The Significance Of The Suez Crisis

The Significance Of The Suez Crisis The sources I have selected for my coursework concentrate on the impact that the Suez crisis had on the British Empire and its significance in contributing to its downfall. Here there is some dispute as some see the crisis as a minor event that was insignificant or limited whilst others would argue that it was the main reason that the British government lost its position as world leader. However they largely agree that the Suez crisis showed the flaws in British attitudes as a colonial power. In Egypt, France and Britain were the major shareholders in the company that ran the canal and British troops occupied its banks. When Gamal Abdul Nasser came to power in 1954, his main objective was to remove the British from Egypt. This was due to the American and British decision not to finance the construction of the Aswam dam. He took matters into his own hands and took control of the Suez Canal by nationalizing it. The events that occurred after this were extremely quick, Britain and France were hasty to show their discontent in the matter and choose to try to attack Nasser in the hope of getting him replaced and taking control of the Suez once again. The financial importance of the canal was too great for France and Britain to let it be controlled by Egypt alone. So when they attacked Egypt it came as a shock when the United States condemned their actions and made it very clear that they would not support the war against Egypt. The significance of the Suez crisis was that at this point America was asserting its power and influence on Britain for the very first time in history, the balance of power had changed and the United States was now in charge. This would be portrayed years later In Britain as the Suez crisis would be thought of as the symbol, which marked the end of imperial rule. The Suez crisis sent a signal to nationalists in the British Empire that the hour of freedom had arrived but the Americans and not the nationalist chose the hour. The secondary work of  [1]  Niall Ferguson in British Empire supports this as he sates that United States were responsible for dismantling the British Empire due to their reaction to the Suez crisis and causing the uprising and rebellion of the educated class in Africa, which would have a vast influence on British and American politics. As a year after the Suez crisis Ghana got her independence from Britain this could be seen as a direct result of the crisis as it weakened British prestige. It must be distinguished, however , that Ghanaian independence began as early as 1951 when the British had allowed elections for a prime minister , which puts into doubt the importance of the Sue z crisis on growing nationalism however it can not be disregarded that it was a catalyst for the majority of African leaders at the time. Niall Ferguson also suggests that this was significant short-term effect as it was the turning point as America was now in power. As well exposing the empires flaws to the nationalists who were eager to be free from British rule. Furthermore A letter from Eisenhower to Eden dated the 8th of September 1956 illustrates USA asserting its power on Britain. Eisenhower states that;  [2]  The use of military force against Egypt under present circumstances might have consequences even more serious than causing the Arabs to support Nasser it might cause serious misunderstanding between their two countries because frankly there is as yet no public opinion in this country which is prepared to support such a move and the most significant public opinion that there is seems to think that the united nation was formed to prevent the very thing. Eisenhower was trying to imply that any war against Egypt would result in the USSR swooping in and offering alliance to Nasser, which would have a direct impact on the influence of the Russians in the Middle East and this, would consequently harm American interests. Eisenhower knew that the Russians who had developed the port of Alexandria on the coast and also funded the Egyptian economy. He understood that the only reason they did this was to raise the stakes in the cold war, as Russias aim was to expand her influence in the Middle East. So a newfound relationship in North Africa would result in a bigger Russian threat, which America could not take the risk with. Brian Lapping also points out that the main objectives that Egypt and Russia shared was the defeat of colonialism. However this can be interpreted differently as it can seem that the real objective they shared was seeing the downfall of the British rule and prestige rather then just colonialism. Eden and Eisenhower did not share the same opinion about Nasser as he also wrote to Eisenhower regarding the crisis he stated that he was concerned that the seizure of the Suez Canal he saw it as the opening gambit in a planned campaign designed by Nasser to expel all western influence and interests from Arab countries. You may feel even if we are right it would be better to wait until Nasser unmistakable reveled his intensions. But this is the argument which prevailed in 1936 and which we both rejected in 1948 The letter shows the difference in American and British thought regarding the Suez crisis. Eden seems to want to get back British colonial power once again and also he does not want to lose more influence and territory in the area. His belief that Nasser should be controlled was his own attempt of regaining control and power. Eden had old fashion views that Middle Eastern politics should always favor Britain and it was due to these believes that France and Britain went to war against Nasser It shows that Britain along with France could no longer act alone in the world stage something that startled Eden. This change was due to the short term significance o 3Macmillan would learn not to repeat Eden mistakes as he made his main objective to restore the morale and reliability of the conservative party something that Eden had lost. In addition Macmillan did not posse the old fashion views on empire that Eden did, this helped him progress in his political career. The short-term significance of the Suez crisis would have profound effects that would remain in British politicians conscious as they now knew they were seen as a nation to be inferior. American secretary of defense Clark Clifford highlights this as he made this statement The British do not have the resources, the back up a hardware to deal with any big world problemsà ¢Ã¢â€š ¬Ã‚ ¦ they are no longer a powerful ally of ours because they can not afford the cost of an adequate defense effort Clark Clifford supports this idea as he down plays Britains power and dismisses her from resolving any world issues. This shows the extent in which the Suez crisis had on Britains image and influence. Also Dean Rusk the United States Secretary of State pointed out this was the end of an era for the Britain and her rule over her colonies 4President Nixon was quoted saying, For the first time in history we have shown independence of Anglo-French policies towards Asia and Africa which seems to us to reflect the colonial tradition. That declaration of independence has had an electrifying effect throughout the world This shows that the president Nixon was proud and pleased with is countries choice. He portrays America as being a savior In my judgment the Suez crisis remains the turning point in British politics and power. The crisis meant that America was able to assert authority on Britain for the very first time and public view on the empire changed dramatically as it was no longer seen as a prestigious and influential. The crisis had an impact not only on Britain as country but on key individuals that were involved. The Suez crisis had a dramatic effect on Edens career as in 1957 he resigned as Prime Minister after being publicly criticized at home, in later years he would be remembered not for the great things he did before 1956 but for his failure during the Suez crisis. Furthermore Suez crisis changed Nasser from a little known colonel into a great leader who was fighting to help end colonialism. The crisis helped his prestige and hold over his people. The historian Brian Lapping states that the due to the Suez crisis Cairo became the home of many refugee leaders of African anti colonial movements this showed directly that Nasser was defining the British in a insulting and direct way by welcomin g the African nationalists into his country and giving them benefits and luxuries that helped them in their fight for freedom, such as free air tickets to travel anywhere. The Suez crisis would change British politics as new Prime Minster Harold Macmillan decided that in any future events that his party would side with America. He did this because he knew it was the only way he could be popular and not repeat the mistakes of Eden. He also made the effort to get to know very well John Kennedy. Britain Since then has been very hesitant to resist any US policy. This is a direct result of the Suez crisis and the balance of power no longer being in the favor of Britain Conversely some historians have the view that the Suez crisis had made problems such as the political and economical issues that was present before 1956 more perceptible and for this reason the Suez crisis was not a turning point but rather just reveled with staggering clarity the pressures facing the British empire at the time plus if it was not the Suez crisis it would have being another event that would have brought the end of the empire as cracks were beginning to develop. Overall I believe that the Suez crisis did have a massive impact on the British Empire as it changed peoples perceptive of imperialism and made way for the nationalist movement, which would result in the collapse of the empire. Consequently the events of 1956 would be known as the catalyst, which sparked the end of British power and brought the end of the most prestigious empire in history. Gorst and Johnman, as well as Woodward, that Suez somewhat reflected the already-weakening position of the empires, rather than helped engender its demise. (1829 words )

Kohler Terminal Value

Both approaches (used to come up with the value of the Kohler Company) are greatly impacted by the assumptions made by both the company and the dissenting shareholders. The use of the Market approach has shown that the value of the company varies greatly depending on the comparable companies. If Masco (which is the largest comparable company) is included, the value goes to nearly $3.7 B and excluding it causes the value to go down to $1.2 B. Moreover, depending of the discount for lack of liquidity and control, the value of the company could decrease considerably. Then, in the market approach there are two variables that affect the value of the company; comparable peers and the discount for lack of liquidity and control. In the Free Cash Flow (FCF) approach, the two variables that makes the value diverge is the Beta and the discount (liquidity and control) used. In this specific scenario the Beta impacts the WACC considerably due to the high weight of the cost of equity. For example, a difference of 4 points in the WACC raises the value of the company more than 150% [Table 7]. It is interesting to see that in order to arrive at Kohler’s initial valuation of $58K per share; a 65% discount is needed in both valuation approaches. Also, Masco’s exclusion is required under the Market approach while the high Beta is required under the FCC approach. The factor created by the division of standard deviations of industry peers and the deviations from different markets increases or decreases Beta considerably. (More details about this factor are discussed later in the paper.) Conversely, according to the dissenting shareholders, in order to arrive at $273K per share a 0 % discount and the inclusion of Masco and low Beta is needed. In the settlement, Kohler may use two simple methods to resolve the claim. The first would be a Weight Adjusted Value method, which consists of taking the weighted average of the proposed settlement values times the confidence level. The second method is to calculate the book value of the company using the formula (Assets- Liabilities)/ # of shares (Intangibles are not excluded). The results of these two methods indicate that The Kohler Company should be indifferent between going to trial and settling for $120K per share. Finally, the suggested settlement price should be adjusted to reflect the possibility of an increased tax liability Kohler may have with the IRS. Using a weighted average, the new settlement price is around $150K per share. Company Overview Kohler is a recognized international manufacturer of plumbing products, home furnishings, generators and engines. It also owns and operates hospitality and real estate Businesses. Kohler has been a private company, predominantly owned by the Kohler family since its founding in 1887. Market Approach Because Kohler is privately held the market value needs to be ascertained by the implied value determined by using a multiples approach based on the trading value of Kohler’s comparable industry peers. Table 1 shows the relevant multiples for Kohler’s peer group. Depending on what multiples are used to value Kohler the estimation varies considerably. Table 2 demonstrates the range of these values. If Masco, with it’s generally high multiples, is excluded from the analysis the valuation would be roughly $1.2B. On the other extreme if Kohler’s value is based on Masco’s benchmark, the value leaps to nearly $3.7B. A strict average of the peer group would yield a value of $1.6B. Our best guess of value is closer to $2B based on the peer average being averaged with Masco’s profitability multiples as we feel that the fundamentals of Kohler and Masco are closely matched. These estimates do not include any discounts for the lack of liquidity or control that the shares are characterized by. Table 3 shows the value per share given a $2B market value and various discounts applied. Â   Based on the market multiples approach it appears that Kohler takes a much more conservative approach to not only valuation but to the discounts that should be applied to the stock given his relative illiquidity and lack of controlling stake in the enterprise. From their prospective the value is the historically modest dividend and the long range growth of the business. Given their approximation of a share price of $54,000 that would suggest they excluded Masco as an outlier if they used a multiples approach and they used a discount of nearly 65% on the value of the shares to address their limitations noted previously. This would yield a value of roughly $58,000 per share. The dissenting Kohler shareholders, many of whom acquired shares for north of $100,000 each, have a vested interest in a much more generous approach to the value of Kohler’s shares. It appears they could be talking one of two approaches in arriving to their $273,000 value per share. The first is that they could also assume a market value of roughly $2B for Kohler, and not acknowledge any need to discount the shares. This would yield an estimate of $274,100 per share. The other approach could be that this estimate was derived from the multiples values using Masco as a fellow industry leader with higher margin products and strong differentiation and acknowledging the need to discount the share value for lack of liquidity and control. Based on the Masco benchmark and a 25% discount the value would be roughly $279,000 per share. Free Cash Flow Approach Kohler’s Free Cash Flow (FCF) model is developed using the Non-Cash Working Capital Approach, a correlated Beta and an EBITA that excludes both interest income and expense. The Non-Cash Working Capital is used because of the consistency each year in Kohler’s forecasted working capital. [Table 4] Secondly, in order to make the FCF model more accurate, a correlation between the company financials and its main competitors is used. Table 5 displays this correlation. The correlation is then multiplied by a factor which is defined by the division of the standard deviation of Kohler’s competitor and the standard deviation of the market (US Equity Market). Lastly, an average of each of these factors is performed and the Kohler’s Beta is found. [Table 5] The Beta in this case significantly affects the Weight Average Cost of Capital (WACC) since the weight of Kohler’s cost of equity is about 82% and the remaining 18 % tied to the cost of debt [Table 6]. The calculated WACC using this beta is 14.19%. If Beta is calculated using a different standard deviation, other than the US Equity Market, the results will vary drastically. For example, using a standard deviation of a highly correlated distribution of stocks that includes 3 kitchen & bath companies and 3 engine & generator companies, the Beta will decrease from 2.67 to 1.52. Then, the new WACC would be 10.40%[Table 5]. Just this difference in Beta would make the per share value of the stock go from $164K to $251K with 0 discount (due to the lack of control and liquidity), and from $ 57K to $ 88K with 65 % discount [Table 7]. Kohler is most likely using a relatively high WACC and high discount to come up with a $58K value per share. As it is shown in Table 8, using a WACC of 14.19% and a discount of 65% for liquidity and control of the stock arrives at $57K per share. On the other hand, the dissenting Kohler shareholders have probably used a much more generous approach to the value of Kohler’s shares. It appears they could be using a WACC close to 10% and not discount (liquidity and/or control) or a WACC of 8% and 30% discount to arrive at their $273,000 value per share.

Culture and Blogging Essay

In this modern age, society has undergone evolution, making man’s life far more complex and diverse compared those of his predecessors. Once the dominant figure in the society, an individual’s influence over his self-identity has greatly been reduced and he has been a subject of change and development based on social forces. One of the theories that explore this modern development is Anthony Giddens’ theory of structuration, wherein he explores and attempts to determine whether it is people who shape their social reality or modern social forces. Giddens (1992) cited that it is the individual who serves as the catalyst for social reality through the process of structuration, wherein social structures are seen as influential agents of change. He further emphasized that social structure contain system that actors (individuals) learn to use after experiencing it and moves towards its application in an actor’s culture. Changes with oneself and identity transpire with information, something that coincides with Giddens’ view of a reflexive identity. Reflexive identity is often identified as an endeavor, in which individuals seek to observe and reflect on their identity and work on it. He also emphasizes the process of repetitive social interaction to formally develop one’s self-identity, in which reactions of others are deemed important in order to attain growth and development. He addresses this as the narrative identity in which an individual continues to welcome events and integrate these into his life for developmental purposes. Giddens’ Theory of Intimacy and Self-Identity in Modern Society In his work, Giddens (1992) has broken down the possible changes that have taken place in the realm of intimate relationships, causing developments that shake teleological understanding. Using the American society as its model, Giddens (1992) cited that the supposed unity among marriage, sexuality and reproduction has been broken down by these changes and that it represented a new image of what is the new intimate relationship, something that is at par with modernism. Under these developments, couples could live through a compassionate marriage, and that it is also possible to nurture each other without the need to involve the opposite sex or a child as a medium of love. According to Jamieson (1999), what Giddens has cited in his works are probably what people call or view as â€Å"pure relationship† where intimacy matters less and that relationship itself matters more. This is seen among couples who do not conceive children all throughout their relationship. However, Giddens (1992) cited that the focus of the social order still lies on the heterosexual marriage and that there have been numerous advantages in entering such relationship. This led into what Giddens (1992) calls â€Å"plastic sexuality† where the discussion was centered on having attained or surpassed the needs of phallus in a relationship. Here, Giddens’ (1992) views intimacy as equal to sexuality. Giri (1994) cited that Giddens’ (1992) use the term phallus to describe the male experience or the intimate moments shared with the human male species. Giddens (1992) cited that â€Å"plastic sexuality† frees individuals from the needs of reproduction which characterizes heterosexual marriage. Much of the analysis of Giddens’ theory of identity will confirm that â€Å"plastic sexuality† commonly refers to the third sex, more commonly known as gays and lesbians. The relationship between individuals of the same sex has been one of the favorite topics of debate as early as the 1990s. It was criticized for being indecent mainly due to the concept of having physical and emotional relationship with the same sex. Giri (1994) cited that same sex relationships became a taboo, and were regarded as similar to incest relationships. Yet in the work of Giddens (1992), he cited that â€Å"plastic sexuality† was a decentralized form of sexuality which is not bound by traditional or conventional relationships. This is the reason why many have viewed Giddens’ (1992) work as something out of the ordinary, and at par with the changes occurring in society (Giri, 1994). As mentioned earlier, he brought a new definition to intimacy and expanded its application to a certain degree. Using the American and European society as its model, Giddens (1991) showed the transformation of intimacy to a new degree. Giddens (1991) cited that the third sex – lesbians and gays – aside from being involved in â€Å"plastic sexuality† are also tied with what he calls reflexive sexuality. This is where an individual’s sexuality serves as a property of oneself, while having its own qualities. However, the evolution of intimacy has produced transmutations of biological categories, between male and female, such as the degradation of the male’s sexual organ. The core idea in Giddens’ (1991) view of intimacy is close to the degradation of the male’s phallus or the function of the male’s sexual organ, and the fortification of the third sex. By emphasizing a relationship that is free from reproduction and moving away from the confines of the heterosexual marriage, Giddens (1991) indirectly pointed his views of intimacy as being directly justifying lesbians and gays relationships. In his work, he cited that women could now see men on the cognitive level at the very least. Schiffrin (1996) cited that it emphasized gender empowerment in terms of being involved in a relationship. He also supported one of Giddens’ (1991) view about self-identity in which fragmentation versus unification influences the formation or development of self-identity. In here, Giddens’ (1991) view of intimacy moves away from the widely perceived; although it still pays importance to physical contact, its significance lies in its support and empowerment of the third sex. As cited, Giddens (1991) also has views about the formation and development of self-identity. Unification versus fragmentation was cited earlier and there are still three other dichotomies of self-identity. Unification and fragmentation in simpler terms mainly focus on what cultural patterns offer against an individual whose self evaporated into a variegated context of action. Giddens (1991) cited that an individual constructs himself within the boundaries of his environment, culture or even his own parents. Unification is solely based on the emulation of something or someone that is recognized by the public (Giddens, 1991). On the other hand, fragmentation represents individuals who adjust themselves in relation to what is needed or demanded in a particular scenario or environment. Schiffrin (1996) cited this as â€Å"authoritarian conformity,† wherein an individual adapts to its surroundings until he is barely recognizable. The dilemma between the two is that the true self would feel empty and inauthentic (Giddens, 1991), and anything else could not fill it easily. The end result is likely an individual who acts and behaves reasonably or appropriately in front of the public, bringing in a sense of psychologically security; and yet the same individual may be feeling empty in relation to his true self. The second dimension is that of powerlessness versus appropriation. Giddens (1991) cited that powerlessness focuses on the alienation suffered by individuals in the context of modern society. Under the influence of capitalistic production, the individual loses its dominance over machines and markets. Giddens (1991) cited that in the process, what used to be human now seems alien and that in the so-called â€Å"mass society†, as such society becomes more extensive, individuals are more sheared with autonomy. On the other hand, Giddens (1991) describes appropriation as a complex picture between extensional and intentional change in a world under rapid globalization. It is a form of expropriation, wherein an individual undergoes a transformation that is characterized as disembedding, and moving away from the interest of any actors. Giddens (1991) also cited that it could also be a form of mastery of life only available in modern situations. Moreover, according to Giddens (1991), an individual would feel engulfed, being dominated by force that he could not transcend or resist. Unlike the first dilemma, in here, the dominating forces are compelling. The individual ends up having a feeling of helplessness due to loss of his autonomy.

Americas Involvement in the Vietnam War Essay - 797 Words

Americas Involvement in the Vietnam War Vietnam is a time in American history that most of us would like to forget, but really, we must learn from it. Vietnam is a time where we didnt look at the whole picture, it was perceived through the lens of Cold War politics. (MP:420) With the new ?domino theory,? Americans feared for their safety and the safety of the free world. If they didnt step in, they would inevitably lose the world to communism. Many Americans believed our involvement in Vietnam began around 1965?the beginning of combat with American boys. In reality, engagement began much earlier, around 1945. The US supported France and rejected to recognize the Vietnamese nationalists as an actually†¦show more content†¦?The United States had taken its first steps toward direct involvement in a ruinous war halfway around the world.? (AP:898) American and Eisenhower?s mind set was one of the fear of ?falling dominoes.? The theory itself made everything seem more important that it really was, as one can tell from P resident Eisenhower: ?So, the possible consequences of the loss are just incalculable to the free world.?(MP:409) The US sent in around 600 advisors and created a South Vietnamese government, with Diem as the head. And no election was held in 1956, as promised in Geneva. ?Without understanding Geneva, and the way we felt about it, you will never understand our side of the war.? (MP:421) The elections would have been a turning point and a time where the US could have stepped out. President John F. Kennedy is elected in 1960 and his commitment to Cold War victory led him to expand the American role in Vietnam. The government set up in South Vietnam was corrupt and it was obvious that Diem had no really interest in setting up a democracy. The National Liberation Front, or Viet Cong, began invading South Vietnam. Kennedy?s response was to increase the number of advisors to 16,000. 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