Global Implications for Your Profession Fashion Industry Assignment

Worldwide Implications for Your Profession Fashion Industry - Assignment Example The paper Worldwide Implications for Your Profession Fashion Industry breaks down Implications of the Corporate Power Global Trends to the Fashion Industry. Thusly, worldwide culture, world economy, and individual ways of life consistently take on new shapes aws the world opens up to exchange. The style business is among the numerous regions that have encountered these emotional changes as corporate organizations contend to deliver and advertise new designs and apparel to fulfill the needs of worldwide clients. Corporate force has significantly affected the design business as far as assortment inside areas, consistency across outskirts, natural, and work concerns.As corporate associations advertize their design merchandise in magazines, films, and other media channels, a worldwide style advances every so often across various societies and fringes (Rabine para 2). For instance, athletic shoes, T-shirts, Levis, and baseball tops discover their way to the remotest towns in Africa. Afric an, Asian, and Western style duplicate each other in planning their attire. Pretty much every huge shopping center the world over is presently lodging all the styles. Each shopper can make certain to get their taste paying little heed to sexual orientation, age, ethnicity, subculture, and calling. Rabine says that clients in commanding Western nations have come to see globalization as a bounty of styles that monster retailers sell. The retailers update stock and direct transnational exchanges at the snap of a catch or a key.

A Background to Firms in the ACE Market - Free Essay Example

CHAPTER ONE BACKGROUND OF STUDY Introduction Rights issue is a universal and widespread approach used by firms in various countries to generate new capital. From the past evidence, for example in London, there was  £1 to  £1.5 billion has been raised through rights issues each year in London Stock Exchange (Marsh, 1979). Recently, the rights issue has also been used as a tool for a company to boost new capital. For instance, one of the Finnish Miner Taivivaaraà ¢Ã¢â€š ¬Ã¢â€ž ¢s biggest companies was using rights issue to raise 260 million Euros capital in the largest city of Finland, Helsinki to keep its nickel mine running (Reuters, 2013). Similarly in Malaysia, statistically about RM14.9 billion equity capitals was raised via announcing rights issues in Bursa Malaysia (Shamsher and Annuar, 1993). Besides that, Malaysian Airline System Bhd (MAS) has also announced rights issue to raise new capital and finally brought a higher capital of RM 3.07 billion to the company (The star, 2013). As a result, rights issue is one of the important considerations for a company to be competitive in the investment markets. Furthermore, the firms in ACE market are normally small and medium-sized enterprises. Thus they require an avenue to raise new capital so that they can survive and continue to grow. Instead of raising new capital through loans from financial institutions or commercial banks that will boost their liability, issuing rights issues announcement has become their ultimate choices. For instance, EA Holdings Bhd (EAH), which is one of the firms in ACE market, was proposed to issue rights to raise a new capital total RM63.6 million with RM30 million to finance suitable and viable profitable investment, RM28.3 million for working capital and RM4.5million for reducing liability (Free Malaysia Today, 2014). Therefore, there is a need to investigate stock price reaction on rights issues in ACE market due to concerning of firms in generating new capital. Definition of ACE Market ACE Market is a secondary stock market in Kuala Lumpur Stock Exchange (KLSE) which is also known as Bursa Malaysia. à ¢Ã¢â€š ¬Ã‹Å"ACEà ¢Ã¢â€š ¬Ã¢â€ž ¢ is standing for à ¢Ã¢â€š ¬Ã‹Å"Access, Certainty and Efficiencyà ¢Ã¢â€š ¬Ã¢â€ž ¢, a revamp of the older Mesdaq Market that was launched in year 1997. This evolution of secondary stock market approach was made in August 2009. Although ACE Market is define as a new version of Mesdaq Market, ACE market is different from Mesdaq Market as it involves sponsor-driven and open to companies of all sectors and item emphasises disclosure and efficiency compared with Mesdaq (The Star, 2009). According to Bursa Malaysia, mode of listing for companies in ACE market got no minimum operating track record or profit requirement. However, companies with smaller scale of capital that is less than RM6 million profits after tax for the most recent three to five full financial years are not qualified to be listed in the main market and so will be lis ted in secondary market. Nowadays, according to Bursa Malaysia, there are a total number of 109 companies were listed in ACE Market from year 2006 to the beginning of current year 2014. ACE Marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s main objective is to allow local and foreign corporations of all sectors to access the capital market under a sponsor-driven framework. This evolution framework will increase efficiency and competitiveness in the stock market while protecting investors concurrently. Definition of Stock Price In general, stock price is referred to the price of stock as quoted on an exchange in stock market. Stock price can be quoted as bid and ask price and last traded or terminal price. Any information in stock price is publicity. Everyone can search for the latest stock price through online or other path without any disturbance. In financial aspect, stock price is the cost for the single share in the company. Since the abnormal return or gain cannot be observed directly, the market stock prices will be use as a component to calculate abnormal return gain or lose in the market around the period of announcing rights issues. 1.4Rights Issues 1.4.1Definition of Rights Issues Rights issue is an offer of new shares by a listed firm to its existing shareholders at a discount price and with the pre-emptive rights to subscribe to new shares in a pro-rata basis (Malhotra et al., 2007). The term à ¢Ã¢â€š ¬Ã‹Å"rightsà ¢Ã¢â€š ¬Ã¢â€ž ¢ is refers to the fact that existing shareholder h as the rights of first refusal before the new shares are offered to the public. The subscription price for the new shares based on the rights is below the market prices of the existing shares or the price offered to the public (Shahid et al., 2010). The pre-emptive right is given to the existing shareholders the entitlement to subscribe a new share issued by a firm at the announcement date. The shareholder who holds the pre-emptive rights can decide to subscribe or sell their rights to the public if they forgo the chance to own the new share. However, they are encouraged only to subscribe the new shares in proportion to the number of shares they already owned (Annuar and Shamsher, 1993). In this study, the focus is on rights issues as the impact of rights issues on stock prices is important for most of the listed firms in ACE market. 1.4.2Importance of Rights Issues Besides from aiding the firm to raise new capital, rights issues can benefit the shareholders in three way s. First is to enhance the future stock prices, second is to provide alert shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ or investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ chances to gain abnormal returns and lastly is to avoid dilution of ownership. Rights issues play a vital role in determining the future stock prices based on shareholderà ¢Ã¢â€š ¬Ã¢â€ž ¢s assessment. According to Annuar and Shamsher (1993), existing shareholder have the potential to evaluate the future stock price as they have the rights to decide either to buy or sell the rights. If they are firmly convinced that the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s prospect is bright and benefit is guaranteed from the share, they will invest more in the firm via purchasing all of the pro-rata offerings. This will upgrade the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s goodwill and thus bid up the share prices. In contrast, if they perceived the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s prospect is undesirable such as expected return is not achieved, majority of them will let off their pre-emptive rights to purchase the new shares. Hence, this will bring negative impact to the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s share price. Furthermore, rights issue announcement provide alert investor an opportunity to earn abnormal return when the market is not efficient. The inefficient market provide a means of market prices do not reflects all available information and knowledge of historical prices cannot be used to predict future prices. Thus, if rights issue is perceived as favourable news, investor can use the privately-owned information to outperform the market. This can be proved from the statement of Dawson (1985) which stated that an investor can produce excess return if they have identified information that is not reflected in security prices. Besides from the benefits of gaining abnormal returns, shareholders can prevent the dilution of their ownership towards the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital when issuing new stocks. The company will offers existing shareholder the pre-emptive rights to subscribe a given number of shares based on pro-rata basis and at a specified subscription price that is less than the offered price in market. Thus, the existing shareholders proportionate ownership of the company will remain fixed and unchanged by purchasing the new stocks via discounted prices. This can be proved by the statement of Shahid, Xia, Mahmood, and Usman (2010), which stated that rights issues enables existing shareholders to safeguard their proportionate ownership in the company. 1.4.3The Issue of Pre-emptive Rights to be Concern Minority shareholder is the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity holder who own below fifty percent ownership of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s equity capital. Thus they do not have the authority to control the votes. However, they can rely on the pre-emptive right given by the firm to protect them from possible abuse by controlling shareholders through subsequent issuance of voting and sharing stock to the public. Some of the existing shareholde r would forgo the rights to subscribe new shares and give outsiders the chances to invest in the firm equity. This would thus change the voting percentage own by equity holders. This is because the chance for each shareholder to monopoly the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital would be lesser if there is more equity holder to share one piece of pie. Although issuing rights can protect minority shareholders, such subsequent stock issuance could impair the position of older shareholders. According to Dolley (1934), the voting control of each old shareholder would be diminishing proportionately if the new stock issued were voting stock. The firm may have variety classes of common share and the share with superior voting power is classified as voting stock. If the older shareholders holding a lower voting class of common stocks, their ownership percentage will be reduced via subsequent issuance of voting stock to outsiders. Therefore, existing shareholders should make a deep consideratio n on deciding whether to subscribe or sell the new shares to public. 1.4.4The Regulatory Framework of Announcing Rights Issues in Malaysia According to Sukor and Bacha (2010), every firm that wants to undertake a rights issue must meet some basic requirements steps. Firstly, the firm must get approval from it firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s existing shareholders through an Extraordinary General Meeting (EGM) before seeking approval from Securities Commission (SC). Secondly, all the issues must be underwritten by a merchant banker. Therefore the firm should appoint a highly reliable banker to act as advisor to carry on the regulated activity of advising corporate finance and prepare prospectus. Besides documented preparation, the responsibility of an underwriter is to take up any issues not fully subscribed by existing shareholders and publics if announced. According to Salamudin, Ariff, and Annuar (1999), an underwritten is responsible in advising the firms the appropriate number o f share to be issued, suggested offer prices by considering the net tangible assets of the firm, proceed from the projected; and lastly determining the time to issue rights by considering the prevailing market conditions. The following step is to inform Bursa Malaysia the four important dates, thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s the intended date of public announcement, the ex-date, the Book Closing Date( BCD) and the closing date for receipt of applications for and acceptance of the rights. Meanwhile, the firm must ensure that the interval between these dates is conforming to Bursaà ¢Ã¢â€š ¬Ã¢â€ž ¢s requirements which state the maximum and minimum of each interval. As a conclusion, a firm that decides to undertake a rights issue should always refer to this formal framework as a proper guidance. 1.5Problem Statement There were numerous previous researches had been conducted to examine the price reaction to announcement of rights issues in foreign country such as U.K (March, 1979), U.S (Kothare, 1991), Korea (Kim et al, 1990) and so on. However, there was only one previous similar research reported so far in Malaysia were conducted by Salamudin, Ariff and Annuar, (1999) to examine the price behaviour of seasoned equity issues on a sample of firms in main market, KLSE. Besides that, ACE Market is a new framework for listing and equity fund raising launched by KLSE in the year 2009, which has not been tested by any researcher to explore further knowledge on rights issue announcement. Thus, this study adds value to the literature by understanding the price reaction on rights issues announcement in ACE Market and to further investigation. 1.6Objectives of Study The main objective of this study is to identify the relationship between stock price and rights issue announcement. Thus this study is to examine whether there is positive or negative market reaction towards rights issue announcement in ACE Market. 1.7Hypothesis Most of the previous research tha t has been done in foreign country documents a significant relationship between rights issues and market stock prices. The earliest study made by Marsden (2000) in New Zealand verified that there was a significant negative relationship between rights issues and market stock prices in New Zealand capital market. However, the finding was disproved by the further researcher Marisetty et al., (2008) examined a positive price reaction to rights issues announcement in India market. Hence, the hypothesis is proposed as below: H1: There is a significant relationship between rights issue and market stock prices. 1.8Significance of Study This study has delivered a few of important implications to shareholders and investors in ACE Market. Firstly, shareholders can benefit from the rights issues via incremental dividend payment by understanding the uses of rights issues and its effects on the stock market prices. According to Malhotra et al. (2012), rights issues can be decoded as posi tive information about a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s business prospects due to a signal of the firm profitable projects has encountered. Thus, the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock price will react positively to the rights issue announcement and so increase the shareholders dividend to be received. Besides that, shareholders can also learn about perception of potential investor on rights issues through the result of positive or negative stock prices in the market in order to effectively protect their wealth. According to Salamudin et al. (1999), negative stock price reaction was due to the overvalued stock price in the market where the prevailing market stock price is higher than its intrinsic value. When investor think that the firm is overvalued which conveyed a means of issuing rights to raise cheaper funds, they will lower their assessment on market value and then causing price drop. In contrast, the positive stock price reaction was due to the market respond on the rights issue whic h conveyed an anticipated valuable investment opportunities (Cooney and Kalay,1993). Lastly, investor can earn interest from the rights issues by identifying the proper time to earn an abnormal return, whether is the time prior to, at or after the post announcement date. Based on the result found by Shamsher and Annuar (1993), investor can earn abnormal return if they sell share a month before the announcement and buy back the shares 10 days after the announcement in KLSE. The result showed provides investor a guidance to anticipate abnormal return in the future by understanding the stock price circulation in stock market. 1.9The Organization of Study Chapter One discusses about the background of stock price reaction to rights issue announcement in ACE Market and general knowledge in this field. Chapter Two reviews the previous literature review in this field. Chapter Three describes the data and sample used to conduct an empirical testing. Chapter Four discusses the result s and findings of the research and Chapter Five concludes the study.

Analysis Of The Great Gatsby And The Age Of Innocence

Erica Pauls-Ugwuibe Mrs. Wall English II PAP 17 March 2015 The Past Creates the Present â€Å"Study the past to define the future.†- Confucius Do events of the past affect an individual’s life? How important are memories of the past for people of the future? Does the past, even relate to the future at all? To figure out the answers to these questions, one has to understand the impact that past events can do to one’s future. Events in the past are essential to an individual s development and can change their perspective of life. As a matter of fact, you can see these questions being answered in Classical Literature, Modern Literature, Current Events and even Visual Rhetoric. Particularly, in the Classic Literature pieces, â€Å"The Great Gatsby† and â€Å"The Age of Innocence†. In the Classic Literature, â€Å"The Great Gatsby† by Scott Fitzgerald, the main character, Jay Gatsby is severely stuck in the past; everything he does in his life is directly related to the past. 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Case Study on Human Behavior in the Organization of...

Pamantasan ng Lungsod ng Maynila (University of the City of Manila) Intramuros, Manila A Case Study on THE HUMAN ORGANIZATIONAL BEHAVIOR OF Northgate Arinso Philippines Inc. Submitted to the Faculty of Graduate School of Management Pamantasan ng Lungsod ng Maynila In Partial Requirement of the Subject Human Behavior in Organization By: Melvin A. Irabon August, 2013 CASE STUDY ON THE HUMAN ORGANIZATIONAL BEHAVIOR OF Nothgate Arinso Philippines Inc. I. Description of the Organization A. Nature Northgate Arinso (NGA) is a leading global Human Resources software amp; services provider offering innovative HR business solutions to employers of all sizes, including Global Fortune 500 companies and many Public Sector organizations.†¦show more content†¦B. Brief History Northgate Arinso was formed through a merger of Northgate Information Solutions, a UK-based provider of software, IT services, and HRO solutions and ARINSO, a Netherlands-based HR services provider last May 1, 2007. It began operating in Europe then expanded in America and Asia. Here are some interesting facts about NGA through time: * Ranked as market leader in Multi-Process HR Outsourcing by Everest Research, in 2011 * Rated strong positive in HR Outsourcing by Gartner in 2011 * Positioned as leader in the comprehensive HR BPO marketplace by IDC in 2011 * On February 19, 2010, NorthgateArinso completed the acquisition of Neller, an Australia-based HR amp; payroll software provider * On March 4, 2010, NorthgateArinso acquired the HRM division of Convergys C. Vision and Objectives Vision NGA’s vision is simple: they want to be the trusted partner of HR decision makers, by improving HR service delivery through smarter processes and more efficient technologies. Realizing the Vision HR is a headline issue in the media and omnipresent in society. Topics like globalization, the war on talent, demographic changes, compliance and governance impact companies’ strategies. HR Executives need to respond to these challenges by increasing the value HR contributes to the business whilst reducing the

Cuba The Decades Before Castr Essay free essay sample

, Research Paper Cuba: The Decades Before Castro Cuba is an island state in the northern Caribbean. At its northernmost point, Cuba is about 100 stat mis from the southern tip of Florida. It stretches southeasterly 750 stat mis from the eastern Gulf of Mexico through the northern Caribbean and steps fifty to eighty stat mis broad ( it # 8217 ; s reasonably little ) . The highest mountains in Cuba, located in the Sierra Maestra scope in the southeasterly Oriente Province, exceed 6,000 pess. Except for three little countries, the western Lowlandss range from sea degree to merely under 600 pess in lift and cover 60 per centum of the island. This page will concentrate on Cuba before Castro, get downing with the impact of the Spanish American war. The war led to the engagement of the United States in Cuban personal businesss and authorities and the rise and autumn of Cuban presidents Machado and Batista. The Seeds of Revolution: The Spanish-American War triggered radical ideals1 in Cuba. We will write a custom essay sample on Cuba The Decades Before Castr Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This war left Cuba free of Spanish colonisation. The Cuban people thought that once the Spanish left, they would be free. Alternatively, the United States merely took Spain # 8217 ; s topographic point. The U.S. occupied the island with military force, and wanted to play a portion in the formation of the new Cuban authorities. The U.S. pressured Cuba to compose a fundamental law that gave the U.S some control over the internal personal businesss of Cuba. The Platt Amendment: In 1901, the U.S. passed the Platt amendment, naming certain conditions that Cuba had to stay by before they would be granted independency. These conditions included leting the U.S. to post naval bases on the island, and to step in in Cuban personal businesss. The Platt amendment, nevertheless, required more duty so the U.S. had anticipated. In 1905, there was an armed rebellion against the presidential term of Estrada Palma. He backed out of office, coercing the United States to put in a probationary authorities ( i.e. a military regulation backed by U.S. military personnels to maintain order ) . This La sted for two old ages under the bid of Charles Magoon, until new elections were held in 1909. America continued to step in, within commissariats of the amendment, until it was terminated in 1934. Machado and Batista: In 1924 Gerardo Machado was elected as president ; he was a violent dictator. He used the armed forces for his personal demands, which included commanding the people. In September 1933 there was a coup2. Machado was overthrown by Fulgencio Batista. After the putsch, Cuba was ruled by several work forces, but Batista was the power behind them. Batista became president in 1940 and was supported by the United States. Batista started with foreign investings, and the economic system started to turn ; Cuba became a tourer Eden. As the state prospered, Batista ruled more like a dictator. Batista stayed in power for several old ages before retiring. However he reemerged in March 1952, and overthrew the freshly elected president, Carlos Prio. Batista suspended constitutional rights, closed down the legislative assembly, and banned all political parties. This was all done without any gore. However, he shortly realized that the ground forces did non back up him ; violent assaults against his government began in July 1953 # 8212 ; it was Fidel Castro. Decision This brings us to a decision of Cuban history from about 1900 up until 1953. Every piece of Cuban history is a edifice block that comes together with all the other pieces to organize Cuba # 8217 ; s hereafter. Each of these pieces leads up to another of import subdivision of history that we have come to cognize as Castro # 8217 ; s Revolution. From this information, our group of research workers have drawn an sentiment that the United States policies seem inhumane and aggressive towards Cuba. We feel that it is against the founding ideals of America, which seeks # 8220 ; autonomy, justness, and freedom for all, # 8221 ; to handle people in this mode. Cuba is a autonomous state and non a portion of the United States of America, and she should be treated with the same diplomatic negotiations as our state demands.

King Kong Essays - King Kong, English-language Films, Skull Island

King Kong King Kong A classic adventure-fantasy film in the earlier talking films is King Kong (1933). King Kong was conceived by director/producer Merian C. Cooper. Cooper tells the story of an attractive blonde woman and a frightening gigantic ape-monster who are immersed in a Beauty and the Beast type tale. A major section of the film is the struggle on Skull Island between the filmmakers, the islanders, and the other resident of the island. The other resident being a mutant creature who must also fight civilization when it is brought to New York City for display. From the beginning of the movie, its screenplay by James Creelman and Ruth Rose foretells the coming terror. The film included many revolutionary technical innovations for its time, and some of the best stop-action animation ever sequences and special effects (by Willis O'Brien) ever captured. King Kong was a film with many wonderful sound and cinematic techniques. The filmed contained a dramatic musical score, which helped set the mood of the film. The sound effects were also unusual for films of its time. The director used different animal's sounds to create Kong's voice. The narrative of the story was one that was of interest of movie goes. In King Kong the story unfolds pretty directly in front of you so there is not a lot of confusion. To me the film is a montage not mise-en-scene. The story is told in a straightforward manner that doesn't show a lot of things through the shot itself. In this film the use of stop-motion photography was used unlike ever before to bring life to the beast. The film industry was changed quiet a bit from this motion picture. The acting and directing of the film King Kong was magnificent. In the film there are no particular weak performances. Everyone gives a rather enjoyable performance during the movie. In watching the movie I found that as it went on I just could not wait to see what would happen next, which shows the wonderful pace of the film. The director presents the beast in a way that is tragic. Towards the end of the picture you start to sympathize with the beast that is trapped upon the top of the building being fired upon by planes from above. As a director, having the skill to pull these emotions over a beast from an audience is astonishing. The people who assembled this movie did a wonderful job. There was a great amount of thought put into the production of this film. The composition of the picture is one that should be remembered by filmmakers of today. The scenes on the ship and on the island look as if they really take place there and not on a sound stage or on the back lot. The motion picture tells a tale which is believable because it is one of a man going to a strange island to shot a movie to gain wealth in America. Having hired the help of a beautiful young woman, he runs upon trouble while switching from one interesting scene to another. In the picture the beautiful Fay Ray is as stunning today as she was when the picture was first released. Many of the members of the tribe on Skull Island are represented as being true islanders unhappy of the white man's arrival on their island, just as a real tribe would be upset. While enjoying the tribal costumes I personally felt the filmmakers outfits to be a bit much. The pre- and post-production work put into this movie made it the classic that it still is today. King Kong has stood as an American classic for 6 decades and is one that will be considered to be one for 60 more. The fact that this movie's still considered a classic is due to the techniques used during filming, the acting/directing, and the hard work that went into the production. Cinema and Television

Four Generations of Chinese Leaders Essay

Four Generations of Chinese Leaders Essay Four Generations of Chinese Leaders Essay Example Four Generations of Chinese Leaders Essay Example China has experienced changes in ruling regimes that both faced difficulties and sought to solve them. The rulers experienced some achievements as well as failures, since no ruler is perfect. Some of them rose to power through fighting, while some rose through the peaceful handover of power. This paper seeks to examine the four ruling generations from 1949 to 2012 and the problems that these rulers left behind. Background of the Leaders Mao Zedong, the Chinese leader (1949-1976), was born in 1893 in a family of the wealthy agriculturalist. His political ambitions influenced his contribution to the formation of the Chinese Communist Party in 1921 as well as the Red army that confronted the rival Nationalists. The two parties have forged an alliance with Japan in the World War II, which was terminated in 1949, and a civil war that led to the Mao’s rise to power emerged. Mao was replaced in 1979 by Deng Xiaoping, who ruled until 1992 when Jiang Zemin rose to power. Zemin was born in 1926 in Yangzhou Province and, after graduating from university, worked in Russia in the 1950s. He joined the Communist Party upon return, becoming a Minister of Electronic Industry in 1983. Jiang was replaced through a peaceful handing over by Hu Jintao, who ruled from 2002 to 2012. Hu Jintao was born in Jiangsu province from a poor background: however, he studied up to the university level and became an engineer in 1965. In 1980, h e was discovered by his future benefactor Song Ping who assisted him when he assumed leadership positions in the Central Party. Afterwards, he served as the deputy president from 1998 until he received the presidency in 2002. All the above leaders like any other leader had both achievements and failures in the social, economic, and political spheres, thus none of them was considered impeccable. It is, therefore, worth noting that the leaders not only improved the Chinese status, but also left some areas unaddressed. Below is a comparison of the legacy left by the four leaders in different spheres. Economic Spheres Mao Zedong’s Contribution Mao initiated economic reforms that aimed at transforming China from an agricultural to an industrial society through the Great Leap Forward of 1958-1961. He promoted the development of steel furnaces in villages and urban areas, increasing the steel production as well as providing employment opportunities outside the agricultural sector. He also collectivized agricultural production by encouraging communal farming as opposed to the individual/private farming. However, his industrialization attempts caused the Great Chinese Famine that claimed many lives. The famine resulted from the shortage of labor needed in the agricultural sector in the harvesting seasons. Accordingly, most of the workers had gone to steel production and this led to rotting of grain in farms. It is also said that the urban population at the time had consumption rights over a given amount of grain compared to the rural populations, causing the starvation for the latter. Deng Xiaoping’s Contribution Xiaoping promoted economic development through an open door policy to encourage foreign investors to invest their technology and capital into the Chinese land. This impact reduced foreign borrowing as well as boosted the domestic production rising the foreign exchange earnings. He designated several coastal towns, such as Shenzhen and Shantou, as the Special Economic Zones for receiving foreign investments and transmitting them to the interior. He also liberalized trade in the areas: hence, increasing local as well as foreign investment. Furthermore, he liberalized trade and encouraged the formation of light industries, empowering the farmers. Jiang Zemin’s Contribution Jiang Zemin promoted economic growth through improved international relations, especially with Russia and the United States. He transformed China from a centralized socialist into a capitalist market economy under government control. He also funded the Special Economic Zones as well as the coastal cities to promote economic development. He appointed Zhu Rongji as the head of the economic sector, and inluenced the rise of Gross Domestic Product value. However, it was alleged that the appointment was inspired by nepotism, because Zhu was his supporter. He was also criticized for concentrating too much on economic growth, while disregarding its implications on the environment. In addition, his developmental approach is also said to have failed in bridging the gap between the rich and the poor. Hu Jintao’s Contribution Jintao reinstated state control over some economic sectors, and this witnessed the economic growth and development of China to regain a status of a world power. His regime led China through the global financial crisis, and the country emerged victorious. He improved the infrastructure, thus promoting the Chinese image. Moreover, among the key achievements are hosting the 2008 Olympic Games and the 2010 Shanghai Expo. He also coined the Scientific Development Concept to promote the economic development of China. Additionally, he eliminated state extravagance by discarding ceremonies such as the seeing off and welcoming the president from foreign missions. Furthermore, he pursued soft power relations that encouraged international trade as well as Chinese influence in the Latin America, Africa, and other developing regions. Legal Reforms and Peace/Stability Role of Mao Zedong Maos regime modified the legislations concerning the land ownership to promote equality by transferring huge pieces of land owned by the wealthy in ranches to the landless poor. His government allocated land to the farmers, while the industrial sector remained under the state control. Private farming was replaced by collective farming that implied several households managing their farms collectively. However, the collectivization of agriculture was not fully successful, as it contributed to the Great Chinese Famine that claimed millions of lives. His regime also experienced lawlessness as militia massacred a lot of people, for instance, Xinuyang lost many people in 1960. During his regime, there was a massive destruction of property and numerous houses were demolished. The process of land reforms also led to the elimination of the previous landowners. Consequently, such regime was accused of human rights violation through the concentration camp system that imprisoning people for exce ssively long terms without proper court authorization or the right to appeal. Deng Xiaoping’s Role During his regime, Xiaoping decentralized the Chinese economy, although still upholding the socialist values. He promoted law and order to provide a good environment for trade, unlike the Maos regime`s lawlessness. He formulated laws and guidelines to direct foreign investment, and relations, which were meant for their protection, such as: Equity Joint Venture, Foreign Capital Enterprise Law, and the Chinese Corporate Ventures Law. However, the legal reforms were not quite successful, as his era tolerated elongated the same unjust imprisonment terms. Additionally, Xiaoping disregarded the issue of human rights by using excessive force in the Tiananmen Square protests in 1989, leading to a large number of deaths. Jiang Zemin’s Role Zemin contributed to the restoration of order in China by crushing the Falun Gong movement that had millions of members and was a threat to the national security. Even though his bid to uphold stability was rational, the barbaric means that entailed abuse of human rights had exceeded the necessity of order. He engaged in the imprisonment of several thousands of people and forceful re-education of the practitioners through labor. The effects of the crackdown were disastrous, taking numerous lives between 2000 and 2008. Hu Jintao’s role Jintao embraced peace and stability, adopting the use of conservative policies to eliminate social unrest, ethnic-based protests and people who posed a threat to the national security. He sought a reserved and a gentle leadership style based on consensus and dialogue, as well as politics relying on technocracy. As a consequence, this way of leadership propelled China to great heights and left the guiding trail for the future leaders. The resulting stability led to increased trade and investment that helped the country develop resilience during the global financial crisis. Cultural Revolution Mao Zedong’s Regime Mao transformed the Chinese from individualistic to a collectivist society through the repossession of the huge pieces of land owned by the nobles to the farmers. He also introduced and encouraged the steel industry that saw the increased industrialization and the consequent advancement of steel production. However, industrialization diminished labor in the agricultural sector, while collective farming led to the poor grain reservation that contributed to the Great Chinese Famine. Deng Xiaoping’s Regime Xiaoping contributed to the Cultural Revolution through the encouragement of foreign investment through the open door policy as well as the establishment of the Special Economic Zones to facilitate the transfer of capital and investment from the coast to the interior. He also developed the infrastructure such as roads and ports to promote trade. Additionally, he decentralized the economy to encourage technological transfer. His focus on exports helped him encourage the establishment of light industries as well as trade liberalization. He reversed the collectivization of agriculture and encouraged household responsibility by dividing the communal land among farmers, thus empowering the peasants. In addition, he encouraged the growth of cash crops and the establishment of private business. Jiang Zemin’s Regime Zemin promoted Cultural Revolution by changing the Chinese centralized socialist into a capitalist market economy regulated by the government. He introduced the theory of the Three Represents that was to guide the country towards the economic production, cultural development, and political consensus. The theory called for the introduction of capitalist business, the shift from protecting the poor to the focus of the majority, and the rise of the entrepreneurial class. Hu Jintao’s Regime Jintao contributed to the Cultural Revolution by promoting equality in the socioeconomic spheres through the Scientific Development Concept aimed at creating a harmonious socialist society free from social strife and conflicts. In addition, he strengthened the spirit of the Republic by identifying some evils and encouraging people as well as leaders to avoid them. These vices included doing harm to the country, betraying the people, perpetuating ignorance, indolence, exploiting others, lawlessness, and luxurious lives. Corruption and Wastage of Public Funds Upon his rise to power, Xi Jinping acknowledged the challenge of corruption and his need, therefore, to formulate rules to curb the vice as well as the wastage of public funds during the official activities. He targeted those perpetuating the malicious acts from the smallest to the highest office. In detail, early in his first term, he embarked on prosecuting some officials such as the former vice-chairman of the Central Military Commission as well as the security chief of the Politburo Standing Committee and the chief aide to the former president Hu Jintao. The campaign was the biggest in the history of the contemporary China, thus proving the intensity of the matter. Legal Reforms The legal system requires adjustment to facilitate the rule of law in China. The judicial processes are perceived as ineffective in the delivery of justice, and the major causes are; corruption, lack of oversight, and the interference of the local government. These issues require increased constitutional role in the judicial system and processes in order to restore justice and a good image both in the eyes of the public and the international actors. China has undergone several transitions of power, both violent and peaceful. The respective leaders have contributed both positively and negatively to the economic sector, Cultural Revolution, legal reforms. Among the key achievements are industrialization and collectivization of agriculture in the Mao era that boosted steel production as well as triggered a devastating famine. Xiaoping also improved the economy through an open door policy to promote foreign change, but his legal reforms failed, especially his reaction to the Tiananmen protests. Jiang Zemins regime boosted the GDP, but he was accused of promoting nepotism by appointing his allies more beneficial jobs. Additionally, he could not bridge the gap between the rich and the poor. Hu Jintao is hailed for promoting economic development and restoring China in a status of world power. He, however, did not solve the menace of corruption, influencing negatively his successors regime.