DOCSLIB.ORG

The Economics of Mutuality

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Economics of Mutuality OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi Putting Purpose Into Practice OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi Putting Purpose Into Practice The Economics of Mutuality Edited by COLIN MAYER and BRUNO ROCHE 1 OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi 3 Great Clarendon Street, Oxford, OX2 6DP, United Kingdom Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © Oxford University Press 2021 The moral rights of the authors have been asserted First Edition published in 2021 Impression: 1 Some rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, for commercial purposes, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by licence or under terms agreed with the appropriate reprographics rights organization. This is an open access publication, available online and distributed under the terms of a Creative Commons Attribution – Non Commercial – No Derivatives 4.0 International licence (CC BY-NC-ND 4.0), a copy of which is available at http://creativecommons.org/licenses/by-nc-nd/4.0/. Enquiries concerning reproduction outside the scope of this licence should be sent to the Rights Department, Oxford University Press, at the address above Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016, United States of America British Library Cataloguing in Publication Data Data available Library of Congress Control Number: 2021930516 ISBN 978–0–19–887070–8 DOI: 10.1093/oso/9780198870708.001.0001 Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY Links to third party websites are provided by Oxford in good faith and for information only. Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work. OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi Preface This book is innovative not only in the message that it is seeking to convey about the purpose of business and the process of putting that purpose into practice. It is also unusual in terms of the way in which it has arrived at this message. It has done so through a partnership between a company, Mars Incorporated, and a university, Oxford University. This has been a multi-year partnership on which many of the conclu- sions of the book are based. Over the years the partnership has broadened out from being between one company and one university to multiple companies and universities. It therefore draws on the experiences of many organizations and the knowledge of many academics and researchers around the world. The breadth and depth of the relationships between business and academia have provided an exceptionally rich source of information, data, and knowledge. The content of the book is also unusual in seeking to convey a coherent, consistent message while at the same time drawing on the experience and understanding of the many companies and people that have participated in the programme. It is therefore edited by two people but written by multiple authors who are leading experts in their fields and acknowledged in the list of contents and contributors. Nevertheless, it is not a traditional edited volume of related but disparate articles but a radical call for reform of business spoken with one voice. That could not have been achieved without the very constructive collaboration of all participants in the programme and the way in which they have responded to the process of editing to ensure the necessary degree of coherence and consistency. We would therefore like to begin by acknowledging the huge amount of work and support that all of the participants in the programme in Mars Inc., Oxford University and in the many other companies and universities have provided throughout. OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi vi It would also not have been achieved without the immense editorial support that Caroline Scotter Mainprize, Ben Jackson of Freud Communications, Kate Roll of Oxford University, and Jay Jakub and Francesco Cordaro of Mars Catalyst, the think-tank of Mars Inc., have provided. We are grateful to Mars Inc. for the funding of the six-year research programme on Mutuality in Business at the Saïd Business School which underpins the results of the research. We are extremely grateful to the researchers from Oxford University, Mars Inc., and many other universities and institutions around the world for authoring the chapters in Part II of the book. We are also very grateful to Alastair Colin-Jones, Justine Esta Ellis, Aida Hadzic, Francois Laurent, Sudhir Rama Murthy, Helen Campbell Pickford, Yassine El Ouarzazi, Judith Stroehle, and the fourteen companies involved in the case studies in Part III of the book for their immense assistance in their preparation. Finally, we would like to thank Adam Swallow at Oxford University Press, and two anonymous referees of our book proposal. The book is in four parts. The first part comprises two chapters that introduce the subject and summarize the contents. The second part describes the different components of putting purpose into practice associated with the underlying business concept, known as the Economics of Mutuality. The third part is a set of case studies of companies from around the world in different sectors, at a variety of different stages of their development that have put purpose into practice. They reveal the extent to which companies are increasingly adopting the ideas of this book. The final part concludes and discusses other aspects of reform that will be required to put purpose into practice. Colin Mayer and Bruno Roche 31 December 2019 OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi Contents List of Figures xi List of Tables xiii List of Contributors xv Case Study Contributors xxiii PART I 1. Introduction 3 Colin Mayer and Bruno Roche 2. Overview 24 Colin Mayer and Bruno Roche PART II 3. Bread and Honey: Social Flourishing, Mutuality, and Economics 45 Martyn Percy 4. The Roots of the Economics of Mutuality 56 Jay Jakub 5. The Meaning of Mutuality 74 Catherine Dolan, Bojan Angelov, and Paul Gilbert 6. Mutuality and Concepts of Responsible Business 87 Alastair Colin-Jones and Sudhir Rama Murthy 7. Purposeful Ecosystem Orchestration 98 Sylvain Remy, Julie Kolokotsa, Jan Ondrus, Yassine El Ouarzazi, and Nicolas Glady 8. Delivering on Purpose: Business Ecosystem Orchestration in Practice 113 Yassine El Ouarzazi OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi viii 9. Creating Cross-Sector Partnerships 130 Sudhir Rama Murthy and Alastair Colin-Jones 10. Measuring Non-Financial Forms of Capital 141 Francesco Cordaro, Alain Desdoigts, Justus von Geibler, and Claudia Senik 11. Building Social Capital 154 Marcel Fafchamps 12. Well-Being at Work as Human Capital 163 Claudia Senik 13. Accounting for Natural Capital 174 Richard Barker 14. Implementing a Mutual Profit and Loss 187 Robert G. Eccles and François Laurent 15. The Impact of Mutual Profit on Business Behaviour 199 Robert Eccles and Judith C. Stroehle 16. Mutuality and the Potential of Microequity 211 Muhammad Meki, Kate Roll, and Simon Quinn 17. The Impact of Mutuality on Ownership 221 Jonathan Michie 18. The Influence of Large Investment Funds 231 Helen Campbell Pickford 19. The Impact of NGO Activism 245 Andreas G. F. Hoepner and Qian Li PART III. CASE STUDIES 20. Bel Group: Harnessing the Power of an Informal Distribution Network 259 Alastair Colin-Jones, Alexandra Berreby, Caroline Sorlin, Hannah Radvan, and Justine Esta Ellis 21. Marks & Spencer: Improving Supply-Chain Sustainability 268 Sudhir Rama Murthy, Mike Barry, and Justine Esta Ellis OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi ix 22. Sabka Dentist: Taking Accessible Dental Care to Scale 277 Yassine El Ouarzazi, Lionel Khalil, Aida Hadzic, Kate Roll, Judith C. Stroehle, and Vikram Vora 23. Timberland and the Smallholder Farmers Alliance: Creating a Data-Driven Smallholder Cotton Supply Chain in Haiti 283 Hugh Locke, Atlanta McIlwraith, Lionel Khalil, and Kate Roll 24. Dell: The Business Case for a Sustainable Supply Chain 292 Louise Koch, Stephen Roberts, and Justine Esta Ellis 25. Interface: Turning an Environmental Problem into a Business Opportunity 303 Jon Khoo, Miriam Turner, and Justine Esta Ellis 26. Solvay Chemical: A Tool for Identifying and Planning Sustainable Business Strategies 311 Justine Esta Ellis, Alastair Colin-Jones, Jean-Marie Solvay, and Michel Washer 27. Z Zurich Foundation: Building the Case for Effective Insurance in Flood-Prone Areas 318 Helen Campbell Pickford, David Nash, and Justine Esta Ellis 28. Divine Chocolate: Creating Sustainable Value in the Cocoa Sector through Mutual Ownership 325 Justine Esta Ellis, Alastair Colin-Jones, and Jamie Hartzell 29. Mondragon: Maintaining Resilience through Cooperative Strategies 332 Justine Esta Ellis, Alastair Colin-Jones, and Ibon Zugasti 30. JD.com: Using E-commerce to Alleviate Rural Poverty in China 339 Lydia J. Price, Liu Xiaowen, and Ni Jing Hua 31. Kate Spade New York: Integrating Social Purpose into Core Business Operations 346 Taryn Bird, Aida Hadzic, Kate Roll, and Judith C. Stroehle 32. Mahindra First Choice: Orchestrating the Used-Cars Ecosystem 354 Ben Jackson and Genevieve Joy OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi x 33. Novo Nordisk: An Ecosystem Approach to Preventing Diabetes 363 Ben Jackson and Yassine El Ouarzazi PART IV. CONCLUSION 34. Conclusion 373 Colin Mayer and Bruno Roche Bibliography and Further Reading 377 Index 389 OUP CORRECTED AUTOPAGE PROOFS – FINAL, 31/1/2021, SPi List of Figures 4.1.
Load more

Recommended publications
  • Consolidation and Demutualization: What Strategies Should Exchanges
    OECD, Tokyo Round Table, 11/2003 Consolidation and Demutualization: What Strategies Should Exchanges Adopt in the Future? Ruben Lee Oxford Finance Group Changing Market Structures & the Future of Trading Overview 1) Threatening Factors 2) Self-Sufficiency 3) Linkages 4) Mergers and Takeovers 5) Demutualization 6) Conclusions Changing Market Structures & the Future of Trading 1) Threatening Factors Threatening Factors Main Trends Small Number of Liquid Stocks International Listing & Trading of Domestic Stocks Internalization Regulatory Liberalization Threatening Factors Reasons for Small Number of Liquid Stocks Not Many Companies Privatization Stalled Concentration of Shareholdings Foreign/Private Purchases of Best Companies Changing Market Structures & the Future of Trading 2) Self-Sufficiency Self-Sufficiency Factors Supporting Domestic Stock Exchanges Positive “Network Externality” with Liquidity Competition Not Always Successful Foreign Listing/Trading Complements Local Trading Support of Domestic SMEs Adaptability to Local Conditions Declining IT Costs Self-Sufficiency Current Major Revenue Sources Membership Listing Trading Clearing Settlement Provision of Company News Provision of Quote and Price Data Self-Sufficiency Threats to Revenue Sources Membership - Demutualization Listing – Decline in Value + Competition Trading – Marginal Cost Pricing Clearing – Expensive + Antitrust Scrutiny Settlement – Antitrust Scrutiny Provision of Company News – Competition Provision of Quote and Price Data – Antitrust Scrutiny Changing Market Structures
    [Show full text]
  • Third Sector Engagement and Participation in the Learning and Skills Sector
    THIRD SECTOR ENGAGEMENT AND PARTICIPATION IN THE LEARNING AND SKILLS SECTOR Literature Review and Baseline Report APRIL 2013 Prepared by: Third Sector Engagement and Participation in the Learning and Skills Sector – Literature Review and Baseline Report Contents Contents .......................................................................................................................................... 2 Executive Summary........................................................................................................................ 4 Introduction ................................................................................................................................... 4 Defining the Third Sector .............................................................................................................. 5 Typology of Providers ................................................................................................................... 5 Scale and Extent of Provision ....................................................................................................... 5 Typical Contractual Relationships................................................................................................. 6 Main Funding Streams.................................................................................................................. 6 Number of Learners and Types of Provision................................................................................. 7 Recommendations .......................................................................................................................
    [Show full text]
  • Voluntary Organisations, Social Welfare and the City 1. Context the Voluntary Sector Has a Long History of Providing Social Welfare in the UK
    Voluntary Organisations, Social Welfare and the City 1. Context The voluntary sector has a long history of providing social welfare in the UK. Ranging from philanthropic to non-profit making bodies, the relative importance of voluntary sector organizations has, however, varied considerably over time. With the rapid development of state welfare services after the Second World War, the voluntary sector largely took a ‘back-seat’ in social provision, deferring to the newly emerging public services (Davis Smith et al, 1995). By contrast, over the last two decades it has been widely acknowledged that the ‘post-war model of the corporatist welfare state is no longer sustainable, thus requiring non-state actors to meet the burden of social welfare’ (Amin, et al, 1998, p.3). Informed by neo-liberalism, successive Conservative Governments in the 1980s and 1990s moved towards market-based approaches to local welfare service delivery, underpinned by the notion of the citizen-consumer (Cochrane, 1998) and increased the responsibility of local communities via 'active citizens’ to provide services in tune with local needs (Taylor, 1998). Both these developments relied increasingly on voluntary sector organizations. With the election of a Labour Government in 1997 the momentum behind increasing the role of the voluntary sector has continued as part of ‘New Labour’s’ programme of welfare reform. This was signaled in the run up to the election by the publication of Building the Future Together: Labour’s policies for Partnership between Government and the Voluntary Sector and, more recently, in Scotland by the Scottish Compact (Scottish Office, 1998) which spells out how the government proposes to encourage a partnership with the voluntary sector, in order to deliver policies connected with the New Deal, the Child Care Strategy and the Social Inclusion agenda.
    [Show full text]
  • State Authority, Economic Governance and the Politics Of
    THE DIVERSITY OF CONVERGENCE: STATE AUTHORITY, ECONOMIC GOVERNANCE AND THE POLITICS OF SECURITIES FINANCE IN CHINA AND INDIA A Dissertation Presented to the Faculty of the Graduate School of Cornell University In Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy by Matthew C.J. Rudolph May 2006 © 2006 Matthew C.J. Rudolph THE DIVERSITY OF CONVERGENCE: STATE AUTHORITY, ECONOMIC GOVERNANCE AND THE POLITICS OF SECURITIES FINANCE IN CHINA AND INDIA Matthew C.J. Rudolph, Ph.D. Cornell University 2006 This dissertation explains contrasting patterns of financial reform in China and India. It focuses on “securitization” – the structural shift from credit-based finance (banking) to securities-based finance (stocks and bonds) – as a politically consequential phenomenon in comparative and international political economy. The analysis revises common theories of the developmental state – theories derived from Gerschenkron’s emphasis on directed-credit and the state’s role in capital formation – in light of securitization’s growing global importance in the last twenty years. Contrasting responses to securitization are explained using international and domestic variables including the profile of a country’s exposure to the world economy, the distributional coalition supporting the state and the prevailing structure of property rights. At a theoretical level, the dissertation highlights the political consequences of securitization for state authority in the economy, arguing that directed-credit; 1) enhanced state discretion in the management of distributional coalitions; 2) facilitated the perpetuity of poorly specified property rights; and 3) mitigated the consequences of the country’s position with respect to external trade and investment. Empirically, the research presented here demonstrates that China and India responded differently to the process of securitization, contrary to the expectations of globalization theories that identify finance as a domain in which international forces favoring convergence should be strongest.
    [Show full text]
  • Academy of Management 2001 Annual Meeting Program
    AM 2001 Sec A 5/1/01 8:47 AM Page 1 Academy of Management 2001 Meeting Marriott Wardman Park Hotel Hilton Washington & Towers Omni-Shoreham Hotel 2660 Woodley Road, NW 1919 Connecticut Avenue, NW 2500 Calvert Street, NW Washington, D.C. 20008 Washington, D.C. 20009 Washington, D.C. 20008 Phone: 1-202-328-2000 Phone: 1-202-483-3000 Phone: 1-202-234-0700 Fax: 1-202-234-0015 Fax: 1-202-232-0438 Fax: 1-202-265-7972 AM 2001 Sec A 5/1/01 8:47 AM Page 2 Academy of Management 2001 Meeting Table of Contents Section A: Information and Registration Welcome . A3 Washington Metro Map . A17 Distinguished and Featured Speakers . A4 Local Arrangements Committee Special Tours. A18 Meet the Meeting Planners . A6 Tour Reservation form . A20 Special Thanks to . A8 University Meeting Sponsors . A21 Registration, Housing and Travel Guidelines . A10 Placement Services . A26 Early Registration form . A12 2001 AoM Exhibitors . A28 Hotel Reservations . A13 William H. Newman Award Nominees . A30 Housing Reservation Form . A14 Carolyn Dexter Award Nominees . A31 Travel Information. A15 About the Academy of Management . A33 Welcome to Washington! . A16 2001 Meeting Statistics. A36 Sections B & C: 2001 Meeting Program Conference Program Guide . B1 Division Programs . C1 Session Details: Friday. C58 Saturday . C62 Sunday . C75 Monday . C86 Tuesday. C132 Wednesday . C165 Section D: Index of People on the Program Section E: Hotel Floor Plans Listing of Abbreviations, Inside Back Cover The Academy of Management 2001 Meeting Program Credits Logo designed by Rachel Gutek www.guppyart.com. Program designed by Rob Sexton, S Design, [email protected] Art & Poetry At the Still Point,There is only the Dance by Nancy Adler, McGill U.
    [Show full text]
  • Chancellor's Award
    Chancellor’s Award 2013 The University of Reading is committed to rewarding and celebrating talent, hard work and achievement across its student community. We are therefore delighted to present our 2013 Chancellor’s Award winners. Those featured in this yearbook represent our brightest and best students from across the University’s broad range of academic disciplines. Award recipients are those students who achieved the highest results in their subject at the end of either their first or second year of study. We are extremely proud to be able to showcase such an inspiring group of individuals. 3 Chancellor’s Award | 2013 Student profiles List of all recipients of the Chancellor’s Award 2013 Below is a list of all those Part 1 and Part 2 students who have received the 2013 Chancellor’s Award for outstanding academic achievement. Only around 80 awards will be given each year, to those students who received the top marks in their subject area. Jennifer Agnew Ian Cho Kim Jackson Poppy Small Kate Alexander Kristina Chu Anup Kocheril Kurian Lucy Spencer Stefan Andreas Lucia Crowther Ryan L W Lee Laura Spencer Daniel Angelov Nicola D’Alessandro Ailsa Linnell Todd Spiers Louise Astill Georgia de Rohan Peter Loveland Stefanos Stefanov James Barnett Isobel Dench Robert Lowe Gemma Stobie Lucelia Barrand Albert Edwards Phil Marks Ravi Surendralal Simon Beck Tom Elliott Rachael McLaughlin Katie Swann Leanne Beveridge Paul Fairall Siobhan Monk Jonathan Tanner Tom Birdsell Anna Frey Laura Moody Minh Hieu Tran Chelsea Bond Daniel Gardner Annie Morton
    [Show full text]
  • Guide: an Introduction to the Voluntary Sector
    Guide: An introduction to the voluntary sector What is the voluntary sector? The ‘voluntary sector’ refers to organisations whose primary purpose is to create social impact rather than profit. It often called the third sector, civil society or the not- for-profit sector. It is independent from local and national government, and distinct from the private sector. Charities are the largest single category within the voluntary sector. Others include community benefit societies and co-operatives, not-for-profit community businesses or community interest companies (CICs), credit unions and small informal community groups. What do voluntary organisations do? As a whole, voluntary organisations engage with a huge range of issues – from youth clubs to specialist medical research. Most focus on a particular issue that needs solving, such as climate change or unaffordable housing, or a specific group in society who require support and representation, such as women facing domestic abuse. Other organisations – particularly think tanks and research institutes – may work on a range of issues, but apply a particular philosophical and political filter. Over 40% of the public say that they, or a close family member, have benefited from using a charity (Charity Commission research 2014). Voluntary organisations achieve their aims through a wide range of activities, such as providing services or other forms of direct support and advice to the groups they help; for example running a women’s shelter or providing legal advice. Some also aim to achieve long-term or systemic change. They may work at a local or national level, or globally. How big is the voluntary sector? Connecting people, skills and good causes reachvolunteering.org.uk There is no reliable way of calculating the size of the voluntary sector as a whole.
    [Show full text]
  • Demutualization Details
    Demutualization Details 1. American Mutual Life – AmerUs- Indianapolis Life Insurance Company - Central Life Assurance - Central Life Assurance merged with American Mutual in 1994. American Mutual Life was renamed AmerUs Life Insurance Company in 1995. On September 20, 2000, it demutualized to become AmerUs Group. In 2001, the company merged with Indianapolis Life, which had also undergone a demutualization. Approximately 300,000 policyholders and heirs became entitled to receive $452 million in AmerUs Group common stock and $340 million in cash and policy credits. Distribution began on July 31, 2001. Eligible policyholders received a fixed component of 20 AmerUS common shares, as well as a variable component based on policy value. Those who elected to receive cash were compensate $26 per share entitlement. In the first year after the initial public offering, the price of an AmerUS common share increased 99%. The current value of AmerUS Group stock is approximately $45 per share. 2. Anthem Insurance - On July 31, 2002 Anthem Insurance Companies, Inc. completed its conversion from a mutual insurance company to a stock company, and became a wholly owned subsidiary of Anthem, Inc. Eligible policyholders and heirs became entitled to approximately 48 million shares of Anthem, Inc. common stock and cash totaling $2.06 billion. Compensation consisted of a fixed component of 21 Anthem common shares, as well as a variable component based on policy value. The shares were offered to the public at $36. In the first year after the initial public offering, the price of an Anthem common share increased 54%. 3. Equitable Life – Axa - In 1992 the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange.
    [Show full text]
  • Download PDF (46.6
    Contributors Edward I. Altman, Stern School of Business, New York University, New York, USA; [email protected]. Manuel Ammann, Swiss Institute of Banking and Finance, University of St Gallen, Switzerland; [email protected]. Keith Anderson, The York Management School, University of York, UK; keith. [email protected]. Adrian R. Bell, ICMA Centre, Henley Business School, University of Reading, UK; [email protected]. Chris Brooks, ICMA Centre, Henley Business School, University of Reading, UK; c.brooks@ icmacentre.ac.uk. David A. Carter, Department of Finance, College of Business Administration, Oklahoma State University, USA; [email protected]. Geraldo Cerqueiro, Universidade Católica Portuguesa Católica – Lisbon School of Business and Economics, Portugal; [email protected]. Ke Chen, Manchester Business School, University of Manchester, UK; kechen1998@ gmail.com. Hans Degryse, Department of Accountancy, Finance and Insurance, KU Leuven, Belgium, CentER – Tilburg University, The Netherlands, CEPR, and CESifo; hans. [email protected]. Deniz Erdemlioglu, University of Namur – FUNDP, Belgium; deniz.erdemlioglu@ fundp.ac.be. Andrey Golubov, Cass Business School, City University London, UK; andrey.golubov.1@ city.ac.uk. Massimo Guidolin, CAIR, Manchester Business School, University of Manchester, UK and IGIER, Bocconi University, Italy; [email protected]. Ólan T. Henry, University of Liverpool Management School, University of Liverpool, UK; [email protected]. Thomas Johann, University of Mannheim,
    [Show full text]
  • The Informal Economy: a Literature Review
    The Informal Economy: A literature review Natasja VanderBerg January 2014 Table of Contents The Informal Economy: A literature review 0 The Informal Economy: An Introduction 2 Defining the Informal Economy 4 The Informal Economy Today: Internationally, Nationally, Provincially, & Locally 5 Internationally 5 Nationally 5 Provincially 5 Locally 5 Characteristics of the Informal Economy 7 Legal vs. illegal work 7 Cash Transactions 7 Subcontracting 7 Conditions of Labour 7 Precarious Employment 7 Demographics of the Informal Economy 8 Poverty and the Informal Economy 8 Newcomers 8 Women in the Informal Sector 8 Education 9 Benefits & Negatives of the Informal Economy 10 Benefits 10 Negatives 10 Wide Effects of the Informal Economy 11 Theoretical Approaches to the Informal Economy 13 A Negative View of the Informal Economy 13 A Positive View of the Informal Economy 15 Beyond the Either/Or of Positive or Negative 15 Social and Public Policy Alternatives 18 Support, not Punishment, to Promote Formalization 20 Changing the tax system 20 Changes to the social assistance system 20 Improving support systems for newcomers 20 Provide universal childcare 20 Simplify formalization procedures 21 Early intervention 21 Key Questions for Further Research 22 Bibliography 23 1 The Informal Economy: An Introduction In his book Off the Books: The Underground Economy of the Urban Poor, Sudhir Venkatesh describes an interconnected web of informal economic activity in a low-income neighbourhood in Harlem, NY. The underground economy allows low-income persons to earn more than they declare. According to Venkatesh, participation in the informal economy is a means of survival for many. A spectrum of theories attempts to explain why some employers, self-employed persons and employees participate in the informal economy.
    [Show full text]
  • Whiteknights-Campus-Map.Pdf
    1 2 3 4 5 6 7 Academic buildings Primary pedestrain and cycle routes Halls of residence A D A Secondary pedestrain RO S W Bus stop and cycle routes UPP ND H ER RED L A BROADOAK IT PLACE E K DUNSDEN N 1 Car parks Unsurfaced/unlit paths I CRESCENT G WANTAGE H CHILDS T S £ Pay & display Pedestrian ST R entrance GEORGES 84 OA D Car parks restricted to users of this building Pedestrian exit to STENTON Wokingham Road MACKINDER TOWNHOUSES D off-site housing A 202 TOWN CENTRE & O R WINDSOR, Accessible toilets LONDON ROAD T 295 PARK S EAT GREENOW & CAMPUS R U MCCOMBIE H STENTON Gender-neutral M TENNIS WESSEX B EL PARK toilets 2 253 3 34 39 71 16 1a £ 50 1 £ 30 BRIDGES 53 76 138 196 21 SHINFIELD ROAD 195 EARLEY GATE ENTRANCE SPORTS 26 ENTRANCE 9 135 4 GROUNDS 1 NORTHCOURT AVENUE S 5 H 29 54 I N 201 C F 27 I E L 55 D 37 8 R 259 7 20 O FRIENDS A 2 BRIDGE 56 BENYON D 6 33 15 9 21 7 70 40 ST PATRICKS 10 49 48 25 3 118 62 5 24 22 74 10 6 59 SHERFIELD 4 58 8 46 23 38 47 261 D 32 13 31 THE WILDERNESS 11 210 PEPPER LANE 186 ENTRANCE P E P D P A E O R R L HARRIS S A S N GARDEN E WHITEKNIGHTS CAMPUS E N R E SAT NAV RG6 6UR | RG6 7BE FOR EARLEY GATE D IL W E N 200M WHITEKNIGHTS MAP KEY (A–Z) Name and grid ref Building Name and grid ref Building Name and grid ref Building Name and grid ref Building 29 3sixty bar C4 Students’ Union 49 Department of Languages Miller 135 Job Shop (students) C4 Carrington 62 Speech and Language Therapy Psychology and Cultures C3 Clinic D6 135 Accommodation Office C4 Carrington 38 Knowledge Transfer Centre D4 Polly
    [Show full text]
  • Distribution of Policyholder Equity in a Demutualization
    Distribution of Policyholder Equity in a Demutualization Introduction This practice note was prepared by a work group organized by the Committee on Life Insurance Financial Reporting of the American Academy of Actuaries. The work group was charged with developing a description of some of the current practices that could be used by actuaries in the United States. The practice notes represent a description of practices believed by the work group to be commonly employed by actuaries in the United States in 1996. However, no representation of completeness is made; other approaches may also be in common use. It should be recognized that the information contained in the practice notes provides guidance, but is not a definitive statement as to what constitutes generally accepted practice in this area. This practice note has not been promulgated by the Actuarial Standards Board or any other authoritative body of the American Academy of Actuaries, nor is it binding on any actuary. Comments are welcome as to the appropriateness of the practice notes, desirability of annual updating, validity of substantive disagreements, etc. This practice note covers some possible answers to a number of different questions that were asked by and posed to members of the work group and that have not otherwise been covered in other practice notes. PN28/L99-03 LIFE PRACTICE NOTE July 1999 Q. How is the total value to be distributed determined? A. In general, this is not an actuarial determination. Instead, the total amount to be distributed to policyholders is generally 100 percent of the market value of the company, excluding any IPO or other capital raising initiatives.
    [Show full text]