3.Critically discuss the view that political regimes cannot have Essay

3.Critically discuss the view that political regimes cannot have legitimacy without democracy - Essay Example The role of democracy, in this context, is to legitimate what is legal and vice versa. Whether it is a representative democracy or direct democracy, the role of democratic processes is to bring a moral bearing to the legislatures. More broadly, democracy is the force of virtue through which a state can exercise its authority. The rest of this essay will elaborate various facets to the interrelation between legitimacy and democracy. â€Å"the question of the relationship between legitimacy and democracy depends on the relationship between support and democracy, a relationship which is contingent, not axiomatic...Legitimacy and democracy are related if members support an institution only to the extent that they view it as democratic: the relationship between legitimacy and democracy is therefore at the level of beliefs and of beliefs that the institution has to be democratic if it is to be supported.† (Blondel, Sinnott, & Svensson, 1998, p. 10) In liberal democracies, especially, legitimacy of the regime is of paramount importance. What is true for nations is also applicable to supranational entities. The European Union is a case in point, where most nations in the bloc purport to embrace the liberal-democratic constitutional framework. Even the EU constitution is an abstraction of this common theme uniting several nations in the bloc. In the case of the larger entity the EU, as it continues to expand, â€Å"the complex has intensified and has become more and more closely linked to the issue of legitimacy†. (Rosanvallon, 2011, p. 7) It is understood at the time of ratification of the EU constitution that, for the EU to be a democratic conglomeration, gaining legitimacy is an imperative. Equally, the European Parliament is another key institution for maintaining democratic processes within the EU. The Council of Ministers and the national parliaments are expected to play a complementary role in this regard. With thes e expectations of the European

ANZ Bank Based on Porters Five Force Model Case Study

ANZ Bank Based on Porters Five Force Model - Case Study Example Substitutes are those products which are quite different in form but which offer a real alternative to the industry competitor’s product (Michael E Porter and sustainable competitive advantage, Chapter 4, p.40). A threat of substitute products means the easiness in changing consumer behavior to opt for substitute products. For example, ANZ is facing stiff challenges from other prominent banks domestically and internationally. Competitors always try to produce goods of the same quality at cheaper prices. The availability of more attractive substitute products will drive away customers from ANZ. ANZ is currently focusing more in the Asian market. â€Å"In a number of Asian countries, foreign banks cannot enter the market on an unrestricted basis† (Lewis, 2007). The restrictions in this region are a big handicap for ANZ. For the ample, Indian national banks can offer many products to their customers like mutual funds, term deposits, etc whereas it is difficult for ANZ to o ffer such products to Indian customers. The threat of new entrants depends on the barriers to entry. Barriers to entry depend on economies of scale, product differentiation capital requirements etc (Michael E Porter and sustainable competitive advantage, Chapter 4, p.35). The threat of new entrants in the second element in the analysis of an organization with respect to Porter’s five force theory. New entrants always weaken the power of an organization. In the case of ANZ, globalization has raised many concerns about the entry of new international banks in Australia and other countries. It is easy for an Indian or Chinese bank to establish the business in Australia at present because of the liberalized market conditions. In fact, the recent recession has destroyed the backbone of many of the Australian banking organizations like ANZ. On the other hand, China has not faced much trouble with respect to the recession and hence it is easy for Chinese banks to enter the Australian market and raise challenges to ANZ.