The Constitution Understood Essay - 686 Words

The Jeffersonian-Republicans are characterized by their strict interpretation of the constitution, in stark contrast with the Federalists loose or broad interpretation. The Federalists believed that anything the constitution did not forbid it permitted, contrary to the Jeffersonian view that anything it did not permit it forbade. The Federalists advocated the â€Å"necessary† and â€Å"proper† clause, and their faith rested heavily in the virtue of implied powers. The Jeffersonian party believed that all powers not specifically granted to the central government were reserved to the states, disregarding the implication of inferred powers. In the late 1700’s both Jefferson and Madison organized an opposition to Hamilton, a federalist. During†¦show more content†¦This is a direct reference to the supporters of the Federalist Party and its â€Å"loose† interpretation of the nation’s charter. In this statement Jefferson expresses a belief that t he Federalist Party is threatening the Union. nbsp;nbsp;nbsp;nbsp;nbsp;One of the major aspects of the Federalist argument is that anything not forbade in the Constitution is permitted, while the Republicans commend the contrary. Jefferson displays his support for the latter, while speaking with, Presbyterian minister, Samuel Miller. Regarding the governments intermeddling in religious institutions he proclaims â€Å"no power to prescribe any religious exercise, or to assume authority in religious discipline, has been delegated to the general government† . This further shows his support of the states and their rights; he goes on to say â€Å"it must then rest with the states, as far as it can be in any human authority†¦Ã¢â‚¬  . nbsp;nbsp;nbsp;nbsp;nbsp;James Madison, as did Jefferson, supported states rights. Similar to the issue of government and religion, Madison in an address to congress vetoed an Internal Improvement Bill, based on the fact that this power is not granted in the constitution. He stated â€Å"the power to regulate commerce among the several states cannot include a power to construct roads and canals† . He continued in saying â€Å"that suchShow MoreRelatedConstitutional Interpretation Essay1012 Words   |  5 Pagesfrom â€Å"How to Read the Constitution† by Christopher Wolfe, and different source’s from Internet. I will start by giving what Wolfe says originalism is, and then I will give some background to other ways to interpret the constitution, and the founders and interpretation and I will finish up with my view on originalism and non-originalism and the critics to that. Wolfe on Originalism Wolfe says that originalism is a two-fold doctrine. 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The focus here has not been what Supreme Court has thought of the term in Article I Section 8 Clause 1, but how others thought of it before and shortly after it even became law. Why was it used, and what was its pedigree to those who decided to put it in the Constitution, and how it was viewedRead MoreThe Constitution Of The United States907 Words   |  4 PagesThe Constitution is a document produced by the Founding Fathers of the United States. It was created to set the rules and limitation of the nation and its people. Moreover, the Constitution was mainly constructed for the people of the nation and for their benefit and knowledge. President Roosevelt refers to the Constitution as a layman s document. By this, he means that the constitution was written for the common man to comprehend with prior expertise in governmental affairs. The ConstitutionRead MoreRatification : The People Debate1728 Words   |  7 Pageshistory being written by winners, the United States Constitution and its ratification process is usually presented as a unifying document establishing a system of government that most efficiently ensures the states’ newly won independence. Those who opposed ratification of the Constitution were seen as against a strong federal governmental power and obstructive in their opposition. In her book, Ratification: The People debate the Constitution, 1787-1788, Pauline Maier examined the often-tempestuousRead MoreThe Legacy Of The American Revolutionary War1435 Words   |  6 PagesAmerican Revolutionary war, the U.S Government, or lack of, was failing under the Articles of Confederation as the law of the land. The Founders knew they had to develop a more stable central government for fear of tearing the nation apart. The Constitution Americans abide by today was then created, but not was not a unanimous decision early on. The Founders knowingly created a republican government, other than a democracy, that would be controlled and governed by a small group of elites to protectRead MoreAlexander Hamilton Vs. Thomas Jefferson887 Words   |  4 Pagesagreeing to disagree over just about every policy being discussed during the establishment of government structure, and decorum. And it is Hamilton’s policies on economics, government structure, and constitution interpretation, which took precedent over Jefferson’s. Hamilton and Jefferson both understood the importance of a Nations economic success and its direct relationship to its government’s strength. However, both developed two economic plans completely opposite the other. Jefferson believedRead MoreDemocracy And Democracy908 Words   |  4 Pagesform the Founders intended for the American government and explain in what ways this nation has strayed from the original form of government created by its Founders. First, the meaning of and difference between a democracy and a republic must be understood. The word democracy, as defined by the Merriam Webster dictionary means â€Å"A government by the people, especially rule of the majority† (â€Å"Democracy†) Likewise, a democracy can be defined as â€Å"a form of government in which the people decide policyRead More Audrey Hofstadter Summary: The Founding Fathers: The Age of Realism 1580 Words   |  7 PagesAge of Realism Summary of Section: I The reasoning behind the Constitution of the United States is presented as based upon the philosophy of Hobbes and the religion of Calvin. It assumes the natural state of mankind in a state of war, and that the carnal mind is at enmity with God. Throughout, the struggle between democracy and tyranny is discussed as the Founding Fathers who envisioned the Constitution in Philadelphia in 1787 believed not in total democracy, but instead saw commonRead MoreAn Adaptable Constitution and Human Rights1637 Words   |  7 PagesUnitarily speaking, the political discourse that is associated with the United States Constitution is unsettling. The line drawn amongst what can be considered a right seems to fluctuate between obscurity and clarity. Although the fluctuation comes at a period of convenience, it is at whose expense that fluctuation comes, ought to be question. The United States Constitution and the term â€Å"rights† are politically, socially, and permanently engaged. Out of the political discourse of assessing what constitute

A Game of Thrones Chapter Five Free Essays

Jon There were times—not many, but a few—when Jon Snow was glad he was a bastard. As he filled his wine cup once more from a passing flagon, it struck him that this might be one of them. He settled back in his place on the bench among the younger squires and drank. We will write a custom essay sample on A Game of Thrones Chapter Five or any similar topic only for you Order Now The sweet, fruity taste of summerwine filled his mouth and brought a smile to his lips. The Great Hall of Winterfell was hazy with smoke and heavy with the smell of roasted meat and fresh-baked bread. Its grey stone walls were draped with banners. White, gold, crimson: the direwolf of Stark, Baratheon’s crowned stag, the lion of Lannister. A singer was playing the high harp and reciting a ballad, but down at this end of the hall his voice could scarcely be heard above the roar of the fire, the clangor of pewter plates and cups, and the low mutter of a hundred drunken conversations. It was the fourth hour of the welcoming feast laid for the king. Jon’s brothers and sisters had been seated with the royal children, beneath the raised platform where Lord and Lady Stark hosted the king and queen. In honor of the occasion, his lord father would doubtless permit each child a glass of wine, but no more than that. Down here on the benches, there was no one to stop Jon drinking as much as he had a thirst for. And he was finding that he had a man’s thirst, to the raucous delight of the youths around him, who urged him on every time he drained a glass. They were fine company, and Jon relished the stories they were telling, tales of battle and bedding and the hunt. He was certain that his companions were more entertaining than the king’s offspring. He had sated his curiosity about the visitors when they made their entrance. The procession had passed not a foot from the place he had been given on the bench, and Jon had gotten a good long look at them all. His lord father had come first, escorting the queen. She was as beautiful as men said. A jeweled tiara gleamed amidst her long golden hair, its emeralds a perfect match for the green of her eyes. His father helped her up the steps to the dais and led her to her seat, but the queen never so much as looked at him. Even at fourteen, Jon could see through her smile. Next had come King Robert himself, with Lady Stark on his arm. The king was a great disappointment to Jon. His father had talked of him often: the peerless Robert Baratheon, demon of the Trident, the fiercest warrior of the realm, a giant among princes. Jon saw only a fat man, red-faced under his beard, sweating through his silks. He walked like a man half in his cups. After them came the children. Little Rickon first, managing the long walk with all the dignity a three-year-old could muster. Jon had to urge him on when he stopped to visit. Close behind came Robb, in grey wool trimmed with white, the Stark colors. He had the Princess Myrcella on his arm. She was a wisp of a girl, not quite eight, her hair a cascade of golden curls under a jeweled net. Jon noticed the shy looks she gave Robb as they passed between the tables and the timid way she smiled at him. He decided she was insipid. Robb didn’t even have the sense to realize how stupid she was; he was grinning like a fool. His half sisters escorted the royal princes. Arya was paired with plump young Tommen, whose white-blond hair was longer than hers. Sansa, two years older, drew the crown prince, Joffrey Baratheon. He was twelve, younger than Jon or Robb, but taller than either, to Jon’s vast dismay. Prince Joffrey had his sister’s hair and his mother’s deep green eyes. A thick tangle of blond curls dripped down past his golden choker and high velvet collar. Sansa looked radiant as she walked beside him, but Jon did not like Joffrey’s pouty lips or the bored, disdainful way he looked at Winterfell’s Great Hall. He was more interested in the pair that came behind him: the queen’s brothers, the Lannisters of Casterly Rock. The Lion and the Imp; there was no mistaking which was which. Ser Jaime Lannister was twin to Queen Cersei; tall and golden, with flashing green eyes and a smile that cut like a knife. He wore crimson silk, high black boots, a black satin cloak. On the breast of his tunic, the lion of his House was embroidered in gold thread, roaring its defiance. They called him the Lion of Lannister to his face and whispered â€Å"Kingslayer† behind his back. Jon found it hard to look away from him. This is what a king should look like, he thought to himself as the man passed. Then he saw the other one, waddling along half-hidden by his brother’s side. Tyrion Lannister, the youngest of Lord Tywin’s brood and by far the ugliest. All that the gods had given to Cersei and Jaime, they had denied Tyrion. He was a dwarf, half his brother’s height, struggling to keep pace on stunted legs. His head was too large for his body, with a brute’s squashed-in face beneath a swollen shelf of brow. One green eye and one black one peered out from under a lank fall of hair so blond it seemed white. Jon watched him with fascination. The last of the high lords to enter were his uncle, Benjen Stark of the Night’s Watch, and his father’s ward, young Theon Greyjoy. Benjen gave Jon a warm smile as he went by. Theon ignored him utterly, but there was nothing new in that. After all had been seated, toasts were made, thanks were given and returned, and then the feasting began. Jon had started drinking then, and he had not stopped. Something rubbed against his leg beneath the table. Jon saw red eyes staring up at him. â€Å"Hungry again?† he asked. There was still half a honeyed chicken in the center of the table. Jon reached out to tear off a leg, then had a better idea. He knifed the bird whole and let the carcass slide to the floor between his legs. Ghost ripped into it in savage silence. His brothers and sisters had not been permitted to bring their wolves to the banquet, but there were more curs than Jon could count at this end of the hall, and no one had said a word about his pup. He told himself he was fortunate in that too. His eyes stung. Jon rubbed at them savagely, cursing the smoke. He swallowed another gulp of wine and watched his direwolf devour the chicken. Dogs moved between the tables, trailing after the serving girls. One of them, a black mongrel bitch with long yellow eyes, caught a scent of the chicken. She stopped and edged under the bench to get a share. Jon watched the confrontation. The bitch growled low in her throat and moved closer. Ghost looked up, silent, and fixed the dog with those hot red eyes. The bitch snapped an angry challenge. She was three times the size of the direwolf pup. Ghost did not move. He stood over his prize and opened his mouth, baring his fangs. The bitch tensed, barked again, then thought better of this fight. She turned and slunk away, with one last defiant snap to save her pride. Ghost went back to his meal. Jon grinned and reached under the table to ruffle the shaggy white fur. The direwolf looked up at him, nipped gently at his hand, then went back to eating. â€Å"Is this one of the direwolves I’ve heard so much of?† a familiar voice asked close at hand. Jon looked up happily as his uncle Ben put a hand on his head and ruffled his hair much as Jon had ruffled the wolf’s. â€Å"Yes,† he said. â€Å"His name is Ghost.† One of the squires interrupted the bawdy story he’d been telling to make room at the table for their lord’s brother. Benjen Stark straddled the bench with long legs and took the wine cup out of Jon’s hand. â€Å"Summerwine,† he said after a taste. â€Å"Nothing so sweet. How many cups have you had, Jon?† Jon smiled. Ben Stark laughed. â€Å"As I feared. Ah, well. I believe I was younger than you the first time I got truly and sincerely drunk.† He snagged a roasted onion, dripping brown with gravy, from a nearby trencher and bit into it. It crunched. His uncle was sharp-featured and gaunt as a mountain crag, but there was always a hint of laughter in his blue-grey eyes. He dressed in black, as befitted a man of the Night’s Watch. Tonight it was rich black velvet, with high leather boots and a wide belt with a silver buckle. A heavy silver chain was looped round his neck. Benjen watched Ghost with amusement as he ate his onion. â€Å"A very quiet wolf,† he observed. â€Å"He’s not like the others,† Jon said. â€Å"He never makes a sound. That’s why I named him Ghost. That, and because he’s white. The others are all dark, grey or black.† â€Å"There are still direwolves beyond the Wall. We hear them on our rangings.† Benjen Stark gave Jon a long look. â€Å"Don’t you usually eat at table with your brothers?† â€Å"Most times,† Jon answered in a flat voice. â€Å"But tonight Lady Stark thought it might give insult to the royal family to seat a bastard among them.† â€Å"I see.† His uncle glanced over his shoulder at the raised table at the far end of the hall. â€Å"My brother does not seem very festive tonight.† Jon had noticed that too. A bastard had to learn to notice things, to read the truth that people hid behind their eyes. His father was observing all the courtesies, but there was tightness in him that Jon had seldom seen before. He said little, looking out over the hall with hooded eyes, seeing nothing. Two seats away, the king had been drinking heavily all night. His broad face was flushed behind his great black beard. He made many a toast, laughed loudly at every jest, and attacked each dish like a starving man, but beside him the queen seemed as cold as an ice sculpture. â€Å"The queen is angry too,† Jon told his uncle in a low, quiet voice. â€Å"Father took the king down to the crypts this afternoon. The queen didn’t want him to go.† Benjen gave Jon a careful, measuring look. â€Å"You don’t miss much, do you, Jon? We could use a man like you on the Wall.† Jon swelled with pride. â€Å"Robb is a stronger lance than I am, but I’m the better sword, and Hullen says I sit a horse as well as anyone in the castle.† â€Å"Notable achievements.† â€Å"Take me with you when you go back to the Wall,† Jon said in a sudden rush. â€Å"Father will give me leave to go if you ask him, I know he will.† Uncle Benjen studied his face carefully. â€Å"The Wall is a hard place for a boy, Jon.† â€Å"I am almost a man grown,† Jon protested. â€Å"I will turn fifteen on my next name day, and Maester Luwin says bastards grow up faster than other children.† â€Å"That’s true enough,† Benjen said with a downward twist of his mouth. He took Jon’s cup from the table, filled it fresh from a nearby pitcher, and drank down a long swallow. â€Å"Daeren Targaryen was only fourteen when he conquered Dorne,† Jon said. The Young Dragon was one of his heroes. â€Å"A conquest that lasted a summer,† his uncle pointed out. â€Å"Your Boy King lost ten thousand men taking the place, and another fifty trying to hold it. Someone should have told him that war isn’t a game.† He took another sip of wine. â€Å"Also,† he said, wiping his mouth, â€Å"Daeren Targaryen was only eighteen when he died. Or have you forgotten that part?† â€Å"I forget nothing,† Jon boasted. The wine was making him bold. He tried to sit very straight, to make himself seem taller. â€Å"I want to serve in the Night’s Watch, Uncle.† He had thought on it long and hard, lying abed at night while his brothers slept around him. Robb would someday inherit Winterfell, would command great armies as the Warden of the North. Bran and Rickon would be Robb’s bannermen and rule holdfasts in his name. His sisters Arya and Sansa would marry the heirs of other great houses and go south as mistress of castles of their own. But what place could a bastard hope to earn? â€Å"You don’t know what you’re asking, Jon. The Night’s Watch is a sworn brotherhood. We have no families. None of us will ever father sons. Our wife is duty. Our mistress is honor.† â€Å"A bastard can have honor too,† Jon said. â€Å"I am ready to swear your oath.† â€Å"You are a boy of fourteen,† Benjen said. â€Å"Not a man, not yet. Until you have known a woman, you cannot understand what you would be giving up.† â€Å"I don’t care about that!† Jon said hotly. â€Å"You might, if you knew what it meant,† Benjen said. â€Å"If you knew what the oath would cost you, you might be less eager to pay the price, son.† Jon felt anger rise inside him. â€Å"I’m not your son!† Benjen Stark stood up. â€Å"More’s the pity.† He put a hand on Jon’s shoulder. â€Å"Come back to me after you’ve fathered a few bastards of your own, and we’ll see how you feel.† Jon trembled. â€Å"I will never father a bastard,† he said carefully. â€Å"Never!† He spat it out like venom. Suddenly he realized that the table had fallen silent, and they were all looking at him. He felt the tears begin to well behind his eyes. He pushed himself to his feet. â€Å"I must be excused,† he said with the last of his dignity. He whirled and bolted before they could see him cry. He must have drunk more wine than he had realized. His feet got tangled under him as he tried to leave, and he lurched sideways into a serving girl and sent a flagon of spiced wine crashing to the floor. Laughter boomed all around him, and Jon felt hot tears on his cheeks. Someone tried to steady him. He wrenched free of their grip and ran, half-blind, for the door. Ghost followed close at his heels, out into the night. The yard was quiet and empty. A lone sentry stood high on the battlements of the inner wall, his cloak pulled tight around him against the cold. He looked bored and miserable as he huddled there alone, but Jon would have traded places with him in an instant. Otherwise the castle was dark and deserted. Jon had seen an abandoned holdfast once, a drear place where nothing moved but the wind and the stones kept silent about whatever people had lived there. Winterfell reminded him of that tonight. The sounds of music and song spilled through the open windows behind him. They were the last things Jon wanted to hear. He wiped away his tears on the sleeve of his shirt, furious that he had let them fall, and turned to go. â€Å"Boy,† a voice called out to him. Jon turned. Tyrion Lannister was sitting on the ledge above the door to the Great Hall, looking for all the world like a gargoyle. The dwarf grinned down at him. â€Å"Is that animal a wolf?† â€Å"A direwolf,† Jon said. â€Å"His name is Ghost.† He stared up at the little man, his disappointment suddenly forgotten. â€Å"What are you doing up there? Why aren’t you at the feast?† â€Å"Too hot, too noisy, and I’d drunk too much wine,† the dwarf told him. â€Å"I learned long ago that it is considered rude to vomit on your brother. Might I have a closer look at your wolf?† Jon hesitated, then nodded slowly. â€Å"Can you climb down, or shall I bring a ladder?† â€Å"Oh, bleed that,† the little man said. He pushed himself off the ledge into empty air. Jon gasped, then watched with awe as Tyrion Lannister spun around in a tight ball, landed lightly on his hands, then vaulted backward onto his legs. Ghost backed away from him uncertainly. The dwarf dusted himself off and laughed. â€Å"I believe I’ve frightened your wolf. My apologies.† â€Å"He’s not scared,† Jon said. He knelt and called out. â€Å"Ghost, come here. Come on. That’s it.† The wolf pup padded closer and nuzzled at Jon’s face, but he kept a wary eye on Tyrion Lannister, and when the dwarf reached out to pet him, he drew back and bared his fangs in a silent snarl. â€Å"Shy, isn’t he?† Lannister observed. â€Å"Sit, Ghost,† Jon commanded. â€Å"That’s it. Keep still.† He looked up at the dwarf. â€Å"You can touch him now. He won’t move until I tell him to. I’ve been training him.† â€Å"I see,† Lannister said. He ruffled the snow-white fur between Ghost’s ears and said, â€Å"Nice wolf.† â€Å"If I wasn’t here, he’d tear out your throat,† Jon said. It wasn’t actually true yet, but it would be. â€Å"In that case, you had best stay close,† the dwarf said. He cocked his oversized head to one side and looked Jon over with his mismatched eyes. â€Å"I am Tyrion Lannister.† â€Å"I know,† Jon said. He rose. Standing, he was taller than the dwarf. It made him feel strange. â€Å"You’re Ned Stark’s bastard, aren’t you?† Jon felt a coldness pass right through him. He pressed his lips together and said nothing. â€Å"Did I offend you?† Lannister said. â€Å"Sorry. Dwarfs don’t have to be tactful. Generations of capering fools in motley have won me the right to dress badly and say any damn thing that comes into my head.† He grinned. â€Å"You are the bastard, though.† â€Å"Lord Eddard Stark is my father,† Jon admitted stiffly. Lannister studied his face. â€Å"Yes,† he said. â€Å"I can see it. You have more of the north in you than your brothers.† â€Å"Half brothers,† Jon corrected. He was pleased by the dwarf’s comment, but he tried not to let it show. â€Å"Let me give you some counsel, bastard,† Lannister said. â€Å"Never forget what you are, for surely the world will not. Make it your strength. Then it can never be your weakness. Armor yourself in it, and it will never be used to hurt you.† Jon was in no mood for anyone’s counsel. â€Å"What do you know about being a bastard?† â€Å"All dwarfs are bastards in their father’s eyes.† â€Å"You are your mother’s trueborn son of Lannister.† â€Å"Am I?† the dwarf replied, sardonic. â€Å"Do tell my lord father. My mother died birthing me, and he’s never been sure.† â€Å"I don’t even know who my mother was,† Jon said. â€Å"Some woman, no doubt. Most of them are.† He favored Jon with a rueful grin. â€Å"Remember this, boy. All dwarfs may be bastards, yet not all bastards need be dwarfs.† And with that he turned and sauntered back into the feast, whistling a tune. When he opened the door, the light from within threw his shadow clear across the yard, and for just a moment Tyrion Lannister stood tall as a king. How to cite A Game of Thrones Chapter Five, Essay examples

The Privatization of Telstra Corporation Limited

Question: Discuss about The Privatization of Telstra Corporation Limited. Answer: Introduction Privatization encompasses the transfer of an enterprise from the public sector to the private sector. The Common Wealth Government of Australia embarked on a partial privatization of its telecommunication assets with the aim of using the proceeds to reduce the government debt and as well as lower the interest rate payment burden. Moreover, it is aimed at opening the market to competition. The focus of this paper is to respond to prompts regarding the privatization strategy employed. Major Decision Making Factors Financial Factors According to Dinc and Gupta (2011), sales are a measure of size, and the ratio of profits to sales is a measure of a companys profitability. A government may have a preference in the privatization of a more profitable firm during its periods of profitability with the aim of having increased proceeds from its privatization. In addition, a government may prefer privatization during this period of high-profit rates as it builds public support because of successful primary sales. Privatization of a firm also leads to greater efficiency. Thus, the decision is placed on the emphasis of greater efficiency of Telstra or anticipated proceeds (Dinc and Gupta, 2011). Political Factors Bortolotti and Faccio (2009), state that politicians may choose to target public funds that may be used in pivotal areas of the economy with the aim of gaining political mileage to win an election. The government may choose areas that tend to receive a lot of public interest, criticisms and advocacy for change through lobby groups (Bortolotti and Faccio, 2009). For this case, decision to make the partial sale of Telstra would have been made to quell critics and substantial public interests that had been placed on the countrys foreseeable unsustainable public debt. In addition, the government may have hoped to gain political mileage through its efforts in environment and wildlife conservation efforts. Monopoly According to Pettinger (2011), deregulation is often accompanied with the privatization of public corporations where policies are made to allow other players into the industry to increase competition (Pettinger, 2011). Doing away with a monopoly in the industry may have been a way in which the government aimed at lowering the cost of telecommunication products through the introduction of monopoly into the sector. The move would also have opened up rural areas to access communication services. Issue Process used by Common wealth Government in both of Telstra Share Offers. Rationale for the use of Installment-Payment and Book-Build instruments in the Sale of Shares Brooks (2010), states that corporations may prefer to use installment payment in the sale of shares for it allows the seller to defer certain taxes that are derived from the income of the sale (Brooks, 2010). According to Bernfield (2015), capital gain tax can be deferred during the full or partial sale of business. Providing a discount of $0.10 per share was also a tool of attracting investors. The use of book-build instruments was also essential for it enables a company to determine the price of a share using the highest bid price (Bernfield, 2015). Advantages of Using Installment-Payment and Book-Build instruments in the Sale of Shares Brooks (2010) states that the sale of shares using installment payment is not only attractive and but also beneficial to potential investors. The technique enables a buyer who may not have the entire required amount necessary to purchase a required number of shares at the time to own shares of the company through a partial payment system. It, therefore, attracts an increased number of investors. Furthermore, the purchaser of shares is able to fully purchase the shares and pay the installment using dividends derived from the companys profits. The company will typically be financing the investor (Brooks, 2010). Drawbacks of Using Installment-Payment and Book-Build instruments in the Sale of Shares An example of a drawback of selling shares using installment payment is that the seller does not get expected proceeds upfront. The occurrence is particularly detrimental is the seller intends on using proceeds on urgent and pending matters (Keck, 2009). Neilson (2014) states that the use of a book-building instrument to determine the worth of a stock may lead to overvaluing a companys stock if a company chooses to determine a price issue using the highest bid price. The use of the instrument may lead to fall in demand and consequently, fall in price (Neilson, 2014). Comparison of Relative Success Levels Associated with Telstra 1 and Telstra 2 The Commonwealth Government was the main beneficiary of Telstra 1 as it received many proceeds from the issue of shares to the public due to the increased value of the shares. At the final installment payment, the share price was at $ 9.15 within the two years of the initial listing date. On the other hand, the public was at a loss because of the devaluing of the companys share. The occurrence meant that if an individual aimed at selling shares purchased during Telstra 1, the sale would be made at a loss. During the Telstra 2 share offer, the Common Wealth government had a low level of success denoted from a low amount of proceeds that was attributed to the falling of the share price. The new shareholders who were members of the public were the beneficiaries in this case for they purchased shares at $5.20 and later sell them at $5.50 per share. The pattern of outcome is consistent with what is suggested by anecdotal evidence. According to Gerardi and Shapiro (2009), increased competition in a sector that a company had a monopoly over makes the company lose some of its market share. Assuming that the population of the market share remains constant, the company eventually reduces its sales and consequently its profitability ratios. The end result will be a decrease in the value of the corporations shares (Gerardi and Shapiro, 2009). Conclusion The paper details major factors that influence the decision whether or not to privatize a corporation. It also details the instruments that can be applied during privatization. The discussion gives insights and predictability in the purchase and sale of shares. It is important to consider companys external environment prior to deciding whether to purchase shares. References Bernfield, W. (2015). Maximizing Tax Benefits of Installment Sales | Certified Public Accountants | Weltman Bernfield. Retrieved September 10, 2016, from https://weltmanbernfield.com/maximizing-tax-benefits-of-installment-sales/ Bortolotti, B., Faccio, M. (2009). Government control of privatized firms. Review of Financial Studies, 22(8), 2907-2939. Brooks, G. (2010). Selling Your Business Using Installment Sales | Exit Plan Pros. Retrieved September 10, 2016, from https://www.exitplanpros.com/2010/02/selling-your-business-using-installment-sales/ Butterworths Journal of International Banking and Financial Law, 485. Dinc, I. S., Gupta, N. (2011). The decision to privatize: Finance and politics. The Journal of Finance, 66(1), 241-269. Gerardi, K. S., Shapiro, A. H. (2009). Does competition reduce price dispersion? New evidence from the airline industry. Journal of Political Economy, 117(1), 1-37. Keck, R. (2009). Installment payments in spectrum auctions and telecom privatizations. Nielson, S. (2014). Why did Facebooks shares fall after its initial public offering? Retrieved September 10, 2016, from https://marketrealist.com/2014/01/facebook-ipo/ Pettinger, T. (2011). Advantages and problems of privatization. Retrieved September 10, 2016, from https://www.economicshelp.org/blog/501/economics/advantages-of-privatisation/