The Watergate Of The White House - 1713 Words

Richard Nixon’s six year stint in the White House is and was reviewed as a pivotal and influential time period in various aspects of American infrastructure. Nixon had come into office after the consistent twenty year dominance of presidential politics by a left-winged Democratic coalition. America coming out of conflicts across the globe was universally known as a global police force which was notorious for large-scale pre 21st century military conflict. When Nixon resigned, (The first United States president to do so) a conservative Republican regime was born that would in turn dominate the next twenty years of presidential politics. The post-Nixon Republican Party was known for delivering aid to our allies across the globe, and staying†¦show more content†¦Such distinction is understood by a transitional politician. His tendency and philosophy toward his foreign and domestic policy were mirror images in regards to their intent. Conservative, but understandably so a s the late sixties going into the seventies was the descent of liberalism’s early to mid-century dominance. His right-wing conservative system, could not be established without first deconstructing FDR’s liberal construct. During his Presidency it was noted that Nixon was â€Å"only as conservative as he could be† and â€Å"only as liberal as he had to be† (Hughes 1). He was accredited with the establishment of the Environmental Protection Agency but had also made closed-door comments about how if he had not done so, the Democratic Congress would have forced more liberal laws and legislation into his term. Nixon was at times a hypocritical president especially in times that it was beneficial to him. Nixon was a president that ideologically could have opposed restriction on compensation and prices and stayed true to the beliefs in a private setting, while using them during his election-year to appeal to specific organizations. Yet this political/tactical malleability should not conceal his steadfast political purpose. His simple yet successful endgame was as such; move the country to the right. The Nixon administration signaled the end of

Just The Way It Was By Anne W. Viewpoint Of Poverty Essay

â€Å"Just the way it was†. That was Anne W. viewpoint of poverty when she was growing up and going to school. Anne and I met working for the same school district. She was born fifth of eleven children and started her schooling in the 1960s. Although Book’s writes about poverty in a more modern time a lot of what she writes was still true to Anne’s schooling. Her mother stayed at home and her father was a farm cropper, but never owned his own land. Book’s reminds us that poor people are working people. She reminds us to â€Å"Consider the role of the working poor in a market economy. Unable to support their own families, they provide a wealth of services to others.(Chamberlin 1999)† (PG. 29) The GI bill payed for her childhood home. She grew up in rural farm town of 1,600. When Book’s wrote about the demographics of poverty in chapter 5 I was surprised to learn that poverty is higher in rural areas. Growing up Anne admitted to not knowing she was â€Å"poor†. She thought her family did the things they did because that is what all the families in her town were doing. Her family had a box that the community would put their hand-me downs in for Anne and her ten siblings. They got to take a bath once and week and shared water with all of her siblings. Wearing the same socks for multiple days was common as long as they turned their socks on inside-out. Anne and her sister’s made their dresses and each had three total - two dresses for school and one dress for church. Anne’sShow MoreRelatedWelfare Reform Should Require Recipients to Work Essay1885 Words   |  8 Pagesself-reliance using more organized and functional welfare programs, from which the United States government and people would greatly benefit. The U.S. welfare system was designed with fair intentions, but has since been abused by indolent yet capable Americans. While some welfare groups existed previous to the Great Depression, this was when the major welfare programs began. According to Fred I. Greenstein of Princeton University, President Franklin D. Roosevelt established multiple government assistanceRead More Dolls House: Themes And Theatrics Essay2251 Words   |  10 Pagesthat this picture is simply mistaken: for instance, Nora, Torvalds cute quot;little squirrel,quot; disobeys Torvald by eating macaroons behind his back. It is interesting to note that to squirrel something means to hide or store something away in a way quite similar to how Nora slips her macaroon bag in her pocket; Ibsen uses the word quot;squirrelquot; to signify the Nora who is cute and childish but at the same time points out her tendency to hide things from Torvald. In moving Nora in a stealthyRead MoreShould New Zealand Genetically Modify Cro ps For Economic Purposes? Essay4171 Words   |  17 Pagesreproduced. 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In a reality of competition, ratings andRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesSaddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Robbins, Stephen P. Organizational behavior / Stephen P. Robbins, Timothy A. Judge. — 15th ed. p. cm. IncludesRead MoreThe Effects of Conflict Management on Employee’s Performance10925 Words   |  44 PagesMombasa is one of Africa’s major tourists’ destinations with some of the best beaches in the world. 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Inflation and its Causes Free Essays

string(145) " analysis are important component of explaining inflation, because inflation can be politically desired caused\) for its potential net benefits\." All the substance regarding this report has been explained with uphill struggle and care. This write up has demonstrated in easy mode and is understandable by the reader. It will provide the intramural and threshold aura to read and it will cover all the requisites and proviso. We will write a custom essay sample on Inflation and its Causes or any similar topic only for you Order Now One of the aesthetic and charming characteristics of this project is this, that it is composed and genial. ABSTRACT The capability of financial analysis over inflation effect on employment has been highly accentuated. This analysis has been acknowledged as the means through which the livelihood and other progressing goals of the routine matters can be enquired. This report delves into the financial analysis through relationship between inflation and employment of a country like Pakistan. Statistical analysis with reference to previous year’s data provided by State Bank of Pakistan, inflation in the usual course of events with the help of examples. The verdict about financial analysis may facilitate policy makers, employment agencies, organization to ascertain, existing cooperation’s and besides customary the genteel maneuver to improve their lifestyle all over the country. METHODOLOGY Aspects about inflation relationship with employment in the country has been piled p by means of primary sources by interviewing Muslim Commercial Bank garden Town Branch in the Lahore; this was the part of our information collecting activity. Secondary information has been congregated through different economies, financial management and other books, internet sites of state bank of Pakistan, finance base sites in Pakistan, exiting reports on financial analysis and generals related to employment and inflation. Our foremost endeavor was to compile and evaluate all relevant information with reference to employment and inflation in Pakistan and to Judge against this analysis with standard set by international market. BACKGROUND OBJECTIVES Role of Financial management in the improvement process continues to be at the vanguard of strategy contest not only in this part of the world (Pakistan) but also in other countries. Most of the specifics about Financial Management Analysis have been renowned in the entire world. The compensation allege for Financial Analysis are infinite, containing calculated interest rate, installments, present value of future position of company in the market, ratio comparison, shares and bonds value calculation, money flow, decision making with respect to financial condition of a organization, budget making (is one of the most beneficial process through which we can easily access our resources), and above all calculating economic strengthened in country. By and large the premeditated role of financial management is perceived as accelerating the accomplishment of wider economic and social aspiration. Capitalist from all over the world suggests that financial management performing efficient role as participate by production and other departments in accomplish the eventual target of a firms. TABLE OF CONTENT Executive Summary Inflation Causes of Inflation Inflation and its Effects Inflation and its Impact Economic Factors of Inflation Non-Economic Factors of Inflation Temporary Effects Permanent Effects Review 16 Theories about Employment 07 10 11 09 Fisher Effect 12 14 18 Relationship between Employment Inflation 25 International Condition in Inflation Conclusion Appendix -Article 33 37 -Inflation Rates of Previous Years Graphs 15 Employment 20 26 38 -Employment Rates Comparison EXECUTIVE SUMMARY 39 Our Project â€Å"Inflation and the Employment† basically contains the answer to this question â€Å"What is the Inflation†. What are the basic meanings of inflation and what re the meanings of inflation according to the economics point of view. What are the factors by which inflation rises? Inflation’s effects which it create on the overall economy. It also describes the theories of famous economist â€Å"Fisher† about inflation. And how â€Å"Fisher† theories effect the inflation of overall economy. Then this project describes economic, non-economic, factors of inflation and its temporary and permanent effects on economy. Its effects on employment and how employment can be disturbed by the inflation. Different theories of different economists are considerate to get a clear ND better understanding of inflation. This project clears the relationship between inflation and employment through graphs. Then we presented conclusion of the project. In appendix project covers an article about inflation and employment rates of previous years graphs and their comparison. INFLATION Definition Inflation is a process in which the average level of prices increases at a substantial rate over a considerable period over time. In short, more money is required to buy a given amount of goods and services. One can measure the rate of inflation as either he annual percentage rate increase in the average price level or decrease in the value of money. There are many causes of inflation, but in general we can divide them to the one at the demand-side and the one at the supply side of the economics. Demand pull inflation occurs when aggregate demand exceeds existing supply, forcing price increases and pulling up wages, materials, and operating and financial costs. Cost- push inflation when price rises to cover total expenses and preserve profit margins. A pervasive cost-price spiral eventually develops as group and institutions respond to ACH other new round of increases. Deflation, as a reverse process, occurs when the spiral effects reversed. Even though today’s inflation is more of a mix between these two basic inflation causes and inflation inertia, this is a good classification to start with. Effects of Inflation Effect of inflation, on other hand is a many layered as its causes. Inflation is usually thought as a negative phenomenon on the basis of traditional experiences with hyperinflation, but more exact analyses of the inflation effects have shown that they depend on the form of inflation and situation in national economy. One there no longer simplistically speak of effects of inflation. Despite the progress in understanding this phenomenon, there are still many subjects unclear and need consideration: potentially also advantages (benefits). Besides advantages and disadvantages of inflation, we also have to take into account costs of disinflation. Decisions of stabilizing economics policy for or against the disinflation depend on results of a two- fold cost-benefit analysis. Results from inflation-effects analysis are important component of explaining inflation, because inflation can be politically desired caused) for its potential net benefits. You read "Inflation and its Causes" in category "Papers" Costs and benefits of inflation essentially depend on whether it is fully or only partially anticipated. Important regulation factors are also individual institutional circumstances, such as presence of index and revision clauses in long-term contracts. Caused by economic effects, non-economic effects of inflation can also appear, like tax-refusal, citizen’s reluctance, strikes etc. Different situations in national economy can lead to different effects of inflation. These situations of inflation as well as effects of inflation will be presented in the following research. INFLATION AND ITS IMPACT Lets us take an example of an economical participant (firm) that borrow a long-term loan worth of 10,000 RSI at fixed interest rate and annual annuity of 1,000 RSI. Let us assume now that an unexpected inflation doubles price and wages. Real worth of the wages has not changed, since the price also doubles (for double nominal wage this economic participant can now buy the same amount of goods and services as before), but the real worth of the annual annuity of his loan decreased. Nominal annual annuity is still 1,000 RSI, but the economic participant (borrower) has to work for that mount only half as much as before the inflation occurred. Hence the real worth of his annual annuity cut in two; the borrower increased his wealth, whilst the lender decreased his real income. The other way around happens in a case of disinflation or even deflation, where the real worth of annual annuity of a loan increases and the borrower wealth decreases (lenders wealth increases). This kind of outcome occurs if the inflation has been stable for several years (inflation rate has neither increased nor decreased) and it increased suddenly, which means that it was not anticipated. However, if the increase in inflation is expected (on basis of different data about movement of economic variables in national economy and global markets), economic participants (individuals, firms, banks etc. Anticipate this increase. This means that the interest rates financial and capital markets will rise according to the inflation rate increase. Fisher’s Effect: Where â€Å"in† is nominal rate, â€Å"r† is real interest rate and are inflation expectations. This expression is also known as the Fisher’s effect and it shows that the negative effect of anticipated inf lation on real money demanded is already included in nominal interest rate. When market interest rate accommodates to the inflation expectations, then the effect on income and wealth are mainly eliminated. Beside redistribution of income, inflation also has real effects on national economy. On one hand it affects output (GAP), which is a macroeconomic effect and on the other it affects allocation of resources in national economy and economic efficiency, which is a microeconomic effect. Anticipation and Balance All this factors cause the so-called inflation cost. On the other hand, it has already been stated that inflation can lead to some benefits. In order to analyze these effects more precisely, two characteristics of inflation or behavior of economic participants have to be defined. Inflation can be anticipated or unanticipated, which means that it is/it is not built into all economic relations (contracts). Inflation can be balanced or unbalanced, which means that all price rise/do not rise with the same rate (relative price remain/don not remain unchanged). In reality these characteristics of inflation and behavior of economic participants combine and cause different economic situations, which are presented in the following table. Economic Effects of Inflation To summarize, we can divide effects of inflation into two groups; an economic and non-economic effects. We could also understand them as costs (advantages) and benefits (disadvantages) of inflation to a national economy. Economic effects are as follow: Income effect; by these effects we understand deviation of growth rate of the GAP its natural growth rate, caused by inflation. They don’t include feasible shrinks in the natural growth rate of the GAP. Employment effect; which are in strong connection with income effects. Hence they are usually defined as difference teen natural and actual rate of unemployment. Distribution effect; of which two are traditionally subjects of practical research and scientific analysis: effect of inflation on distribution of income and effect of inflation on distribution of wealth. Allocation effect; which are the most obvious with money (cash); in term of high inflation people (economic participants) want to get rid of money because real interest rate is usually negative and their demand for other assets increase. Price of inputs for production that are based on long-term contracts cannot rise as high inflation rate either; therefore missed investments are a common phenomenon. Theses are all allocation effects of inflation, also known as microeconomic effects. Effects on economic growth; connection between inflation and natural growth of the GAP definitely exists (at least on short term), but it is still for the most part unsolved. Phenomena, such as barter trade, parallel economy (also known as â€Å"grey economy’) and corruption can appear or intensify and they all decrease natural growth rate of the GAP. These effects of inflation are also known as macroeconomic effects and are n strong connection with allocation (microeconomic) effects. Non-economic effects of inflation are caused by economic effects and are the following: tax-refusal, citizen’s reluctance, strikes, revolts; rising etc. These effects are not a part of our research. Employment Effects of Inflation Employment effects are usually defined as difference between natural and actual rate of unemployment and are therefore in strong connection with income effects of inflation. That deviates of growth rate of GAP below its natural growth rate, caused by inflation. That is why these two types of inflation effects are examined together. Income and employment effects of inflation are known in two forms as temporary and permanent effects. Phases of Inflation Inflation usually passes over three typical phases: at first it is accelerated, then it is steady (stabilized) and at last it decelerates. Temporary effects are mainly connected with accelerated and decelerated inflation, hence these two Phases are assumed to last for a shorter time, while permanent effects are connected with steady (stabilized) inflation. Employment and income effects of inflation are mainly temporary phenomena that last only as long as inflation is not yet fully anticipated. Whether these effects have positive or negative consequences for a national economy depends on the stage in which inflation is discovered and situation in which economy found. Let us examine two inevitable types of inflation now: accelerated and decelerated inflation. Accelerated Inflation Accelerated acceleration is often accompanied by income and employment effect (inflation-accompanied prosperity). However, these effects can only be expected, when the increase of inflation rate is caused by monetary demand-pull and induced supply-push is delayed (a time-lag has to emerge between decreased monetary emend-pull and induced supply-push). If the growth rate of the money volume in the further course of adaptation process remains unchanged, positive real effects are only temporary, because of the subsequent supply-push, induced expectations and wage bargaining. Real inflation effects can only be realized, if growth rate of the money supply rises continuously and by that stable inflation acceleration is provoked. Thus means that there can no longer be any applicable long-term trade-off between given inflation rate and unemployment rate. Decelerated Inflation there are quite common with decelerated inflation. Necessary prerequisite for a lasting decrease in inflation speed is a tight monetary-policy authorities are confident in their knowledge of the amount of tightening that is needed, they can move quickly to the required higher level for interest rates. However, to extend that there is more uncertainty on the effects of monetary policy changes, due to the development of financial markets, it argues for implementing a more gradualist approach. Such uncertainty could increase the risk that a strong policy action might lead to undesirable outcomes. Gradualist strategy central banks sacrifice the speed with which their target is obtained in order to avoid overshooting the target. The degree if gradualism will be dictated by other considerations, such as central banks anti- inflationary credibility. If it is poor, there is heightened risk that a gradual policy response would increase inflation expectations. Anti-inflation Economic Policy Policies of gradualism create stress between preemptive and reactive moves. An increase risk of â€Å"falling behind the curve† suggests that a gradualist policy may needed to be followed by more aggressive moves, if events appear to be turning out differently than expected. E. G. F health were to weaken the effect of higher interest rates, at the same time that wealth effects were stimulating consumption, monetary policy would face an increasing risk of â€Å"falling behind the curve†. These tensions raise the importance of the monetary authorities, credibility and transparency. If inflation expectation is well anchored, policy actions will be more effective and thus the size of any move to achieve a given objective is likely to be smaller. A credible commitment to low inflation thus provides some insurance against â€Å"falling behind the curve†. Transparency reduces the risk that policy changes will destabilize arrests. Such a strategy would allow markets to adjust their anticipations appropriately and in this way, the risk of a disorderly adjustment of asset prices can be reduced. Permanent Effects If we presume that inflation was on long-term correctly expected and completely anticipated and that there was no wage bargaining, the (long-term) curve of aggregate supply growth SSL and the (long-term) Philips curve PACK in the presented basic model become vertical functions of natural income-level growth rate as well as natural unemployment rate. Note: Donation Beta represents anticipation coefficient. Friedman-Phelps Hypothesis: This corresponds to the so-called Friedman-Phelps hypothesis, by which no income and employment effects can appear with completely anticipated inflation, I. E. Each on short term possible trade-off vanishes on long-term and income-growth rate as well as unemployment rate preserve on its natural level. Reacts to such policy (with downward correction of price level), the higher are inflation costs (expenses of such inflation fighting) and danger of premature collapse of tight monetary policy increases. Anti-inflation policy therefore has to keep inflation cost as low as possible, I. . T has to pursue an adaptation path that is close to SSL as well as PACK as it can be to achieve this, anti-inflation policy has to include well- measured and above all continuous decrease of money-supply growth rate and a series of accompany measures for adaptation of expectations and for softening the wage bargaining. Effect on output stabilization may well be positive and the same is true for overall social welfare, but we cannot forget that uncertainty about the policymakers preference leads to a higher inflationary bias and also inflationary cost. EMPLOYMENT The inadequacy of public employment as a source of additional Jobs are generally understood, and it is recognized that the use of this expedient is â€Å"to some extent a desperation measure†, the current employment program relies mainly on the stimulation of the private economy by means of an inflationary tax cut, the only other tool that is now regarded as being available for the purpose. The deliberate use of inflation as a means of increasing business activity and employment is based on J. M. Keynes’ economic theories, and to see Just how our present findings apply to this situation, it will first be desirable to have a clear idea as to Just what Keynes’ contentions with respect to employment actually are. His theory was developed as an alternate to the so-called â€Å"classical† theory of employment, the previously orthodox economic doctrine in this field, and his explanations are expressed mainly in terms of contrast with the earlier views†. The classical theory of employment†, he says, â€Å"has been based†¦ On two fundamental postulates†¦ Namely: The wage is equal to the marginal product of labor. The utility of the wage when a given volume of labor is employed is equal to the marginal disability of that â€Å"amount of employment. † Translating the second postulate from the professional Jargon of the economist to the Renaults, he arrives at this alternative, and more understandable, statement: â€Å"That is to say, the real wage of an employed person is that which is Just sufficient (in the estimation of the employed persons themselves) to induce the volume of labor actually employed to be forthcoming†. Keynes accepts the first of these two postulates but denies the second. The most fundamental objection to this proposition, he says, is that it involves â€Å"the assumption that the general level of real analysis he shows that this assumption is erroneous, and he arrives at the same inclusion reached in the present analysis; that is, the general level of real wages is fixed by factors which operate independently of the bargaining process, and it is not altered by any manipulation of money wages. According to Keynes, the â€Å"classical† economists’ basic mistake in their analysis of the employment situation is a result of their explicit or tacit acceptance of Says Law of Markets, a principle formulated by J. B. Say, one of the early French economists, which asserts that in so far as the price paid by the buyer is income for the seller, the act of production creates all of the archiving power required to buy the product. Keynes termed this principle â€Å"an optical illusion, which makes two essentially different activities appear to be the same†. By virtue of its acceptance of this law, â€Å"The classical theory assumes that the collective demand price always accommodates it self to the aggregate supply price. Effective demand, instead of having a unique equilibrium value is an infinite range of values all equally admissible; and the amount of employment is indeterminate except in so far as the marginal disability of labor sets an upper limit. If this were rue, competition between entrepreneurs would always lead to an expansion of employment up to the point at which the supply of output as a whole ceases to be elastic†. Thus Says Law, Keynes contends, â€Å"is equivalent to the proposition that there is no obstacle to full employment†. Since there obviously is some obstacle to full employment, and since the ability to manipulate the real wage level assumed by the classical theory does not actually exist, Keynes rejected that theory and formulated a new concept in which for a given â€Å"propensity to consume† and a given rate of new investment. There will be only one level of employment consistent with equilibrium†. He summarized his new concept in these words: The outline of our theory can be expressed as follows. When employment increases, aggregate real income is increased. The psychology of the community is such that when aggregate real income is increased aggregate consumption is increased, but not by as much as income†¦ Thus, to Justify any given amount of employment there must be an amount of current investment sufficient to absorb the excess of total output over what the community chooses to consume when employment is at the given level. Here, then, we have Keynes’ employment theory, as presented by its author, together with his explanation of the principal points of conflict between his ideas and the theoretical outlook shared by most of his predecessors: the â€Å"classical† theory. This classical theory is a wage theory; that is, it is based on supply and demand reasoning applied to the price of labor. Since a lower price, according to the classical ideas, will increase the demand that is, the number of Jobs – there would appear to be no obstacle to full employment if the workers are willing to accept the appropriate wage. But the adherents of this viewpoint are victims of that unquestioning confidence in the universal applicability of the supply and demand principles that so often leads economists to apply these principles to issues which are not supply and demand problems at all. Considerations of supply and demand are not applicable to any situation unless the price is variable, and as Keynes has emphasized, the real wage rate, the true price of labor, is fixed by external factors (the factors that determine the rate of productivity) and cannot be arbitrarily changed. How to cite Inflation and its Causes, Papers

Commercial and Corporate Law Oppression and Discrimination

Question: Describe about the Commercial and Corporate Law for Oppression and Discrimination. Answer: Introduction Members of a Company have often been a victim of oppression and discrimination sometimes by the decisions taken by the Directors of a Company and sometimes by the decisions taken by the majority shareholders. They have often been ignored and have not been allowed to participate in the management of the Company. Thus, the minority shareholders have been treated unfairly. The law against oppression done to the members by the Company has developed and has become strong in Australia. The Corporation Act of 2001 has laid down provisions under which the members have right and remedies against such discriminative behaviour. The present case study relates to the oppression and discrimination done by the Board of Directors of Happy Days Ltd. Company against some members i.e. Walter and Shirley. The present assignment deals with the legal remedies which Walter and Shirley have against the arbitrary and unreasonable decisions taken by the Board of Members of the Company. Factual backgrounds In the instant case, Walter and Shirley are the members of Happy Days Ltd. Company. Investment has been done by Walter and Shirley out of their retirement savings in the Company. The company is engaged in developing the retirement communities for people of 55 years of age and above. The facilities offered by the communities among other things include apartments, houses, membership of a golf club, massage therapy, yoga classes, gym, dance classes, etc. Walter and Shirley have been living for the past three years in one of the communities of Happy Days Ltd. They have lived happily in the community and have become friends with the other residents. But, things have changed since the Board of Directors of Happy Days Ltd. has made some changes in the affairs of the Company. Firstly, the payment of dividends to the members was stopped by the Company as the Company was looking for to use the money for the growth of the Company. Walter and Shirley relied on these dividends for funding their trip to New Zealand where they wish to meet their son and his family. Secondly, the Board of Directors is looking forward to diversify the business of the company. The Directors are intending to purchase an apartment building in Melbourne to accommodate the retirees. According to Walter and Shirley, the apartment in which they are intended to be accommodated are small and unsuitable for them. Thirdly, an increment of the fees at existing communities by 30% has been proposed to be introduced by the Board of Directors. The reason for which they are proposing to increase the fees by 30% is because the communities are making demands for more faciliti es which cannot be provided under the current revenue generated by the Company. But according to Walter and Shirley, the real reason for increasing the price is to incur expenses in the new development in Melbourne. A recent protest has been held by Walter and Shirley against the decisions of the Board. Walter had also a scuffle with the Chairman and Walter fell down from the stairs and injured himself. He is now in a wheelchair. The details of the protest has been reported by Channel 7 news. In an interview conducted by the news channel, the chairman has made rude remarks regarding Walter. According to the Chairman, Walter is not fit to stay in the community and should move out as soon as possible. Remedies Chapter 2F of the Corporation Act 2001 deals with the rights and remedies of the members of a Company. (Holcombe Sullivan, 2013). Section 232 of the Act lays down that an order specified under Section 233 may be passed by the Court if the conduct of the affairs of a Company or a Companys actual or proposed act or omission is either contrary to the members interest or is unfairly discriminated against or unfairly prejudicial or oppressive to the members of the Company (Black, 2013). The section provides that a person who holds shares in a Company shall be considered as a member of a Company (Koh, 2015). Section 233 specifies the orders which can be made by the Court. The orders which the Court can make under thus Section are as follows: that company be wound up; that the constitution of the Company be repealed or modified; iii. that the affairs of the Company be regulated by the Court in the future; that shares of the company be purchased by any member; that the share capital of the Company be reduced and subsequently shares be purchased; that specific proceedings be instituted or defended or prosecuted or discontinued by the Company; vii. that a member of the Company or a person to whom the shares of the Company are transmitted be authorised to institute, defend, prosecute or discontinue specific proceeding in the name of the Company or on behalf of the Company; viii. that a manager and receiver be appointed with respect to the property of the Company; viii. that a person be restrained from doing a specified act or from engaging in a specified conduct; that specified act be done by a person (Tomasic, 2015) a) Now, the decisions of the Board of Directors have been clearly unfairly prejudicial, unfairly discriminated against and have been contrary to the members of the Company. Thus, according to Section 232, the members have a remedy against such action of the Directors and they may sought an order of Court (Odorisio et al., 2015). Under this section, Walter and Shirley may be considered to be members as they have invested in the Company and they hold shares of the Company. Now let us examine whether Walter and Shirley has the right to apply for seeking a Court order under Section 233 nor not. Section 234 lays down the list of persons who may apply for seeking a Court order. As per the provisions of this section a member of a company may make an application for seeking a Court order (Hurley, 2014). Walter and Shirley are members of the Company and they have statutory right under this section to apply for seeking a Court order against the decisions of the Directors which have been unfairly prejudicial, unfairly discriminated against and have been contrary to them. Thus, under the provisions laid down under Section 234, Walter and Shirley have the right to apply for the remedy. (b) For the purpose of obtaining the remedy, Walter and Shirley have to show that oppression has been caused to them by the steps taken by the Board of Directors. Case law: Scottish Cooperative Wholesale Society Limited vs Meyer (1959) In this case, The Court held that the Scottish Society has caused oppression to the members of the Company by diversifying the business. As per the facts of the case, Scottish Society sought to purchase shares form its members at a value which was less than the true value of the shares. Such proposal of Scottish was rejected by the members. The Society then sought to transfer the business of the Company to a new department, thus bringing down the value of the shares. According to the Court, the conduct of the Scottish has been oppressive to the members (Brockett, 2012). In the instant case as well, the Company, Happy Days Ltd. Company is seeking to diversify its business. The Board of Directors are looking to buy a new apartment building in Melbourne in which it wants to accommodate the retirees. But, the new apartments in Melbourne are too small and it will be highly unsuitable for the members to stay. This conduct of the Company has been oppressive to the members they have a right tom seek remedy for the same. Case Law: Shamsallah holdings Pty limited vs CBD refrigeration and Air conditioning Services Pty Ltd. In this case, it was held that non-payment of dividend to the members of a Company without a justified cause would result in oppression and unfair treatment to the members (Wuth, 2014). In the instant case, payment of dividend to the members has been stopped which constitute an oppression under Section 232. The plan of Walter and Shirley to meet their son and his family in New Zealand is dependent on the payment of then dividend. The interests of them are being clearly affected by the decision of non-payment of dividends taken by the Board of Directors. c) The rule that an individual member cannot sue a Company or that the Court should not interfere in the internal management of the Company was laid down in the case of Foss vs. Harbottle (Kershaw, 2013). The rule had restrained the individual members to take action against directors or majority shareholders of the Company. However, the rule as laid down in the case of Foss vs. Harbottle has not been adhered to in Australia. The Courts of Australia have adopted a wide approach with respect to the oppression caused to the members by the conduct of a Company (Malla, 2014). In the case of Campbell v Backoffice Investments Pty Ltd, it was held by the Court the provisions laid down under Sections 232 and 233 must be read broadly. Thus, the remedies available to the members have been broadened their scope have been enlarged under the Corporation Act 2001. According to Ramsay and Ford: It did not require the conduct complained of to be unlawful, and allowed proceedings to be instituted by an individual member, notwithstanding the rule in Foss v Harbottle (Emmerig Legg, 2016). Therefore, the members, against whom the oppression are caused, have a statutory remedy and what actually they need to do is to establish that oppression has been caused against them. Once such oppression has been established, then the Court may proceed to pass any order as specified under Section 233 (Thai, 2016). Thus, in the present case, Walter and Shirley may proceed to file a suit against the directors of the Company due to their oppressive conduct. The Directors have not dealt with the members fairly and they have discriminated against the members and have acted against their interests. It is advisable to Walter and Shirley to continue living in the community in which they have stayed for the last three years. Walter has been injured I a scuffle with the Chairman of the Company and it is recommended that he does not get into any further scuffle with the managers of the Company. Walter and Shirley should straightaway sough a relief from the Court. Given the kind of attention the Australian Courts and the Australian Parliament have given to the issue of minority oppression, they are likely to get a remedy from the court. Thus, at present, Walter is advised to concentrate towards his knee replacement and take care of his health. The involvement of the Court would hopefully bring some relief in favour of the interest of the members. Conclusion: Thus, the members of the Happy Days Ltd. Company i.e. Walter and Shirley have been oppressed and have been discriminated against by the decisions of the Board of Directors of the Company. The members have the right under the provisions of the Corporation Act, 2001 and they should immediately move the Court for seeking remedies. The Australian Courts have dealt with similar matters like this in favour of the members against whom oppression had been caused. Therefore, it is likely that they would get a positive response from the Court and the Directors would be restrained from indulging in similar activities in future. References: Black, A. (2013). Practice in the corporations list of the supreme court of NSW. Commercial Law Quarterly: The Journal of the Commercial Law Association of Australia, 27(1), 15. Brockett, R. (2012). Valuation of Minority Shareholdings in an Oppression Context-A Contemporary Review, The. Bond L. Rev., 24, 101. Emmerig, J., Legg, M. (2016). Corporate law: Indirect causation accepted in shareholder claim of misleading conduct: Ramifications for shareholder class actions. Governance Directions, 68(8), 490. Holcombe, S., Sullivan, P. (2013). Australian Indigenous Organisations. Holcombe, S and Sullivan. Hurley, T. (2014). Case notes: The latest from the high and federal courts. 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