Adam Smith would defend most of Wal-marts practices Essay Example

guides behavior. Furthermore, an impartial witness prioritizes others or the organization above personal interests. This concept manifests in various examples within the accounting world, including external and internal auditing where accountants act as neutral observers from an outside perspective.

Auditors must maintain independence from clients and avoid any involvement beyond the audit process. Integrity holds utmost importance in accounting where accurate reporting and adherence to standards take precedence over blindly following potentially illegal instructions.

Managerial accountants should maintain impartiality when analyzing data results, such as a budget forecast, to avoid biased perspectives that can lead to poor decisions not aligned with the company's best interests."Saving Adam Smith" discusses the detrimental effects of greed on society and its incompatibility with a free market economy. According to Adam Smith, justice, competitive markets, and specialization are crucial for a functional free market system. The book argues against government acting greedily and advocates for allocating resources towards infrastructure, education, and national defense instead. Smith warns that countries focused solely on profit are headed towards destruction. Poor nations often use greed to benefit a select few through monopolies and trade restrictions. The concept of 'self-interest' is explored, distinguishing between selfishness and self-love. Acting selfishly harms others, while self-love drives individual improvement without causing harm. It emphasizes being self-sufficient without burdening society, benefiting oneself and others simultaneously. Pursuing financial gain in one's self-interest indirectly has positive effects on society as well by accumulating capital over time in a competitive free market, resulting in wealth generation and societal advancement that benefits everyone.

The documentary "Is Wal-mart Good For America?" primarily focuses on the drawbacks of outsourcing. On the other hand, "Illicit: The Dark Trade" explores

the negative impacts of technology and globalization.However, both documentaries acknowledge the positive effects of outsourcing and globalization. Outsourcing and offshoring result in significant savings for companies, leading to various benefits. These savings are then passed onto consumers through cheaper goods that are often of equal or better quality than locally made products. The affordability of labor in countries like China enables the production of high-quality yet affordable goods, improving society's standard of living. While there is a decline in low-end jobs due to outsourcing, it also creates new high-end jobs that compensate for these losses.

Globalization and advancements in engineering have both positive and negative consequences. One negative consequence is the flourishing illicit trade facilitated by this combination. In China, this illicit trade generates jobs, revenue, and additional funds that satisfy authorities. It also allows for the production and distribution of affordable goods within the supply chain for consumers' benefit. Although criminals benefit from this new technology as well, it can also be used against them.

The mentioned sources highlight the negative effects of outsourcing on retail power and manufacturing companies like RubbermaidRubbermaid's downfall occurred when their business relationship with Wal-Mart, their primary customer, ended due to conflicts over pricing. This heavily impacted Rubbermaid since they relied heavily on Wal-Mart for their business.

Furthermore, the outsourcing practices of Wal-Mart resulted in the loss of factory and labor jobs in America that reappeared in China. This not only affected Wal-Mart's own operations but also had repercussions for its competitors. Consequently, other companies were forced to outsource their operations to maintain competitive costs or risk closure and further job losses.

The world has been significantly transformed by globalization and technology, which

have created employment opportunities while shrinking distances between countries. Electronic banking has made money laundering more convenient, highlighting both the positive and negative impacts of globalization. Unfortunately, globalization has also facilitated illicit activities such as the black market involving drugs and weapons that were initially intended for innocent goods but now enable corruption.

While this underground economy may provide employment opportunities for those living in poverty, it does little to effectively alleviate poverty itself. On a brighter note, economic progress and globalization are significant forces reshaping modern society by introducing new technology and capitalist ideals that lead to decreased poverty rates and flourishing entrepreneurs in countries' economies.The shift in the labor force from the US to countries like China is causing social changes. Notably, China has made advancements in outsourcing, while the United States is experiencing a transition from low-skill jobs to high-skill ones. Globalization has fostered collaboration and standardized the world, but it also leads to illicit trade problems that impact society significantly. The internet provides an opportunity for criminals to engage in unlawful activities while evading capture. However, there are new approaches emerging to combat crime and assist law enforcement efforts. Additionally, individuals from underdeveloped nations seek illegal entry into developed countries, resulting in a major issue of human trafficking. Illicit trade further strengthens criminal organizations' power, enabling them to manipulate elections and control political affairs. Criminals infiltrate politics while politicians themselves engage in criminal endeavors. This influence over politics brings about significant societal changes affecting numerous lives. To succeed in an interconnected world, individuals need various skills such as effective communication, teamwork ability, adaptability, and a track record of achievements along with opportunities

for new educational pursuits.To become a versatile learner, one must have the capability to acquire knowledge and demonstrate a passion for learning. Personally, I have developed these skills during my time in graduate school and professional experience. Over seven months, I managed being a full-time graduate student while working as an accounting intern. This demanding schedule helped me cultivate different skills and develop my character.

Reflecting on Daniel Pink's concept of the "six senses" is important for exceptional success in any field. These senses emphasize using the right side of the brain instead of relying solely on the left side. One sense, called "Symphony," involves integrating information and visualizing the bigger picture. Another sense, "Design," involves utilizing artistic creativity in problem-solving that cannot easily be outsourced.

Being left-handed has made it natural for me to excel in these right-brain skills, which I have refined throughout my life. By combining ideas from Pink's "Six Senses" with embracing the concept of "New Middlers," I will gain a competitive advantage over others. This advantage will empower me to shape the future and innovate.

The impact of flattening the world on various industries, particularly auditing, has been significant and will continue to be so. To become a versatile learner, it is important to possess the ability to acquire knowledge and demonstrate a passion for learningThrough my personal experiences in graduate school and professional work, I have developed and refined various skills. Balancing the demands of being a full-time student and working as an accounting intern for seven months has allowed me to cultivate these skills while also shaping my character.

It is important to reflect on Daniel Pink's concept of the "six senses"

in order to achieve exceptional success in any field. These senses emphasize the use of the right side of the brain rather than solely relying on the left side. For example, one of these senses, known as "Symphony," involves integrating information and visualizing the bigger picture. Another sense, called "Design," involves using artistic creativity to solve problems, making it difficult to outsource.

As someone who is naturally left-handed, these right-brain skills come easily to me and I have devoted a lifetime to refining them. By combining ideas from the "Six Senses" with embracing the concept of "New Middlers," I will gain a competitive advantage over others. This advantage will empower me to shape the future and drive innovation.

The impact of technology on various industries, particularly auditing, has been significant and will continue to be so. Technology has transformed business patterns, company operations, and even the regulatory environment. As a result, there has been a reevaluation of risks and an improvement in risk management practices.

Outsourcing and offshoring have also brought cultural barriers into focus, influencing internal audits within organizations.The audit process has evolved from traditional methods to real-time or continuous auditing, resulting in a streamlined approach. Along with this transition, advanced tools for fraud detection have been developed. However, criminals are utilizing technology to conceal their fraudulent activities. As a result, auditors are consistently improving their techniques and creating more effective tools. This ongoing evolution in the field of auditing is expected to continue in the future.

Social media is widely recognized as an unstoppable force that promotes global equality. It has revolutionized communication by facilitating frequent connections among individuals worldwide. Social media platforms bring people closer together

while erasing geographical boundaries. Additionally, social media enables the free flow of information and ideas across the internet.

Platforms like 'Facebook' and 'Twitter' allow users to share comments that gain immediate credibility without relying on formal sources. Similarly, popular social media platforms such as 'Youtube' and 'Wikipedia' empower individuals to share their content and collaborate with others globally.

On Youtube, individuals can upload videos to showcase their work and gain recognition for their efforts. Wikipedia allows authors from around the world to contribute valuable information on different topicsFurthermore, the advent of online reviews has made it easier for potential buyers to gather information, as customers now provide feedback on products, helping others make informed decisions. Companies like Deloitte have also embraced social media tools for collaboration by utilizing their own social networking platform for advisors. Overall, social media has revolutionized communication and bridged distances between people globally. This technological wave has made our world more interconnected than ever before.
An example of how technology benefits individuals can be seen in Eusebio's Dream where legal ownership of land allows him to improve his life using flatteners - tools that help him connect with others. With personal computers and the Internet, he can collaborate with others, purchase agricultural supplies and equipment, find workers and buyers. Similarly, getting a mobile phone would offer similar opportunities for connectivity. By incorporating new supply-chain tactics and adopting streamlined techniques facilitated by technology such as workflow software and advanced equipment, Eusebio can greatly enhance his agricultural practices compared to his outdated methods of farming and irrigation. Leveraging these new technologies will significantly increase Eusebio's production capabilities.Eusebio can access a wealth of information on the web

through "Informing" to assist his farm, and he can also offer services to other farms or companies in the area through "Insourcing." With its rich soil, Eusebio's farm has immense potential. By utilizing the flatteners, exponential growth can be experienced on Eusebio's farm. Microcredit or microfinance has proven successful in impoverished countries like Bangladesh where providing for its people is a struggle. Muhammad Yunus established the Grameen Bank primarily to offer small loans to poor women with the goal of empowering them to become successful entrepreneurs and generate income for their families. Participants can use these loans to purchase livestock, supplies, and food for their small businesses. This concept has significantly impacted people's lives by gradually improving their quality of life and helping them escape poverty. Due to its high success rate, similar forms of microfinance are becoming popular in other parts of the world including impoverished areas within the United States. Although participation in globalization and Americanization is less popular in the United States, those who do participate appear to benefit from it.Many people believe that there is a close connection between globalization and Americanization.After the Berlin Wall fell, the global market was flooded with American companies, brands, products, and entertainment.The presence of American culture has led to the homogenization of other countries and their cultures (Source: http://en.wikipedia.org/wiki/Microcredit, Notes, Video 14). While American influence on international language and clothing is strong, it is America's economic power that significantly impacts other nations. To engage in global business, countries like China and India find it necessary to conduct business with America, resulting in the adoption of English as a second language. Many nations embrace the American

model for self-improvement and survival in a competitive world. However, this trend also sparks resistance against globalization and Americanization as some view it as an erosion of their own cultures. Despite efforts to preserve culture while resisting Americanization, both processes continue reshaping the world. Western countries are blamed by Arabs for turmoil in the Middle East due to feelings of Arab humiliation caused by Western actions. Regions like the Middle East now lag behind globally compared to their former pride. Radicalization among Arabs is more prevalent in Europe than Arab states due to extremists feeling alienated from European society. Consequently, many Muslim men from these communities engage in acts of terrorism abroad.The tension and conflict between Israel and other Arab states can be attributed in part to America's long-standing support for "the toughs" in the Middle East, particularly its strong backing of Israel. This alliance between the United States and Israel has angered many Muslims who are further agitated by distorted information from the Muslim media about global events. Furthermore, George Bush's actions have strained foreign relations between the US and other countries, especially his decision to go to war after 9/11 which was perceived by many Muslims as an attack on Islam, exacerbated by his use of religion in his speeches. These actions, combined with years of double-standard policies enforced by the US, have fueled even more animosity towards America (Sources: Notes, Videos "Searching for the Roots of 9/11" and "Does Europe Hate Us?").

Addressing certain issues in the Middle East can be better understood through concepts like the "Dell Theory of Conflict Prevention" and Smith's capitalist economy. The Dell Theory emphasizes the significance of

interconnected supply chains as trade partners are unlikely to attack each other due to the negative impact it would have on their own supply chain disruptions. War not only disrupts their own supply chains but also those of other countries, hindering economic progress and development. By strengthening trade and collaboration with Middle Eastern nations, they become less inclined to engage in aggression against others.Moreover, it would be beneficial for these countries to enhance trade with the Middle East. The relationships between India and Pakistan, as well as China and Taiwan, exemplify the Dell Theory. Despite their longstanding conflicts, they have managed to avoid war through trade. Muslim countries also have the potential to incorporate capitalist ideas in order to improve their societies and economies. It is important for their governments to promote regulation and embrace a free market that encourages competition and specialization. A competitive free market enables capital accumulation over time, resulting in wealth creation and societal advancement through innovation that benefits everyone. Impoverished individuals are given an opportunity to improve their circumstances and escape poverty, which restores national pride while uplifting personal pride for all Muslims. Various sources such as written notes and books like "The World Is Flat" by Thomas Friedman and "Salvaging Adam Smith" can help achieve this goal. Videos like "Searching for the Roots of 9/11" and "Does Europe Hate Us?" also provide valuable information. Additionally, further details on the Dell Theory of Conflict Prevention can be found on the website "http://en.wikipedia.org/wiki/Dell_Theory_of_Conflict_Prevention".