History of globalization infused with universal humanism
The third session of the conference was covering the rising concerns of the transition of the universal humanism from the 20th to the 2st century in the history of globalization. The session started took a period of one hour from 2 to 3 pm at Seton University (Kabbara, 2014). With globalization becoming the core connection between people of different races, tribes and cultures around the world, much has been achieved in businesses and entrepreneurship. It was seen that there exists human possibilities that have been defined by the globalization theorists which have continually brought people together. For instance business people have gained interest in carrying out businesses in Luca Pacioli’s Neighborhood. This is an indication that the world is typically promoting human toleration and hence cultural boundaries have lost its power when matters of business and globalization are concerned (Kabbara, 2014). The discussion of Bollywood as a global business has also been covered whereby the various opportunities as well as the challenges that face the Indian global film as a global business. On the same note, the discussion has dug into the historical context of the Bollywood and how it was able to dominate the global film industry. Additionally, the topic of venturing of the Islam was also highlighted and also the issue of doing a business alongside the British East Indian company. Generally, the conference highlighted the key areas that have evolved through the history of globalization in relation to the infusion of the universal humanism across national and cultural boundaries (Kabbara, 2014).
With the rapidly evolving global economies, Muslim countries have started to align their economies so that they remain compatible to the current trends. The alignment efforts in return have impacted the global various sectors such as accounting, and other dockets concerning how they are conducted. However, the influence of how the Islamic accounting is conducted is categorized into two interests, riba and zakat. The riba influence is basically based on the structure of the company’s capital which much of the influence leading to the exposure of almost all the practices of the enterprise. The influence of zakat on the other hand lies on the measurement ad the process of evaluating accounting. Nevertheless, the countries are bound to the Shari’a and specifically to all the accountants while dictating their accountability in discharging (Kavoossi, 2000).
It is important to note that riba means expansion or growth. This implies that the economic growth and the globalization progress is achieved as a universal objectives. However, riba defines that the growth and expansion are strictly guided by the principles of justice such as hard work and sharing. Unfairness in obtaining income such as gambling are strictly restricted and therefore all the Islamic companies are expected to restrain from riba-associated activities. This makes the capital structures of the Islamic companies to be very different from those of Western counterparts. Zakat on the other hand is a tax that all the Muslim who has wealth that exceeds a certain level is required to pay. It is a religious tax that has been adopted b the companies of the Islamic countries. The companies are held reliable for breaking any of the zakat requirements. From this analysis, the major difference between riba and zakat is how the different interests of economy are handled (Kavoossi, 2000).
Federal Reserve System policies in an era of globalization
This is the last session of the conference which took about one and three quarter hours. The major highlight of the conference was the FED policies as well as the objectives with regard to the evolving era of globalization. This covered a narrowed but detailed review of the simple-based monetary policy which aims to yield excellent economic performance. Among the subtopics that were covered include the repercussions and the implications of the monetary policies across the globe and more specifically on the economic development. In addition the conference also discussed the matters of development of an automobile safety recall index. This is a set of policies that ensures that the imported vehicles from various countries into Australia have met the safety standards for the purpose of maintaining a safe and secure environment. The conference want ahead to briefly analyze to discuss the support of the department in ensuring that competition and customer commission are ensured in the road vehicle recalls and monitoring. The conference meeting finally was able to conclude that the simple rule-based monetary policy has shown to be a good tool towards a good economic performance in the globalized world economy.
With reference to the safety automobile index recall, the need to set goals has arisen at a tremendous rate because o the increased number of deaths. The ratio of the number of deaths to the total population in the United States has been recorded to be 14.97% in 2005 (Weis, 2014). This is a significant decrease from the previous record of 1979 hence indicating some improvement at the beginning of 2005 (Weis, 2014). FED has laid down strategies that shall carry forward its goals concerning safety of the transport sector. First, FED has goal of gradually minimizing the number of deaths that get experienced through road accidents. The simple rules and policy of the FED policy have put more emphasis that have lead to decline of fatal risks in the year 2012. Vehicles have therefore been instituted with improved structural designs, mixing of vehicle types and additional of features that enhance safety to the passengers. Following the implementation of the simple safety rules, 2012 has recorded the highest decline of more than 7, 700 fewer deaths with much being expected in the fulfillment of the goals (Weis, 2014).
The next goal of FED is the approach to zero plans. This is a goal of totally eradicating totally the crash deaths which was initially as Vision Zero policy. To manage and achieve the goal, the plan entitled as “Towards Zero Deaths” was unveiled in 2009 by the Governors Highway Safety Association (Weis, 2014). It aims at completely eliminating all the traffic deaths and the policy has been working fairly in Sweden. However, this is a long process that requires the adjustments of road designs, the public policy and the overall improvement of vehicles’ safety features so as to fully protect all the road users. The plan towards zero is currently developing and achievements are achieved gradually from time to time. This indicates that its accomplishment is still valid and FED should continue to put up plans that will bring the goal into accomplishment (Weis, 2014).
Refrences
Weis M., (2014) The Federal Reserve’s Role in the Global Economy: A Historical Perspective FEDERAL RESERVE BANK OF DALLAS https://www.dallasfed.org/assets/documents/institute/annual/2014/annual14h.pdf
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Kabbara, A. H. S. (2014). The Foundations of Islamic Economics and Banking.
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Kavoossi, M. (2000). The globalization of business and the Middle East: Opportunities and constraints. Westport, Conn. [u.a.: Quorum.
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