Financial Analysis of Yum Brands - 1441 Words

A Financial Analysis of Yum! Brands, Inc Restaurants are, and will continue to be, an extremely profitable business. As a result, shareholders who have interest in brands such as McDonalds and Starbucks need not to worry about negative implications for the food giants compared to more risky industries. One company in particular, Yum! Brands (YUM), is another brand investors should become familiar with. Consumers may recognize the more specific stores the company owns such as Taco Bell and Pizza Hut, but investors should realize the sales and earnings growth associated with this organization. In addition, while there are many companies in the restaurant industry, Yum not only rings familiar with consumers like Starbucks, but Yum†¦show more content†¦To justify this claim, during the past twelve months, Yum received a revenue figure, according to Reuters, of $9.56 billion. This number was a 5.05% increase compared to the previous year number. While this increase in margin was a bit below the average year-to-year incr ease of 6.58%, the difference in growth decline was only a 23% difference. Other companies like Brinker saw a 43% deceleration during this same time period. In addition, while some investors may critique the industry 11.31% growth in sales during the past to Yums lower numbers, it is also important to realize that Yum supports the seconds highest sales figure in its industry, and appreciation of revenue growth will be much difficult than smaller-capitalization companies to come-by. This is in addition to the fact that many lower-revenue companies in this industry are actually seeing negative sales growth (not deceleration) during the same time frame as the aforementioned analysis. With these thoughts on sales at hand, these numbers can be used at the broadest of levels to illustrate that the steady increase and influx of money into Yum over its career has aided in the appreciation of its share price. Since 2003, not once has Yum seen a calendar year decrease in price. This comes wit h a 25% appreciation in 2006 and a 12% escalation so far in 2007--despite the recent economic turmoil. These sales and share price indications illustrate that Yum will fair veryShow MoreRelatedYum Brands Financial Statement Analysis2856 Words   |  12 PagesBackground Yum Brands Incorporated is the world’s largest fast-food, or quick-service restaurant (QSR), company in terms of restaurants, which numbered over 37,000 at the end of 2010. It currently operates five restaurant chains, but by the end of 2011, that number will decrease to three: KFC, Pizza Hut, and Taco Bell. The remaining two chains, AW and Long John Silver’s, will be sold in the 4th quarter of 2011 to companies formed by their franchise holders. As of November, 2011, Yum is in theRead MoreEssay on Financial Analysis Report Yum! Brands4261 Words   |  18 PagesFinancial Analysis Report (FAR) YUM! Brands, Inc. The fast food and quick service restaurant industry consisted of about 945,000 restaurants representing approximately $552 billion in annual sales.  The industry is highly fragmented, with the top 50 companies holding about 25% of industry sales and is intensely competitive with respect to food quality, price, service, convenience, location and concept (Hoovers 2009). The major companies of the industry include McDonald’s, Burger King,Read MoreFinancial Analysis - Yum! Brands and Darden Restaurant2097 Words   |  9 PagesYum! Brands Yum! Brands started out as Tricon Global Restaurants in 1997 as the result of a separation from PepsiCo, and became owners of the KFC, Pizza Hut and Taco Bell brand names worldwide. Yum! Brands is now a Fortune 500 company based out of Louisville, Kentucky and the world’s largest restaurant company in the world in terms of system restaurants. With over 37,000 restaurants in over 110 countries, Yum! Brands dominates four sectors of the quick-service food industry: Mexican with the TacoRead Morevison, mission and objectives for yum brands1633 Words   |  7 Pagesthe relevant information on Yum brands business strategy. With the hospitality market becoming increasingly competitive, it’s important that as a business has a business’s strategy set. The main aims normally revolve around making lots of profits, growing and expanding, and most importantly, being different from others. These goals must be achieved for business success in any tough market industry. To accomplish the aim, I will be writing a report with concise analysis of the organization’s historyRead MoreCash Flow Statements Of Yum Brands, Inc.1124 Words   |  5 PagesThis paper reviews the Cash Flow Statements of Yum Brands, Inc., Panera Bread, and Starbucks documented by case study 10-10 in our textbook for the purpose of analyzing financial health based on cash flow data. (Gibson, 2013). Cash Flow Data (Case 10-10) Table 1 replicates provided case 10-10 Cash flow data for companies Yum Brands, Inc., Panera Bread, and Starbucks (Gibson, 2013). Data Reviewed Yum Brands, Inc. Panera Bread Starbucks 2010 2009 2010 2009 2010 2009 Net cash provided by operatingRead MoreBusiness1473 Words   |  6 PagesCompany Analysis Phase IV Team A Leland Cannon, Tracy Garcia, Jeff Green, Udonna Newton FIN 370 June 12, 2012 Peggy Determeyer Company Analysis Phase IV * Buffalo Wild Wings, Inc. operates chicken wing restaurants that are located within the borders of the United States and Canada. Two friends, Jim Disbrow and Scott Lowery, founded the company in 1982 in Ohio. The companys claim to fame is their multitude of signature sauces used to create delectable wings to meet the expectationsRead MoreMarketing Analysis : Yum ! Brands Inc.3538 Words   |  15 Pagesand Industry/Strategy Analysis Introduction Yum! Brands Inc. is the world’s largest restaurant company. From the worldwide it is has more than 37,000 restaurant units in 110 countries and regions based in Louisville, Kentucky. â€Å"In 2009, the company pulled in almost $11 billion in revenue. The brands owned by Yum! Brands Inc. are KFC, Pizza Hut and Taco Bell.† These four brands are global leaders in the categories of chicken, pizza, and Mexican-style food. â€Å"Also Yum! Brands have three divisions:Read MoreAnalysis of the Company Yum! Brands, Inc.2908 Words   |  12 Pages1. Introduction In the module strategic hospitality management an analysis of the company YUM! Brands, Inc. will be made. The second week of the module especially focuses on the internal analysis of YUM!. In order to understand the internal analysis process, books are red on the topic. This will be done in order to define the strengths and weaknesses, resources, capabilities and the development of competitive and strategic advantages. The lectures and workshops provided important information andRead MoreYum Brands Essay696 Words   |  3 PagesDescribe Pizza Hut and KFCs investment strategy in Latin America. Latin America was appealing to Yum brands because of its close proximity to the United States, language and cultural similarities, and the North America free Trade Agreement eliminated tariffs on goods traded between the United States. Performing a country analysis was an important part of the strategic decision making process. Yum Brands had to accurately assesses the risks of doing business in other countries and regions in order toRead MoreCase 10-10 Essay examples987 Words   |  4 Pagesï » ¿ Analysis of â€Å"Eat at My Restaurant – Cash Flow† FIN400 – Analyzing Financial Statements June 28, 2013 Analysis of â€Å"Eat at My Restaurant – Cash Flow† Understanding the flow of cash within an organization is critical to knowing the health of an organization. Without this understanding, a business may run into a situation where even though they are profitable, they may not have enough cash on hand to meet their obligations. This paper will look at the case study Eat at My Restaurant

Record Management Free Essays

string(34) " of being complete and unchanged\." Running head: Records Management Name Instructor Date of submission Executive Summary An effective records management program is an integral part of an organization’s effective business operations. Organizations must consider records management requirements when implementing the system management strategies or whenever they design and augment an electronic information system. Organizations are required by law to â€Å"make and preserve records containing adequate and proper documentation of the organization, functions, policies, decisions, procedures, and essential transactions of the organization. We will write a custom essay sample on Record Management or any similar topic only for you Order Now This legal requirement applies to electronic records kept by the organizations as well. Organizations that do not consistently adhere to standard records management practices run the risk of not having records that can be depended upon in the course of subsequent business transactions or activities. This paper focuses on the various methodologies that organizations can implement in order to develop ECM/ERM strategies that are backed with electronic signature systems. It also gives an insight into the various ways through which organizations can implement good IT practices to complement or parallel existing records management practices. In systems implemented in line with ECM/ERM guidelines, developing the most efficient systems will form the core of organizational success. This will be achieved by making electronically signed records the core of organizational IT systems. The organizational IT professionals will come to terms with the fact that signatures are an integral part of the records they keep. If the records need to be preserved, whether for a short duration of time or permanently, then the organization is required to promote integrity of its records by electronically signing them in scheduled series. Additionally, this paper discusses the general principles that govern application of electronic signature technology in organizations. Organizations can accomplish electronic signatures through the use of different technologies such as Personal Identification Number (PIN), smart cards and biometrics. However, some organizations can decide to apply additional technology specific-record management systems. Introduction Records Life Cycle vs. System Development Life Cycle According to Adam (2008), the terms â€Å"records life cycle† and â€Å"system development life cycle† are significant concepts that are often confused in information technology and records management discussions. Records life cycle: The records life cycle refers to the life span of a record from the time it is created or received to its eventual disposition. The process is usually carried out in three main stages: creation, maintenance and use, and eventual disposition (Sampson, 2002). Majorly, this paper focuses on information creation stage since the electronic signature record is created at the initial stage of the records life cycle. The second stage, maintenance and use, is the part in the records life cycle in which the record is maintained at the organizational level while in active use, or is maintained when not in frequent use. The final stage of the records life cycle is disposition, which marks the ultimate fate finish to the record. Most organizational records are categorized as having either a â€Å"temporary† or â€Å"permanent† disposition status (Addey, 2002). Temporary records are held by organizations for stated periods before they are destroyed or deleted. On the other hand, permanent records are initially held by organizations before they are eventually transferred to state and other involved agencies. The eventual disposition of the electronically-signed records is subject to debate between the involved agency and the statutory bodies, in which some organizations may be authorized to dispose some of the records. System development life cycle: The â€Å"system development life cycle† gives a description of the developmental phases that an electronic information system entails. These phases typically include initiation, definition, design, development, deployment, operation, maintenance, enhancement, and retirement. The most important steps in all this are the definition, development, and refinement of the data model, which mostly involves treatment of the records being created or managed (Stephens, 2007). Information systems are developed according to system development methodologies, including those that organizations use to implement the electronic signature as required by the statutory bodies; which govern production and augmentation of existing records. The records life cycle usually exceeds the system development life cycle. When it does the organization involved needs to retain the particular record for a period of time longer than the life of the electronic information system that generated the electronic signature. However, this presents special challenges, such as maintaining the integrity of record in case of system migration. Background Characteristics of Trustworthy Organizational Records Reliability, authenticity, integrity, and usability are the features used to describe trustworthy records from a records management perspective. An organization needs to consider these features when laying implementation plans for ERM programs; such that it can meet its internal business and legal needs, as well as external regulations (Boiko, 2002). The degree of effort that an organization puts into ensuring that these characteristics are attained depends on the organizational business strategies and the structure of the market environment. Transactions that are of great importance to the organization require greater assurance level than those usable with transactions of less criticality to the organization Reliability: A reliable record is one that carries contents that can be trusted as a whole and actual representation of the transactions, activities, or facts to which it refers and can be relied upon in the subsequent transactions Authenticity: An authentic record is one that is proven to be what it purports to be and to have been created or sent by the person who purports to have created and sent it. A record should be created at the point in time of the transaction or incident to which it relates, or soon afterwards, by individuals who have direct knowledge of the facts or by instruments routinely used within the business to conduct the transaction (Wiggins, 2007). To demonstrate the authenticity of records, organizations should implement and document policies and procedures which control the creation, transmission, receipt, and maintenance of records to ensure that records designers are authorized and identified and that records are protected against unauthorized addition, deletion, and alteration. Integrity: The integrity of a record refers to the state of being complete and unchanged. You read "Record Management" in category "Essay examples" It is essential that a record be protected against changes without signed permission. Records management policies and procedures should specify what, if any, additions or annotations may be made to a record after it is created, under what circumstances additions or annotations may be authorized, and the people authorized to make the changes. Any authorized annotation or addition to a record made after it is complete should be explicitly indicated as annotations or additions. Another aspect of integrity is the structural integrity of organizational records. The structure of a record refers to its physical and logical format; as well as the relationship between the data elements contained in the record. Failure to maintain the structural integrity of organizational records can easily impair reliability and authenticity of the record Usability: These are records that can be located, retrieved, presented, and interpreted. In any subsequent retrieval and use, the record needs to be directly connected to the business activity or transaction which produced it. It should be possible to identify a record within the context of broader business activities and functions. The connection between records which document a sequence of activities should be maintained. These contextual linkages of records should carry the information needed for an understanding of the transaction that created and used them. Preserving Trustworthy Records For a record to remain reliable, authentic, with its integrity maintained, and useable for as long as the record is needed, it is necessary that it’s content, context and sometimes structure is maintained. A trustworthy record preserves the actual content of the record itself and information about the record that draws relation to the context in which it was first designed and used. Specific contextual information will vary depending upon the business, legal, and regulatory requirements of the business activity (e. g. , issuing land use permits on Federal lands). It is also necessary to preserve the structure of the record, as well as the content arrangement. Failure to preserve the content structure of the record will affect its structural integrity. That, in turn, undermines the record’s reliability and authenticity; which is of great essence. There are special considerations when dealing with the preservation of the content, context, and structure of records that are made possible by Electronic Record Management through electronic signatures: †¢ Content: The electronic signature or signatures in a record are part of the content. They give a clear indication on who signed a record and whether that person gave approval for the record content. In organizations, multiple signatures are an indication of initial approval and subsequent approvals. It should be understood that in ERM, signatures should accompanied by dates and other identifiers such as organizational titles. All of these peripherals are part of the content of the record and needs to be kept well. Lack of this information seriously impairs the reliability and authenticity of a record †¢ Context: Some electronic signature technologies are centered on individual identifiers which are not embedded in the record content, trust paths, and other means used to create and verify the validity of an electronic signature. This information is not inclusive of the record content but is nevertheless significant. It provides contextual support to the record since it provides evidence that can be used to support the authenticity and reliability of the record. Lack of these contextual records seriously impairs subsequent attempts to verify validity of the organizational records. †¢ Structure: Preserving the structure of a record means that the physical and logical formats of a record are well drawn. In doing this, organizations must ensure that the physical and logical formats of the record elements remain intact physically and logically. An organization may find it necessary to maintain the record structural form through the use of an electronic signature. In that case, the organization is required to preserve both the hardware and software that created the electronic signature, which can either be encryption algorithms or chips. This ensures that the electronic record can be revalidated at a later time when required Advantages and disadvantages of using ECM/ERM systems in organizations The main advantage of organizations using ECM/ERM approaches in organizations is the fact that it offers the platform to verify the validity of records. There are various approaches that organizations can use to achieve trustworthiness of electronically-signed records within their systems over time. This requires that organizations choose an approach that is applicable, fit for their particular line of business; as well as risk assessment The first approach may involve an organization deciding to maintain adequate documentation of its records’ validity. This involves maintaining of adequate documentation of the records such as, trust verification of records gathered at or near the time of record signing. This record keeping approach enables organizations to retain contextual information through an adequate document processes carried out at the time the record was electronically-signed, along with the electronically-signed record itself. The additional contextual information is then retained for as long as the electronically-signed record is retained. Thus the agency preserves the signature’s validity and meets the adequacy of documentation requirements by retaining the contextual information that documented the validity of the electronic signature at the time the record was signed. Maintaining adequate documentation of validity gathered at or near the time of record signing may be preferable for records that have permanent or long-term retentions since it is less dependent on technology and much more easily maintained as technology evolves over time (Rockley, 2003). However, using this approach, the signature name may not remain readable over time because of bit-wise deterioration in the record or as a result of technological obsolescence. Agencies must ensure that for permanent records the printed name of the signer and the date when the signature was executed be included as part of any human readable form (such as electronic display or printout) of the electronic record. Similarly, an organization may opt to maintain the capacity to re-validate digital signatures. The re-validation approach demands that an organization retains the ability to revalidate the digital signature, together with the electronically-signed record itself. The information necessary for revalidation (i. e. , the public key used to validate the signature, the certificate related to that key, and the certificate revocation list from the certificate authority that corresponds to the time of signing) must be retained for as long as the digitally-signed record is retained. Both contextual and structural information of the record must be retained. This is of benefit to the organization since it can review it records over time effectively (Jenkins, 2005). However, this approach of record keeping is potentially burdensome, particularly for records that are digitally signed records with long retention requirements. Conclusions Record keeping is consistently becoming a priority for many organizations with advancement in technology. The challenging part is keeping up with the drastic options that are being launched within short periods. As discussed in this paper, the most efficient method of managing organizational records is through the adoption of Electronic Content Management or Electronic Record Management systems (Halvorson, 2009). This is mostly achieved by electronically signing records depending on their importance and usage in the organization. In doing this, organizations are able protect the reliability, authenticity, integrity, and usability, as well as the confidentiality, and legitimacy of their records. When implementing electronic signature technology, organizations are expected to accord special consideration to the use of electronic signatures in electronic records that preserve organizational legal rights. This is based on the fact that long-term temporary and permanent electronically signed records have greater longevity than typical software obsolescence cycles, it is certain that organizations will be required to migrate those records to updated versions of software to maintain access to the records (Hackos, 2002). The software migration (as opposed to media migration) process may invalidate the digital signature embedded in the record. This may adversely affect an agency’s ability to recognize or enforce the legal rights documented in those records. References Adam, A. (2008). Implementing electronic document and record management systems. Boca Raton: Auerbach Publications. Addey, D. (2002). Content management systems. Birmingham: Glasshaus, cop. Boiko, B. (2005) Content Management Bible. Hoboken: John Wiley Sons. Hackos, T. (2002). Content management for dynamic web delivery. New York: John Wiley Sons. Halvorson, K. (2009). Content strategy for the web. Indianapolis: New Riders. Jenkins, T. (2005). Enterprise content management: what you need to know; [turning content into competitive advantage]. Waterloo: Open Text Corp. Rockley, A. (2003). Managing enterprise content: a unified content strategy. Indianapolis: New Riders. Sampson, K. (2002). Value-added records management: protecting corporate assets, reducing business risks. West port: Quorum Books. Stephens, D. (2007). Records management: making the transition from paper to electronic. Alexa: ARMA. Wiggins, B. (2000). Effective document management: unlocking corporate knowledge. Aldershot: Gower. How to cite Record Management, Essay examples

The Private Treaty for Settlement Plans or Contracts-myassignmenthelp

Question: Discuss about thePrivate Treaty for Settlement Plans or Contracts. Answer: The private treaty has laid out strict procedures on the outcomes and procedures required during the sale and finalization of the sale of different types of property in Australia. It requires that the potential buyers interested in a property are firstly qualified and approved, and then they are invited to conduct inspections for the listed properties. After this process The treaty recommends that effective sales pitches can then be made to the potential buyers, such that the buyers are made aware of the of any legal requirements that could affect either the sale of the property or the process of transferring the ownership of the property (Ostrom Hess, 2000). After this step, the potential buyers can thus go ahead with the negotiations of the sale, considering all the terms and conditions for sale and transfer of ownership. The realtor ought to remain in constant communication with the willing buyer throughout the sale process. The sale process entails the exchange and settlement processes which could be complicated by the presence of any legal issues that affect the sale process. The sales process also entails making arrangements that will facilitate the sale of the property at hand as well as the documentation of any disbursements to the agency, settlement plans, or contracts (Wenar, 2008). This report details all the statutory and overall requirements needed for the sale process of any property to run smoothly and efficiently until completion of the process. It will also detail the benefits and inconveniences of these steps in this process following the private treaty. In the sale process of any type of property, the private treaty identify that a sale has only been made after the potential buyer signs the sale contract. The process takes place in two stages, namely the exchange process and the settlement process (Daly, Gronow, Jenkins, Plimmer, 2003). In the primary stage, the exchange process, any contracts agreed upon after the negotiation of terms and contract are drafted into a new contract with revised terms and conditions known as the sale contract. The sales contract ought to detail important tenets such as the property details of the property to be sold, the buyers details, the agents details, details of legal practitioners involved in the sale process, the deposit to be paid, installments and the total price of the property, as well as any other conditions that may affect the sale process (Denver, 2008). After the sale contract has been signed the exchange process allows for a cooling period which is a number of days that the buyer can be allowed to walk away from any legal liabilities after agreeing to purchase any type of property. For instance, In the state of New South Wales the Private treaty allows for a cooling period of up to 5 business days, although the buyer is forced to the property seller or agent a fee of about 0.25% of the total price of the property. While this may seem like an unnecessary fee, the buyer may stand to gain about $1,000 on a $ 400,000 sale that has been cooled off (Hodgkinson, 2004). The cooling off period begins when the buyer signs the sale contract and only ends after five business days. If the buyer had signed an agreement that binds them such that the cooling off period is waived, the private treaty permits that they can exercise their recession rights, and thus an exception to the cooling off period. If the buyer had signed a contract that waives the five day cooling off period, then they are exempted from the cooling off period (Allon, 2006). The sale contracts signed during the exchange process are normally prepared by the agent so that the buyer and the seller only append their signatures on the document. Contract preparation can also be done by the legal conveyancer or a solicitor who represents the buyer. Further, each of the participants to the argument ought to keep their own copy of the contract after the documents have been signed. The buyer is then expected to make a deposit for the purchase of the property, which is mainly about 10% of the total purchase price. The deposit is paid to either the agent or the solicitor who keeps the money until the entire sum is paid in full and then it is transferred to the seller (Anastasia Suwiro, 2015). The legal conveyancer also has the mandate of ensuring that the buyers and sellers are aware of when the agreement becomes binding and when they can use the cooling off period f or further considerations. Further, the conveyancer can facilitate any negotiations to waive or alter the cooling off period following the legal guidelines. They could also serve as witnesses for the receipt of any monies paid as deposit for the purchase (Beer, Kearins, Pieters, 2007). The secondary stage of the sales process is called the settlement process where the transaction of the sale process is continued, continued, and completed. The settlement process occurs after 6 weeks from the day of the exchange of contracts. This time is usually taken as the balance of the total purchase price and any other adjustment costs ought to be paid and the documents of transfer of ownership and the title document ought to be finalized to completion. This process allows the new buyer to become the legal owner of the property that they have acquired during this sales process. The settlement is attended by the agent, the buyer, the seller and the legal conveyancer who participate by going through the relevant settlement requirements to ensure that no breach of contract and misunderstandings. The buyer may also have the right to request to conduct an inspection of the property before the settlement is finalized. This right may however be limited by the terms and conditions agre ed between the buyer and the agent, or even through the state requirements of the private treaty (Anastasia Suwiro, 2015). The New South Wales state legislative requirements allow the purchaser the right to view the property prior to finalization of settlement, given that the buyer had not signed a contract to waive these rights. The agents also determine the responsibilities of both the buyer and the seller with regard maintaining the property through either building or insuring the contents of the property. This information is provided by the agents to ensure that there is no emergence of conflicts after the settlement has been finalized. All the deposit funds paid are either held or released using the procedures set by the contract between the seller and the agent during the settlement period, as any complications may results in a conflict of interest and thus a breach of contract. The settlement process is expected to continue following the stipulation of the sales contract (Denver, 2008). As such, stakeholders of the property purchase ought to be involved in the settlement process, since they are th e representatives of both parties, the buyer and the seller. For instance, if for one reason or another settlement is not finalized as expected by the private treaty, the two parties and the professionals involved in the transactions ought to assist in the consideration of contingency plans so that all parties are enabled to fulfill their expectations according to the sale contract (Daly, Gronow, Jenkins, Plimmer, 2003). After the settlement process is completed and finalized, the ownership is transferred to the buyers title and they are invited to see the contents of the property and if they are in line with the agreements of the contract. The documentation for disbursing fees to the agency are also commenced at this stage by checking the transactions for deposit of monies are accurate. The total sum is also compared to the sum cited in the contract. The next step entails calculating the agency fees through computing the fees agreed in the contract. The fee is also compared to the statutory requirements of the state and then the agency policies. The account sale statement is then updated to include the value of the agency disbursements and the procedures set in place are used to obtain the permissions, and identification details of the buyer (Allon, 2006). References Allon, F. (2006). Suburbs for sale: buying and selling the great Australian dream. InPost-Suburban Sydney: The City in Transformation Conference. Anastasia, N., Suwitro, A. L. (2015).The Rational and Irrational Factors Underlying Property Buying Behavior(Doctoral dissertation, Petra Christian University). Beer, A., Kearins, B., Pieters, H. (2007). Housing affordability and planning in Australia: the challenge of policy under neo-liberalism.Housing studies,22(1), 11-24. Daly, J., Gronow, S., Jenkins, D., Plimmer, F. (2003). Consumer behaviour in the valuation of residential property: A comparative study in the UK, Ireland and Australia.Property Management,21(5), 295-314. Denyer, L. (2008). Buying Property in Ten of the Worlds Top Resorts.The Sunday Times. Hodgkinson, L. (2004).The Complete Guide to Buying Property Abroad. Kogan Page Publishers. Ostrom, E., Hess, C. (2000). Private and common property rights.BOUCKAERT, Boudewijn a Gerrit DE GEEST (eds.). Encyclopedia of law and economics,2, 53-106. Wenar, L. (2008). Property rights and the resource curse.Philosophy public affairs,36(1), 2-32.