Thoughts and Ethical Issues Surrounding Organ Donation

There are a lot of different things that are going on in this world today that keep people from doing right by God. People need to know that the selling of the organs can make things worst in the country that can cause lots of problem for people who do not have the money to pay the price for organs. It comes a time that if someone needs an organ real bad to help save their life and do not have the money to pay for the organ, what will happen then. There would be people who would like for people to be able to just donate organs so they can help save lives in our country without looking for something in return. People can make a lot of different in our children life if they see that we as adults are doing something positive in the world makes them want to follow in our footsteps and love and care for everyone knows matter what the situation is looking like. People feel that if the selling of the organs would become legal to do, the only people who would be able to afford to buy or gans would be the ones who has lots of money and want miss a dime when buying organs. â€Å"Being able to pay for an organ, would give an unfair disadvantage to those who may need the transplant more urgently but don’t have the money to offer. Being that there is limited number of organs from dying patients, and limited organs that can be donated from living patients.† (https://answers.yahoo.com/question/index?qid) There are people who think that if the organs donor is dying and the family wantsShow MoreRelatedEssay on Organ Donation1638 Words   |  7 Pagescurrent process of procuring organs for transplantation. It will also explore technology on the horizon and alternates to donation. The waiting list for transplant surgery far exceeds the current supply. Black Market organ trade in this, as well in foreign countries is alive and well. Donation is not able to keep up with demand. We have to take measures to ensure those in the most need are taken care of. We alread y allow people to sell eggs, sperm and blood why not other organs? I will attempt to showRead MoreThe Ethical Issue Surrounding Organ Transplantation2459 Words   |  10 PagesOutline Title: The Ethical Issues Surrounding Organ Transplantation Abstract With organ transplants so prevalent in today’s society, it is important that the ethical issues surrounding them are fully understood. While many people want to see life extended as long as possible, there are others who believe life must be allowed to run its natural course. This literature review examines the process of organ transplantation from continuous shortages of available organs to the distribution processRead MoreEthical Delemis - Brain Death1632 Words   |  7 PagesRunning head: ETHICAL DILEMMA: BRAIN DEATH Ethical Dilemma: Brain Death Mike Baker University of Phoenix Introduction There has been an increase in the number of organs donated for transplantation since the development and acceptance of brain death. (Guidelines for the determination of death, 1981) The strict rules surrounding the diagnosis and the ability to develop individualized Policy and Procedures in the determination of brain death has removed the fearRead MoreCatholic Moral Theology And The Medical Field935 Words   |  4 PagesCatholic Moral Theology and the Medical Field Principally, morality and ethical issues continue to be a topic of debate, particularly in the modern day world. Essentially, this is because some of them touch the heart of the human life and failure to find a convergence of opinion threatens existence (Piazza Landy, 2013). In this respect, religion is one tool that has significantly influenced and continues to shape this discourse. Accordingly, this easy draws from the moral teaching of the CatholicRead MoreOrgan Transplant of Infants With Anencephaly: Arguments and Support1017 Words   |  4 PagesOrgan Transplant of Infants with Anencephaly: Anencephaly is described as neural tube defect that has severe limits on the lifespan of affected infants. The condition is likely to contribute to the failure of the neural tissue to an extent that it can completely close at the cephalic end of the neural system. This medical condition in infants tends to occur between the third and fourth week of a womans pregnancy resulting in the absence of the cerebral cortex though the brain stem remains intactRead MoreEssay on Organ Donation2225 Words   |  9 PagesAt least 10 people die every day, while waiting for a major organ for example, heart, lungs or kidneys’, the reason being they is a massive shortage of organs across Europe, with the transplant waiting list growing, they is need for radical measures to be taken. The author of this easy will define what organ donation is, however the aims of the essay is to compare and contrast the two systems of organ donation, the opt- in and opt- out systems. The focus of the essay is on cadaveric donors,( heartRead MoreBlack Market Organ Harvesting: Is it Truly Inevitable?1619 Words   |  7 Pagesfor human tissue and bodily fluids. Human tissues are a product in high demand with little supply. People ask if there is a way to stop this. There is not. The black market trade in organs, bones, blood, and plasma is inevitable due to the ambiguity surrounding organ donation and transplant laws, a shortage of organ donors, and the lucrative nature of selling human tissues. Law and economics recognize three types of markets with varying degrees of legality: white, gray, and black. The trade inRead MoreThe Legalization Of Organs Of The United States4086 Words   |  17 Pagesselling of organs to those who are in dire need of a transplant, both legally and illegally, in many different countries. The legalization of the sale of organs in the United States would have serious consequences and raises many ethical dilemmas- regardless of religious beliefs. There are several ideas presented in this paper that present the issues that have hindered the progression of the legalization of organs. Currently, there is an organ waiting list of 123,897 patients on the organ recipientRead MoreA Research Study On The Three Patch Presentation Topics That Consisted Of Organ Donation For The Biology Patch2193 Words   |  9 Pagesconsisted of organ donation for the biology patch, caring for the â€Å"concepts in health care† patch and finally, Freud’s psycho sexual theory of development for the life-course patch. It will do this by exploring what was learnt and addressing the feedback given, and its relevance and application to clinical practice. Finally, it will evaluate the process of the patchwork presentations and how I may apply the experience to my clinical practice. During my research into advertising and organ donation I foundRead MoreOrgan Shortage Around The World2101 Words   |  9 PagesIn the 21st century, it is obvious to the world that there is an organ shortage around the world. Many thousands, hundreds of thousands of people are waiting for organs to save their lives. There are just not enough organs to be spread around to the people who urgently need them. The global response to this problem is very different throughout different countries. Some countries are harvesting organs, some executing prisoners, some paying people to donate, some allowing people to sell them on the

Financial Crises and Corporate Finance Causes, Context and Consequences Free Essays

string(117) " gold plate the deal by providing a credit default guarantee for the SPV in the event of default \(Teasdale, 2003\)\." 1.0 Introduction – background to financial crash of 2007-8 This essay will examine the background and unfolding of the 2007-2008 financial crisis and its impact on the theory and practice of corporate finance. I will analyse whether changes to the way the financial and non-financial corporate sector operated over recent years contributed to the depth and severity of the crisis. We will write a custom essay sample on Financial Crises and Corporate Finance: Causes, Context and Consequences or any similar topic only for you Order Now Specifically, financial deregulation in the 1990s in financial markets and the securitisation of the corporate sector (Ball, 2009), have led to claims that the ‘solution’ to the so-called agency problem of aligning manager and shareholder interests may have actually made the crisis worse. I will argue that the easing of regulations on the mortgage loan sector especially increased the risks of a financial crisis developing by creating the environment for a massive financial asset bubble. Historically low interest rates and ‘easy money’ policies of the US Federal Reserve under Alan Greenspan following the bursting of the technology bubble in 2000 created conditions for the bubble. I will also examine whether the growth in markets for innovative financial products such as CDOs disguised risks and even mispriced assets in the mortgage market by separating the obligation to fund the original loans from the trading of such obligations as collateralised debt. The outcome of the crisis in terms of future corporate financial behaviour and regulatory reforms of the corporate sector will be reviewed. 2.0 Corporate finance models and the financial crisis – the role of CSR Critics of the corporate sector such as Simms have argued that the narrow focus among publicly listed companies on short-term profits over and above sustainable long-term corporate health, helped cause the financial crisis of 2007-9. The process of selling off traditionally run companies to global multinationals had led to the disappearance of famous companies such as Twinings and Cadbury from the British economy, and the loss of jobs related to these closures. Simms is not alone in claiming that the narrow pursuit of short-term profits as well as excessive pay among senior executives has not served the interests of the wider economy and stakeholders including workers and pension funds. Simms sees the selling off and closure of great British enterprises as the result of the loss of traditional family business ethics and their replacement by financial sector values of high returns to investors. Fernandez-Feijoo Souto (2009) analyses the financial crisis in terms of the opportunities it presents for companies to refocus on corporate social responsibility. CSR is seen as growing in importance as part of the corporate culture although there is difficulty in defining what CSR actually means. Fernandez-Feijoo Souto argues that the financial crisis has provided a new urgency to the need to clarify what defines CSR and how it should be implemented. This includes building a name as a responsible business and relating this to growing revenue, keeping key personnel, understanding consumer’s bias toward companies with a good CSR brand; changing relationships through the value chain based on trust and treating customers and suppliers well; improving conditions which in turn reduce employee turnover and raise productivity, and reducing legal conflicts by complying with regulations. Simms argues that companies with a business model that has CSR built into it have been shown to be much better adapted to survive the challenges of the global financial crisis than companies that have followed a short-term profit strategy. He uses the examples of Bear Sterns and Lehmans, which traded under the saying â€Å"Let’s make nothing but money,† as classic examples of the kind of approach that led to disaster. However for each such example, one can point to a similar company, such as Barclays or Goldman Sachs, that have continued to thrive during the financial crisis despite having the same financial focused ethos. This is reflected in the evidence of numerous studies the result of which show unproven links between CSR and cost, profit and longevity (Fernandez-Feijoo Souto, 2009). There is evidence also of a split between positive economic results and more negative financial results, meaning that potentially short term financial gains may come at the cost of longer term economic performance. Lipton, Lorsch and Mirvis (2009) state: â€Å"Excessive stockholder power is precisely what caused the short-term fixation that led to the current financial crisis.† They point to money managers focused on short-term financial results who fuelled excessive risk taking. This tendency was favoured by government and regulators failing to impose checks on risk taking. Lipton, Lorsch and Mirvis see a â€Å"direct causal relationship between the financial meltdown and the short-term focus† of stockholders. 3.0 The role of securitisation in the financial crisis Securitisation of the mortgage and loan market, which developed in the 1990s, is seen by some commentators as central to the development of the financial crisis of 2007-8. Securitisation of asset-backed bonds is the process of creating debt instruments from a package of loan assets, usually home loans, commercial loans and retail loans such as credit card debt or auto loans. This allows banks to release value from the assets on their balance sheet. The asset-backed market was developed in the United States and grew rapidly from the early 2000s. Banks and other originators of mortgages sold on packages of their loans to an issuer, usually called a special purpose vehicle (SPV). The purpose of the securitisation is to reduce the institution’s balance sheet, which allows its return on equity to rise and also releases capital for other purposes. The process of securitisation enables the issuer to achieve enhanced credit ratings, usually up to AAA investment grade (Sundaresan, 1997 ). The credit rating of the original loan does not affect the rating of the SPV, even if the original mortgage holder defaults on the loan or is declared bankrupt. The securitisation deals are normally rated by credit ratings agencies such as Moody’s, Fitch or Standard Poor’s. The investment bank or investor which purchases the SPV securities will often approach an insurer to gold plate the deal by providing a credit default guarantee for the SPV in the event of default (Teasdale, 2003). You read "Financial Crises and Corporate Finance: Causes, Context and Consequences" in category "Essay examples" It has been argued that the complexity of securitisation restricts the ability of investors to assess risk, and that securitisation markets are likely to be subject to serious declines in underwriting standards. 3.1 Credit Default Swaps – analysis of impact of CDS market in the financial crisis The huge growth of the credit default swap (CDS) market is considered by many analysts to be one the worst elements of securitisation. The Bank for International Settlements reports that the CDS market increased in size from $6 trillion in 2004 to $57 trillion in June 2008 measured by notional principal (Stulz, 2010). The government bailout of AIG brought the CDS market to global attention, and led some commentators to see the CDS market as the primary cause of the financial crisis. As Stulz (2010) argues, there are two problems with the CDS market. First, the sellers of credit default swaps are not able to bear the risks they took on, so some of the benefit of credit default swaps in terms of hedging are actually unfounded – ultimately leading to the $80 billion bailout of AIG. Second, because of their inherent leverage of a CDS, they can enable investors to take more risky positions. The availability of these instruments to non-risk-averse investors may lead to risk being un der-priced. However, Stultz shows how the CDS market performed remarkably well around the default of Lehman Brothers. The credit default swap market did not cause the subprime mortgage defaults or the disappearance of liquidity. Excessive leverage by financial institutions and the collapse of the housing market was the cause of the crisis. For example, AIG borrowed heavily to acquire home loan-backed securities and it made even bigger losses on its portfolio of home loan-related securities than on its credit default assets. 4.0 Ponzi schemes and failure of investment banks to report criminal behaviour The crisis also revealed outright criminal activity taking place in the investment sector, most famously in the case of Bernard Madoff, whose wealth management business was exposed as a Ponzi scheme with $65 billion funds missing from accounts. Madoff was sent to prison for 150 years. JP Morgan acted as banker to Madoff but did not report their suspicions about his activities to the SEC (Ferguson, 2012). Critics have commented that there have been very few prosecutions of investment bankers for such activities as ‘shorting’ the very stocks that they recommended to their clients (Lewis, 2010). The Securities and Exchange Commission and New York prosecutors have brought very few prosecutions and no one has faced criminal conviction. Ferguson points out that Morgan Stanley’s Howie Hubler began to bet against securities connected to the subprime market in 2004 with management approval (Ferguson, 2012). The title of Ferguson’s film ‘Inside Job’ ref ers to the pattern of investment bankers and lawyers whose clients are banks then taking senior judicial and political roles in the government and financial authorities. This, it is argued, has caused a disincentive to go after the banks for actions that could be prosecuted. 5.0 Reform of corporate finance regulations – legislation and limits of reform Reform of the banking and wider corporate sector has been discussed and enacted in a variety of forms in the US and Europe. Banks have undergone stress tests to see if they could cope with further financial crises. The UK authorities have begun to reform corporate governance to give shareholders greater power to oversee compensation of executives, such as binding votes on executive pay, but this has not yet been implemented. New rules on the levels of reserves that banks must hold in order to ensure they are able to cope with future crises were agreed in November 2010 at the G20 summit in Seoul. G20 Finance Ministers backed the Basel Committee on Banking Supervision’s plans for capital and liquidity requirements for financial institutions. However most of these new reserve requirements have not yet been enforced, partly because the banking sector remains extremely fragile following the financial crash with high level of debts still threatening the financial system. Following t he crisis, there were many calls for the separation of retail and investment banking, or even the breaking up of ‘too big to fail’ banks, but these have not been acted on by government. President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law in July 2010. The Act marks the biggest reform of the US financial sector since the Great Depression (Avery, 2011). Section 939A of the Act effectively bans the use of credit rating agencies in an attempt to improve capital requirements for US banks. However implementation is likely to take many years. In America economists such as Paul Krugman have called for a return of the Glass Steagall Act 1933, which was put in place following the 1929 Wall Street Crash and then removed in the 1990s as part of the liberalisation of the banking sector (Krugman, 2011). Countries with stronger regulation of their banking sector, including Canada, Australia and Germany, did not suffer a banking crisis in the manner of the UK and USA, where regulation was ‘light’. 6.0 Conclusion: comparison with regulatory response to 1929 Financial Crash By comparison with the response of authorities to the Great Crash of 1929, it can be argued that through to 2012, five years after the crisis began, major reforms to the banking sector and to corporate governance in the US and UK have not been implemented in the way they were in the 1930s. This may be a result of the fact that governments and securities oversight authorities are far less independent of the corporate finance sector than they were in the 1930s. The financial services sector has grown in relation to GDP compared to its position in the 1930s, and its political influence is far greater. This means that reform and regulation has been much slower and weaker than it was in the last Great Depression. Calls for reform will not go away, especially as the crisis continues in Europe and North America. Action on corporate governance, and implementation of proposals for financial and banking reform will be required in order to prevent further financial crises occurring in the futur e. REFERENCES Avery, A. W.; 2011. Basel III v Dodd-Frank: What Does it Mean for US Banks, Who’s Who Legal. Ball, A. 2009. The Global Financial Crisis and the Efficient Market Hypothesis: What Have We LearnedThe University of Chicago Booth School of Business, Journal of Applied Corporate Finance, Volume 21, Issue 4, pages 8–16, Fall 2009 Ferguson, C; 2012, Heist of the century: Wall Street’s role in the financial crisis, The Guardian, 20 May 2012. http://www.guardian.co.uk/business/2012/may/20/wall-street-role-financial-crisis Fernandez-Feijoo Souto, B.; 2009. Crisis and Corporate Social Responsibility: Threat or OpportunityInternational Journal of Economic Sciences and Applied Research, Vol. 2, No. 1, 2009. International Corporate Governance Network (ICGN), 2008, Statement on the Global Financial Crisis. Krugman, P and Wells, R., 2011, The Busts Keep Getting Bigger: WhyNew York Review of Books,14 July 2011 Lewis, M. 2010, The Big Short, Allen Lane, Penguin. Lipton, M; , Lorsch, J. W. and Mirvis, T.N, Schumer’s Shareholders Bill Misses the Mark, Wall St. Journal, 12 May, 2009 Mirvis, Wachtell, Lipton, Rosen Katz, 2010. Corporate Governance and the Financial Crisis: Causes and Cures, February 28, Harvard Law School Forum on Corporate Governance and Financial Regulation. Sims, A; 2010. The power of corporate finance is an amoral hazard, The Guardian, 8th September, 2010. http://www.guardian.co.uk/commentisfree/cifamerica/2010/sep/08/power-corporate-finance-amoral-hazard Stulz, R.M., 2010, Credit Default Swaps and the Credit Crisis, Journal of Economic Perspectives, Vol. 24, No. 1: 73-92. Sundaresan, S., Fixed Income Markets and Their Derivatives, South-Western Publishing, 1997, chapter 9. Teasdale, A; 2003, The Process of Securitisation. YieldCurve.comhttp://www.yieldcurve.com/Mktresearch/files/Teasdale_SecuritisationJan03.pdf How to cite Financial Crises and Corporate Finance: Causes, Context and Consequences, Essay examples

International Education Policy and Management- myassignmenthelp

Question: Discuss about theInternational Education Policy and Management. Answer: Introduction This assignment will deal with the government policies related to higher education, their formulation and implementation. The report will initially illustrate the necessity of global education, the public policies that have been designed and formulated for the educational sphere. It will further elaborate on their finance and implementation in public settings. The report will also compare the higher education policies of two countries, Saudi Arabia and Australia respectively. This comparison will include a clear distinction between the educational backgrounds, the role of government in the higher education and will address several critical challenges and issues that are faced in the field. The vital issues that affect the management of higher education seats in organisations such as universities and colleges will also be described. Thus, the report will help to shed light on the effectiveness of public education policies in addressing the key challenges, followed by a final discussio n on the future of these policies in higher education of the two countries. Importance of Education Education Policy A countrys progress is largely dependent on its education. Social or economic growth is hugely influenced by the education of that country. Proper education is regarded as the essential prerequisite for a countrys advancement. Moreover, the role of education in building a responsible citizen of the society is well established (Samuel, 2013). Education is therefore considered essential for all development in all fields. No country can achieve sustainable economic development goals unless there is an extensive investment in human resource development. People are greatly benefitted by education such that they gain a better understanding of their self-worth and the world they are a part of. The quality of life gets enhanced under the influence of higher education and the society gains a wide range of benefits. A study established am positive association between education, creativity and productivitiy among people and demonstrated the effects of education on technology advancements and free enterprise (Ozturk, 2001). Furthermore, there lies an important role of education in establishment of fair distribution of resources and wealth in the society. This is accomplished by reducing the gap between the affluent and the poor. This is cited as the reason for government initiatives to implement national education policies. Before proceeding further, a sound understanding of the term policy is required. Policy is generally referred to as an overall plan of high level that embraces acceptable procedures and general goals of a governmental organisation. On the other hand, public policies are defined as the principled action guide formulated by taken executive branches of the state administration with regard to a plethora of issues in such a manner that is consistent with the law and institutional customs. Public policy foundations are composed of national constitutional regulations and laws (Merriam-Websters Dictionary). It is believed that most people do not have any concepts about policies. Furthermore, many people believe that their life has least connection with any polices while other belong to the school of thought that their work or even life is least concerned with or relevant to any policy. However, in reality, our daily lives are regularly affected by public policies. These policies affect the food we consume, our daily activities, our lives, families, health conditions and the atmospheric air we inhale. The amount of pollutants that enter our lungs and the purity of the water we drink are also governed by public policies. These policies also control the growth conditions of the food products we consume, and the manner in which these crops are grown, harvested or imported. In addition, the commercial value of these foods is also regulated by the aforementioned policies. In other words, the public policies aim to accomplish a clear objective for the betterment of the entire society. However, all public policies are not formulated with the aim of benefitting the entire population. Most often, these policies are believed to influence public interest by aiming or targeting a particular section of the society. This can be illustrated by the fact that the policies which concern specific target areas of indigenous people, physical disabilities, low intellectual faculties, immigrants, pensioners, and prevalence of tobacco and alcohol consumption, communicable diseases, crime and gambling are always designed for a selected population group. However, the entire society gets benefitted in the long run. Education policy: Accumulation of education standards, principles and laws that govern the functioning of educational frameworks are encompassed by educational policies (Bell Stevenson, 2006). A concise description of the actions and values related to education, accompanied by acknowledgment of the issues and the desired goals that affect education form the essential constituents of education policy interpretation. Thus, it can be stated that education policies are detailed or documented narratives of the practices, as perceived by the policy makers. Operation or management of educational institutes does not just involve people who are policy enforces or receivers. Most often, these people are involved in formulating the organisational procedures or policies as well. All governments are being forced to lay stress on the outcomes of these education policies on socio-economic development of the nation due to continuous globalisation pressure. Thus, education policies form an essential part of the annual government agenda and are allocated a substantial portion of the nations budget is allocated to this sector. The importance of education in acting as a driving force for establishing better healthcare provisions, alleviating poverty and maintaining security and peace cannot be argued owing to its role in measurement of the development and sustainable growth of a country. However, the focus of education has shifted beyond reading, writing and calculation abilities to knowledge growth and enhancement of capabilities in communication and information technology. This creates a huge pressure on the economy (Muhammed, 2014). Process of formulating education policies According to Ross (2012), 7 steps are associated with the process of public policy making. The steps are as follows: Recognition: Simple acknowledgement of a particular concern or problem is not sufficient. A detailed analysis of the factors that may lead to the problem is essential. This stage encompasses designing criteria that will assess the consciousness of the general public about the problem. It also assigns the responsibilities that should be taken for solving the concern. The step further emphasizes on discussing the resources that will be needed for solving the concern. Setting the Agenda: This step acts as a formal government acknowledgement which emphasizes on the fact that there is a need for the problem to be acted upon by the government. This stage focuses on placing the issue on the agenda. The latter is a compilation of the list of concerns or problems that need immediate discussion by the public officials. Formulation of policy: The action steps are drafted at this stage. These steps are later on taken to resolve the concern. There are three types of policy formulation: Analogous Routine Creative Acceptance of the policy: This step involves formal selection or choice of the policy by 3 branches of the government. This step is most time consuming of all. It utilises the approval of the chief executive or legislature before being acted upon. Following this step, the policy gets converted to a law. The bill is often changed or toned down to obtain necessary number of votes. Financing: It involves identification of the required resources and setting them aside for full enactment of the proposed policy. Most public policies are financed during the time of designing and development of the government annual budget. Implementation of the policy: The policy gets actually enacted at this stage. The responsibility is bestowed on several government administrative branches for implementing the policy. The implementation is generally done by utilising the different methods available at their disposal. These common methods that are used include: Motivation, Commanding, Moral Encouragement and Capacity Building. Policy Review: The cost, effectiveness and deficiencies of proposed policies are investigated in this step. This investigation is an ongoing process. The procedure involves evaluation of the impact of the proposed policy on the original concern. This determines the accuracy of the policy and whether it is adequate to meet the problem that had been initially identified. The step also ensures availability of sufficient funding and resources that will assist in implementation of the policy. The decision of the policy is a result of a process outcome that considers all available choices. The possible effects on the identified concern that can arise due to the policy are also taken into consideration. The choices are selected after making certain considerations that are stated below: Who will gain direct benefits from the policy? Which group of people are likely to suffer from recent changes that have been brought about in the policy? How much time will be required for the policy to get implemented and show its effects? What procedures should be adopted for funding the policy? Is the policy likely to cause any political backlash to the concerned government? When clearly expressed, it is quite evident that a formal procedure exists for actually designing the policy and its implementation. The primary aim of these policies is directed towards achieving betterment of the society. Higher Education Policy A higher education policy of the government encompasses the different ways of creation of higher educational institutions like colleges and universities. Moreover, these policies focus on the finance opportunities for these institutions and their mode of operation in the society. There have been several changes in globalisation, the surrounding environment and influence of communication and information technology. Advancements in these factors and economic changes have led to the development of various crises in the field of higher education. There exists a continuous struggle by the stakeholders and the governments across the world have been with the aim of upgrading the existing policies for higher education. They also focus on formulating new policies that will be able to cope with the unpredictable changes that are occurring all over the world. The System of Tertiary Education in Australia The Australian higher education system is composed of several universities and colleges in addition to other educational organisations that play an essential role in extensively contributing creating innovation, increasing the productivity in the concerned society and presenting opportunities of adequate skills and knowledge to the students for meeting their future needs (Department of Education and Training, 2016). Therefore, higher education is completely endorsed by the government of Australia through a variety of methods. The government endorses the field of education by preparing drafts of policies, making provisions for their funding and finally implementing these appropriate programs and policies for improving higher education. Australian Higher Education policy- Background It was decided by the Australian government to assist in the commencement of a new approach in the year 2012. This approach was greatly advanced and was supposed to address the allocation of places in public universities for undergraduate students. (Marginson, 2013). The new finance policy removed the previous restriction on the total number of places in each university. A long negotiation between each university and the federal government led to the implementation of the aforementioned limit. All Australian universities were given an opportunity to enrol as many students as they required after the implementation of the policy in 2012. The students were to be selected according to the individual evaluation criteria for the readiness and suitability of the students to study their chosen area. This evaluation criterion was different for each university. An equal amount of resources was allocated by the government for each student. However, there was a difference observed in the level of funding. This difference mainly arose due to variations in the chosen field of study. This could be cited by the fact that students who opted for marketing would get different measures of government funding compared to those who enrolled themselves for mining. Thus, it can be stated that there was a shift from a firm policy that controlled prices and volumes of higher education to a policy that did not impose any limits on the number of students that could get enrolled in the institute and a broader framework of fees that were stable. The primary objective of the new policy for higher education was establishment of a system that was driven by market demand. Therefore, it can be deduced that the system of higher education policy was designed to meet the demands of the students. It aimed to create positive responses from the higher education institutions. The basic goal of the government was generation of participation at higher levels that used the existing educational structure of all the universities. The policy geared towards meeting market demands and taking advantage of the opportunities that were available in instances where appropriateness and quality of the education determined the choices taken, rather than presence of low tuition fees or basic affordability. This new system that was developed by the Australian government was considered as a great policy initiative and it was expected to have wide ranging long lasting implications on the type and nature of higher education that existed in the nation. The policy further elaborated the relationship of the society or community with all existing universities. The Bradly Review or 2008 Review of Australian Higher Education led to the change in the higher education policy. This resulted in removal of the limit or restriction on the number of students who were enrolled at the universities. This Bradly Review led to the establishment of an extensive reform in the higher education sector of the country. Its aim was to increase the proportion of Australian with Bachelor degrees. This resulted in increase of the number and range of institutions that provided higher education, ensured an equitable access to learning opportunities and information. Furthermore, the review enhanced education quality and upgraded the standard of education. An increase was observed in the range of institutions that provided higher education across the country. Moreover, the financial burden on students who enrolled at these higher education institutions was considerably reduced along with enhancement of the quality of education and up-gradation of the standard. Thus, it can be stated that the Bradley Review report aimed to recommend the establishment of a concerted effort for greater standard of higher education system quality at the national level. Practical steps were proposed to make necessar y changes that would help in accomplishment of the goals. Role of the Australian Government in Higher Education Major attempts have been taken by the Australian Government to bring reforms to the higher education policies of the country. These changes were developed to bring about modernisation and sophistication of the education system. The reformed system was of superior quality, and was easily accessible and affordable to all students. To attain these goals, The Government continued making efforts that would help in update of the higher education policies. This would help in attainment of the goals and would ensure that the educational institutions such as universities and colleges would provide adequate learning opportunities and research results. This would in turn help in future advancement of the country. With the aim of developing a world-class higher education system, the students, institutions, guardians, politicians, employers and other stakeholders need to be involved in regular discussions. This would help in attainment of their continued feedback and support (Australian Government, Department of Education and Training, 2016). Key Issues in Higher Education in Australia Some of the major challenges that are faced by the present higher education sector are cited below. These issues are of utmost concern and need to be comprehensively addressed by the government policies related higher education: The financial burden of higher education: The major concern in this field is the ever-increasing cost of higher education globally. This is an important issue for the public as well as the government. The increase in tuition fees in institutes all around the world are created due to the increasing demand for stringent government regulations and better student services that need to be filled by the educational institutions. In addition, the reduction in budgets that the governments allocate for higher education is adding to the problem. Therefore, the students are made to shoulder larger proportion of the higher education costs than before. On analysis it has been found that it is extremely difficult to solve the problem of increased higher education prices. Identification of possible causes that are contributing to this increase is difficult as well. Hence, it is concluded that failure to curb the rising price of education will lead to the establishment of wider gap between the rich and the poor and will become a privilege for the affluent (Selingo, 2016). Widening skills gap: Workforce development is increasingly gaining importance duento the difficulties that are being faced by employers in matching the skills required with those of the job applicants. The huge advancement of technology is creating difficulties for many organisations in filling the gaps in critical positions due lack of adequate skill. Competency and education: Private and public sector employers are emphasizing more on the importance on education that focuses on competency. However, higher educational institutes lack a serious understanding of the term competency and the ways by which it can be measured. Endorsement or certification: Accreditation or endorsement of knowledge and skills has become extremely essential for the commercial organisations and the government. It is also considered of utmost importance by the public. However, serious gaps and lapses exist in the methods that are recommended by private sector institutes and the government for accreditation of the gained knowledge. Learning Evaluation: Another serious concern for the higher education institutes is proper assessment. A huge reduction is observed in the establishment of effort models by the regulatory and accreditation bodies. In contrast, these bodies are working towards searching the results that higher education yields for the nation in exchange of the extensive public funding that is spent on it. The quality of higher education: A general acceptance lies in the fact that the quality standards of higher education should be raised. There should be introduction of greater levels of accountability and openness in governance of higher educational institutes globally. Changing nature of students: The fact cannot be denied that present students fail to fit into the traditional student mould present since the last century. There lies a stark difference between the present students and those who belonged to the 20th century. This difference needs to be accepted by the policy makers, the governments, advisers and the faculty who are entitled with the responsibility of managing the higher educational institutes. The needs and priorities of the present students are significantly different from the needs of traditional students. However, the decisions are still being taken by people who are responsible for the designing of higher education policies, based on the needs of the small minorities. This can be cited as a major reason for the failure of the policies in creating the intended effect. Lack of proper leadership: A growth has been observed in leadership crisis in higher education field. Data from several studies display that the governing bodies of higher education institutes and the policymakers are composed of people who belong to the traditional and old school of thought. Thus, a need to have progressive leaders belonging to the young generation is identified. These young people will be able to identify the concerns and needs of the modern students. Moreover, they will be more competent and capable of leveraging the power of modern technology. However, some major challenges still persist in the present higher education sector. The need to design, implement and finance accurate higher education policies has been identified by the Australian government. These policies will be able to comprehensively address the major issues (Ebersole, 2014). Future Direction: The public and all stakeholders agree that the new policies are somewhat successful in accomplishing the goals they intend to achieve. Both consumers and suppliers have displayed strong reactions to the new formulated policies and have shown general support for their implementation. However, the fact that the differences based on educational institution types and location are not highlighted by the averages. Therefore, there is a need to review and examine the considerable impacts of the policies. These policies are essentially based on the total proportion of enrolments in different field of studies and the levels of that enrolment. This includes measurement of the students belonging to different groups such as immigrants, minorities, rural or regional people and those coming from low-income families. The choices that the students make with regards to the institutions where they get enrolled, acts as a true measurement of the success of all newly formulated policies. The selected field of study and amount of government funding also plays an important role. Several concerns exist regarding the effects or results of these new policies on the growth of education institutions, which want to gain a complete advantage of the opportunities that are available in the deregulated market. On the other hand, it is argued by some people that effects of newly implemented policies in removing stress on proportion of student enrolment to control increasing educational prices is half a measure of its success. These arguments are never-ending. However, not serious analyses of the probable benefits or consequences of these new policies on the students have been obtained. The students form the target population for the implementation of these policies. Thus, it can be deduced form the previously mentioned statements that the major changes in educational policies aim to achieve collective involvement by stakeholders in all higher educational institutions. The fundamental change in the policy occurs in regards student enrolment deregulation by universities. This aims to assist the institutions in responding to the choices made by their students. This in turn is expected to lead to enhancement of the education quality by increasing competition. Till date, all indications point towards the conclusion that the changes in educational policies are effective in accomplishing the goals that have been set by them in the beginning. However, over time, the actual effects of the policies need to be disclosed specifically in the areas of vocational education and training (VET) sector. With an increase in availability of higher education opportunities to students, there is a change observed in the nature of the students. Moreover, the distinct clear borders that separate the students from working people are being abolished. Eventually, with the establishment of several new educational institutions, there is a probability of raising questions on the quality of education being provided by the fly-by-night providers. The role of the government in ensuring higher education standards are being continuously watched by several stakeholders. Tertiary Education System of Saudi Arabia There lies a huge difference in the tertiary mode of education in Kingdom of Saudi Arabia is and other countries. One of the primary differences lie in the fact that in Saudi Arabia, higher education is free in all public universities for Saudi citizens. This provision also exists for the family members of selected foreign professionals who work in the country. In addition, the 50% subsidised tuition fee rates for all Saudi students who study in private institutions is a remarkable advancement. Unlike other countries, the Saudi government also offers opportunities for free housing arrangement inside the university premises for students who come from remote or rural areas of the country. A monthly allowance is also paid to the students by the government to encourage or promote more students for attaining the higher educational institutes. There is segregation on the basis of gender at all educational levels in Saudi Arabia. Separate campus areas are built for the male and female students. King Abdullah Science Co-ed University, established in 2009 is the only exception. It was developed after much discussions and socio-political arguments. The establishment of this coeducational university is seen as a major step towards globalisation and international inclusion. A compulsory dissemination of Islamic culture, faith and history is imposed among students by the Kingdom of Saudi Arabia. However, the education policies of the Saudi government are facing international criticism in recent times. The major target is the religious education system. Background of Saudi Higher Education Policy Higher education policies in Saudi Arabia are a comparatively new occurrence since the establishment of the first university in the year 1957 in the country. There has been a swift development in the sector of higher education over the past decade. There were 32 universities in the year 2011, as compared to 8 universities in 2001 in the kingdom. During this time period, all aspects of the higher education have been directly regulated and firmly controlled by the government of Saudi Arabia. The regulations were imposed on numbers of students enrolled, admission processes and policies of human resources for the faculty members (Alkhazim, 2003). The Saudi government has provided necessary finance for developing the structure of higher education, since the very beginning, in the country. However, in the last decade, substantial investment by private companies has been observed in the field of research in several universities. Significant contributions have been observed in the expenditure of resources and money in recent years, by the private business sectors in Saudi Arabia. This contribution has been done to support growth of research capacities in public universities. This also provided major grants for chairperson selection and project innovations in a wide variety of subjects in several research departments. These charitable donations and grants were new in the higher education sector of Saudi Arabia. In Saudi Arabia, most of the public universities are capable of raising the funds to pay for all research activities that are taken in their institutes. As a result, there occurs an increase in appeals made to the government to lift the control and offer the authorisation to universities to decide the distribution of the funds. However, there is a need for major reforms in the governance and higher education policies to accomplish the goal (Christensen, 2011). King Abdulaziz University (KAU) was founded in the year 1967 as a private institute, first of its kind to provide higher education in Saudi Arabia. However, in 1974 it was converted to a public institute in 1974 following a decree from the ministry of education. Several decades later, the Prince Sultan University was founded in 1999. The establishment of the latter university was regarded as the arrival of higher education in private in the Saudi kingdom. Sooner, an additional 8 private institutions were founded within the next decade. The practice of privatisation of universities was seen as a compelling dynamism that helped to reform the structure of the government. It advocated the sharing of management responsibilities and authorities (Lapworth, 2004). Role of Saudi Government in Higher Education The public institutions for higher education located in Kingdom of Saudi Arabia are supported by full funding from the Saudi government and are managed by the same. The Saudi citizens are exempted from paying higher education fees at public universities. The entire cost is borne by the government. As a result, access to higher education is believed to be a privilege of citizenship by the ordinary people. However, a strong controlling approach is adopted by the government of Saudi Arabia as a result of the complete funding of education. All public institutions impart education in Arabic language. There exist few private universities where the medium of teaching is English. English is also used as the teaching medium in medical colleges. It has been mandatory by the government that all students should study English language in the preparatory year, before getting enrolled in into higher education. The academic year consists of 2 semesters from September to June in the higher educational institutions. An additional semester can also be taken by interested students during summer. The American structure is used for designing the higher education system. The associated degrees are of 2 years, Bachelor degrees for 4 years and Master degrees for 2 years. Key Issues in Higher Education in Saudi Arabia Administration and Financing: The higher educational policies are formulated, implemented, regulated and financed by the authority of the Ministry of Higher Education and Technical and Vocational Training Corporation. Several government bodies and agencies play a role in the higher education sector. These agencies include, Ministry of Health, Ministry of Religious Affairs, Ministry of Defense, and the Ministry of Interior. Administrative Reforms: Periodic attempts have been taken by the government to resolve problems such as obstinacy in administration, over-regulation and red-tape through establishment of several administration reforms. Continuous work is being done by a number of universities, with the aim of implementing new reforms that will control work maladies and improve performance. However, this process is difficult and slow due to government controls (Clark, 2014). Future Direction: Saudi Arabia higher education sector requires a fundamental change in its pattern. This change will help it to move away from the strict controls impose by the government on deregulation and from self governance and centralized authorities to independence by the universities. On attaining the objectives of deregulation, the performance of the universitiescan be used to form the basis for creating provisions for government financing. This in turn will lead to the improvement of the education quality and excellence through healthy competition. The Saudi Arabia ministry for higher education is involved in making efforts aimed towards the direction of deregulation. The primary goal of these efforts is to encourage higher education quality and modernization of the concerned educational institutions. Thus the higher education policies are constantly changing. These changes are specially observed in terms of introduction of diversification of the missions and objectives of universities. These changes aim to give more decision-making authority and independence to the universities. The National Commission for Academic Accreditation and Assessment (NCAAA) has been introduced by the ministry in this context. This commission acts as an impartial agency that oversees the quality of higher education, which is provided by various institutions that exist in Saudi Arabia. However, there is need for the government to develop a system that will be sufficient to raise funds in public universities, in the future. Authorization of universities to begin commercial activities can be considered as a probable solution. The revenue earned should be channeled for bringing advancements in the major objectives of the higher education systems and universities in the country (VidovichCurrie, 2011). Another option lies in creating a nurturing atmosphere that would encourage provisions for higher education and research grants from commercial organizations and philanthropists (Mouwen, 2000). The government should put forward innovative models to maintain pace with the existing values. However, the past academic and cultural hindrances, accompanied by the bureaucracy that is held largely responsible for resistance to all changes should be overcome. However, free thinking and charismatic leaders will be able to accomplish these changes that are much needed. The leaders should be courageous to display their creativity and should advocate their ideas. Therefore, leaders and winners are needed by the Saudi Arabian higher educational sector to achieve modernization of the educational system. This will assist in achievement of the goals. Conclusion: Thus, from the abovementioned facts a conclusion can be drawn that the report successfully explored the necessity of higher education in global settings. It illustrated the importance of higher education in addition to providing information on formulation of new public policies. The paper further helped in comparing the higher education policies of Saudi Arabia and Australia. The paper clearly presented the stark differences in the policies of the aforementioned 2 countries. It also elaborated the direction in which the 2 are moving. In Australia, there is a movement towards deregulation and opening of higher education opportunities for students due to an increase in demand. Moreover, the Australian government is focusing on reducing public expenditure in the education sector. This is responsible for increasing the cost burden on students. Future research should focus on the ways and techniques that should be adopted by the government to curb this higher education cost increase for students. On the other hand, the government strictly controls the higher education sector in the Kingdom of Saudi Arabia. It regulates the students who get enrolled, policies for human resource that are set by academic faculties and provides a complete subsidy to all services and facilities built for the students. However, establishment of private universities is expected to change the trends.. These universities will create increasing pressure on the government to voluntarily cease the controls. This will be assisted by large fund generation activities, and will decide on patterns of fund allocation for research. No assumptions were made by the paper on deciding which educational policies by the government were better or worse. It needs a thorough discussion. 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