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Benjamin Franklin And John Winthrop - 1651 Words

Benjamin Franklin and John Winthrop, men with different ideals, present the same notion that America should be presented as a â€Å"city upon a hill.† Franklin believed that the American dream should be presented as an ideal where men and women are equal and can both move up in social class on their own, practicing any religion they desired. On the other hand, Winthrop believed that the new world was a religious safe haven only for the Puritans. American Exceptionalism was overall the main focus, guiding America to define itself as a special nation founded upon democratic values and liberty. Benjamin Franklin believed in developing an America that respected all religions and thought the best of each and every other one. He believed that a†¦show more content†¦Franklin had a lot of respect for women, especially in a social setting. He did not a typical man’s perspective about women, he had a different understanding of women and their role in marriage. In his autobiography, Franklin spoke of his wife with compassion and appreciation quoting an English proverb â€Å"He that would thrive must ask his wife† (Franklin 62). Franklin respected his wife for her work ethic and considered himself lucky to such an amazing woman in his life. Through his respect for his wife, Franklin demonstrated a respect for all women and not just their ability to do basic household chores but their ability to perform difficult tasks in the workplace as well. He believed that there was room for women in the American Dream. During this time, women did not have very large roles in society besides being in charge or maintaining the household, but Franklin foreshadowed an America that would have women as a strong part of the workforce and leadership. He had high hopes that women would climb the ranks of society just as men did. Franklin, himself climbed the ranks society â€Å"having emerged from the poverty and obscurity in which [he] was born and bred to a state of affluence and some degree of reputation in the world† (Franklin 27). He had been raised by a humble middle class family, not being promised much wealth or land, forcing him to make a name for himself. Franklin, a man of the enlightenment,Show MoreRelatedPersonal Definition Of Morality By Benjamin Franklin And John Winthrop1208 Words   |  5 Pagesâ€Å"quintessential American†. Benjamin Franklin and John Winthrop created their own set of virtues to live by. Both of the prominent colonists drew from their past experiences, religious beliefs, and their beliefs about the foundation of human nature. Because he took an individualistic approach motivated by divine reward, Benjamin Franklin changed Boston’s idea of virtue from the Puritanical, community based morals set by John Winthrop decades previously. Examining the virtues Franklin and Winthrop lived by revealsRead MoreRalph Waldo Emerson, John Winthrop, And Benjamin Franklin1297 Words   |  6 Pagesmultiple years and several different answers have been given. Three American writers who have discussed this topic are Ralph Waldo Emerson, John Winthrop, and Benjamin Franklin. Each author has a different view over this subject. Emerson believes someone should not conform to his or her society, while Winthrop believes conformity is what will benefit society; Franklin on the other hand believes in a mix of both. Between all three, Franklin’s idea of a fusion between Emerson’s and Winthrop’s ideal modesRead MoreThe Ideal American Vision : Benjamin Franklin Vs. John Winthrop2087 Words   |  9 PagesVision: Benjamin Franklin vs. John Winthrop Billions of people all over the nation and world have heard of the ideal American vision to be defined as a perfect set of rules and regulations that provide the ideal conditions for living life. Though many people to this day may still argue their understanding of these idealistic views, there is an ideniable truth that it was two most influential figures in history from the seventeenth and eighteenth centuries, Benjamin Franklin and John Winthrop, who helpedRead MorePuritanism and Pragmatism Essay728 Words   |  3 Pageson the same continent, John Winthrop and Benjamin Franklin lived in very different worlds. These men are similar in some respects, but overwhelmingly they are different. For example, John Winthrop and Benjamin Franklin can be considered leaders in their time frame. Winthrop led the Puritans; Franklin led his country to war. Both men also possessed many of the same virtues such as patience and work ethic. Despite these similarities, John Winthrop and Benjamin Franklin had a different style ofRead More Puritanism and Pragmatism Essay705 Words   |  3 Pageslived on the same continent, John Winthrop and Benjamin Franklin lived in very different worlds. These men are similar in some respects, but overwhelmingly they are different. For example, John Winthrop and Benjamin Franklin can be considered leaders in their time frame. Winthrop led the Puritans; Franklin led his country to war. Both men also possessed many of the same virtues such as patience and work ethic. Despite these similarities, John Winthrop and Benjamin Franklin had a different style of livingRead MoreA Model Of Christian Charity, By Herman Melville1659 Words   |  7 Pagesencounter with a Spanish vessel where the slaves have overthrown the Spanish sailors. The protagonist Captain Amasa Delano, often referred to as the â€Å"good captain,† closely embodies the ideals that not only John Winthrop illustrates in his 1630 sermon, â€Å"A Model of Christian Charity,â €  but Benjamin Franklin describes in his 1784 essay, â€Å"Information to Those Who Would Remove to America.† Delano hails from the city of Duxbury in Massachusetts and in 1799, he sets out with his crew on another voyage where theyRead MoreThe And The Genius Of The Royal Society803 Words   |  4 Pageson the Royal Society describing members in a colloquial manner. He discusses the importance of the Royal Society to history. Franklin, Benjamin. The Autobiography of Benjamin Franklin. Edited by Frank Woodworth Pine. Rahway, NJ: The Quinn Boden Company, 1922. Digital file. The autobiography of Benjamin Franklin is a rich and informative historical text. Benjamin Franklin outlines his work with the Royal Society. He details contribution to his study and his relationship with the Royal Society. Read MoreThe Religious Convictions Of The Puritans1170 Words   |  5 Pagestension between individual freedom and the demands of authority. Here is John Winthrop’s â€Å"A Modell of Christian Charity† as a primary source that related some conflicts that presented a constant stream of issues to understand and resolve, including whether to leave England and abandon the church they sought to purify and how to set up a new world in Massachusetts. First of all, let’s know who was John Winthrop? John Winthrop was one of the major leaders of the first Puritan settlement in the UnitedRead More1.) What Principles Do Franklin And Thoreau Propose For1340 Words   |  6 Pages1.) What principles do Franklin and Thoreau propose for the conduct of life? To what extent do their principles agree? Benjamin Franklin and Ralph Waldo Emerson propose certain principles for the conduct of life. Franklin is very clear in his proposed principles for life, as he clearly states them in his â€Å"The Autobiography of Benjamin Franklin†. One of his main principles is the concept of hard work. Franklin believes that the best way to succeed in life is to work hard. Hard work is a key elementRead MoreCritical Analysis Of John Winthrops Model Of Christian Charity1274 Words   |  6 PagesCOLLECTION 1: JOHN WINTHROP’S â€Å"MODEL OF CHRISTIAN CHARITY† Winthrops sermon, â€Å"Model of Christian Charity,† was filled with biblical rhetoric to inspire and compel his listeners to work together as one body for the good of the entire community and for the pleasure of God. He believed that the world and God would be watching the colony to see if it would truly become what God intended, which to Winthrop was a â€Å"city upon a hill† to be admired and replicated. He used his sermon to persuade his audience

Governance and Leadership Management Governance Structure

Question: Describe about the Governance and Leadership Management for Governance Structure. Answer: Introduction This assignment discusses regarding the governance structure and the leadership approach at Wesfarmers Limited, which is one of the biggest conglomerate companies in Australia (Wesfarmers.com.au, 2016). During this assignment, the discussion and evaluation first focuses on the existing or current project governance structure of the company and at the same time, the discussion also covers the existing leadership approach of the company. After that, the assignment suggests an appropriate governance structure and leadership approach for the future benefit of the company. Evaluating the current project governance structure The governance structure of a company is the most important factor behind the success of that company. In the annual report of Wesfarmers Limited it has been mentioned that the project governance or the corporate governance structure of the company is satisfactory enough to secure the organizations success. The annual report has also disclosed that the corporate governance of the company has been formulated as per the 3rd edition of ASXs Corporate Governance Council (Wesfarmers.com.au, 2016). As per the project governance statement of the company, the board of directors is responsible to provide the return to the shareholders at a satisfactory level. At the same time, the board is also committed to meet all the interests of the stakeholders of the company (Wesfarmers.com.au, 2016). The basic role of the board members of Wesfarmers Limited is to prepare the best strategic direction for the company and to monitor the activities of the employees at management level. Apart from that, the board members of the company aim to increase and protect the interests of the stakeholders of the company. Adams (2016) mentioned that the board of directors of Wesfarmers Limited is committed to provide the best corporate governance practice. The primary responsibility of the Managing Director of the company is to monitor the daily management activities of the company (Sullivan and Gouldson 2016). Due to this, for any kind of mistake or faults in the activities at management level, the Manag ing Director is responsible. The program management at Wesfarmers Limited is also affected by the project governance or corporate governance of the company. Any kind of activity, whether it is at operational level or at managerial level is affected by the project or corporate governance of the company (Haigh 2016). The program management of the company became easier due to the strict corporate governance structure of the company. The project governance regulations at Wesfarmers Limited have suggested maintaining the high transparency level in every program management activity. With the help of the high level governance structure, the mismanagement of the programs can be avoided by the managers of the company (Kilroy and Schneider 2016). The corporate strategies of Wesfarmers Limited are aimed to develop a sustainable business in the international market. The higher management at Wesfarmers Limited has stated that the corporate strategies of the company have been formulated on the basis of the corporate or project structure of the company (Gordon 2015). Some of the corporate strategies of the company are as follows: Provide the best quality product and services to the customers of the company. Provide each information related to the operations of the company to the stakeholders in detail. Provide the proper salary package to the employees at fixed time in each month Maintain the high environmental standard during business operations Maintain a friendly working environment within the company and avoid any kind of conflicting situation (com.au, 2016). If all of the above strategies are evaluated then it can be identified that the strategies are developed in accordance with the corporate governance structure or policies of the company. The proper flow of information and providing high quality products and services clearly indicate that the company wants to meet the interests of the customers and other stakeholders of the company (Swoboda, Elsner and Olejnik 2015). Similarly, providing proper amount of salary at the fixed time indicates that the company wants to meet the interests of the employees also. The strategy of maintaining the environmental standard proves that the company wants to meet the interests of the society, which is also indicated by the corporate governance policies of the company (Mehmood and Hilman 2015). Therefore, from the above discussion, it can be understood that the corporate governance structure at Wesfarmers Limited maintains high corporate standard. However, currently, the corporate governance of the company is facing some issues, which is indicated by the management-employees conflict, customers complains and shareholders dissatisfactions (Wesfarmers.com.au, 2016). Currently, the frequency of employees-management conflict has increased at Wesfarmers Limited. Richards, Kjrnes and Vik (2016) stated that as the number of employees of the company has increased than the past years, the company is facing trouble in managing the employees. In support of that, Balogh (2016) added that the corporate or project governance structure at Wesfarmers Limited needs to be revised to handle the internal situation at the company. On the other side, in different surveys, it has been identified that many customers of Wesfarmers Limited have stopped to use the products of the company and they stopped to visit at Wesfarmerss outlets (Swerissen and Duckett 2016). This indicates that the company is failure to fulfill the interests of the customers properly, which indicates that the governance of the company is having some faults. At the same time, the surveys also disclosed that the shareholders of the company are dissatisfied to some extent because they are getting the return not at satisfactory level (Biddle 2016). Therefore, from this discussion, it can be said that the management at Wesfarmers Limited needs to improve the corporate or project governance policies or structure as soon as possible. Evaluating the current leadership approach The operational effectiveness of a company depends on the leadership structure or approach of it. In case of Wesfarmers Limited, the leadership approach is strategic leadership (Wesfarmers.com.au, 2016). The main benefit of this particular leadership approach is the responsibility of the activities is distributed to various people as per the organizational or operational structure of the company. Due to this, the people in the organization become more responsible and their operational effectiveness also enhances (Willmott 2015). At the same time, the flow of information becomes also smooth due to the strategic leadership approach. Gattorna (2015) mentioned that the strategic leadership tool or approach is an effective approach for any strategic project. This is because in this particular strategic leadership approach, the focus is made on each employee separately, which helps to gain the attention of the employees. However, Kilroy and Schneider (2016) stated that in the strategic leadership approach sometimes people take wrong decision, which affects the performance of the company. At the same time, Acker (2015) also commented that in the strategic leadership approach, too much focus is made on the decision of the employees. Due to this sometimes, huge conflicts take place between the employees. At this point of time, it becomes very difficult for the management to choose the decision of any particular employee. Therefore, ultimately the main aim of the leadership approach remains unfulfilled. Moreover, Gordon (2015) stated that the strategic leadership approach is more effective when the company takes any small project, but in order to run the overall business, the strategic leadership approach is not that much effective. Therefore, this is also applicable to the leadership at Wesfarmers Limited also because the leadership style at Wesfarmers Limited depends on the strategic leadership approach. Due to this approach, inter organizational conflicts at the company are increasing day-by-day, which is not good for the company. Moreover, in the strategic leadership approach, the company may face problem, if any dishonest person gets the chance to take decision. Hence, it is important for the company to improve its leadership approach immediately. Suggesting the new governance structure In the above discussion, it has been identified that in Wesfarmers Limited, the corporate or project governance structure and policies are needed to be changed. The company is facing several problems because of the loopholes in the governance structure and policies. Though the annual report of the company states that the corporate governance structure of the company is much good, the problems in the company indicates that there must be some loopholes in the governance structure (Farivar et al. 2016). However, the management of the company can improve the situation by changing the corporate governance structure and policies. In the new corporate governance or program governance structure, the company needs to reshuffle the overall structure of the governance. The head of the corporate governance will be the board of directors of the company. However, the board of directors will be set up as per the suggestions and confirmation of the shareholders (Newman 2015). It will be the prior duty of the board members to fulfill the interests of the shareholders properly. The shareholders of the company will also have the authority to appoint a separate auditing team to audit the financial reports of the company. This will help the company to remain transparent to the shareholders (Willmott 2015). The internal audit committee of the company will be set as per the advice and confirmation given by the shareholders and board members. In the internal audit team, some of the auditors will be appointed by the shareholders of the company and the other auditors will be appointed by the board members of the company. The board of directors of the company will also be responsible for appointing the risk review committee. The main responsibility of the risk review committee will be to assess the risks of the company in a particular year and on the basis of that assessment developing proper strategies to reduce the risks (Swerissen and Duckett 2016). On the other side, the board of directors of the company will also appoint the management team of the company. The board members need to select the best people in the company for the management team. The board members can select the members for management team from the external sources if required. At the same time, the board of directors of the company will also recruit the human resource management and compensation committee and governance committee (Gordon 2015). Therefore, in the above discussion it can be identified that in the new corporate governance structure, the board of directors of the company will be responsible for appointing the different internal management team of the company. However, the monitoring of the day-to-day activities of the company will be done by the lower level management team. The board of directors will only checks or monitors the final reports provided by the management team of the company at the end of each month. This will help the board members to keep a track on the activities of the management team. On the other side, as the shareholders will select the board members, the dissatisfaction level of the shareholders will be reduced to some extent. Apart from the new governance structure, the company will also require to improve the corporate governance strategies. The new corporate governance strategies of the company must consider the followings: The interests of the other stakeholders must be fulfilled properly. The information of the company must be reached to the investors and other stakeholders on right time and in detailed manner (Haigh 2016). The employees must work as a team and no internal conflict must be presented at the workplace. Regular verification of the financial statements must be done by the management team. Proper training and guidance must be provided to the employees at regular interval (Newman 2015). Therefore, if the company considers these needs at the time of preparing the corporate governance strategies, then it can be expected that the problems of the company will be solved easily. Suggesting the new leadership approach The discussion in the study has identified that the management at Wesfarmers Limited is currently following the strategic leadership approach. This particular approach is much effective for the success of the company (Biddle 2016). However, there are some problems with this approach, for which the company is facing and may face some problems. In order to avoid any kind of problem related to the leadership style, the company can change its leadership approach. The management of Wesfarmers Limited can adopt the participative leadership style. The participative leadership style is very effective in any kind of business organization. In participative leadership, the management of the company asks the employees to provide their views regarding any particular matter. However, the final decision of the company is taken by the management after considering all the views of the employees (Kjrnes and Vik 2016). Due to this, the decision or the strategies of the management become much effective and at the same time, the employees feel valuable to the company. Another positive side of participative leadership approach is that this particular leadership style is accepted by everybody within the organization (Gordon 2015). This ultimately helps in reducing the internal conflicts among the employees as well as between the employees and management. The morale of the employees can also be enhanced with the help of this particular leadership approach. This is very important factor behind the success of a company. Moreover, if the company applies the participative leadership approach, the employees will be motivated to provide their creative and innovative ideas to the management. Acker (2015) believed that the participative leadership style is very effective for increase the employees retention rate. As the employees of the company remain satisfied because of participative leadership style, they turn to loyal employees and do not want to leave the organization easily. Therefore, from the above discussion, it can be said that if the management at Wesfarmers Limited applies the participative leadership style, then they can run the business more effectively. The problem of internal conflicts among the employees and between the management and employees can be solved. At the same time, the management can easily motivate the employees in improving the performance level of the company. Therefore, it will be better for Wesfarmers Limited if it applies the participative leadership style. Conclusion In this study, it has been identified that the current governance structure and the leadership style at Wesfarmers Limited are much effective. The current governance structure of the company is focused on fulfilling the interests of the stakeholders. The board of directors of the company takes several steps to improve the performance level of the company and meet each requirement of the shareholders. However, currently, the company is facing some issues, which indicate that the governance structure and policies need to be changed as soon as possible. The study has recommended a possible governance structure, which the company can adopt to improve the current organizational situation and satisfy the stakeholders in better way. The study has also identified that the current leadership approach of the company is based on the strategic leadership approach. However, in this approach there are some loopholes, which can negatively affect the performance of the company. However, the situation can be improved by adopting the participative leadership approach. Reference list: Acker, C.D., 2015. Convergence: The Making of the Canning Stock Route Project and Yiwarra Kuju Exhibition.Cultural Studies Review,21(1), p.177. Adams, M.A., 2016. Contemporary case studies in corporate governance failures.Governance Directions,68(6), p.335. Balogh, A., 2016. Does Life-Cycle Influence Board Composition?.Browser Download This Paper. Biddle, I., 2016. The Wesfarmers/Woolworths duopoly war: The Bunnings vs. Masters battle.Busidate,24(3), p.3. Farivar, F., Farivar, F., Scott-Ladd, B. and Scott-Ladd, B., 2016. Growing corporate social responsibility communication through online social networking in Iran.International Journal of Organizational Analysis,24(2), pp.274-290. Gattorna, J., 2015.Dynamic supply chains: How to design, build and manage people-centric value networks. Pearson Higher Ed. Gordon, M., 2015. The long hard road to empowerment.Meanjin,74(3), p.91. Gordon, M., 2015. The long hard road to empowerment.Meanjin,74(3), p.91. Haigh, G., 2016. See how they run: Sports governance in Australia.Griffith REVIEW, (53), p.11. Kilroy, D. and Schneider, M., 2016. Governance in practice: The real economic challenge for the leaders of a listed company part 2: Formulating an effective response.Governance Directions,68(1), p.13. Kilroy, D. and Schneider, M., 2016. Governance in practice: The real economic challenge for the leaders of a listed company part 2: Formulating an effective response.Governance Directions,68(1), p.13. Mehmood, K.K. and Hilman, H., 2015. Should PLCs Diversify into Related or Unrelated Industries? Evidence from Malaysia.Mediterranean Journal of Social Sciences,6(1 S1), p.517. Newman, P., 2015. The rise of a sustainable city: much more than the wild west.Griffith Review, (47), p.131. Richards, C., Kjrnes, U. and Vik, J., 2016. Food security in welfare capitalism: Comparing social entitlements to food in Australia and Norway.Journal of Rural Studies,43, pp.61-70. Sullivan, R. and Gouldson, A., 2016. The Governance of Corporate Responses to Climate Change: An International Comparison.Business Strategy and the Environment. Swerissen, H. and Duckett, S., 2016. Chronic failure in primary care. Swoboda, B., Elsner, S. and Olejnik, E., 2015. How do past mode choices influence subsequent entry? A study on the boundary conditions of preferred entry modes of retail firms.International Business Review,24(3), pp.506-517. Wesfarmers.com.au. 2016. Home. [online] Available at: https://www.wesfarmers.com.au/ [Accessed 17 Oct. 2016]. Willmott, D., 2015. Speech to law week breakfast.Brief,42(6), p.16.

Russias Entry into the World Trade Organization

Introduction Discussions of the opportunities and obstacles presented by Russia’s accession to the World Trade Organization (WTO) have been ongoing ever since the country entered into negotiations aimed at securing its membership of the world body in July 1995 (Sabelnikov 345; Afontsev 7).Advertising We will write a custom term paper sample on Russia’s Entry into the World Trade Organization specifically for you for only $16.05 $11/page Learn More It is the aim of this paper to critically discuss the opportunities and obstacles resulting from Russia’s entry into the WTO, not only for the country but also for the rest of the world. Opportunities for Russia’s Entry into the WTO Opportunities for Russia Available literature demonstrates that Russia’s accession into the WTO will not only advance the country’s opportunities to participate in international economic cooperation but will also facilitate its incorporation into the formal system of world trade and make its national economy more efficient (Sabelnikov 345). By joining the WTO, Russia will not only acquire new global trading frontiers and their advantages, but will also get access to international markets, as well as achieve non-discriminatory treatments of Russian exports into the international market (Iudaeva et al 8; Iudaeva et al 9). It is believed that WTO membership will have a positive effect on the productivity level of the Russian economy due to the increase in the importation of goods and services from other WTO countries, as well as the increase in foreign direct investment (FDI). As noted in the literature, imported products improve the quality of locally produced commodities; consequently, increased imports and FDI into the Russian economy will not only improve the quality of locally produced products but also the efficiency of producing these products (Afontsev 11). Additionally, Russian families are also bound to benefit immensely as a result of Russia’s entry into the WTO as available literature demonstrate that the decrease in tariffs, coupled with intense competition, will automatically reduce the prices of commodities and services and, as a result, trigger a decrease in annual spending for average families (Afontsev 9).Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Lastly, Russia is set to benefit from intellectual property protections and market economy awareness upon its entry into the WTO. Particularly, Russia is set to benefit from technology transfer from other WTO member countries, which is likely to fuel further economic growth and prosperity (Sabelnikov 348). Opportunities for the Rest of the World Russia’s entry into the WTO will not only improve access to its products and services markets by other WTO member countries (Stewart et al 1), but will also provide a ready market to products and services coming from foreign countries (Afontsev 9). On November 10, 2011, President Obama noted that Russia’s entry into the world trade body â€Å"†¦will generate more exports for American manufacturers and farmers, which in turn will support well-paying jobs in the United States† (Stewart et al 1). Additionally, according to these authors, Russia’s entry into the WTO will reduce the tariffs and other taxes imposed on commodities and services from WTO member countries. Finally, entry into the WTO will provide opportunities for international firms to invest in Russia. Obstacles for Russia’s Entry into the WTO Obstacles for Russia Russia must be ready to honor multilateral commitments and other rules and regulations governing the WTO, implying that it must grant access to the home market for foreign products, services and capital (Sabelnikov 346). Upon entry into the WTO, many foreign-based multinationals with more muscle than local companies will inject more FDI into the Russian economy and establish a presence in Russia, a scenario that may bring negative consequences for local companies by virtue of their limitation to compete on a global scale (Aslund 51). Many analysts warn that the opening of the home market to international products and services will crash Russia’s domestic agriculture, service, and industrial sectors (Yin 61).Advertising We will write a custom term paper sample on Russia’s Entry into the World Trade Organization specifically for you for only $16.05 $11/page Learn More Many Russian sectors and enterprises thrive on protectionist approaches (Aslund 50), implying that they will soon face difficulties adapting to competition in a free economy. Indeed, it is noted in the literature that many Russian corporations may soon be engulfed in deep-seated challenges as they attempt to master new rules of behavior on foreign markets (Sabelnikov 346). Russia must be ready to not only eliminate all trade barriers that it has kept for decades to protect local industries, but must also establish mechanisms for settling trade disputes recognized by international trade treaties and conventions (Yin 60). Still, on the market scene, many â€Å"†¦Russians claim that enterprises producing for the domestic market will be swamped by cheaper imports and foreign investors, while Russia will make little progress in entering foreign markets† (Yin 61). While it is not entirely true that many Russian enterprises producing for the local market will be swamped with low-value imports, it is indeed true that Russian firms may experience slow growth and challenges in international markets due to their inexperience in free market competition. Upon entry into the WTO, policy makers and mainstream commentators fear that the Russian economy will face the drawback of losses of sales and profits in competitive markets, particularly in the country†™s energy and agricultural sectors (Sabelnikov 346). Consequently, policy makers will have to find a way to ensure local industries do not close shop in the face of stiff competition from foreign establishments. Another drawback bound to hit Russia upon its entry into the WTO is the decline in the number of domestic jobs available due to stiff competition brought about by globalizing the Russian economy (Aslund 53). Indeed, some economic analysts are of the opinion that Russia may face a social crisis if it joins the WTO as it will definitely experience an increase in unemployment rates, particularly in its labor-intensive industries. Higher unemployment is also likely to occur due to the change in tariff reductions that may be demanded by the WTO (Iudaeva et al 7).Advertising Looking for term paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Obstacles facing the Rest of the World Other WTO member countries should also brace themselves for intense competition from Russia’s domestic companies. Available literature demonstrates that Russia is one of the largest economies (Stewart et al 2), and thus may exert considerable pressure in global markets as it compete to have a share of the market. Consequently, some organizations from less developed WTO member countries may be edged out of their traditional markets by Russia’s exports. Conclusion From the discussion, it is clear that Russia is set to benefit immensely from a WTO membership if it puts in place strategies and measures that will ensure its local industries are not adversely affected by the membership. The cumulative effects of Russia’s entry into the WTO include the promotion of economic growth through improved national and international competitiveness, enhancement of business through increased flow of goods and services, and expansion of oppo rtunities for Russian businessmen in other WTO member countries. Other WTO member countries are also set to benefit immensely from the opening of Russia’s economic landscape to the rest of the world. Works Cited Afontsev, Sergei. â€Å"The Political Economy of Russia’s Accession to the World Trade Organization.† Problems in Economic Transition. 46.12 (2004): 7-30. Business Source Premier. Web. Aslund, Anders. â€Å"Why doesn’t Russia Join the WTO?† Washington Quarterly. 33.2 (2010): 49-63. MasterFILE Premier. Web. Iudaeva, Ksenia, Evgeniia Bessonova, Konstantin Kozlou, Nadezhda Ivanova, Denis Sokolov Boris Belov. â€Å"Sectoral and Regional Analysis of the Consequences of Russia’s Accession to the World Trade Organization.† Problems of Economic Transition. 47.12 (2004): 5-67. Business Source Premier. Web. Sabelnikov, Leonid. â€Å"Russia on the Way to the World Trade Organization.† International Affairs. 72.2 (1996): 345-355. Academic Search Premier. Web. Stewart, Terence P., Patrick J. McDonough Philip A. Butler 2011, Opportunities and Challenges from Russia’s 2012 Accession to the WTO. PDF File. Web. Yin, Jason Z. â€Å"Can Russia learn from China in its Quest for WTO Entry.† The Chinese Economy. 42.3 (2009): 60-77. Academic Search Premier. Web. This term paper on Russia’s Entry into the World Trade Organization was written and submitted by user Alicia R. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.