the festival site use many of these local amenities. A proportion of people who come to the festival, including workers, performers and festival goers, choose not to camp on site and look to local hotels and bed and breakfasts for their accommodation† (GFL, 2002). Shepton Mallet, Glastonbury and Wells Tourist Information Centres all state that all of the accommodation on their books is fully booked at the time of the festival. You read "Major Cultural Sporting Events and It’s Benefits" in category "Essay examples" There are also a number of local residents who open their homes up for paying guests over the festival period. â€Å"As a result of the festival therefore, in excess of ? 250,000 is spent in the local community on accommodation† (GFL, 2002). Local garages also benefit from the number of cars arriving on site at the festival, â€Å"Mendip District Council quotes that there were a total of 57,000 cars in the official and unofficial car parks in 2000. Many of these vehicles would have used local garages for fuel, assuming each car only spent ? 10 this amounts to ? 570,000 spent on fuel† (GFL, 2002). At the 2000 festival GFL directly employed 1600 people, twenty five percent of whom were employed from the local area. â€Å"Over  £347,175 was spent on local employment, this amounted to over 55% of the total monies spent on wages for the 2000 festival† (GFL, 2002). Local business also benefited by having stalls at the 2000 festival, of the 770 stalls at the festival fifteen percent were local businesses. GFL (2002) states that, â€Å"It is our policy to try to accommodate local traders in preference to those coming from further a field. † It is clear to see from the information provided by GFL that they make a considerable effort to involve the local community as much as possible in the festival and a large proportion of the direct spending and donations from the profits go directly to the local community. Glastonbury Festival is a cultural event it can therefore be said that it can help to promote cultural tourism within the local community. Cultural tourism is defined by The World Tourism Organisation (1985, p6, cited in Hall, 1992 pp 23) as â€Å"movements of persons for essentially cultural motivations such as study tours, performing arts and cultural tours, travel to festivals and other cultural events, visits to sites and monuments, travel to study nature, folklore or art and pilgrimages†. As the Festival is such a well-known event it probably promotes tourism even when the festival is not actually on. Those who have heard of the festival may want to visit Glastonbury at other times of the year. GFL are aware of the festival’s ability to promote tourism in the local area, as stated by the Commercial Manager, â€Å"the festival brings a lot of money into the local area, and gives it a boost in tourism† (Commercial Manager of the Glastonbury Festival, 2001, cited in Herbert, 2001). However, Van Harssel (1994, cited in Herbert, 2001) stated that a greater level of tourist activity may cause increased overcrowding and congestion, which in itself affects residents’ daily lives†. An investigation by Herbert in 2001, into community participation in the planning and management of the Glastonbury Festival, shows that one of the major drawbacks recognised by the organisers and residents is traffic congestion. She goes on to say; this can be supported by Murphy (1985) who believes that one of the most frequently stated irritant for the host community residents is congestion amongst the community. Such a massive annual influx of festival-goers into the area will easily cause heavy congestion in such a small rural area. It is obvious that this huge festival will have some kind of negative impact, both economically and socially, to the local area. The main economic drawback of the festival is the cost to the local community of dealing with crime and other associated problems actually outside the festival site and the pressure put on local services such as hospitals and the police. This is confirmed by Mendip District Council (2002) â€Å"The Glastonbury Festival attracts more than 100,000 people every year. It doubles the population of Mendip district and severely stretches the capacity of local services, such as the police, fire and hospitals†. At the 2000 festival a total of 3237 patients were dealt with, 127 of which were referred to local hospitals and the helicopter was used twice (Festival Medical Services, 2000). The festival costs the NHS  £40,000 plus many empty beds in case of emergencies (Mendip District Council, 2002). The Somerset Fire Brigade were called to thirty-four incidents at the 2000 festival (Somerset Fire Brigade, 2000). A report from Avon and Somerset Constabulary (2002), complied for the licence application for the 2002 festival, states that â€Å"it can be reasonably predicted that recorded crime in the Mendip District overall will increase by 30 percent in the financial year 2002/03 if a licence is granted†. This level of increase in crime puts a considerable strain on the local police, especially seeing as a great deal of the crime is actually committed outside of the festival perimeter, â€Å"the car parks and areas immediately outside the perimeter fence are gathering points for organised touts and criminal gangs† (Mendip District Council, 2002). One the major problems for the local police is controlling the huge number of people that turn up at the festival without a ticket in the hope of getting over the fence. Many of these people congregate close to the festival sites and unlicensed raves attended by those who cannot get into the festival cause a considerable amount noise that affects local residents. â€Å"During the 2000 festival 400 vehicles (2000+ people) arrived for an unlicensed off-site rave. Of the 98 noise complaints that Mendip District Council received in the year 2000 from distressed local people, seven complaints related to the official festival; the rest derived from the off-site rave† (Mendip District Council, 2002). The cost of policing the 2000 festival was  £1. 25 million. The festival pays 40 percent; the taxpayers pay the rest causing tremendous drain on police resources (Mendip District Council, 2002). The festival also attracts the travelling community, many of whom then stay in the district and are very difficult to move on. One of the many reports submitted to the licensing board, from Mendip District Council (2002), highlights some of the detrimental effects to the environment caused by the festival. The wildlife, where it still exists, does a general exodus. The festival creates a million gallons of raw sewage, which helps to pollute the River Whitelake. 60,000 cars and coaches come into the district, which with the numerous fires and smoke machines etc help to create a haze like an industrial smog over Pilton. The festival creates 1000 tons of rubbish, very little of which is recycled. From the information that has been examined for this essay, it is rather difficult to determine overall whether the positive impacts of the festival outweigh the drawbacks. It also depends on whom you speak to in the local community with regards to how they feel about the festival. Mendip District Council receive many letters and phone calls from local residents some showing support for the festival and other from residents who are wholly opposed to it. It is clear that GFL make a great deal of effort to donate to local charities and to support local businesses, but it seems that not enough is being done to combat the detrimental effects caused by the festival. As stated by Herbert (2001) in her conclusion, â€Å"in general, more members of the host community agreed that the festival brings more disadvantages to the community than benefits, although this could be improved with the community having greater involvement in the planning and management of the Glastonbury Festival†. The 2001 festival did not go ahead as it was felt by the licensing board and the police that it would not be safe and following the 2000 festival the festival organisers were fined  £6,000 for breaches of the licence conditions (Mendip District Council, 2002). This has meant that the conditions of the licence for the 2002 Glastonbury Festival are much more stringent, with the festival organisers this year stating â€Å"No Ticket, No Festival† (GFL, 2002). The festival organisers are combating the huge problem of the number of people turning up without tickets, which appear to be those who cause the most problems in the local area. There will be stricter controls with regards to stopping those with no ticket getting anywhere near the festival. Off site car parks are proposed with buses running to the festival site for only those with a ticket (GFL, 2002), however, it will not be clear until the festival actually happens as to whether this will be effective, it may just cause more problems within the local area. It is clear from the research undertaken that a great deal of effort has been put into trying to ensure that the problems caused by previous festivals are not repeated. An organisation called Mean Fiddler have taken over the running of the festival, they have experience of managing other large-scale cultural events such as the Reading Festival and Homelands (www. meanfiddler. com, 2002). Hopefully this will help to make Glastonbury 2002 safe and fun and a great deal more pleasant for the local community. If the conditions of the licence are breached this year it is almost certain that Glastonbury Festival will not be allowed to continue, it is therefore up to all of those involved and all of those who support the festival to make sure that it is successful. How to cite Major Cultural Sporting Events and It’s Benefits, Essay examples

Financial Management and Capital Budgeting Report †Free Samples

Question: Discuss about the Financial Management and Capital Budgeting Report. Answer: The Budgeting Report Capital Budgeting is the comprehensive procedure of ascertaining the credibility of a project. The capital budgeting project helps the investors take a look at every corner, pros and cons of the project, which helps them in decision making procedure. This is a whole process of investment appraisal decision and helps the project mangers analyse the positive and negatives of a given project. (Dayananda, 2008) The calculations for the related project has been provided in the excel sheet. Considering the same the following report on capital budgeting decision have been made. The GM of RUNWELL corporation is here trying to make a decision about the acceptance or rejection of a project with eight year life. He has collected all relevant information related to the project and has laid down the cash flows from this assignment. Using this information we have calculated few parameters which will help him take decision for the project. (Herbst, 2003) Net Present Value (NPV): the net present value of a project is the difference between the present values of cash inflows from the project with the present values of the cash outflows. When the value of inflows are greater than the values of outflows, it indicates positive NPV, and also that the investor will earn more than what he invests at the given cost of capital (Jakhotiya, n.d.). This is the case of positive NPV and in such cases the project should be accepted. When the outflows are more than inflows, it is negative NPV and the project should not be accepted. In the given scenario we see that the company invests approximately $1.53 million and the present value of cash flows generated from the project are approximately $2.11 million (Kaufman, n.d.). This means that the project generates about $0.53 million of positive NPV for the company. Based on the net present value evaluation the project should be accepted. (Kumar, n.d.) Internal Rate of Return (IRR): the internal rate of return in the capital budgeting tool whereby the rate earned on the project id determined. The values of the cash inflows and outflows are equated and with the help of trial and error method and interpolation, the rate of return on the project is calculated. (Pandey, 2015) In the given case we see that the IRR of the project amounts of approximately 23.35%, whereas the cost of capital of the project is 14%. This indicates that the return on the project is way more than the cost of the project. Therefore based on internal rate of return evaluation the project should be accepted since it earns more than what is to be expended on the project. (Paramasivan and Cuppiraman?iyan?, 2009) Pay-back period: this is the capital budgeting tool whereby the investors can help understand -the time in which there invested amount will be recovered. The pay-back period helps us understand the real duration of the project. Lower the period better I for the investors. In the given scenario we see that the pay-back period of the project amounts to approximately 3.97 years. The duration of the project if 8 years, and the investment amount is recovered by the management in 3.97 years. Therefore, we can say that the pay-back period of the company is efficient and the project should be accepted. (Peterson and Fabozzi, n.d.) Discounted Pay-Back Period: the discounted pay-back period is same as the pay-back period, except for the fact that the cash flows used in calculation of discounted pay-back period are the discounted cash flows, whereas those in normal pay-back periods are normal cash flows. Since the discounted values are used, the span in discounted pay-back period is higher than that of normal pay-back period. The discounted pay-back period of the project amounts to approximately 5.61 years and the span of the project are eight years. Also it has been provided that the managements desires of a discounted pay-back period of 5 years. We see that the discounted pay-back period of the project is slightly more than the managements expectations. Therefore, based on this parameter the project cannot be accepted, since the discounted pay-back period is more than the managements expectations. (Sofat, 2016) Therefore, based on all the above tools of capital budgeting we see that, the project seems viable to be accepted, except for the discounted pay-back period, which is slightly more than managements expectations. If the management can adjust its expectations of the discounted pay-back period then the project seem viable o be accepted from each point of view. (Wilkes, n.d.) The GM of the company is unsure for this project due to unexpected growth in the car manufacturing industry. In order to be sure of the project, the GM should study the reasons and factors which have contributed in this sudden increase in growth of car manufacturing industry. If according to his study and research the factors are expected to continue then he should accept the project and start with it, if not then the project should be rejected. We see that the GM has an option to sell this project to an outside contractor for $200,000. As per our calculations we see that the project is expected to generate a value of $581,357. This expected value is more than the sale price of the project. If the factors and cash flows move as expected in future, then the GM should accept the project himself and execute it independently instead of selling to the outside contractor. This way the company will generate more benefits. The weighted average cost of capital is a complex calculation and includes a lot of factor in its calculation. Having a wrong estimate of WACC can be very harmful for the company. Therefore a good research and data is required in calculations of the WACC for a given project. in the given case see that the company has taken the WACC to be 14%, the GM wants to increase the WACC for the risk of the contractor. But we see that the project plan for RUNWELL has been planned really well and is expected to generate high returns for the given investments. Therefore, we see that taking all the factors into consideration, the project seems viable to be accepted. The GM should go for the project with all this information. References Dayananda, D. (2008).Capital budgeting. 1st ed. New York: Cambridge University Press finance. Herbst, A. (2003).Capital Asset Investment. 1st ed. Chichester: John Wiley Sons. Jakhotiya, G. (n.d.).Strategic financial management. 1st ed. London: Sangam Books Ltd. Kaufman, M. (n.d.).The Capital budgeting handbook. 1st ed. Homewood, Ill.: Dow Jones-Irwin. Kumar, R. (n.d.).Strategic financial management casebook. 1st ed. Pandey, I. (2015).Financial management. 1st ed. New Delhi: Vikas Publishing House PVT LTD. Paramasivan, C. and Cuppiraman?iyan?, T. (2009). Financial management. 1st ed. New Delhi: New Age International (P) Ltd., Publishers. Peterson, P. and Fabozzi, F. (n.d.).Capital budgeting. 1st ed. New York, NY: Wiley. Sofat, R. (2016).Strategic financial management. 1st ed. [Place of publication not identified]: Prentice-Hall Of India. Wilkes, F. (n.d.).Capital budgeting techniques. 1st ed. Chichester: J. Wiley.