Superstructure In Marxist Cultural Theory

Superstructure In Marxist Cultural Theory The oft-cited passage from Marxs preface to A Contribution to the Critique of Political Economy in which he states that the economic structure, or base, of society is its real basis, on which arises a legal and political superstructure (source); contains perhaps the most contentious aspects of Marxist theory. The implicit ideas within these few sentences concerning the relationship between the base and the superstructure have excited scrupulous analysis and fervent debate from within the Marxist school of thought and by critics and opponents alike. The passage proclaims that it is upon the economic base that all other institutions, norms and practises are constructed. This perception was confronted by those who suggested that the base and the superstructure were best interpreted as having a reciprocal, dialectical relationship in which the base conditions the superstructure but is in turn affected by it. The metaphor was insufficient for later Marxists, such as Gramsci and Lukacs, wh o represent a shift away from the rigid dichotomy of the classical position by placing focus on the realm of the superstructure through concepts such as hegemony and totality. Further still, there were those who proposed a functional reading of base and superstructure (Cohen). Throughout this narrative, the problems with the relative understanding of base and superstructure have been consistently exposed, either by those who attempt to navigate around them through reformulation, or by those who suggest that they cause the metaphor to collapse. Most notably, the notion that the base determines the superstructure is particularly troubling for many critics. There has been a persistent effort to suggest that the relationship between the base and the superstructure involves an element of economic determinism, which represents the most significant problem due to its simplicity. A second problem is the difficulty of separating the base from the superstructure, and defining what constitutes the relations of production. It is the purpose of this essay to make two assertions. The first is that the troubling cause and effect logic is stubbornly common to all formulations of the model, making both practical and analytical application indefensible. The second uses this as the basis for the suggestion that Marxian claims concerning the relationship between base and superstructure are reductionist and that a multi-dimensional approach that respects ideas of complexity would be preferable. According to Marx, in any given historical epoch men collectively organise to produce the goods and amenities that will ensure their survival. In doing this they enter into class-based social relations independently of their will. The economic base is comprised of the sum total of these socioeconomic relations, termed as the relations of production. The base corresponds, or is conditioned by, the forces of production which we may define as the means at the disposal of the actors involved in said relations. Since the cultural and political superstructure arises upon the economic base, it is therefore the historically specific mode of production that determines and characterises the rest of society social, cultural and political processes, ideas, institutions and so on. As the forces of production advance, through technological innovation for example, strain is placed upon the relations of production. Eventually the base is forced to change and since all other aspects of society are d etermined by the base, the superstructure must accommodate this change through change of its own. The superstructure is said to normalise the antagonism inherent within the class-based social relations since they are expressed through political and legal means, thus preventing the masses from recognising the oppression and exploitation that they are subjected to. This conception is the basis for the wider perspective of cultural materialism, which itself is part of Marxs theory of historical materialism. To quote Plamenatz, If the Marxian theory is to be called materialist, it is because it asserts that it is how men produce what satisfies their needs, which determines the general character of the moral, political and legal order p. 277 It is the suspect way in which Marx states not only that but how (Antonio Gramsci Beyond Marxism and Post-Modernism) base and superstructure are related which shall be the main focus of this essay. Before the problems with the relationship are discussed, it is relevant to briefly outline why such an endeavour is of importance, in light of the argument that the spatial image is a convenient way of discussing society from a methodological and analytical point of view; it is not meant to represent the actual complexity of the real world. (Jakabwski, 1976 quoted in Gramsci new introduction) Whilst it is fair to claim that the base and superstructure metaphor can be a useful analytical tool; it also seems fair to suggest that the validity of the model should be rigorously examined against the complexities of reality. It is only by defining the limits of the metaphor that we can know its ability to shed light on relationships between social phenomena, as Marx claims it can. A central issue of the debate surrounding base and superstructure is what our understanding of determination should be. The inescapable criticism that the base and superstructure metaphor reduces cultural theory to a linear form of economic determinism was prevalent from its very inception (olssen), and I would argue that the persistent, simplistic economic determinist logic is a major problem with the base and superstructure relationship. To focus first on the language of Marxs passage, Marx and Engels could have used moderate terminology to merely suggest that there is a relation between production and social activity. However, as Plamenatz notes, Marx and Engels clearly felt it important to say, as they did so repeatedly, that the character of production determines social life. This is characteristic of much of Marxist theory. That history follows a determinable path in which the changes and developments of society can essentially be predicted is a common theme. There is however m uch rhetoric from both Marx and Engels to defend their position by acknowledging that quote from Gramsci that superstructure influences base). As such most modern scholars do not accept such a determinist perspective. Raymond Williams for example, describes it as being the simplest and most basic understanding of the relationship. (source) It may therefore be contentious to state that Marx was strong in his conviction that there is a specifically determined relationship between base and superstructure in its simplest (Williams) form, since he and Engels both expressed ideas to the contrary (source). However what is clear is the primary status of the base (which is also reflected by the centrality of economics in much of the Marxist canon) and the implication of the secondary or subjugated status of the superstructure. Whether or not Marx intended to allow for the idea of reciprocal influence, it is clear that the metaphor tended ultimately to posit primary or first causes in histori cal motion, which would relegate the rest to a secondary, accidental, contingent, dependent status. (Antonio Gramsci Beyond Marxism and Post-Modernism) It is from this that we may confidently argue that the position of classical Marxism is that which favours economic determinism to a significant enough extent to be subject to scrutiny, despite the neo-Marxist claim that economic determinism is not the intended understanding of the base and superstructure concept. The interpretation of determination between base and superstructure as being reciprocal is a common departure from the simple notion of prefiguration, prediction and control. (Williams) Althusser speaks of the relative autonomy and reciprocal action of the superstructure. (Althusser, cited in Lapsley Westlake 1988: 5) The notion that areas in the superstructure can be relatively distant from the base, and retain a relative autonomy from economic determination is the key feature of the Althusserian understanding of base and superstructure. Shifting emphasis away from the base allows for the interpretation that it is in fact not the economic base that is the basis for society but the superstructure, which exercises autonomous influence, in that it exerts pressures on its own terms. In spite of this, to remain true in part to Marxs original thought, Althusser downgrades the concept of autonomy by stating that there is determination in the last instance by the economy. Hall, influenced by Althusser, cites the variety of language in Marxs description of base and superstructure in The German Ideology which varies from connected with to created by and in its action as to suggest that the relationship between economic and non-economic activities need to be seen as interactive and circular. Williams exertion of pressures. Reformulations of the spatial metaphor such as those outlined above are curious in that they seek to account for variety within the superstructure by assigning the idea of autonomy, yet then retrace their steps in a contrived effort to remain true to the original Marxist doctrine. Althusser, Hall and Williams all nod to the complexity of the superstructure and either explicitly or implicitly acknowledge that deterministic attempts to trace clear causal influence between it and the base is problematic, which seems to be the driving influence in their reformulation of the concept of determination, yet the desire to maintain the primacy of the base is pa radoxical in that it undermines the acknowledgement of a complex, autonomous superstructure by yet again suppressing its autonomy through simple notions of economic practise. This is merely sidestepping the issue and is a fragile (Hirst, On Law and Ideology, London 1979, pp. 75-95) attempt to rescue Marx. If we accept the argument that economic determinism is reductionist, then the circular and reciprocal interpretation may be said to be only partially less simplistic. A second significant problem with the base/superstructure distinction is the inability to theoretically separate the base from the superstructure, and the inferiority of the term relations of production to describe clearly what it is that constitutes the base. If it is unfeasible to overcome these problems, any proposed interpretation of the base and superstructure relationship ought to fail. The debate between G. A. Cohen and John Plamenatz is a useful way of navigating these difficulties. Cohen is a proponent of a functional understanding of the base/superstructure relationship. The argument develops from the idea that the superstructure is constructed as a result of its function, which is to maintain the base. The existence of the superstructure is therefore dependent on its ability to develop social norms and practises that are conducive to the base and provide social stability. As part of this interpretation, Cohen seeks to overcome what he calls the problem of legality, which i s a reassertion of one of the criticisms put forward by John Plamenatz (Karl Marxs Theory of History p.235). As Plamenatz (man and society) notes, detailed analysis of the relations of production reveals that the relations are essentially legal in nature, making the base indistinguishable from the superstructure since the superstructure is supposedly the dominion of legality. Similarly, since the base may only be described normatively, it is difficult to assert the sense in which it is separated from the superstructure, as is indicated by the spatial metaphor. Furthermore, Plamenatz identifies that relations of property are supposedly superstructural, yet have considerable influence over the workings and structure of the economic base. He also states that large sides of social life, such as religion or the sciences, cannot be shown to be derivative of the base. Cohens attempt to overcome this is through a reformulation of the base, an ambition which shares parallels with Williams, c entres on whether or not it is possible to arrive at a conception of the base which excluds any normative involvement from law, morality or politics. He therefore sought to purge the base of normative elements, or seek to identify a rechtsfrei economic structure (Lukes) Cohens non-normative base is built upon the distinction between relations of power, which can exist without superstructural interference, and relations of rights. However, Lukes finds his conception unconvincing. According to Lukes, power relations are based on social and moral senses of duty that must exist before power relations can be established. In summary of the debate Lukes proposes that Cohen fails through his inability to present reference to roles within his rechtsfrei that do not presuppose the existence of rights of some kind. For Lukes, then, there is no viable distinction between base and superstructure, rendering the metaphor useless, urging that it is high time that the distinction be consigned to the scrap heap. If we are to involve Williams urge to reconfigure our understanding of the base as a dynamic force, constantly occupied and defined by human activity, and not take the base as an abstract entity that is not necessarily defined by human action, then we must accept Lukes argument and the collapse of the distinction. Gramscis concept of hegemony and Lukacs of totality represent Marxist conceptions of society that are altogether more holistic and need not necessarily be interpreted in terms of a base and superstructure separation. For Gramsci, the sharp separation between the economic sphere and the political sphere was unsatisfactory, since social relations of civil society interpenetrate with the relations of production. (gramscis political thought p.30) He saw the superstructure as being divided into two parts, political society and civil society and argued that political society organises force, civil society is the organiser of consensus. (Canadian journal) Gramsci asserted that the bourgeoisie maintained control in society through ideology, rather than by economic or coercive means. The norms and values conducive to bourgeois control became entrenched as the limits of common sense of the working class, who were therefore distracted from revolution by falsely interpreting their exploitation a s a common good. Still, it is the bourgeois control of economic production that allows them to become the hegemonic class in civil society. Similarly, for Lukacs, the economist assumption that consciousness and ideology were determined by the economy could not be shown to be so, since crises that developed in the economic sphere were not reflected in the consciousness of individuals (Lukacs history and class consciousness 1923). Gramsci and Lukacs were both attempting to mend Marxism in the area in which they felt was most deficient. Economic determinism, for them, did not privilege an understanding of the vast complexity of the superstructure, which as the realm of consciousness and ideology was greatly important to the cause of initiating historic change. As a model, beyond simply calling this relation dialecticalà ¢Ã¢â€š ¬Ã‚ ¦ it was deficient in examining the multiple ways in which culture and politics or the state produce ideology, authority and power (beyond Marxism and post modernism) They therefore attempted to challenge bourgeois dominance through means that were not strictly economic. While it is more accurate to suggest that the complexity of the superstructure should not be underestimated, in Gramsci and Lukacs ambition to loosen the rigid nature of orthodox Marxism through reformulation, what results is a similarly reductionist or one-dimensional view of society.( The Concept of Cultural Hegemony: Problems and Possibilities T. J. Jackson Lears p.569) A total, holistic view of society will always by nature be insufficient to deeply analyse the variation and complexity of culture, particularly if one seeks to study it through the rather narrow lens of historical materialism, with its association with cause and effect history that has yet to manifest itself. The economic determinism present in the orthodox Marxist interpretation of the relationship between base and superstructure is a problem that is difficult to evade. In attempting to do so most neo reformulations seem hampered in some way, as they seek to transcend the oversimplified nature of the linear perspective but never quite manage to explain or predict the complexity of cultural processes and institutions. The circular interpretation of the relationship is admittedly more attractive than the basic understanding, yet crucially still denies the superstructure the complexity and autonomy that it must be said to have. The work of Gramsci and Lukacs is a significant step forward towards a theory of complexity but is still hampered by the simplicity of seeking to define culture and society through holistic, all-encompassing terms. All formulations seem crude in that they either imply a causal influence strong enough to suggest that the superstructure is mechanically reproduced by th e base, or a causal influence that is not strong enough to strictly retain Marxs original meaning. To overcome this by speaking in terms of the convenience or usefulness of the metaphor as an analytical device seems dangerous to the integrity of the conclusions that may be drawn from it, since it repeatedly has not and cannot stand up to detailed analysis. What should be sought is a view of culture that analyses it without having to refer to a specific agenda, economic or otherwise. It is only by viewing culture on its own terms that we may we hope to go some way to dealing with its complexity.

I.T and Hauhaus Essay

As they are the competitor within the market, the retailing strategies to be used are similar. Therefore, it is easier to collect and compare the financial data and draw out the conclusion to see which company would be worthier to invest. The report covers the company and industry background, ratio analysis, future forecast of two companies’ performance. 2)Company Background Bauhaus (0483, HK) Bauhaus was found in 1991. It has been listed on HKEX stock market since 2005. There are more than 200 retails store and over corners and point of sales in Hong Kong, Macau ,mainland China and Taiwan,. Apart from selling different foreign brand, liked Cheap Monday, G-Star, EVISU etc, Bauhaus also building the local brand liked Salad, T Tough Jeansmith and 80/20. It is a leading retail store in selling casual wear, especially for jeans item. There are 234 Bauhaus shops in Asia. Using the wholesale strategy, Bauhaus can expand the business from Asia to Western country. In the future, it may diversify its product line like launch more foreign brand to increase its competiveness. I. T (0999, HK) I. T was found in November of 1988. It has been listed on HKEX stock market since 2005. The Group has an extensive self managed retail network extending to nearly 450 stores across Greater China with staff around 4,800. The brands are well accepted in Thailand, Saudi Arabia, Australia, the Philippines and France. More stores will be opened in these places in the future. The feature of I. T retail store is group several brands in a sizable retail location. It owns a number of in-house brands liked 5CM, fingercroxx and X-large, as well as distributing European and Japanese designer’s brands such as French Connection and A Bathing Ape Comme des Garcons, D&G, etc. 3)Industry Outlook Hong Kong is one of the fashion hubs in Asia. There are a wind variety of local and international fashion brand locate there flagship store in Hong Kong. The competitive is dynamic and incentive. Hong Kong consumers are willing to spend money on fashion and clothing. As the purchasing power of is high, so the demand of fashion product is huge. According to CIA THE WORLD FACTBOOK, this entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. From this result, Hong Kong is ranking to 37 after compared to 227 countries in the year of 2010. According to the information from Asia Case Research Centre (ACRC), it shows that retail is the 2nd largest sector in the service industry that accounted for 85. 7% of Hong Kong’s GDP. Also, The Census and Statistics Department (C;SD) indicate that the value of total retail sales in October 2011, provisionally estimated at $34. 2 billion, increased by 23. 1% over a year earlier. Analyzed by broad type of retail outlet and comparing October 2011 with October 2010, wearing apparel increase 14. 6%; footwear, allied products and other clothing accessories increase 11. 3%. This data proofs that the demand of fashion items is huge and purchasing power in this region is relatively high. Besides, tourists come to Hong Kong are increasing each year; they bring with high purchase power in fashion items, especially those Chinese tourists. According to the statistics released by the Immigration Department, about 800,000 to 900,000 Mainland visitors travel to Hong Kong monthly. It shows that Hong Kong’s market has a huge potential development chance. According the data of Hong Kong government, the sales revenue of retailing business has a growth during April of 20010 to Feb of 2011. It is because the economic environment is better than past year. Hong Kong’s GDP fell in 2009 as a result of the global financial crisis, but a recovery began in third quarter 2009, and the economy grew nearly 6. 8% in 2010. In addition, China’s economy growth fast, the performance of its economy growth is greater than the other country. And Hong Kong’s economy is influenced by China very much. In the future, we can see that Hong Kong’s retailing business will growth rapidly. It seems a great chance to develop the retail business; however, there are some risks on the growth of fashion retail business in Hong Kong. Nowadays, Globalization is a hot topic of the world, more and more foreign brands enter in Hong Kong market, such as GAP, Forever 21, Zara, H&M and Monki, etc which provide good price and trendy design merchandises. They regarded Hong Kong as the stepping stones to go into the China market. With more branding in Hong Kong, the competition between them is becoming more intensive and serious. Therefore, the local fashion retailers have to build up their competitive advantages to withstand the impact from those foreign brands. Also, because of the inflation of Hong Kong and China, the cost of the materials, labor and transportation is getting higher. Garment manufacturing is a labor intensive activity. The cost of garment is mainly from the increasing labor cost and transportation cost. In order to deal with, the retailer probably need to order more amount of quantity each time to achieve the economy of scale, so the cost will be lower. Furthermore, as we know that Hong Kong’s rental price of shop is the first three expensive in the world. The rental price has been increasing rapidly in the recent years. From 2010 to 2011, the rental price was increased more than ten percent. So, rental price of the store is a core cost of any business, especially fashion retailer as it needs a large space for displaying and storing the products. The rental cost affects the profit of the fashion retailers. To conclude, Hong Kong fashion retail market is still positive. There are many great opportunity for Hong Kong fashion retail to expand its business. However, there are some uncertainty need to be pay attention, such as the entrance of foreign brands and the unstable rental cost. So, the local fashion industry needs to create a competitive strategy to deal with. For example, local fashion retailers can use the attractive marketing strategy, liked collaboration with other brands, provide excellent customer services and building great brand image. 4)Ratio analysis i) Test for profitability I. T (in HKD 000)Bauhaus (in HKD 000)* a)Return on Equity (Net income / Average stockholders’ equity)416945/[(1843212+1477723)/2] =25. 1%25. 1% b)Profit margins (Net income/ Net Sales)416945/3834422 =10. 9%11. 4% ii)Test for liquidity I. TBauhaus c)Current Ratio Current Asset/ Current liabilities1873282/1012495 1. 85%3. 3 d)Quick Ratio (Current Assets- Inventory)/ Current liabilities(1873282-736717)/1012495 =1. 1%1. 7 e)Inventory Turnover Cost of goods sold/ Average Inventory1405482/[(736717+394520)/2] 2. 52. 0 iii)Test for Solvency and equity position I. TBauhaus f)Debt/Equity Ratio Total liabilities/ Total stockholders’ equity(1012495+429852)/1843282 0. 78(149 7+126461)/494938 0. 26 iv) Market test I. TBauhaus g)Price/Earnings ratio Current Market Price per Share/ Earning per Share4. 88/0. 33 =14. 82. 98/0. 32 =9. 3 h)Dividend Yield Ratio Dividends per share/ Market price per share0. 146/4. 8 =3. 0%0. 177/2. 98 =5. 9% *Quote from annual report* Two financial reports announced in different date- Bauhaus- For the year ended 31 March 2011 I. T—for the year ended 28 February 2011 i )Test for Profitability Profitability is a primary measure of the overall success of the company. This is a class of ratios that are used to assess a business’s ability that generate earnings compared to its expenses and other relevant costs incurred. To determine rather the company is valuable for investing or not which need to get high profitability when compared with competitor’s company. However, in fashion industry, the sales revenue is seasonal. For example, the sales revenue is much higher during Christmas and Chinese New Year in Hong Kong. So, we should not compare the retailer’s fourth-quarter profit margin with the profit margin from the same period a year before because it would be far more informative. a)Returns on Equity This ratio indicating how much income was earned for every dollar invested by the stockholders. ROE can reflect if they have used the money that invested in the company to generate much more income. If the ROE is low, it shows that the returns of the investors will not be high. And the company doesn’t utilize the resources that they have invested. Two companies have a similar result of this ratio. Both two companies can generate about 20% of income using stockholders’ equity. It is because retail store is not very high investment to enter the market; it has higher ROE when compare to other industry liked Construction Company. In order to measure the company is worth to investing on; ROE ratio should not be lower than 15%. So, two companies are worth to invest on. b)Profit margin Profit margin is an indicator of a company’s pricing strategies and how well it controls costs. It is calculated by finding the net profit as a percentage of the revenue. A low profit margin indicates a low margin of safety: higher risk that a decline in sales will erase profits and result in a net loss, or a negative margin. The higher profit margin means that the company has a higher ability to generate profit. I. T’s result is 10. 9%, it is lower than Bauhaus 11. 4%. I. T should minimize the expense. Bauhaus has a higher profit margin in 2010/2011. It shows that they have put effort to maximize the profit. Since compared with last year (10. 5%), it has been increased. i) Test for liquidly It is a class of financial metrics that is used to determine a company’s ability to pay off its short-terms debts obligations. A company’s ability to turn short-term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts frequently use the liquidity ratios to determine whether a company will be able to continu e as a going concern. c) Current ratio This ratio measures the ability of the company to pay current debts as they become due. It is the important ratio that we can identify if the company has a good cash flow. If the debts recalled but the company does not have enough money to pay it, the company may be asked to bankrupt. On the other hand, current ratio should be in appropriate level. Ratio is too high means the company did not fully utilize the current assets to generate the profit. Bauhaus have a higher current ratio than I. T, it means Bauhaus’ ability of returning the debts is greater than I. T. It can more utilize current assets to generate more income. It shows that they have $3. 3current assets for returning $1 of current liabilities. Investor need to concern the ability of a company that utilizes the current asset. I. T has a lower Current ratio than Bauhaus. However, it is enough ability for them to returning the current liabilities when they are recalled. And it shows that I. T has better utilization of the assets to generate profit. It shows that they have $1. 85 current assets for returning $1 of current liabilities. d) Quick Ratio Quick Ratio is similar with the current ratio with no consideration on the inventory factor. It is more representatives to measuring rather the company can return the current liabilities immediately. The quick assets included Cash, Accounts receivable etc. These assets can return into cash in short time. Inventory will not be counted in this ratio as it may need longer time to return into cash and a risk of cannot be sold. It is a very important ratio for fashion industry, since the trends cycle of clothing is fast, the product may be in today, but out day tomorrow. So, fashion retailer should not keep too many inventories. Bauhaus have a higher in Quick ratio, however, compared with the current ratio, it is a great variation on two ratios. It means that the inventory tied up its current assets. It is not a good issue on a fashion company. They need to bare the risk on high discount of the product when the product is outdated. It will be high losses on the revenue. They can minimize the inventory through different method, liked big sale, buy one get one free and so on. Although the quick ratio f I. T is lower than Bauhaus, it is enough to returning the debts when all the current debts are recalled. e) Inventory Turnover This ratio measure how quick of a company sells their inventory. Higher inventory turnover lead to shorter cycle on inventory. Since inventory is not easily being sold out and transform into cash in a short period, fashion retailer should not hold too much inventory. Since fashion items are easily faded out. If the company store too much stock, the risk of the inventory cannot be sold out will be increase. Also, the expenses of storing will be occurred. Once the inventory is outdated, the company needs to sell it in a large mark down price. The profit of the company will be affected Since Bauhaus have a lower level on inventory, its inventory turnover will much slower than I. T. It may tie up the capital if the inventory cannot be sold. So, company should reduce the level of inventory. I. T has a greater performance on inventory turnover. It shows that they have shorter cycle on inventory. So that it is much easier transforming inventory into cash. iii) Test for Solvency and equity position It’s a set of ratio that to test the company can be able to meet it long-term repayment responsibility. It provides a measurement of company can continue to meet its debt obligations. f) Debt/ equity Ratio This ratio measure a company’s financial leverage calculated by dividing its total liabilities by stockholders’ equity. It indicates what proportion of equity and debt the company is using to finance its assets. I. T’s result is 0. 33, shows that $0. 33 liabilities that exists for each $1 invested by the owners. It is a very low value. Bauhaus’s result is 0. 21, which is lower than I. T. In the Balance Sheet, we can find out that Bauhaus did not ask for the long term debts from the third party. It shows that they don’t have the interest burden. The result shows that two companies is not using the debt financing to acquire the financial resources, liked selling bonds, bills or notes to the investors. Debt financing is much higher risk than equity financing. As these two companies is listed company, they would like use the equity financing to raise money. And the equity financing method is more safety and no regular interest burden. v) Market Test Market test relate the current market price of share of stock to an indicator of the return that might accrue to the investor. It based on the share market’s perception of the company. It can let the investor to know if the company is worth to invest. g) PE Ratio Current Market Price per Share/ Earning per Share This ratio measur e the relationship between the current market price of the stock and its earnings per share. The higher the ratio, the higher the perceived quality of the earnings by the share market. It also shows the future growth of company. If the P/E ratio is too high, it means that the value of the company is overstated. And it is not a good choice to investing on that company. I. T have a higher PE ratio than Bauhaus it means that the quality of the earnings by the share market is higher. It is more worth to invest h) Dividends Yield ratio This ratio measures the dividend-paying performance of different investment alternatives. The higher of result, the better performance. Bauhaus have a higher result, it shows that they have higher dividend-paying performance. If the investor wants to put the money into low risk and long term investment. They can choose this company. 5)Limitation on analyses of ratio Since two financial reports is announce in different ended date. The result may not be accurate. The fashion retail industry turnover is seasonal, like The Chinese New Year of 2011 was in February so the sales turnover must be high in that moment. After that, the turnover will be drop. So, these two companies will in different sales turnover rate. 6)Forecast of the company’s future prospects This part can be divided in to two parts, the 5 years income statement analysis and potential risk of the company. a)I. T The diagram shows that turnover have been increased gradually during 2007 to 2011. Although 2008-2009’s local economy is in down turn, the company still can strive to increase of turnover. It is predict that the company will probably maintain the increment since the economy situation is recovering and the local residents will spend more money on clothing items. The diagram shows that I. T had undergone a decrease on profit in year 2009 due the poor economy situation. And they suffered decrease of financial income. And the operating expense was higher than 2008. After 2009, there was a great improvement on profit. It has six times more profit comparing during 2010and nine times during 2011. It is predict that the company will probably maintain the increment of the profit if it can keep the level of expenses. However, there are some risks have been raised. The operating cost is increasing during these 5 years. Since the rental price is much higher in the recent years. They should adapt different strategy in order to keep the cost in the low level. Another risk is that I. T needs to pay attention that is the exchange issue. Since I. T sources many merchandises from different countries and the foreign exchange is unstable. For example, Japan YEN is much higher exchange rate. However, I. T’s buying office purchase many Japanese fashion brand products. So the cost and price of the merchandises will be impacted by the exchange rate. To deal with risk management, I. T embed a risk alert culture throughout the Group, the Internal Audit Department has implemented an annual internal control risk self-assessment to allow major business units to identify and analyze the risks underlying the achievement of business objectives and to determine a basis for how such identified risks to be managed and mitigated. In the coming future, I. T should pay more attention on risk management in order to prevent suffering from the economy situation and to have a greater growth. Bauhaus Bauhaus also have a gradual increase of turnover during 2007-2011. The increment from 2009 to 2010 was slowly. It may because of the economy situation was still not recovered yet. However, there was a sharply increment from 2010 to 2011. It is predict that, the turnover will be increased faster. Bauhaus also suffered a decrease of financial income in 2009. After 2009, there was an improvement on profit growth. However, the improvement is less than I. T. The diagram shows that the profit properly tends to be increased. Bauhaus also face the foreign currency risk and operation cost increment risk. The Group continuously monitors its foreign exchange position and, when necessary, will hedge foreign exchange exposure arising from contractual commitments in sourcing apparel from overseas suppliers. Generally, the Group introduces conservative strategies on its financial risk management. In the future, Bauhaus will have a great growth. However, in the fashion business market, the information is run fast, the risk is always happen. The company should build up a risk management system to minimize the risk of company operation. 7)Conclusion The financial performance of both Bauhaus and I. T compared in this report is great. And the prediction of their future growth is positive. Thereby, two companies are worth to be invested. The above ratios show that Bauhaus have a better performance than I. T. For the investor that can undergo low risk, so the investment on Bauhaus is more preferable. It is because the company growth and financial debt position is better, and it has a higher dividend yield, and they keep on paying the dividends in last 5 years. For the investor who wants to have higher return, I. T will be a good choice. It is because the PE ratio is lower, so the company still has a great improvement and the share price probably being increased. It’s good for the investor that purchasing the stock in low price and then sold them in higher price.

Breast and Ovarian Cancer Essay - 1226 Words

Persuasive Speech Title: Breast and Ovarian Cancer Purpose Statement: This speech has a primary goal of educating the audience and to give a better understanding of what breast cancer is and how it can be treated with detection by a vast variety of methods. It will also give better understanding that not only women but men also are susceptible to breast cancer. Introduction I. Attention: There are a number of researches done about breast and ovarian cancer. Breast cancer is the second largest cause of death in women. Ovarian cancer is the fourth largest cause of death in women, but there isn’t a lot of attention brought to the public by the media. There needs to be more awareness about these types of cancers for better†¦show more content†¦D. Approximately less than 1% of breast cancer occurs in men. [Transition: Now that we have talked about what breast cancer is, let’s talk about what age it could develop.] II. What age is breast and ovarian cancer usually developed? A. The average age for breast cancer is over 50 and the average age for ovarian cancer is 65 or older. B. If you have a strong history of these cancers in your family there is a chance that you could test positive for a genetic mutation gene. 1. A genetic mutation gene is a gene that is passed from family member to family member; There are two types of these genes and one is called BRACA Braca 1 is a mutation for breast cancer, which brings the percentage to a higher rate of getting the disease and getting it at a much younger age for men and women. 2. The other gene is called BRACA 2. Braca 2 is a mutation for breast and ovarian cancer, which means not only is there higher risk of getting breast cancer but ovarian cancer also at a much younger age and for men this gene presents its self in the form of breast cancer and prostate cancer. [Transition: Now that we know the age cancer could develop let’s talk about prevention.] III. What are the preventions for breast and ovarian cancers? A. The first prevention you can do is communication; Talking to your family and children lets them know what the family history is and what to be awareShow MoreRelatedBreast Cancer : Ovarian Cancer1359 Words   |  6 PagesOvarian cancer occurs in the ovaries but is hard to detect when the cancer is still in the first stage. There are many ways of treatment to cure ovarian cancer but is also costly. AJ is a young women who have ovarian cancer. She will undergo tests if she is positive for ovarian cancer. Survival rate are high so AJ might have a chance to be a survivor of ovarian cancer just like her mom. In this case will showing how a young girl found out that she have ovarian cancer and the treatments that sheRead MoreThe Effect Of Breastfeeding On Ovarian And Breast Cancer Risks1298 Words   |  6 Pages The research that has been done in this area offers strong evidence that human milk feeding decreases the severity and incidence of a vast range of infectious diseases (Garner 1997). 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