The Development of Populism in Argentina and Peru during the 20th Century

The paper will study populism as political movement widely used in the countries of Latin America throughout the twentieth century. The methods applied and the progress of populism will be investigated on the basis of political history of two countries: Argentina and Peru. In order to fulfil thorough examination, the paper will narrate the main narrate the main aspects of populism and then compare and contrast its Argentinean and Peruvian versions. Finally, all the findings of the paper will be summarized and analyzed in the conclusion.The term â€Å"populism† was used to describe the politicians who claimed that they represent the interests of â€Å"common people† as different from those of the powerful or rich.[1] Populist movements were not class-based. Though ideologically they were incoherent, they tried to be inclusive. The leaders were mainly charismatic and personalistic. The style of the leadership was demonstratively nationalistic, which meant that it was base d either on native traditions or pseudo traditions of the country.As a rule, populists evinced their deep concern for social justice, reform, betterment of the working class, and removing marginalization by integration of impoverished people into society. The class conflict was portrayed as alien. The core of populists’ promises was making necessary changes without altering the basic nature of society. Populist parties claimed that they knew all the answers for national problems and those who opposed them were not true patriots of their nation. Populists usually sought alliance with unions and tended to build a centralized state where power was concentrated in the hands of the president.According to Joel Horowitz, populism dominated in political history of Argentina.[2] Due to populism modern Argentina has unbridgeable schisms in its today's society, rhetoric and style of its politics. While the process of development, involved major sectors of society and attracted the suppo rt of masses of Argentineans. Populists called themselves the savours of the nation and the opponents of populism were defined as enemies of the people. In this way, â€Å"politics revolved around movements that won strong allegiances but excluded their enemies.†[3] It caused a range of military takeovers, with the subsequent massive violence, where both military and civilians were involved.The early stages of modern political system of Argentina and the first attempts to implement populist policy can be traced from 1980, when the Radical Party made and attempt to overthrow the government. Though this attempt failed, the radicals (Unià ³n Cà ­vica Radical) demonstrated their opposition to the existing political system and called for fair elections. It constituted a serious threat of revolution in Argentina because the party was supported by the middle class of society.   However, many of the leaders of the radicals were from elite. The Radical leaders appealed directly to the working class of Argentina.Hipà ³lito Yrigoyen ( 1852-1933), a son of a woman from the elite and a Basque blacksmith, became the first prominent politician who started his career as a leader of the radicals and obtained popularity by using the methods of populism. He created the mechanism of a modern political party and easily outmaneuvered his rivals. He made himself a symbol of the radical party, represented its hopes and developed his leadership into a whole cult of his personality.However, Yrigoyen did not use the methods that characterize a conduct of a modern populist. He infrequently gave speech and rarely appeared in public. Hipà ³lito Yrigoyen wrote very little ‘for popular consumption’ and his written works were difficult to understand. Yrigoyen’s utterances contained insufficient political philosophy. Also, after becoming a president, Yrigoyen did not show a particular interest in any political program, instead, he seemed to be interested in pow er itself and its expansion. In addition, Hipà ³lito Yrigoyen did not campaign using oratory of most populists or the flamboyant gestures. The strong points of his authorship were based on creating jobs and dispensing patronage.Even from its early stages of development populism in Argentina relied on police and police chefs in particular. Under the presidency of Hipà ³lito Yrigoyen, Buenos Aires chiefs of police functioned as key operatives and settled labor conflicts. The importance of police can be brightly illustrated using the example of Elpidio Gonzà ¡lez’s career path. Gonzà ¡lez attempted to achieve the position of vice president, and minister of interior by gradually moving from minister of war, to the level of candidate for governor of Cà ³rdoba, one of the most importance provinces, and then to police chief in Buenos Aires. Thus, under the policy of populism, â€Å"A good police chief was a man for all seasons.†[4]The early populist Hipà ³lito Yrigoyen appealed to new groups of society and promised changes without altering social underlying nature. Yrigoyen was a marginal member of oligarchy and rural elite. As a result, while speaking on class conflict, he continuously attacked the ill-defined rural-based elite and the oligarchy, which attracted support middle and working classes of the country. Also, Hipà ³lito Yrigoyen popularity among common people was strengthened when he started to treat people with low income as the true members of society. Later, in the 1940s, this approach was used by another charismatic populist leader- Juan Perà ³n.Some populist gestures of Hipà ³lito Yrigoyen were too obvious. Thus, in 1917 when workers went on strike at a meatpacking plant, he refused to give an interview to the leaders of the cattlemen's association Sociedad Rural, which was considered to be most important social and economic group in Argentina. Such an attitude was noticed by the newspapers, and soon one of the chief national new spapers publicized an article were it emphasized that the leaders of the cattlemen's association were received not with the same attention as the striking workers of the plant.[5]While his presidential campaign, Hipà ³lito Yrigoyen turned to the native-born working class which was rapidly growing at that time. Yrigoyen understood that the working class of Argentina could be a huge potential source of voters. This became possible due to influential ideology of Syndicalism. In 1910 Syndicalism turned into a vigorous labor movement that disdained bourgeois and proclaimed revolution through a general strike. Hipà ³lito Yrigoyen was willing to ally with Syndicalists because they did not have other political ties and would block the growth of Yrigoyen’s serious rival – the Socialist party.The government of Hipà ³lito Yrigoyen did not interfere with the activity of Argentinean Syndicalism and, moreover, made steps to satisfy demands of strikers, for example, to improve the ir conditions, to employers to accept the role the unions in hiring workers. Of course, later the role of Yrigoyen in settling early strikes was stressed by his publicity during the 1927-28 presidential campaign.In 1930 the most celebrated wave of populism flooded Argentina. Argentinean government that ruled from the period of 1932-1943 mainly belonged to neoconservatives, who included the members of traditional landed elite and tried to keep up a pretense of democracy. The exigencies of the Great Depression forced the implementation of the policy of import substitution industrialization that prompted rapid expansion of Argentinean urban working class. From 1932 to 1943 quick urbanization and industrialization in Argentina alienated the expanded already working class from the rest of society, and this process prepared the ground for the social crisis. The military takeover changed the situation radically by giving the power to the military group and their leader Col. Juan Domingo Pe rà ³n ( 1891-1974).Col. Juan Domingo Perà ³n became the next major populist leader in Argentina. According to the article Populism and Its Legacies in Argentina authored by Joel Horowitz, Peron can be described as â€Å"a tall, commanding figure and a powerful speaker, had the ability to charm people and win them to his side. He was one of those rare politicians imbued with genuine charisma.†[6] He, like his predecessor Hipà ³lito Yrigoyen, also turned to working class, though strengthened his power with the help of the army. In late 1943 Perà ³n was appointed to occupy the position of vice president and minister of war. In October Perà ³n already became head of the National Department of Labor, which served as a platform the implementation of his approaches to labor, setting contacts with unions and winning over the hearts and minds the working class of Argentina.The policy of Col. Juan Domingo Perà ³n had two directions: first, Perà ³n favored and assisted many units to accomplish the major part of their long-sought goals; second, he started repression against uncooperative organizations. As a result of a pro-labor direction, the government enforced labor laws, such important ones as making contracts with workers, for the first time in the history of Argentina. It balanced the powers of capital and labor in the country, increased wages and improved the organization of unions.On the other hand, Peron fought his rivals by using repression, which made his regime completely authoritarian. The leaders of Socialists and Communists had to live under the constant threat of being arrested. In order to survive, other political forces, for example, the Communist Party, had to go underground. The rivalry with Communist unions was supported by the government, which also prohibited cooperation with them. As a result, such important unions as textiles, meatpacking, and the metal trades were destroyed.Peron personally appealed to unions. His charisma always he lped his to achieve a desired effect. Peron stressed the importance of the unions while speaking to them: â€Å"I come to the house of the railroaders as if it were my own. I profess a profound gratitude to them, because I am convinced that many of the successes of the Secretariat . . . are due precisely to the railroad workers.†[7] In his speech, Peron presented himself as one of the workers, as their equal, and frequently emphasized how he cared about them. This approach was successful, since workers had been socially and politically isolated by the previous regime.Still, according to Horowitz, Peron ca not be viewed as a dictator. He was truly a populist, and the methods of repression can be explained by his desire to expand his bases of support.[8] An important reason of why Peron achieved enormous popularity in his country, as Horowitz states, was the fast economic growth. It was estimated that during the first years of Peron’s presidency, hourly wages grew 25 per cent more, and in 1947 increased almost at the same rate. The percentage of national income that was going to workers also went up 25 percent. However, some sectors, for example, agriculture, did not benefit from the populism of Peron. Agriculture was squeezed for the sake of the urban sectors, the economy of which showed the highest rates of growth in 1946 and 1947. Nevertheless, in 1948 the economy of Argentina started to deteriorate.Peron’s populism improved political and social status of women in the country. In 1947 women of Argentina received the right to vote due to the activity of Peron’s wife – Evita. Evita initiated the campaign for women's suffrage. She also created a separate Peronist woman's party in Argentina, the leader of which she soon became. Women’s branches stretched across and soon captured the whole country. This was one more factor that encouraged popularization of Peron in Argentina, for â€Å"When Perà ³n ran for reelection in 1 951, he received a much higher percentage of votes from women than from men.†[9]Among other things, populism in Argentina was established on media. Peron managed to set a cultural hegemony that revised Argentina's vision of itself. Bearing in mind political influence of media, cultural hegemony was highly important although very difficult, since the movement of populism did not have any consistent ideology. Rituals were reformed and gained a â€Å"Peronized† meaning, for example, the celebration of May Day became an important national holiday to emphasize the benefits of hard labor and the role of the working class. Generally, all the holidays were invented to provide the idea of harmony and prosperity that existed under Perà ³n. School curricula focused on Catholic values. Many provinces and cities in Argentina were named after Perà ³n. Monuments to the charismatic leader were erected all over the country.Like in Argentina in 1930, the need to install a new regime in Peru was evoked by the situation brightly characterized by Steve Stein in The Paths to populism in Peru: â€Å"The old regime could no longer respond to the powerful social and economic changes brought on by urbanization after World War I. This was especially true in and around the capital of Lima. The old political elite was morally and politically bankrupt.†[10] But unlike the movement in Argentina, populism of the thirties in Peru consisted of two competing with each other populist movements: the party of Luis M. Sà ¡nchez Cerro and Và ­ctor Raà ºl Haya de la Torre who was the leader of the APRA party.The period of the thirties was marked in Peru with significant growth of the working classes political activity. This situation differs from that of Argentina. Though the working class of Argentina also increased in number in the same period, it suffered greatly from political and social isolation. The working classes of Peru were more active: â€Å"working-class mobs st aged demonstrations and rioting that destroyed his residence and those of some prominent supporters. During subsequent months the working classes dominated the urban political scene.†[11] Also, unlike the experience of populism in Argentina, Peru’s first notable steps in this policy and the first prominent populist leaders appeared only in 1930, which was much later than in Argentina.Like the political situation of Argentina in 1930, populism of Peru came to power due to political crisis. However, the crisis of Peru was much deeper, that even the further existence of the nation was doubted. One of Peruvian generals described the climate of despair and fear that intensified with the fall of Repà ºblica Aristocrà ¡tica: â€Å"Although it is painful for us to confirm it, unfortunately it appears as if a streak of ignorance, of madness, has invaded us, wresting from us our most innermost feelings of nationality.†[12] Conservative politician Và ­ctor Andrà ©s Bela à ºnde deplored that â€Å"the very bases of civilized life threaten to disappear.†[13] All these words referred to crisis, collapse and the following political vacuum, which occurred due to the fall of the elite-controlled political system of Repà ºblica Aristocrà ¡tica that had been in power since 1895.The two populist movements Sà ¡nchezcerrismo and Aprismo (APRA) were headed by Sà ¡nchez Cerro and Haya de la Torre and came to Peruvian government through elections in 1931, which was a more civilized way in comparison with that of Peron’s. Mainly, the movements did not differ from each other. They both were vertical, patrimonial, with the relationships which were built on loyalty between leaders and their followers. The members of the parties were accepted from all the levels of society, which also contrasts with an anti-bourgeoisie, anti-elite and anti-oligarchic character of Argentinean populism.However, unlike that of Sà ¡nchezcerrismo, the vertical structur e of ARPA was based on strong ties between some social groups: the head of the party and unions, professional or employee associations. The leader of Sà ¡nchezcerrismo, Sà ¡nchez Cerro, on the other hand, tried to avoid any references to recognized social l or occupation categories, stressing on principle of one-to-one commitment to each member of the party.Sà ¡nchez Cerro, like Peron, also understood the importance of the working class and tried to take a pretense of friendship with common people. Luis M. Sà ¡nchez Cerro used his ethnic identity of a dark-skinned mestizo to show that he had common origins with masses. Since historically racism had a strong impact on political, social, and economic relations in Peru, Cerro’s image of the racial outsider became a powerful tool for gaining more support of the working-class. One of Cerro’s working-class followers once said: â€Å"He was of our race, and because of that all us working people supported him.†[14]T he image of the cholo candidate brought another advantage to Sà ¡nchez Cerro. The masses’ identification with the friend of common people became persuasive for the theme of his campaign: everyone could approach Cerro and personally ask to help or to do an individual favor. As a result, poor voters and supporters flooded Sà ¡nchez Cerro’s campaign headquarters. The availability of Sà ¡nchez created the notion that he was generous and willing to help everybody. Cerro patted his poor supplicants on the back, sometimes gave them money from the pocket or an article of clothing. Cerro spoke to his followers in simple language and used familiar forms ‘tu†, saying: Toma hijo, toma hija. Hijito, hijita, sà ­, ya vamos a ver † (Take this son, take that daughter. My little son, my little daughter, yes, we'll look into that).[15]At the same time, Haya de la Torre adopted the role of â€Å"the father of the workers.† When the campaign for the 1931 elect ion started, la Torre became known as the father of APRA. As a result, his children were growing in numbers, as Stain put it, â€Å"far beyond a small group of union leaders, and high stakes were to be won in the election.†[16] The image of father taken by la Torre matched his contagious smile, personal warmth, and generally pleasing disposition. During his person-to-person conversations Haya revolved around daily problems of his voters, and always showed his sympathetic understanding and his readiness to help with pertinent advice.Even the enemies of Haya de la Torre could not help but envy Haya’s skills of physical expression. Eudocio Ravines, leader of communists once remarked: â€Å"He possessed an ingenious and friendly loquacity that gave people the physical sensation of being loved, set apart individually from among the rest. He was acute at discovering and focusing on the immediate and small problems of the people and treating them with a captivating friendlin ess, verbally showing interest in them.†[17]In 1930-1931 real or imagined access to the populist leaders in Peru attracted poor people to them who sought protection of the politicians from adversary and crisis. The Great Depression became such a crisis that worsened the condition of the poor. On the background of the deepening impoverishment of the workers, populist leaders Sà ¡nchez Cerro and Haya de la Torre were seen as generous figures who could help and protect them. So, as historians concluded, â€Å"far from radicalizing the Peruvian working classes, the depression drew them toward populist alternatives as the most faithful political embodiment of patrimonial social relations.†[18]After the military had cut short the populism of Haya de la Torre and Sà ¡nchez Cerro by suppressing their movements, the overtones of populism were present in later campaigns and political movements. The next eight years were governed by Odrà ­a, whose political style strongly resem bled that of Sà ¡nchez Cerro. Odria concentrated his attention on the rural poor that streamed into the capital in order to find jobs and charity. The president decided to develop a chain of ‘political charities’ to become popular among the impoverished people of the city. President’s wife Marà ­a Delgado de Odrà ­a frequently but very effectively paid visits to the slums, gifting poor with money and food, which soon was highly publicized. However, Marà ­a’s actions were disdained by the elite who claimed that they were just blatant imitations of Eva Perà ³n.Odria showed paternalistic approach in his policy when he ordered legalization and formation of squatter settlements of the growing lower-class population in Lima. Consequently, an impressive number of popular masses paid homage to president and his wife. The largest plazas of Lima became the places of pro-government demonstrations. In this case the respect the poor can be regarded as their paybac k the man who understood and treated benevolently their needs. This positively characterizes populism both in Argentina and Peru, because, in spite of the fact that the initial reasons of the politicians were quite pragmatic, the disadvantaged and the most impoverished of the country received warmth and saw the kindness which, probably, gave them hope for better life.The next populist in Peru Belaà ºnde evidenced his friendship with nation through the foundation of the National Front of Democratic Youth (FNJD). The supporters of Belaà ºnde, unlike the campaigns of the previous politicians who turned to lower circles of society, were among professionals students, and intellectuals. In addition, the hallmark of Belaà ºnde was dramatic symbolism, used in word and in action. Once, when the demonstration in his support was met by the police, ready to disperse the participants, he bravely tried to withstand the armed forces. Later it matched the symbolism of Belaà ºnde’s first message during the campaign in 1956: â€Å"Youth! That is the battle cry of the political campaign I have been invited to embark upon. . . . If I am needed in the moment of conflict, they will find me at their side, sharing their fervor and living their hopes with them.†[19]Nevertheless, when Belaà ºnde won the elections, his government showed reluctance to fulfill rhetoric and high-flown promises. For example, Belaà ºnde declared that all the lands would be affected by the new agrarian reform project. Instead, he exempted properties needed to make ‘industrial transformation of agricultural products.’ It resulted into the situation when all the valuable and significant land such as coastal sugar or cotton plantations was not available for the purposes of the redistribution program. Ultimately, the gap between words and actions disillusioned the masses and led to the failure of his populist policy. In 1969 Belaà ºnde was overthrown by military forces and the ne w Revolutionary government was installed in Peru.In general, paternalism and comforting of populist political leaders have always worked like societal narcotic in Argentina and Peru. Quite a paradoxical situation could be observed when the poor and desperate continue to vote for populist leaders whose democratic credentials are suspect. Later the populist policies of these leaders will hurt the very groups that vaulted them into office.   In Peru Alan Garcà ­a who wonderfully articulated his nationalist and anti-imperialist views caused the crisis of Peru’s economy. During Garcia’s five years of presidency from 1985-1990, Peru’s economy achieved the highest inflation levels of the history of the country. Due to the policy of Garcia, millions of Peruvians were impoverished; millions moved from poverty into extreme level of poverty. Thus, populism of Alan Garcà ­a promised Peru greatness but in reality ran the country into poverty, high inflation and even more misery.A key legacy of populism was in leadership style. The leader, irrespective whether he was in power or stayed abroad in exile, dominated his party. There could be internal struggles or conflicts within the party, but once they were settled by the leader, this became an unchangeable rule for the rest of the members. For example, in Peronist Party the role of caudillo was played by two men: Juan Perà ³n and Carlos Menem. Within the Radical Party, on the other hand, every leader retained his style and continued to dominate even when his popularity faded. Thus, the authority and strong positions were preserved by the following members of the Radical party: Hipà ³lito Yrigoyen, Marcelo T. de Alvear, Ricardo Balbà ­n and Raà ºl Alfonsà ­n. Even when the parties modernized their politics and adopted such attributes as conventions, the domination of their strong-willed leaders continued.The common tendency that populist leaders relied on support of army inevitably led to the exp ansion of the political role of the military in Peru to a higher rate than in Argentina. As it has been already shown in the paper, Peruvian armed forces were involved in most of political conflicts, which evidenced the removal of the army from its normal professional responsibilities. This tendency was not abandoned by neo populists, for instance, Fujimori used military support in his presidential coup to ensure success of it. In addition, Fujimori’s shadowy intelligence advisor implemented his considerable behind-the-scenes power while the presidential campaign. Thus, populism prompted the process of politicization of army. Dr. Kenneth Roberts in his work Populism and Democracy in Latin America pointed out that â€Å"A politicized military is necessarily a political actor that will be sought out by potential civilian allies and tempted to intervene on behalf of its own institutional or political interests.†[20]Thus, the main points of development of populism in Argen tina and Peru can be summed up, compared and contrasted in the following way:1.  Ã‚  Ã‚  Ã‚  Ã‚   Populism was first used as a policy to gain support in Argentina.2.  Ã‚  Ã‚  Ã‚  Ã‚   Populism has been bipartisan.3.  Ã‚  Ã‚  Ã‚  Ã‚   Populism has existed in both democratic and undemocratic regimes. In the case of Argentina the ruling of Juan Peron in the mid of twentieth century was undemocratic, while Peru’s leader Alan Garcia in the 1980s attempted to carry out populist policy together with the democracy4.  Ã‚  Ã‚  Ã‚  Ã‚   Commonly, populism was implemented by ambitious leaders to succeed in their political careers.5.  Ã‚  Ã‚  Ã‚  Ã‚   In both Argentina and Peru populism was successfully carried out by charismatic individuals who managed to appeal directly to the mass groups, for example, labor unions, the poor, and mobilize their political participation.6.  Ã‚  Ã‚  Ã‚  Ã‚   In both the countries the leaders who started the policy of populism promised to defend the interests of the â€Å"common people† by giving them jobs. In return, the masses support the leaders with their votes and social mobilization. In other words, promises, rhetoric comfort and pompous words are the tools of populists for capturing trust and votes of the masses. As Josà © Marà ­a Velasco Ibarra, the Ecuadorian populist put it: â€Å"Give me a balcony and the people are mine.†[21] As a rule, lofty promises of populism rarely come true, hurting by this most of the people that it claimed to represent.7.  Ã‚  Ã‚  Ã‚  Ã‚   Political careers of individual leaders built on populism always progress at the expense of economic growth of the country. Political leaders while fulfilling their lofty promised services roughly intrude into economic processes by implementing for example, expansionary monetary or fiscal policies, to produce an â€Å"economic miracle† for a short period of time. Ultimately, artificially created fast progress and breaking basi c economic principles and laws lead to economic collapse. Thus, the ambitions of populists always rebuff the well known truth that â€Å"there is no free lunch.†8.  Ã‚  Ã‚  Ã‚  Ã‚   On the other hand, it would be wrong to conclude that populist governments always failed to manage economics. In the 1990s Argentine president Carlos Menem’s attempted to create a free market â€Å"miracle† that totally eliminated the hyperinflation in the country’s for a short period of time. But Carlos Menem’s â€Å"miracle† was grounded on the unsustainable accumulation of public debt, which in 2001 sent Argentina’s economy into a new depression.9.  Ã‚  Ã‚  Ã‚  Ã‚   In both Argentina and Peru military forces were involved into political conflicts, but Peruvian populism caused politicization of army.10.   Peron in Argentina was the first to use media as one more force of propaganda of populist ideology.11.   Methods and political styles of leader ship varied in Argentina and Peru and improved with the progress of the movement. However, Argentinean Hipà ³lito Yrigoyen built the mechanism of populism at the beginning of the century. Also, some gestures and approaches used in one country were repeated or imitated in the other, for example, the charity of Evita and Marà ­a Delgado de Odrà ­a, ect.Bibliography:1.  Ã‚  Ã‚  Ã‚  Ã‚   Auguero, Felipe and Jeffrey Stark, eds. 1998. Fault Lines of Democracy in Post-Transition Latin America (Miami:University of Miami North-South Center Press).2.  Ã‚  Ã‚  Ã‚  Ã‚   Bamrud J. Contesting the ‘Washington Consensus’. The Latin Business Chronicle. Worldpress.org. February 25, 2002   http://www.worldpress.org/Americas/379.cfm (26 Nov 2005)3.  Ã‚  Ã‚  Ã‚  Ã‚   Cardoso, Fernando Henrique and Enzo Faletto. 1979. Dependency and Development in Latin America (Berkeley:University of California Press.4.  Ã‚  Ã‚  Ã‚  Ã‚   Carol Wise, Reinventing the State: Economic Strategy and Institutional Change in Peru, forthcoming. Chap.6   NEOLIBERALISM AND STATE RECONSTRUCTION 2001 (26 Nov 2005)5.  Ã‚  Ã‚  Ã‚  Ã‚   Chalmers, Douglas A., Scott B. 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Peronism without Perà ³n: Unions, Parties, and Democracy in Argentina (Stanford, Cal.:Stanford University Press).25.   Roberts K. Populism and Democracy in Latin Amer ica,World Politics 48, 1 (October): 82-116. p.16[1] Bamrud J. Contesting the ‘Washington Consensus’. The Latin Business Chronicle. Worldpress.org. February 25, 2002 < http://www.worldpress.org/Americas/379.cfm (26 Nov 2005) [2] Conniff Michael L., Populism in Latin America: Joel Horowitz, Populism and Its Legacies in Argentina, University of Alabama Press. Tuscaloosa, AL.: 1999., p. 22 [3] Conniff   Michael L., Populism in Latin America, p. 22 [4] Conniff   Michael L., Populism in Latin America, p. 25 [5] Conniff   Michael L., Populism in Latin America, p. 25 [6] Conniff   Michael L., Populism in Latin America, p. 29 [7] Conniff   Michael L., Populism in Latin America, p. 31 [8] Conniff   Michael L., Populism in Latin America, p. 34 [9] Conniff   Michael L., Populism in Latin America, p. 36 [10] Conniff Michael L., Populism in Latin America: Stein S. The Paths to Populism in Peru, University of Alabama Press. Tuscaloosa, AL.: 1999., p. 97 [11] Conniff    Michael L., Populism in Latin America, p.98 [12] Conniff   Michael L., Populism in Latin America, p.98 [13] Conniff   Michael L., Populism in Latin America, p.98 [14] Conniff   Michael L., Populism in Latin America, p.100 [15] Conniff   Michael L., Populism in Latin America, p.100 [16] Conniff   Michael L., Populism in Latin America, p.101 [17] Conniff   Michael L., Populism in Latin America, p.102 [18] Conniff   Michael L., Populism in Latin America, p.106 [19] Conniff   Michael L., Populism in Latin America, p.107 [20] Roberts K. Populism and Democracy in Latin America, p.16 [21] Crandall R. Latin America's Populist Temptation. In the national interest. The National Interest, The Nixon Center. (26 Nov 2005)

Fast Food Nation Essay

Summary: All Americans effect the huge growth of fast food but adolescents play even more of a vital role in than the average consumer. Not only do teenagers consume fast food, but they work for it and steal from it because they are attracted to it the most. The fast food industry provides the easiest way for young people to get started and continue to succeed in our â€Å"Fast Food Nation. † Our country loves fast food, there is speedy service with cheap tasty food in over one million restaurants world wide. Though we all love it, we do not like the stories behind it. In 2004, Americans spent over 110 billion dollars on fast food, that’s more than higher education, computers, computer software and new cars combined (Scholosser, 3). Teenagers provide a huge role in the fast food industry. Teenagers work at these restaurants, eat at these restaurants, are objects of advertisements by these restaurants and steal from these restaurants more than any other age group. Ever since the age of three more than 75 percent of American children can recognize the face of Ronald McDonald. Since our nation is currently being raised around fast food it is only inevitable that as children grow, they only become more of a part of it everyday. The average American child begins to work around the age of 16 doing low wage low labor jobs. At anytime a teenager can walk into any fast food restaurant and apply for a job. Fast food restaurants prefer to employ teenagers because they are easily trained, less expensive to tend to than adults and are easier to control. Also since most teenagers still live at home they can afford to work for wages too low to even support an adult. â€Å"No other industry in the United States had a workforce so dominated by adolescents. About two-thirds of the nations fast food workers are under the age of twenty† (Scholosser, 68). Working in McDonalds is not difficult, but just tedious and long. Since most fast food restaurants are run my machines, it is up to these 17 year-old employs to push buttons and say commands. All Burger King wants is for things to get done faster, not how much effort is put into work, so teenagers feel working at Taco Bell or KFC won’t be as difficult as it will a strain. Any teenager working behind the counter at any fast food restaurant is given less respect than animals at the pet store. .†.. she hates the job and is desperate to quit. Working at the counter she has to deal with rude remarks and complaints. She is often yelled at by strangers angry that their foods taking to long or that something is wrong with their order. One elderly woman threw a hamburger at her because there was too much mustard on it† (Scholosser, 81). Though rudeness is a downside to a fast food job, there are perks for kids who do not need a lot. Many of the 200 dollar a week salary is used for teenage spending; clothes, nights out, cars and other desirable things. Teenagers run and continue the fast food work force every day, not because they have to but because it’s the best option available to them. Though we may not like the way the food is cooked or served; the way it tastes is still great. McDonalds makes a huge profit off of everything; soda fries and sandwiches all profit so largely, and teenagers are one of the most popular customers. A medium soda in McDonalds is $1. 29, it cost McDonalds $4. 25 per gallon of soda syrup, only about 9 cents worth of syrup is used in a medium drink, giving McDonalds almost a 95% profit. Soda consumption among teenagers has doubled within the past 20 years, reaching an average of twelve ounces of soda a day per child. (Scholosser, 54). With French fries McDonalds buy them frozen for 30 cents a pound, then sells them reheated in oil for 6 dollars a pound, pure profit pulled from the hands of teenagers. McDonalds makes billions upon billions of dollars annually by selling things for such a low price but really making the largest profit possible. Recently, fast food restaurants have become more attractive to armed robbers than a clothing store or gas station. Since fast food industries do almost all of their business in cash, others rely on credit card transactions. Robbery in fast food chains is not uncommon at all, even when most of it happens by their own employees, underage teenagers who are desperate for money. Though most of these robberies occur early in the morning or late at night when few people are working. â€Å"The typical employee stole about $218 a year and according to industry studies, about two thirds of the robberies at fast food restaurants involve current or former employees. † (Scholosser, 84). Employees have low pay, high turnover and know the restaurant, why not steal? McDonalds is already a billion dollar industry, many of the people think, its not going to hurt their business, they won’t even notice. However these robberies have led to deaths and injuries, and make teenagers realize what horrible conditions they are working in. All Americans effect the huge growth of fast food but adolescents play even more of a vital role in than the average consumer. Not only do teenagers consume fast food, but they work for it and steal from it because they are attracted to it the most. The fast food industry provides the easiest way for young people to get started and continue to succeed in our â€Å"Fast Food Nation. â€Å"

A Look at the Different Opinions Concerning Abortion

A Look at the Different Opinions Concerning Abortion Being a subject that is never taken lightly in society, abortion is a wildly controversial issue. With a nation full of many diverse ethics and values, the issue of abortion has been divided into two opposite positions of pro-life or pro-choice. The pro-life stance is in opposition of legal abortion and against the termination of unborn fetuses. Overall, in the eyes of pro-life believers, life is a precious miracle and no matter how far along a fetus has developed, every aborted fetus has indeed been murdered. On the other hand, the stance of pro-choice supports the action of abortion and believes that women should have the legal right to terminate their pregnancy. No matter what position is taken on this crucial issue, abortion will always have lasting impact on people. For example, who can blame anyone who defends a pregnant mothers right to make a life and death decision by her own free will when assuming she completely understands all ramifications? By whatever way she arrives at her final heart- tearing decision to kill the fetus, should anyone have the right to force her to bear a child? Or, in contrast, who can fault someone who wishes to prevent the termination of a teen pregnancy in order to save the life of the innocent unborn child? Questions like these not only help conceive the importance and value of abortion but also raise much curiosity about this year’s election and the candidate’s beliefs. Although many of this years election policies are based on issues that encompass our devastating economy, the often neglected issue of abortion has become a ruthlessly exploited topic in this years presidential debates. The candidates, Governor Mitt Romney and President Barrack Obama, have very differentiating views of pro-life and pro-choice. Usually shown as an issue that favors pro-life candidates, this election has shown a historical change due to President Obama taking charge in a recent Gallup Poll (Dannefelser). Although there are some appealing arguments about the pro-life choice, I believe the policy of abortion should be terminated in our society, as it takes the lives of approximately 115,000 innocent and defenseless children daily. Of course, there is a population that doesn’t believe that the act of abortion is wrong and feels that women should have the right in whether they want to bear a child. Supporting this view, President Obama believes in the policy of pro-choice and holds the opinion that woman should bear the constitutional rights to their personal health and reproductive freedom. Within his campaign, Obama has shown his complete support of Planned Parenthood and given much funding to abortion and contraception advertising through his recent video known as â€Å"Yes We Can† (Yarrow). Through this tactic, Obama establishes the message that the women of America are capable of making their own choices. Disagreeing with parental notification, he states that he feels that abortion is an act that needs to have much thought and consideration and if â€Å"a young women becomes pregnant they should talk to their parents†. Moreover, he realizes that all girls do not have parental guidance a nd â€Å"in those instances, we should want these girls to seek the advice of a trusted source. Many feel this campaign tactic will be helpful in gathering support for abortion because â€Å"according to NARAL’s model and an extensive survey that shows there are over 5.1 million women pro-choice†(May). Claiming how Governor Romney â€Å"has gone to more extreme place†, by completely getting rid of funding for planned parenthood, President Obama claims that if he gets elected for a second term this crucial social issue will get resolved (May). Although President Obama makes some crucial arguments about this serious policy, there have been criticisms’ about his policy of abortion. President Obama constantly mentioned the topic of federal funding of planned parenthood numerous times and consistently made sure to bring up Romney’s vow to defund the nation’s largest abortion provider that also delivers an array of other productive services (Yarrow). Furthermore, Obama states in all three of his presidential debates that not only does his funding of planned parenthood help women in need, but it also can act like any other health care provider or OB/GYN by providing breast examinations and referring women to outside technicians (Viebeck). In reality though, Obama has recently been proven wrong, though, due to a recent fact check that verified that Planned Parenthood does not perform mammograms or even possess the necessary equipment to do so. The truth is actually revealed; â€Å"they do hundreds and thousa nds of abortions and not a single mammogram†(Dannenfeiser). According to the Washington Times â€Å"Planned Parenthood is even reportedly dropping what little prenatal care it offers† (Dannenfeiser). Moreover, the Congressional Research Service report stated that the federal government gives Planned Parenthood about $66 million to a unreliable service (Viebeck). In general, this shows the amount of money that is being taken out of the American’s pockets (Viebeck). Furthermore, pro-life candidate Mitt Romney claims that his opposing candidate, Barack Obama, needs to critically consider that abortion is a social issue and not an economical issue (Dannenfeiser). In general, Romney feels the most important thing should be fully trying to recover America from economic stress and this current devastating recession. Now completely behind the policy of pro-life, Romney’s policy of abortion has three exceptions of â€Å"cases of rape, incest, or pregnancy that endangers a women’s life† (Romney). His belief of pro-life advocates the legal protection of human embryos and fetuses and outlaws abortion. Throughout Romney’s debate he claims his first action he will take will be to defund Planned Parenthood in America. In addition, he he plans to overturn Roe vs. Wade, which states the legalization of abortion, due to over â€Å"fifty million abortions have been performed since 1973†. Through this plan, Romney claims that on ce overturned, abortion will be a matter of state decision and not a matter of federal decision. It will â€Å"finally allow the states to have authority† that they were initially intended to have (Blodget). In addition, Romney indicates that he will reverse the Mexico City position of the President and â€Å"reinstate the Mexico City policy which keeps us from using foreign aid for abortions overseas†(Weiner). Feeling that abortion is more of a social issue and not economic issue he plans to instead help the 17 million women that are currently living in poverty today (Weiner). Romney states I’m going to help women in America get good work by getting a stronger economy and by supporting women in the workforce.(Bennett). In general, much of this topic is subject to opinion and perspective and that is just the nature of this argument. Overall though, I find myself mostly behind Governor Romney and his choice of pro-life within America. Influenced by my morals and religious back ground, I believe that there are no exceptions for abortion. Living in a society that finds murder as a morally wrong act that deserves punishment, I believe the policy of abortion should be ended because I feel that there is no difference between murder and taking the life of an innocent and defenseless child. If a mother does not want a child or rape has occurred, adoption or other measures should be considered. Unfortunately, this is not a popular stance to many Americans due to the belief that woman should possess their constitutional rights. In reality, the act of abortion is legal before three months because the fetus is still in the embryo stage. In contrast, facts show that â€Å"More than 90% of the body structures found in a full-grown human are present after 9 weeks.† Overall I feel that today we live in a morally wrong and depraved society that is unwilling to accept their wrongs. We end up exonerating others for our mistakes. I understand that fear indeed is a powerful motivator, but as we accept these self-centered acts we underestimate both the intelligence and priorities of women. The women of America can use their brains, not solely rely on other parts of their body, to move ahead in society and achieve their goals.

Research Report on Major Coffee Houses in the United Kingdom Paper

Report on Major Coffee Houses in the United Kingdom - Research Paper Example Major players such as Starbuck have started opening outlets at every nook and corner of the country to gain popularity and pose threats to its competitors. The competition has become so deadly with more and more entrants joined the market and started their innovative style in product and service. However, recent research findings show that "after a prolonged period of consistent year-on-year growth, much of the coffee shops market is now entering a phase of consolidation, as consumers and operators alike hunker down in reaction to the current economic recession" (Coffee Shops - Current and new strategies for success). Moreover, the trend in the market has also changed from conventional outlet to pubs and fast food especially among youth. At this juncture, this research paper explores the status of the coffee industry in the United Kingdom by means of a variety of methods such as PESTLE Analysis. The study covers the PESTLE analysis of four major players in the coffee industry of the country. The coffee houses selected for the present study are Starbucks, Caffe Nero, Costa Coffee, and Coffee Republic. The study begins with the preparation of a perceptual positioning map and its relevance. The study covers those coffee shops where coffee is a major item of sales and majority of the consumers visit the shops to consume branded coffee because of their loyalty to the brands. The research is not confined to a particular type of coffee. Instead, it includes different types of coffee products such as cappuccino, latte, mocha. For the purpose of the research coffee shops include venues such as individual stores, kiosks and concessions. It is also to be noticed that the research does not cover other coffee establishments such as in-, tea shops, store cafes or traditional cafes, restaurants, and sandwich shops. The study takes a sample survey among 30 coffee consumers of various brands. It seeks to explore that how the consumers of various coffee products rate their brand s and what motivate them to buy their brands. A Brief Account of the Profile of Selected Companies Starbucks Established in the year 1980 by Howard Schultz, Starbucks is a large coffee retailer conglomerate having around 11000 cafes spread across 40 countries around the globe. The main reason for the company's success has been its focus on quality and highest beverage processing standards including selection of the best coffee ingredients. The raw materials that go into making the coffee are extracted from the best Arabica coffee beans and there are no mixtures or additives.

Strategic Management Case Study Example | Topics and Well Written Essays - 750 words

Strategic Management - Case Study Example This company is now selling their products in almost all countries through out the world. Imperial says that combining the fourth and fifth largest cigarette companies in the world on a friendly basis makes compelling sense and would be a good strategic fit, and analysts say there would be no major competition problems. (UK's Imperial Tobacco makes $15billion bid for Spanish rival Altadis) SWOT Analysis- SWOT analysis is intended to provide information that is appropriate for the company's resources and other factors for the purpose of maintaining its prevailing market position. It means analyzing the Strength, Weakness, Opportunities, and Threats. All these four factors should have an equivalent role in retaining its market strategy. Strength of a company indicates about its competitive advantage, mainly in respect of its patents, brand name etc. "SWOT Analysis highlights the weaknesses of the company and the threats to which it is exposed; the strengths of the company and the way the company has positioned itself to take advantage of the opportunities." (Imperial Tobacco Group PLC, Corporate Analysis). ... At the same time Threat creates a critical situation within the company's environment. It is a framework for the company to analyze the strength and weakness and for matching the company's opportunities with its threats. The major strength of Imperial Tobacco is that of innovation in the whole business areas. The company is delivering high quality products to their customers through which they are retaining and finding loyal customers for selling their products. The industry average in management practice is only up to 87%, but as far as the company is concerned, Imperial Tobacco achieves 88% towards its performance. Thus it becomes evident that they are the leaders in the industry. VRIO framework is a tool for analyzing an organization's capability for operating its business activities in an effective manner. This is a tool, which is internally applied within an organization for reviewing and improving its functioning. VRIO indicates Value, Rarity, Imitability, and Organization. Value means a firm's capability to utilize an opportunity and to defend any threat from others. It also provides a specification about the resource capacity of an organization. It is helpful for planning the future performance of a company and to defend against competitors. It enhances a company's productivity, which is more beneficial for improving its profitability as compared with its competitors. In order to maintain the Value concept, certain elements like corporate culture, effective management system, developing a friendly work atmosphere, and the adaptation of certain innovative techniques are essential. Rarity means an organization's ability to maintain its resources in the han ds of a few personnel. Due to the scarcity of resources, it is not easy

Cultural Background Summary Essay Example | Topics and Well Written Essays - 500 words

Cultural Background Summary - Essay Example Our dance movements can be easily traced to many tribes of sub-Saharan, Sahelean Africa and western dance form. Similarly our music and songs are an amalgamation of African and European styles giving rise to unique styles like jazz, swing, blues and ragtime. When these evolved they were restricted to African Americans only but have become popular the world over. Similarly our folktales were a clever way of preserving the cultural traditions of the past conveyed through the convenience of riveting stories whose magic enthralled not just through words but also the expression and tone of the story teller. Modern day rap songs are an extension of the same. The dialect and distinct accent has also been shaped in the historical melting pot in which English and often unknown various African regional languages were thrown in. We are able to manage the Standard English at school and our unique dialect at home with equal ease. Though we know that our ancestors were forcibly converted, we are practicing Christians and regularly go to the church in the best possible dresses. The women especially like to wear elaborate caps for worship and our gospel songs also display unique African American flavor. Culturally the preference is for brightly colored attire as is the case with many western Africans, though mainstream clothes (fabric and patterns) do influence the dress sense and appearance.

Business case study Essay Example | Topics and Well Written Essays - 750 words

Business case study - Essay Example claims that he fully intended to repay the club their money upon the sale of his next book and that the students were foolish to think that he was allowed to set up their account and not have access to it. Reasons: The law does not usually care what you intended to do after committing a crime. The law only cares whether there was an actus reus (an act) and a mens rea (intention). If you intend to commit a criminal act, you are guilty—whether or not you plan on paying back the money later, for example. B) Ann promises her nephew, Bert, that she will pay his college expenses for obtaining a Bachelor’s degree if he promises to give up his heavy smoking and heavy alcohol drinking habits. Bert agrees, totally giving up his smoking and drinking habits. He enters college and graduates with his Bachelor’s degree. At his clean and sober graduation party, Bert asks Ann to pay his college expenses as per their contract. He does boast that Ann was a fool since he was planning on giving up his smoking and drinking behavior anyhow. Ann claims she does not remember their agreement, but admits that even if she did make such an agreement, there was no valid consideration and thus no binding contract for her to pay. Bert sues her for his money. Reasons: For a contract to be valid, something must pass on both sides, either an action or a forebearance. Bert gives up his drinking and smoking, a forebearance that would qualify as consideration on his part. But Ann doesn’t do anything with regards to the contract. No consideration passes from to Bert. C) Thrifty Drug Stores purchases â€Å"Magic Window Wipes†. These are disposable towels that you take right out of the packet, wipe your dirty windows, and toss in the trash. They are supposed to make your windows squeaky clean. Over the next three months Thrifty Drug Stores sell about one third of their inventory of the wipes when the sales go completely flat. A manager of the stores asks former customers why they do not buy any

School Uniform Essay Example | Topics and Well Written Essays - 750 words

School Uniform - Essay Example Brunsma argues that uniforms help to save money for families by ensuring that children do not pressurize their parents to buy them expensive clothes (38). However, uniforms are not cheap and must be bought year after year as the children grow bigger and older uniform no longer fits them. Moreover, children will still demand new uniform due to wear and tear. Two sets of uniforms are required thereby increasing the cost of education. Emphasis on school uniforms also leads to the emergence of cartels that control the market charging exorbitant prices to parents because most of them must buy them under the guise of â€Å"back to school offers† (Gouge, 82). During elementary level, I and my siblings exerted undue pressure on our parents to buy new uniforms as a result of the â€Å"back to school† excitement. Children and their parents flocked uniform shops creating a sharp rise in demand that caused price increases. It is also important to understand that buying uniforms doe s not mean that children will not demand regular designer clothes suitable for seasons such as summer and winter. It is therefore obvious that school uniforms do not help parents to save money.   Haydon supports the idea of school uniforms as a symbol of belonging to a certain organization. It is viewed as a symbol of pride that also creates a sense of identity for the school and the students within the community, thereby promoting learning. It is part of an organizational culture of a school and demonstrates that students appreciate being part of it (25).

Chose an ecosystem, analyze the impact of human activity on the Essay

Chose an ecosystem, analyze the impact of human activity on the ecosystem, and provides guidelines to help preserve your chosen - Essay Example Saving these rainforest ecosystems and rehabilitating forest lands is critical to ensure clean air and a healthy environment for all. Tropical Rainforest Ecosystems An ecosystem is a community of living organisms, as well as the non living components in their environment, on whom they depend for their needs. Nutrients and energy that are obtained from the environment are used so as to maintain an ecosystem. An ecosystem consists of various species and each of them has a relationship with other species that cohabit the ecosystem. Ecosystems are of various types and are determined by the prevailing climatic conditions which in turn define the vegetation and the variety of life forms found there. Examples of ecosystems are rainforests, grasslands, deserts, and water ecosystems like marine or freshwater ecosystems. Ecosystems can be divided into their biotic or living components like primary producers that are green plants, herbivores, carnivores etc; and the abiotic or non living compon ents like sunlight, temperature, moisture and so on. ... The Amazon rainforest, also known as Amazonia is the largest rainforest in the world. It is sometimes referred to as the lungs of the planet, due to its capacity to recycle large quantities of carbon dioxide into oxygen. Situated in South America, the Amazon rainforest covers more than half of Brazil and is the drainage basin for the Amazon river and its tributaries. Its proximity to the equator ensures plenty of heat and sunlight, which in turn generates rain that provides the moisture. High temperatures, and abundant rainfall throughout the year, results in a climate that is warm and humid. These are ideal conditions for the growth of all types of vegetation including a wide variety of trees, plants shrubs and other vegetation, which attracts innumerable birds, insects and animals. Hence rainforests are rich in their biological diversity and home to myriads of animal, bird and insect species. Biodiversity is important to the environment because it increases productivity in an ecosy stem, where every species, no matter how tiny, contributes to the health and well being of the ecosystem. As Ban Ki Moon (2010) rightly points out â€Å"Biodiversity underpins the functioning of the ecosystems on which we depend for food and fresh water, health and recreation, and protection from natural disasters.† (Ban Ki Moon, 2010) The Amazon rainforest consists of four layers, the emergent layer, the canopy, the shrub layer and the forest floor. The emergent layer consists of the tallest trees, some that are over 50 meters in height. The leaves of these trees are smooth and waxy and taper to what is known as a drip tip to allow water to drip off it to the layer below. The canopy is below the emergent layer and is a sea of leaves. Since the tallest trees and the canopy of

Are corporations persons with religious freedom rights Case Study

Are corporations persons with religious freedom rights - Case Study Example ) The court observed that the reason of extending these rights to corporations was to protect the right of employees, shareholders and officers of the corporation. Allowing these corporations to enforce RFRA claims serve to protect the religious liberty of the corporation. c) The court also reasoned that corporations would be considered persons with religious freedom rights within the meaning of the RFRA. Non profit organizations are considered persons within the meaning of the RFRA and this should be extended to for profit organizations. Although the main objective of these organizations is to make money they also undertake humanitarian and altruistic endeavors similar to those of non profit organizations. d) The court also noted that the governments mandate on contraception greatly hinders the exercise of religion. In its judgment the court noted that the government already had an existing and functional mandate that was already implemented for non profit organizations and this could be extended to corporations with religious reservations. The government would therefore use the non restrictive mandate for Hobby Lobby (Churchill 2014). a) The most likely impact the outcome in Burwell v Hobby Lobby will have will be the perceived impact on employees and employers. However, the court was quick to point out that the decision concerned the contraception mandate only. Thus the outcome cannot be applied where the employer’s religious beliefs conflict with any other requirement. b) The court also clarified that the decision only applies to closely held corporations which are operated according to the sacred beliefs of its owners. What this means is that all other for profit organizations that are closely held are exempt from providing contraception coverage for its employees (Cohen, Lynch, & Curfman 2014). c) The outcome in this case will also affect the mandate of ACA. Under the ACA, exemptions apply only if the employer qualifies as a religious employer, or

Texas Roadhouse Wont Scrimp on Making Employees Happy Essay Example for Free

Texas Roadhouse Wont Scrimp on Making Employees Happy Essay 1. â€Å"If we take care of our employees, they will take care of our customers† is a common phrase. In your experience, is it actually practiced or is it just a clichà © on the wall? Discuss the implications of your answer. â€Å"If we take care of our employees, they will take care of our customers,† this quote mostly depends on the individual company and how they perceive their employees. Some companies realize that in order for them to succeed, they must invest in their employees, as employees are the key to a successful and highly profitable business. And in order for employees to remain motivated and continue to flourish, they need recognition, which is a basic human need, regardless of status or job type. Once employees have been acknowledged for their good performance, they feel more appreciated, and as a result will demonstrate greater levels of commitment and dedication. Thereby, producing top results for the company and treating its customers with royalty. During recessions some companies such as Texas Roadhouse, continue to demonstrate employee appreciation through employee gatherings, cash reward bonuses and annual company conferences, in which spouses are invited (Noe et al., 2011). Companies such as Texas Roadhouse and other companies are leaders who want to succeed in today’s competitive world, and they realize that even during hard economic times, there’s still the strong need to maintain programs which are aimed at recognizing employees for work place accomplishments. And when employees are truly happy and motivated, they will care for the customers and give their best. Even through our suffering economy, many other companies also continue to celebrate employee’s performance through various recognition programs such as, cash bonuses, flexible work hour schedules, award celebrations, gift cards, employee appreciation day, company cook-outs, discounted family membership incentives, floating days and many others. Finally, most good leaders appreciate what employees do for the company, and will try to find ways to show love and appreciation. 2. Texas Roadhouse uses money as a motivator for employees. In today’s economy, describe alternative methods that could be used to motivate their employees. Texas Roadhouse has traditionally been known for their generous cash bonuses in recognition of employee appreciation, such generosity included, cash bonuses ranging from $500.00 in fun money to $20,000 for best meat cutter (Noe et al., 2011). However, in today’s unstable economy, the smart business leader will find other ways to show love and appreciation for their employees. Texas Roadhouse managers realize that employees are its biggest contributing factor for success or failure, and will find other ways to motivate employees, even during such economic uncertainty. For many companies, non-cash recognition is still a very powerful motivator, and will still foster ways to attract and retain good employees. And even though money is always a great motivator, effective employee compensation goes beyond money, in terms of individual needs being met; such needs as psychological needs, which define human relationships and the importance of employees connecting with customers, coworkers and managers. Employees also need to feel that they are a part of a group that has achieved success (Armstrong., 2010). Texas Roadhouse could customize a flexible-hours plan that would cater to restaurant staff. And even though most employees wouldn’t necessarily have the luxury of working from home, they would still have Flexible work hours and would be given the freedom to switch time schedules with coworkers, possibly allowing them more balance between work and home-life, while demonstrating an established trust between manager and employee. With flexible work schedules, employees can leave earlier or come in later, rotate shifts, or readjust their work schedule to make it more conducive to their life-style (O’Toole et al., 2011). Another great non-cash employee incentive for Texas Roadhouse could be that of various trainings and self-developmental opportunities. Trainings are very informational and can benefit employees in many ways, as they promote excellent ways for companies to learn of their top talent, trainings will also also satisfy employees will skill deficiencies. Trainings show the employees that their employer supports career development and advancement. The various trainings will expound on existing skills by including missing tools such as, education, updated technological skills and will help promote the company’s vision for valued progress. Trainings such as employee leadership offer employees development and confidence in independent problem-solving. Texas Roadhouse could also utilize multiple customer service trainings, since they provide direct service to exterior customers. And in order for them to continue on a successful path, they must continue to find ways to teach and reteach their employees the values of world class standards and its quality to customer satisfaction. As employees are exposed to various training programs, their knowledge potential becomes greater, creating more valuable human capital to the company. 3. Discuss the possible effectiveness of each of your alternative methods. Regardless of the economy’s condition, a good leader is able to inspire and motivate its employees, as they understand that happy employees will result in the success of the business. Effective employees are a result of effective managers, and good managers reward employees for good performance through communication and various reward methods. Alternatively, non-cash rewards, such as trainings and flexible hour plans can promote happier, healthier and more motivated employees, which will lead to more productivity. A flexible hours plan can prove very effective, as this method allows employees the freedom to switch shifts, to rotate hours around the clock, or change the time of day in which the tasks will be completed. As employees are allowed this flexibility, there sense of responsibility and confidence increase, as trust and an honor system is established between the employee and the manager. Through the flexible hours plan, employees are less stressed, as they are finding more balance and time to fulfill family obligations as well, all resulting in increased employee productivity. Employee trainings may also prove to be a very effective means of motivating employees. Trainings provide many benefits, as they help to build employees skills and talents, they also can foster a greater team environment, thereby giving employees a wider range of support and comfort. Trainings and other developmental strategies can be a powerful tool, which can aid a struggling worker. Through various training sessions, employees gain problem-solving abilities, learn up-to date technology skills, and become less dependent on the manager. And finally, trainings can help manager’s spot top talent within the company. 4. Analyze how transferrable is the Texas Roadhouse way of motivating employees in other organizations. Texas Roadhouse way of motivating their employees through large cash bonuses and other annual motivational conferences are incentives, which are based on the individual managerial leadership style, and cannot be transferred to other organizations, as every leader exhibits a distinct leadership style. It is agreed that such large cash bonuses will create keen competition between employees, but each leader have their own intangibles or uniqueness, which is spelled out through their leadership strategies. And during an economic hardship, the leader may decide on future investments that would offer the employee various training sessions to build upon their existing skills and knowledge, thereby, offering the employee promotional opportunities which would increase the employees financial gain, as well as making an upgrade to the companies potential success. Leaders must also consider that different people are motivated by different things. While some employees may have financial goals, others may have professional or personal goals, and cash compensation can’t possibly fulfill all human needs. Finally, based on the needs of a company, a good leader will know what to do and how to go about planning in order to achieve a successful outcome. References Armstrong, M. (2010). Armstrong’s handbook of reward management practice. (3rd ed.). Philadelphia, PA: Kogan Page Noe, R. A., Hollenbeck, J. R., Gerhart, B., Wright, P.M. (2011). Fundamentals of human resource management (4th ed.). New York, NY: MCGRAW-HILL. O’Toole, J., Lawler, E. (2007). The new American workplace. New York, NY: Palgrave Macmillan.

Millers success Essay Example for Free

Millers success Essay Written by Arthur Miller in the early 1950s, The Crucible notes the story of the quiet town of Salem, Massachusetts in 1692. As the play progresses, a major witch hunt takes place after a group of young girls claim to have danced with the Devil. Although the play is fictional, Miller based it on real people and events documented in records made after the actual witch hunts took place, at around the time the play was set it. I have chosen to analyse the conversation in Act 1, between Abigail and John where she attempts to entice him back to her, however John is adamant he will not be drawn in by her charms and appears to not be tempted. I shall also analyse the section of Act 4 where John Proctor confesses to partaking in witchcraft, but then changes his mind after realising he values his morals more than his life. The first episode begins with Betty in bead and, after supposedly dancing with the Devil; she is in an apparent trance-like sleep. At the same time, John and Abigail are talking about their affair, something that took place before the play began. In this extract, Miller uses a variety of techniques to create tension on stage and in the audience. One such technique is the way in which variations are created in language; this creates a mix of emotions from the audience. Take, for example, Abigails line of Give me a word John, a soft word where she appears to be attempting to seduce John. In this part of the play we see how Abigail can manipulate how she speaks to, in a way, toy with Johns emotions, however it is likely that at this point in the play the audience will be aware of how young Abigail actually is, and will therefore realise she is embarrassing herself. Although this isnt creating high levels of immense tension, the embarrassment the audience is provoked to feel due to Abigails actions is likely to leave them feeling highly uncomfortable in the situation causing a tense atmosphere to be created. In contrast to Abigails approach, John talks more as a father, giving a very patronising response, which begins with him calling her child, thus furthering the embarrassment felt. Another technique used in this section of the play is the contrast between how Abigail appears towards John and how she appears towards her Uncle Parris slightly earlier on in the play. To Parris, Abigail seems to be the angelic niece who made the simple mistake of dancing in the woods. However, when she talks to John she says things such as I am waiting for you every night and I know you, John. I know you.. Both of these examples show how Abigail can change from being an innocent little girl to an apparently seductive young woman. After watching this episode, the audience are undoubtedly aware of how Abigail attempts to manipulate people, and shows how the character is likely to progress, using her skills in manipulation to full advantage. The feeling that something is waiting to happen may cause unrest in the audience, which would build up tension levels slightly. The pace of speaking varies a lot in this small section. We see Abigails seductive speech, alongside John showing remorse for the situation that has arisen saying I never give you hope to wait for me. This is calm, and clear John is not interested. He sees being open and honest, stating how he feels in the plainest English imaginable as the best way to prevent this conversation ever developing again. This would keep tension levels low, creating a feeling in the audience that they want Abigail to understand, and see nothing can happen. However, when this is obviously not the case, John begins to lose his composed presence and when Abigail begins crying, the volume of the conversation increases. This, in itself, will cause an increase in tension. Following this emotional outburst, Abigail pleads with John, running to him and crying pity me, pity me!. Such a change in a once strong and grown up character, along with the urgency with which the lines are delivered will create huge tension and, probably more embarrassment felt for Abigail. This is a particularly emotional part of the play, which relies far more upon vocal talents than any physical contact to create the tension we feel when watching it. There is, however, one point in this episode where John grabs Abigail and whilst shaking her shouts Do you look for a whippin?. By this point in the conversation the audience are likely to be in the belief that John Proctor has effectively lost it and needs to find a way to make Abigail understand, whatever that way may be. Following John grabbing Abigail, the audience see violence as one way of this conversation finishing which will obviously raise the tension levels considerably.

Financial Statement Analysis of Hilton Worldwide Holdings

Financial Statement Analysis of Hilton Worldwide Holdings Company Overview HiltonWorldwide Holdings Inc.is one of the largest and fastest growing hospitality companies in the world. The company is correctly positioned in the industry. We expect Hilton to grow at about 6.92% the same rate as its competitor and to maintain the median returns it currently generates. Hilton has relatively high profit margins while operating with median asset turns. Hiltons year-to-year change in revenues and earnings are better than that of its competitor. Hiltons revenue growth in recent years and current P/E ratio are both around their respective peer medians suggesting that historical performance and long-term growth expectations for the company are largely in sync. Analytical Conclusion Although the hospitality industry can get volatile Hilton Worldwide will continue to make strides as the company has a dedicated team coupled with an award winning portfolio and tailor made strategies for each hotel. Hence, the company will continue its operations for years to come. While Hilton has little control over external shocks, the company has the ability to adapt to its competitors, both old and new in all 104 countries and regions. Hilton worldwide is fairly valued. The company is currently valued at $19.07 billion with an anticipated value of $19.70-20B. Summary Financials Price (Sale):2.63(BV):3.21Float: 192.69M Debt to Equity: 184.85 52 Week Trading Range: 41.55 60.40Insider Holdings: N/A Current Ratio: 1.33 Cash: 1.42B Equity: 5.89 B P/E trailing: 54.77 Exchange: NYSEProfit Margin: 4.82% P/E forward: 27.65 Market Cap: 19.18BOperating Margin: 28.07% Shares Outstanding: 329.73MROE: 6.17% Selected Financials FY 12/31 2018 2017 2016 2015 2014 2013 2012 Revenue 9.66B 8.88B 11. 66B 11. 27B 10.50B 9.74B 9.28B Net Income 743M 571 M 348M 1.4B 673M 415M 352M EPS (Basic) 2.06 1.74 1.06 4.26 2.04 1.35 1.14 EPS (Diluted) 2.06 1.74 1.05 4.26 2.04 1.35 1.14 P/E 28.22 33.25 21.59 30.65 34.40 33.82 35.98 Company Highlights Net loss for the fourth quarter was $382 million, and net income for the full year was $364 million. Diluted loss per share was $1.17 for the fourth quarter, largely driven by $513 million of non-cash corporate restructuring charges incurred prior to the spin-offs, and diluted EPS was $1.05 for the full year. Added 354 hotels to its system in 2016, opening nearly one hotel per day in the year. Completed spins-offs of Hilton Grand Vacations (HGV) and Park Hotels and Resorts (PK) Hilton launched its newest brand the Tapestry Collection by Hilton. Description Hilton is one of the largest and fastest growing hospitality companies in the world, with a portfolio of 14 world class brands comprising over 4,900 properties with more than 800,000 rooms in 104 countries and regions. Hilton is committed to fulfilling its mission to be the worlds most hospitable company by delivering exceptional experiences at every hotel, to every guest, every time. Hilton was founded in 1919 by Conrad Hilton when he purchased his first hotel in Texas, Hiltons is the most recognized hotel brand in the world. Hiltons operate its business across three segments: ownership; management and franchise; and timeshare. Hiltons strategy focuses on providing service and cost models tailored to each hotel, reflecting size, business complexity, and market environment. Hilton provide appropriate levels of engagement depending on each hotels needs, by ensuring hotel owners are fully engaged in decision-making. This consolidated approach means Hilton maximize cost and scale effici encies, by sharing best practice, market and trend intelligence and ensuring appropriate affordability to each hotel. For example: Hilton refine its luxury brands to deliver products and service standards that are relevant to each region. Hiltons operations are mainly concentrated in the United States, however, it has its presence in the international markets such as in Europe, the Middle East and Africa, and in the Asia Pacific region. Operations Hilton operates its business across three segments namely; ownership, management and franchise, and timeshare. Ownership Hilton is one of the largest hotel owners in the world based on the number of rooms at the companys leased, owned and joint venture properties. Hiltons diverse global portfolio of owned and leased properties includes a number of prominent hotels in major cities such as New York City, San Francisco, London, Chicago, SÃ £o Paolo and Tokyo. Hiltons portfolio includes renowned hotels with significant underlying real estate value, by the end of 2016, the ownership segment had 141 hotels with 57,716 rooms. In recent years Hilton has expanded its hotel system less through real estate investment and more by increasing the number of management and franchise agreements the company has with third-party hotel owners. Hilton focuses on maximizing profitability and cost efficiency of all its portfolios by, reducing fixed costs and implementing new labor management practices and systems. For instance, Hilton has developed and executed strategic plans for each of its hotels to enhance the market po sition of each property. At many of its hotels Hilton has renovated guest rooms and public spaces and added or enhanced meeting and retail space to improve profitability. At certain of its hotels, Hilton is evaluating options for the adaptive reuse of all or a portion of the property to residential, retail or timeshare uses. Management and Franchise Hiltons management and franchise segment enables the company to manage timeshare properties and hotels and license its trademarks to franchisees. Hilton currently manages 4,734 hotels with 738,724 rooms. Therefore, this segment generates its revenue primarily from fees charged to homeowners, hotel owners and associations at timeshare properties. Hilton grows its management and franchise business by attracting owners to become a part of its system and participate in its brands and commercial services to support their hotel. On Hiltons part, these contracts require little or no capital investment to initiate and provide substantial return on investment for Hiltons. Hiltons primary management services consist of operating hotels under management contracts for the benefit of third parties, who either own or lease the hotels. Hilton earns an incentive fee based on gross operating profits and a management fee based on a percentage of the hotels gross revenue. For a fee Hilton franchise its trade, brand names, operating systems and service marks to hotel owners. Hilton does not directly participate in the daily operation or management of franchised hotels but its conducts periodic inspections to ensure that brand standards are maintained. Hilton approves certain aspects of development and the location for new construction of franchised hotels, in some cases, Hilton also provides the franchise with product improvement plans that must be completed in accordance with brand standards to remain in Hiltons hotel system. Timeshare Hiltons timeshare segment generates revenue from three primary sources: Resort Operations, Timeshare Sales, and Financing. Hilton market and sell timeshare interests owned by Hilton and third parties. The company sells timeshare intervals on behalf of third-party developers using the Hilton Grand Vacations brand. Through resort operations Hilton manages the Hilton Grand Vacations (HGV) Club, receiving annual dues, enrollment fees, and transaction fees from members. Hiltons also provides consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of timeshare intervals and revenue from servicing the loans. Strategy Since Hilton Worldwide was founded, the company has been among the top hospitality companies in the industry. In fact, after almost 100 years it is considered one of the largest and fastest growing corporations with the goal to deliver outstanding customer experiences and excellent operating performance. Hiltons business strategy is based on its service differentiation, the company distinguishes itself from its competitors by providing high quality service combining it with IT systems. According to Dudovki, (2016), Hilton has been focusing its strategy on digitalizing mobile services, booking channels, loyalty and data driven-personalization, and also improving guest experience and privacy. Enhanced service offering is at the forefront of Hilton strategy. In order to allocate more of customers travel spending to Hilton hotels, and consequently to enhance customer loyalty for the entire system of hotels and timeshare properties, the team created Hilton Honors Loyalty Program. The program rewards guests with points for each stay at any of Hiltons more than 4,900 hotels worldwide. Members can use the points earned for free hotel nights and other goods and services; moreover, it is possible to spend the points with 130 partners, among which car rental, rail, and airlines companies, credit card providers and others. The loyalty program contributed over $17 billion in terms of revenues as reported at the end of the year 2016. Another strategy employed by Hilton is premium pricing. Hilton utilizes the premium pricing policies for its upscale services and hotels. The pricing strategy is established to emphasize, among customers, the sense of status and luxury rather than the sense of stay and dining. Through the analysis of previous performance and strategies they provide to manage future profitability. For instance, they engage with sales teams for hotels with significant group/corporate business, to ensure corporate pricing structure is maximized throughout the RFP process. The management of Hilton believe every Hilton Worldwide property has its own unique strengths and challenges. As such they provide service and cost models tailored to each hotel, reflecting business complexity, size, and market environment. Hilton matches its service to the needs of the clients hotel, Hilton management believes that one size fits all. This consolidated approach means that Hilton maximize cost and scale efficiencies, rapidly sharing best practice, market and trend intelligence and ensuring appropriate affordability to each hotel. Hilton have focused on optimizing hotels market share and delivering market-beating revenue per available room (RevPAR) results. Hiltons team provides thorough analysis of previous performance and strategies to drive future profitability. Management Hilton Executive Committee is characterized by key personnel with diverse backgrounds who were able to bring the company to the prominence it now enjoys in the hospitality industry. Among those executive are Hiltons President and Chief Executive Officer, Christopher J. Nassetta. Nassetta has been one of the most important figure in the Hilton family since 2007. With a degree in finance, Nassetta has always been close to the hospitality industry and real estate market. In fact, he worked as President and Chief Executive Officer at Host Hotels Resorts, Inc. since 2000, and before he was Chief Development Officer for The Oliver Carr Company, one of the largest commercial real estate company in the Mid-Atlantic region. He is also involved in several non-profit organizations and volunteering. Another central leader in this profitable company is its Executive Vice President Chief Financial Officer, Kevin Jacobs. He began his experience at Hilton in 2008 covering various positions. He is now responsible of the companys global finance, information technology and real estate functions. As his President, Jacobs has a background in the hospitality industry working for other Hotels and Resorts corporations. Jim Holthouser joined Hilton board as Vice President of Global Brands in 1979. He directs the brand management and customer marketing across nine consumer brands for more than 4,000 hotels. With over 20 years of experience in the restaurant, lodging, and gaming industries, Holthouser has held a series of senior management positions within Hilton in the franchising, branding, and marketing arenas. The above mentioned key personnel are veterans in their own right with experience in hospitality and related industries, Hiltons executive team is well-positioned to accelerate its momentum. Hiltons executives collectively make a holistic team because they are from diverse background and shares common interests and values as such they all able to contribute to the holistic growth and development of Hilton Worldwide. Markets The hospitality industry is seasonal. It is common for Hilton and the other competitors to expect lower revenues in the first quarter of each year. According to Statista the global hotel industry in 2016 was valued at $490.06 billion. Reports by Financial Morningstar.com indicate that Hilton Worldwide is ranked among the largest player in the global hotel industry, Hilton and Marriott have the highest market share. They are followed by Wyndhams, Choice Hotels and International Hotels Groups. The global hotel industry is fragmented. There is no single company in a position to influence or dominate the industry as no company holds more than 5% of the global market shares. Hilton is growing quickly, as it has the highest global market share by room supply of approximately 4.7%. Hiltons operations are mainly concentrated in the United States, but it has started to increase its presence in the international market. Hilton has a higher market share of 9.3 % in the United States, it has a r elatively small share of 3% in other regions in the Middle East and Africa, 1.6 % in Europe, and 1.2 % in the Asia Pacific region. Hilton faces a strong competition as a hotel, resort, residential, and timeshare manager, franchisor, developer and owner. The hotel and lodging industry inspects several elements in terms of competition, such as the attractiveness of the facility, location, quality of accommodations, amenities, level of service, room rate, public and meeting spaces and other guest services, consistency of service, brand reputation and the ability to earn and redeem loyalty program points through a global system. Hilton principal competitors on a global scale are Marriott International, Accor S.A., Carlson Rezidor Group, MÃ ¶venpick Hotels and Resorts Hongkong and Shanghai Hotels, Hyatt Hotels Corporation, Intercontinental Hotel Group, and Wyndham Worldwide Corporation. Financial Analysis and Projections Financial History 2014-2015 Hilton Worldwide generates revenue from three business segments namely ownership, management and franchise and timeshare which accounts for the companys strong financial results. For fiscal year ending 2015 total revenue increased from $10,505,000,000 in 2014 to 1$1,272,000,000 in 2015, showing a growth of 6%. This positive revenue is attributed to recovery in the economy. Likewise, cost of revenue also increased from $4,029,000,000 in 2014 to $4,065,000,000. These cost of revenue are consistent with the companys portfolio expansion. However as a percentage revenues, cost of revenues decreased by 2% in 2015 which is a reflection of the companys extensive cost reducing strategy, meanwhile the companys gross profit margins increased by 2.27% in 2015. The companys selling and administrative, non-recurring, and other expenses as a percentage of revenues has shown slight increases over the past two years, which is consistent with expansions. However, the company was able to compress the cost of expenses so that these cost did not increase by more than the increase in revenues. On a per share basis, earnings showed a significant increase from $2.04 in 2014 to $4.26 in 2015, this represented an increase in performance. The companys net profit increased by 5.59% to 1,404,000,000 up from 673,000, 000, as Hilton launched its 13th brand, Tru by Hilton. Hiltons performance was as a result of the increase in revenues from owned and leased hotels in all segments and regions, with occupancy and rate increases in all regions except Middle East and Africa. Hiltons economic growth continued to drive performance, as global RevPAR increased from 3 to 5 percent. Hilton achieved record expansion and financial results in 2015 and continues to lead th e industry as the largest, best-performing and fastest-growing hospitality company. Fiscal Year ended 2016 The fiscal year ended 2016 was a record-breaking year for Hilton as the company increased its system size by 6.6% with 52,000 gross rooms opened, nearly one hotel per day was opened a total 354 hotels and started construction on nearly 77,000 rooms. The first quarter of the fiscal year 2016, was the slowest quarter for Hilton as they reported revenues of $2,750,000, 000, a 5% decrease over the corresponding period for 2015. The second quarter was the strongest quarter of the entire year, with a 9.9% revenue growth over the previous quarter. Revenues saw a consistent decline over the two last quarters. Net income for the first quarters of the 2016 was $ 309,000,000, a 48.5% increase over the corresponding period the previous year. However the company saw a significant reduction in net income over the three last quarters, and even posted a net loss in fourth quarter of 2016, the net loss was $382 million compared to net income of $816 million for the previous period in, 2015. During the fourth quarter of 2016, Hilton incurred a tax charge of $513 million related to a corporate restructuring executed before the spin-offs, resulting in a net loss for the period. For the fourth quarter of 2016, diluted loss per share was $1.17 compared to diluted earnings per share of $2.47 for the fourth quarter of 2015. For the fiscal year 2016, diluted EPS was $1.05 compared to $4.26 for the previous year. Net income was $364 million for the full year 2016 compared to $1,416 million for the fiscal year 2015, a 74% reduction. The companys performance for fiscal year 2016 reflect the effects of the spin-off of Park Hotels Resorts Inc. and Hilton Grand Vacations Inc. which was completed in January 2017. Consolidated Income Statement and Projections Common Size Expected Common Size Expected Common Size Actual Actual Actual All numbers in thousands Revenue 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014 Total Revenue 100% 9,661,440 100% 8,880,000 100% 11,663,000 11,272,000 10,502,000 Cost of Revenue 35.00% 3,381,504 35% 3,108,000 34.71% 4,048,000 4,065,000 4,019,000 Gross Profit 65.00% 6,279,936 65.00% 5,772,000 65.29% 7,615,000 7,207,000 6,483,000 Operating Expenses Selling General and Administrative 42.00% 4,057,805 40.00% 3,552,000 43.40% 5,062,000 4,741,000 4,182,000 Non-Recurring 0.09% 9,000 0.17% 15,000 0.13% 15,000 9,000 9,000 Others 5.88% 568,093 6.00% 532,800 5.88% 686,000 692,000 628,000 Total Operating Expenses Operating Income or Loss 1,645,039 1,672,200 1,861,000 2,071,000 1,673,000 Income from Continuing Operations Total Other Income/Expenses Net 4.50% 434,764.8 1.00% 88,800 0.15% -18,000 283,000 73,000 Earnings Before Interest and Taxes 21.53% 2,079,803 19.83% 1,761,000 15.79% 1,842,000 2,071,000 1,765,000 Interest Expense 5.00% 483072 5.00% 444,000 5.03% 587,000 575,000 618,000 Income Before Tax 13.00% 1,255,987.2 11.83% 1,050,600 10.76% 1,255,000 1,496,000 1,147,000 Income Tax Expense 5.00% 483072 5.00% 444,000 7.64% 891,000 80,000 465,000 Minority Interest 0.40% 38645.76 0.40% 35,520 0.43% 50,000 34,000 38,000 Net Income From Continuing Ops 8.00% 772,915.2 6.00% 532,800 3.05% 356,000 1,427,000 692,000 Net Income 7.60% 734269.44 6.43% 571,080 2.98% 348,000 1,404,000 673,000 Net Income Applicable To Common Shares 734,269.44 571,080 348,000 1,404,000 673,000 EPS Diluted 2.09 1.74 1.06 1.35 1.14 Average Share 350,000 329,000 329,730 1,040,000 590,350 Projections for Next Two years Current Fiscal year ending December 2017 As Hilton separate into three distinct, publicly traded company, in order to unlock growth opportunities and to take advantage of the capital market and tax efficiencies, there seems to be a dim outlook for the upcoming year. Experts project that revenues growth will decrease by 23.80% to 8.88 billion down from 11.66 billion in 2016. This expected decline in growth is not expected to translate in a reduction in overall EPS, as EPS, are expected to increase from $1.06 to $1.74. In fiscal 2017 the company plans to roll out its new simplified business model: A market leading fee-based business as over 90% of Hiltons revenue comes from franchise fee and management fee. This new business model is expected to generate significant revenues as the company continues to lead the industry in net unit growth without significant use of capital. Hilton intends to aggressively invest to drive revenues and manage risk. With the enhanced capabilities developed through the 354 hotels added in 2016 and the completion of a further 77,000 rooms. In addition, the company is expected to drive per unit growth due to the launch of its newest brand, Tapestry Collection by Hilton and extensive management contracts with large luxury hotels in countries such as China. However, general and administrative expense, non-recurring expenses and other expenses are projected to be flat compared to fiscal year 2016. Net profit is project to increase by 3.45% to 571,080 million. For the fiscal year ending December 2017, Hilton expects total revenue from continuing operations to increase by more than 20% up 88 million compared to the $18 million loss in 2016. Net unit growth is expected to be roughly 50,000 to 55,000 rooms as such system-wide RevPAR is projected to increase anywhere from 1 to 3 percent compared to 2016. For the fiscal year 2017 cash available for capital return and debt prepayments is projected to be between $900 million and $1 billion. Likewise, capital expenditures for the year, excluding amounts reimbursed by hotel owners, are estimated to be between $150 million and $200 million. Fiscal Year Ending December 2018 For the fiscal year ending December 2018, revenue are projected to increase by an average of 8.80 %, up to $9.67 billion, while earnings are expected to grow to an average of 2% to roughly $2.08 billion, showing positive prospects of continued growth. The earnings per shares are expected to show a corresponding increase from $1.74 to $2.08. Hilton is expected to drive leading investment returns to hotel owners, as hotel owners continue to invest in Hiltons system growth. Hilton is also expecting its market-leading growth to be amplified by its new brands that will bring new customers into its system and offers more opportunities for its existing customers to stay with the company. Capitalization and Other Asset and Liability Analysis During fiscal year 2016, in preparation for the spin-offs, Hilton entered into a series of financing transactions, of which the debt incurred by HGV and Park is the sole obligation of those entities after the spin-offs. Hilton entered into a $200 million senior secured term loan facility for HGV, the company also entered into a $750 million senior unsecured term loan facility for Park and issued two new commercial mortgage-backed securities (CMBS) loans for Park totaling $2 billion. The company also repaid $250 million on the senior secured term loan facility entered into in 2013. Finally the company borrowed $300 million on the revolving non-recourse timeshare financing receivables credit facility entered into in 2013 for HGV. Also during the fourth quarter of 2016, Hilton repaid the outstanding balance of $3,418 million on a CMBS loan entered into in 2013 and a $450 million mortgage loan, using net proceeds from 2016 borrowings and available cash. As of December 31, 2016, Hilton had $10.2 billion of long-term debt outstanding, of which $3.0 billion is transferred to Park and $0.5 billion is transferred to HGV in connection with the spin-offs. As of December 31, 2016, total cash and cash equivalents was $1,684 million, net receivables was $1.15 billion, inventory amounted to 541 million and other current assets was 176 million. In December 2016, Hilton paid a quarterly cash dividend of $0.07 per share on outstanding common shares, a total of $70 million, bringing total cash dividends paid in 2016 to $277 million. Hilton ended 2016 with property plant and equipment valued $8,930 million, goodwill of $5,822 million, intangible asset of $6,374 million, and other assets of $334 million the company also had deferred long term asset charge of 117 million. Hiltons total asset increased by 495 million to $26,211 million up from $25, 716 million in 2015. At the end of the 2016 the Hiltons had a working capital of $873 million, this indicates that the company has the ability to pay its short term liabilities. The current ratio is 1.33:1, which is also an indication of the companys ability to honor its short term obligations as they fall dues. Hiltons has $2,684 in total current liabilities, $20,312 million in total liabilities and total stockholders equity of $5,899 million and decrease of 52 million over the same pe riod in 2015. Projections indicate that along with Hilton s new simplifies business model and the separation of the three companies, the current capitalization structure Hilton should be profitable without the need for excess borrowing. Balance Sheet for year ended 31, December 2016 All numbers in thousands Current Assets $ Current Liabilities $ Cash And Cash Equivalents 1,684,000 Accounts Payable 2,513,000 Net Receivables 1,156,000 Short/Current Long Term Debt 171,000