Capitalism Kocka, Jürgen
2016, 2016., 20160112, 2016-01-12
eBook
In this authoritative and accessible book, one of the world's most renowned historians provides a concise and comprehensive history of capitalism within a global perspective from its medieval origins ...to the 2008 financial crisis and beyond. From early commercial capitalism in the Arab world, China, and Europe, to nineteenth- and twentieth-century industrialization, to today's globalized financial capitalism, Jürgen Kocka offers an unmatched account of capitalism, one that weighs its great achievements against its great costs, crises, and failures. Based on intensive research, the book puts the rise of capitalist economies in social, political, and cultural context, and shows how their current problems and foreseeable future are connected to a long history.
Sweeping in scope, the book describes how capitalist expansion was connected to colonialism; how industrialism brought unprecedented innovation, growth, and prosperity but also increasing inequality; and how managerialism, financialization, and globalization later changed the face of capitalism. The book also addresses the idea of capitalism in the work of thinkers such as Marx, Weber, and Schumpeter, and chronicles how criticism of capitalism is as old as capitalism itself, fed by its persistent contradictions and recurrent emergencies.
Authoritative and accessible, Capitalism is an enlightening account of a force that has shaped the modern world like few others.
The purpose of the conducted research is to develop indicators of the structure of the share capital of joint-stock companies and methods of their quantitative determination, as well as to explore ...the impact of the distribution of shares on the distribution of the management resource of the company among the owners of shares. In modern studies, much attention is paid to the issues of quite complex interaction of different groups of shareholders in the process of creating and running a relevant business. The article proves that the nature of these relationships, their effectiveness and features of corporate management of the enterprise are largely defined by the structure of shares distribution in the company. A group of indicators is proposed for characterizing the structure of shares distribution in a jointstock company: concentration, dispersion and differentiation of share capital. A methodology of their quantitative calculation has been developed. The indicator of share capital concentration shows the degree of concentration of share capital among the company’s participants, which makes it possible to accurately determine whether a particular joint-stock company belongs to a certain model of corporate governance. The indicator of share capital differentiation shows the extent to which packages of shares within a jointstock company differ in volume and, accordingly, in the management resources of their owners. The concept of collective and individual management resources in a joint-stock company has been introduced. The article reports a methodology for calculating the management resource of each package of shares, which allows to determine more accurately and quantitatively the available opportunities for managerial influence of their owners on the enterprise’s activity compared with the use of nominal indicators of the size of the share packages. It has been revealed that the deviation of the values of the shareholders’ management resources from the indicators of the relative sizes of their packages of shares occurs as a result of the differentiation of the share capital. The specified dependence is proportional – the higher the capital differentiation is, the more significantly the available management resource of shareholder deviates from the nominal value of his package of shares, and vice versa. The indicator of share capital dispersion characterizes the degree (depth) of the division of the statutory share capital into separate parts (packages of shares). It has been found that this indicator by itself does not affect the implementation of the management function, i.e. it is indifferent (insensitive) to the parameters of establishing the management control in the company.
The system of financing sports clubs in the Republic of Croatia is the closest to a mixed model in which the main sources of financing are: budget funds and the economy. It is an indisputable fact ...that professional sports clubs in the Republic of Croatia from the beginning of the 1990s until today have actually relied mainly on city administrations and majority state-owned companies in terms of funding. In the total revenue structure of all major sports clubs in Croatia, all other revenues including the private sector, TV rights, ticket revenues, revenues from own marketing, were extremely small and in fact such an inadequate revenue structure of almost all clubs created “dependent clubs” that have become existentially addicted to public money in the case of non-commercial sports, or in the case of football addicted to UEFA revenues or player transfers which in turn have great variability. The paper examines and proves that the greatest impact on reducing financial risk in business have their own revenues generated by sports teams in Croatia. All the funds they receive from the budget or from sponsors from the economy are not enough to reduce the risk and the club to operate without difficulty.
The article aimed to substantiate the differentiated impact of critical internal factors of the economic activities on the market value of shares for joint-stock companies accounting for the ...organizational development cycle. Using the Company’s Financial Statements in the Automotive and Component subsectors listed on the Indonesia Stock Exchange for 2008-2021, the Chow test, path analysis, and t-criterion, we determined the features of the relationship between the share price and the economic performance indicators of joint-stock companies are determined. We used path analysis for modeling to assess the relationship between the price of shares and the number of dividend payments per share, asset turnover, and net profit per share built. A differentiated nature of the relationship between the indicators depending on the accounting company’s life cycle has been established. Knowing the stage of the business, the company can develop the most effective dividend strategy and determine the appropriate management method.
Türkiye adopted a new regime on bearer share certificates to comply with the Recommendations of the Financial Action Task Force on money laundering by promulgating the Law on Preventing Financing of ...Proliferation of Mass Destruction Weapons on 31 December 2020. This new law does not prohibit the issuance of bearer share certificates but ends the anonymity of the holders. According to the new law, the holders of bearer share certificates shall be registered in a centralized registry. In case of transfer of the certificates, the new holder must also be registered in the registry. In this paper, I will first give brief information on shares in Turkish law. Subsequently, I will explain the new system prescribed by the Law on Preventing Financing of Proliferation of Mass Destruction Weapons.
The realization of fundamental human rights and freedoms guaranteed by the Constitution of the Republic of Croatia and international treaties is inconceivable without the establishment, organization ...and performance of activities or services which are considered to be of general social interest. Such activities may or may not be market-oriented. Market-oriented activities are those whose performance is aimed at making a profit or economically assessable benefits, while if this is not the case, the activity is considered non-market-oriented. Market-oriented activities of general social interest are most often performed by institutions and capital companies. The paper discusses the internal and external relations of these legal entities, in particular their structure, management, management supervision, assets, liability for obligations, and representation. Joint stock companies and limited liability companies are considered in contrast with “ordinary” and public institutions. After comparing these types of legal entities, an attempt is made at answering the fundamental question: which legal form is more appropriate for performing market-oriented activities of general social interest?
«Bankenmacht», «Verwaltungsherrschaft», «Aktionärsdemokratie»? On the problem of management control in German stock corporations 1870 to 1931
The liberalization of stock company law in Prussia and ...the North German Confederation respectively as well as the abolition of state concessions as a prerequisite for the formation of a joint-stock company led to a debate about the means of control regarding joint-stock companies. The new stock company law instituted supervisory boards as a controlling body, as a mandatory «contracted general assembly», but did not elaborate on a clear definition of their duties. Yet, since the end of the so called «Gründerboom» in 1873, it became more and more apparent that the supervisory boards failed to provide adequate supervision. The law was amended in 1884 accordingly, in order to increase the supervisory boards’ means of control over the executive board. Subsequently, many joint-stock companies developed an oligarchic power structure, which cut down on shareholder protection rights. Banks were heavily involved in this process due to their voting rights as «inside shareholders», but by no means would it be suitable to label this as «Bankenherrschaft».
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