PLUTOCRATS Chrystia Freeland
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Value, Caution and Accountability in an Era of Large Banks and Complex Finance*
2011-2012 BETTING BIG 765 BETTING BIG: VALUE, CAUTION AND ACCOUNTABILITY IN AN ERA OF LARGE BANKS AND COMPLEX FINANCE* LAWRENCE G. BAXTER** Abstract Big banks are controversial. Their supporters maintain that they offer products, services and infrastructure that smaller banks simply cannot match and enjoy unprecedented economies of scale and scope. Detractors worry about the risks generated by big banks, their threats to financial stability, and the way they externalize costs of operation to the public. This article explains why there is no conclusive argument one way or the other and why simple measures for restricting the danger of big banks are neither plausible nor effective. The complex ecology of modern finance and the management and regulatory challenges generated by ultra-large banking, however, cast serious doubt on the proposition that the benefits of big banking outweigh its risks. Consequently, two general principles are proposed for further consideration. First, big banks should bear a greater degree of public accountability by reforming certain principles of corporate governance to require greater representation of public interests at the board and executive levels of big banks. Second, given the unproven promises of performance by big banks, their unimpressive actual record of performance, and the many hazards they inevitably generate or encounter, financial regulators should consciously adopt a strict cautionary approach. Under this approach, big banks would bear a very heavy onus to demonstrate in concrete terms that their continued growth – and even the maintenance of their current scale – can be adequately managed and supervised. * © Lawrence G. Baxter. ** Professor of the Practice of Law, Duke Law School. -
Tate Report 08-09
Tate Report 08–09 Report Tate Tate Report 08–09 It is the Itexceptional is the exceptional generosity generosity and and If you wouldIf you like would to find like toout find more out about more about PublishedPublished 2009 by 2009 by vision ofvision individuals, of individuals, corporations, corporations, how youhow can youbecome can becomeinvolved involved and help and help order of orderthe Tate of the Trustees Tate Trustees by Tate by Tate numerousnumerous private foundationsprivate foundations support supportTate, please Tate, contact please contactus at: us at: Publishing,Publishing, a division a divisionof Tate Enterprisesof Tate Enterprises and public-sectorand public-sector bodies that bodies has that has Ltd, Millbank,Ltd, Millbank, London LondonSW1P 4RG SW1P 4RG helped Tatehelped to becomeTate to becomewhat it iswhat it is DevelopmentDevelopment Office Office www.tate.org.uk/publishingwww.tate.org.uk/publishing today andtoday enabled and enabled us to: us to: Tate Tate MillbankMillbank © Tate 2009© Tate 2009 Offer innovative,Offer innovative, landmark landmark exhibitions exhibitions London LondonSW1P 4RG SW1P 4RG ISBN 978ISBN 1 85437 978 1916 85437 0 916 0 and Collectionand Collection displays displays Tel 020 7887Tel 020 4900 7887 4900 A catalogue record for this book is Fax 020 Fax7887 020 8738 7887 8738 A catalogue record for this book is available from the British Library. DevelopDevelop imaginative imaginative education education and and available from the British Library. interpretationinterpretation programmes programmes AmericanAmerican Patrons Patronsof Tate of Tate Every effortEvery has effort been has made been to made locate to the locate the 520 West520 27 West Street 27 Unit Street 404 Unit 404 copyrightcopyright owners ownersof images of includedimages included in in StrengthenStrengthen and extend and theextend range the of range our of our New York,New NY York, 10001 NY 10001 this reportthis and report to meet and totheir meet requirements. -
Bibliography
Bibliography Archival Insights into the Evolution of Economics (and Related Projects) Berlet, C. (2017). Hayek, Mises, and the Iron Rule of Unintended Consequences. In R. Leeson (Ed.), Hayek a Collaborative Biography Part IX: Te Divine Right of the ‘Free’ Market. Basingstoke, UK: Palgrave Macmillan. Farrant, A., & McPhail, E. (2017). Hayek, Tatcher, and the Muddle of the Middle. In R. Leeson (Ed.), Hayek: A Collaborative Biography Part IX the Divine Right of the Market. Basingstoke, UK: Palgrave Macmillan. Filip, B. (2018a). Hayek on Limited Democracy, Dictatorships and the ‘Free’ Market: An Interview in Argentina, 1977. In R. Leeson (Ed.), Hayek a Collaborative Biography Part XIII: ‘Fascism’ and Liberalism in the (Austrian) Classical Tradition. Basingstoke, England: Palgrave Macmillan. Filip, B. (2018b). Hayek and Popper on Piecemeal Engineering and Ordo- Liberalism. In R. Leeson (Ed.), Hayek a Collaborative Biography Part XIV: Orwell, Popper, Humboldt and Polanyi. Basingstoke, UK: Palgrave Macmillan. Friedman, M. F. (2017 [1991]). Say ‘No’ to Intolerance. In R. Leeson & C. Palm (Eds.), Milton Friedman on Freedom. Stanford, CA: Hoover Institution Press. © Te Editor(s) (if applicable) and Te Author(s) 2019 609 R. Leeson, Hayek: A Collaborative Biography, Archival Insights into the Evolution of Economics, https://doi.org/10.1007/978-3-319-78069-6 610 Bibliography Glasner, D. (2018). Hayek, Gold, Defation and Nihilism. In R. Leeson (Ed.), Hayek a Collaborative Biography Part XIII: ‘Fascism’ and Liberalism in the (Austrian) Classical Tradition. Basingstoke, UK: Palgrave Macmillan. Goldschmidt, N., & Hesse, J.-O. (2013). Eucken, Hayek, and the Road to Serfdom. In R. Leeson (Ed.), Hayek: A Collaborative Biography Part I Infuences, from Mises to Bartley. -
“Affluenza” by Mark Harmon
Arab Youth, TV Viewing & “Affluenza” By Mark Harmon September, 2008. Popularized by several books, articles, and even a stage play over the last several years, a hypothesis known as “affluenza” predicts that media consumption will correlate positively with higher levels of materialistic traits. This paper re-analyzes data from a lifestyle survey administered to youth in Egypt and Saudi Arabia with an eye towards testing the affluenza hypothesis in light of the ongoing boom in Arab satellite television. While the survey was not specifically designed to test for affluenza, and therefore not an optimal tool, it did collect data on television viewing and several lifestyle topics which have been linked to affluenza in previous studies. Surprisingly, the data from this survey of Egyptian and Saudi youth did not show a link between increased television viewing and materialistic traits – in stark contrast to surveys conducted in the United States and Europe. Before 1990, when most Arabic television stations were state-controlled monopolies with limited transnational reach, it would not make much sense to consider Arab television in terms of materialism. Programs, delivered by land-based transmitters, generally followed the political line of the state, rarely delivering programming that could be called daring. As Abdallah Schleifer put it, “Arab television, which came into being during the high tide of republican police states, did not even attempt journalism. Its photographers covered only occasions of state, and there were no correspondents, since it was ‘information’ not news that was sought. Anchors could do the job of reading state news agency wire copy describing these ceremonial occasions while unedited footage was transmitted.”i Advertising existed, but was restricted heavily, and clustered between programs—not interrupting them.ii Free to air satellite TV networks, however, soon changed the media landscape. -
Completeandleft
MEN WOMEN 1. Adam Ant=English musician who gained popularity as the Amy Adams=Actress, singer=134,576=68 AA lead singer of New Wave/post-punk group Adam and the Amy Acuff=Athletics (sport) competitor=34,965=270 Ants=70,455=40 Allison Adler=Television producer=151,413=58 Aljur Abrenica=Actor, singer, guitarist=65,045=46 Anouk Aimée=Actress=36,527=261 Atif Aslam=Pakistani pop singer and film actor=35,066=80 Azra Akin=Model and actress=67,136=143 Andre Agassi=American tennis player=26,880=103 Asa Akira=Pornographic act ress=66,356=144 Anthony Andrews=Actor=10,472=233 Aleisha Allen=American actress=55,110=171 Aaron Ashmore=Actor=10,483=232 Absolutely Amber=American, Model=32,149=287 Armand Assante=Actor=14,175=170 Alessandra Ambrosio=Brazilian model=447,340=15 Alan Autry=American, Actor=26,187=104 Alexis Amore=American pornographic actress=42,795=228 Andrea Anders=American, Actress=61,421=155 Alison Angel=American, Pornstar=642,060=6 COMPLETEandLEFT Aracely Arámbula=Mexican, Actress=73,760=136 Anne Archer=Film, television actress=50,785=182 AA,Abigail Adams AA,Adam Arkin Asia Argento=Actress, film director=85,193=110 AA,Alan Alda Alison Armitage=English, Swimming=31,118=299 AA,Alan Arkin Ariadne Artiles=Spanish, Model=31,652=291 AA,Alan Autry Anara Atanes=English, Model=55,112=170 AA,Alvin Ailey ……………. AA,Amedeo Avogadro ACTION ACTION AA,Amy Adams AA,Andre Agasi ALY & AJ AA,Andre Agassi ANDREW ALLEN AA,Anouk Aimée ANGELA AMMONS AA,Ansel Adams ASAF AVIDAN AA,Army Archerd ASKING ALEXANDRIA AA,Art Alexakis AA,Arthur Ashe ATTACK ATTACK! AA,Ashley -
Average Net Worth of Billionaires by Country: 2013 Hurun Rich List
Average Net Worth of Billionaires by Country: 2013 Hurun Rich List B. C. Forbes, the founder of Forbes magazine, published the most authoritative and first ever list of 30 wealthiest Americans on March 2, 1918. John D Rockefeller, America’s first billionaire, heads this first ever list, with a fortune of $1.2 billion. Then, in 1982 Forbes started publishing the list of 400 wealthiest Americans which changed the way Americans look at the very rich. The first 400 list in 1982 had only 13 billionaires and a net worth $75 million was enough to secure a spot, Ref. [4]. By 2006, all 400 spots were occupied by billionaires. Following the financial crisis of 2008, when many billionaires saw their fortunes plunge, the minimum net worth to enter the list had fallen below $1 billion (to $950 million) but was back up to $1 billion by 2010; see Ref. [4]. In 2011, the price for entry was $1.05 billion, Ref. [5]. Table 1: Comparison of the Forbes and Hurun Rich lists Forbes 2013 Hurun 2013 Billionaires Rich List Worldwide billionaires, N 1426 1453 Number of countries 64 56 Combined worldwide wealth, UN $5.425 trillion $5.491 trillion US billionaires, N 442 409 US combined net worth, UN $1.872 trillion $1.712 trillion Chinese billionaires, N 122 317 Chinese combined net worth $262.91 billion $810.1 billion About $550 billion added to Chinese wealth and $160 billion taken away from US wealth, implying a significant difference in the wealth distribution among billionaires from the other countries (56 versus 64) in these two lists. -
Iron & Steel Entrepreneurs on the Delaware GSL22 12.15
Today we get excited about iPhones, iPads, and the like, but 160 years ago, when the key innovations were happening in railroads, iron, and steel, many people actually got excited about . I-beams! And among the centers of such excitement was Trenton, New Jersey. Figure 1: Petty's Run Steel renton became a center of these iron and steel innovations in the 19th Site, Trenton, 2013. In the century for the same reasons that spur innovation today—location, 1990s Hunter Research, Inc. uncovered the foundation of Tinfrastructure, skilled workers, and entrepreneurs. The city’s Benjamin Yard's 1740s steel resources attracted three of the more brilliant and visionary furnace, one of the earliest entrepreneurs of the 1840s—Peter Cooper, Abram S. Hewitt, and John A. steel making sites in the Roebling. They established iron and steel enterprises in Trenton that colonies. The site lies lasted for more than 140 years and helped shape modern life with between the N.J. State innovations in transportation, construction, and communications. Their House and the Old Barracks, legacy in New Jersey continues today with landmark suspension background, and the State and Mercer County have bridges, one of the State’s finest historic parks, repurposed industrial preserved and interpreted it. buildings, one of the best company towns in America, and in a new C.W. Zink museum. Abram Hewitt, Peter Cooper’s partner and future son-in-law, highlighted Trenton’s assets in 1853: “The great advantage of Trenton is that it lies on the great route between New York and Philadelphia” which were the two largest markets in the country. -
Why Did “We” Not Work?
LANGEVOORT.PRINTER.UPDATED (DO NOT DELETE) 7/18/2021 5:50 PM Corporate Adolescence: Why Did “We” Not Work? * Donald C. Langevoort and Hillary A. Sale In academic and public commentary, entrepreneurial finance is usually portrayed as a quintessential American success story, an institutional structure whereby expert venture capitalists with strong reputational incentives channel much-needed equity to deserving entrepreneurs, then subject them to intense monitoring to assure they stay on the path to hoped- for success in the form of an initial public offering or public company acquisition.1 Thus, it is jarring that in recent years there have been so many troubles, from gross embarrassments to allegations of outright criminality, at companies like Uber, Theranos, and our subject here, WeWork. These dramas are often portrayed in terms of the predictable sins of youthfulness: reckless, disruptive, risk-taking behaviors that come from the volatile interaction of a charismatic young leader and a cult(ure) of STEM-smart followers who buy into the dream.2 * The authors thank Craig Lewis, Sharon Nellis, and Elizabeth Pollman for their helpful comments and Olivia Brown, Samantha Glazer, Hollie Chenault, Claire Creighton, Jing Xu, and Michael Marcus for their research, insights, and good humor. 1. E.g., Bernard S. Black & Ronald J. Gilson, Venture Capital and the Structure of Capital Markets, 47 J. FIN. ECON. 243 (1998). 2. See generally JOHN CARREYROU, BAD BLOOD: SECRETS AND LIES IN A SILICON VALLEY STARTUP (2018) (discussing the Theranos scandal -
Eight Reasons to Question Professor Cristobal Young's Conclusions
Eight Reasons to Question Professor Cristobal Young’s Conclusions about Millionaire Migration By Greg Sullivan WHITE PAPER No. 182 | May 2018 PIONEER INSTITUTE Pioneer’s Mission Pioneer Institute is an independent, non-partisan, privately funded research organization that seeks to improve the quality of life in Massachusetts through civic discourse and intellectually rigorous, data-driven public policy solutions based on free market principles, individual liberty and responsibility, and the ideal of effective, limited and accountable government. This paper is a publication of Pioneer Oppor- Pioneer Education seeks to increase the edu- tunity, which seeks to keep Massachusetts com- cation options available to parents and students, petitive by promoting a healthy business climate, drive system-wide reform, and ensure account- transparent regulation, small business creation in ability in public education. The Center’s work urban areas and sound environmental and devel- builds on Pioneer’s legacy as a recognized leader opment policy. Current initiatives promote mar- in the charter public school movement, and as ket reforms to increase the supply of affordable a champion of greater academic rigor in Mas- housing, reduce the cost of doing business, and sachusetts’ elementary and secondary schools. revitalize urban areas. Current initiatives promote choice and compe- tition, school-based management, and enhanced academic performance in public schools. Pioneer Health seeks to refocus the Massachu- Pioneer Public seeks limited, accountable gov- setts conversation about health care costs away ernment by promoting competitive delivery of from government-imposed interventions, toward public services, elimination of unnecessary reg- market-based reforms. Current initiatives include ulation, and a focus on core government func- driving public discourse on Medicaid; present- tions. -
Temptation to Control
PrESS frEEDOM IN UKRAINE : TEMPTATION TO CONTROL ////////////////// REPORT BY JEAN-FRANÇOIS JULLIARD AND ELSA VIDAL ////////////////////////////////////////////////////////////////// AUGUST 2010 /////////////////////////////////////////////////////////////// PRESS FREEDOM: REPORT OF FACT-FINDING VISIT TO UKRAINE ///////////////////////////////////////////////////////// 2 Natalia Negrey / public action at Mykhaylivska Square in Kiev in November of 2009 Many journalists, free speech organisations and opposition parliamentarians are concerned to see the government becoming more and more remote and impenetrable. During a public meeting on 20 July between Reporters Without Borders and members of the Ukrainian parliament’s Committee of Enquiry into Freedom of Expression, parliamentarian Andrei Shevchenko deplored not only the increase in press freedom violations but also, and above all, the disturbing and challenging lack of reaction from the government. The data gathered by the organisation in the course of its monitoring of Ukraine confirms that there has been a significant increase in reports of press freedom violations since Viktor Yanukovych’s election as president in February. LEGISlaTIVE ISSUES The government’s desire to control journalists is reflected in the legislative domain. Reporters Without Borders visited Ukraine from 19 to 21 July in order to accomplish The Commission for Establishing Freedom the first part of an evaluation of the press freedom situation. of Expression, which was attached to the presi- It met national and local media representatives, members of press freedom dent’s office, was dissolved without explanation NGOs (Stop Censorship, Telekritika, SNUJ and IMI), ruling party and opposition parliamentarians and representatives of the prosecutor-general’s office. on 2 April by a decree posted on the president’s At the end of this initial visit, Reporters Without Borders gave a news conference website on 9 April. -
Capitalism Versus Democracy? Also by Boris Frankel
CAPITALISM VERSUS DEMOCRACY? ALSO BY BORIS FRANKEL Democracy Versus Sustainability Fictions of Sustainability: The Politics of Growth and Post-Capitalist Futures Zombies, Li"iputians and Sadists: The Power of the Living Dead and the Future of Australia When the Boat Comes In: Transforming Australia in the Age of Globalisation From the Prophets Deserts Come: The Stru#le to Reshape Australian Political Culture The Post Industrial Utopians Beyond the State? Dominant Theories and Socialist Strategies Marxian Theories of The State: A Critique of Orthodoxy CAPITALISM VERSUS DEMOCRACY? RETHINKING POLITICS IN THE AGE OF ENVIRONMENTAL CRISIS BORIS FRANKEL GREENMEADOWS Copyright © Boris Frankel 2020 First published in 2020 by Greenmeadows P.O. Box 128 Elsternwick, Melbourne 3185 This book is copyright. Apart from any fair dealing for the purpose of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission. Enquiries should be made to the publisher. A catalogue record for this book is available from the National Library of Australia. Name: Frankel, Boris, author. Title: Capitalism Versus Democracy? Rethinking Politics in the Age of Environmental Crises/ Boris Frankel. Includes Notes and References and Index. Subjects: 1. Politics of environmental sustainability. 2. Fascism, socialism and democracy. 3. Post-capitalism – post-growth societies. 4. Social reform – alternative policies ISBN: (pbk) 978-0-6483633-4-7 ISBN: (epub) 978-0-6483633-5-4 Typeset in Hoefler Text. Cover Design by Emile Frankel. The publisher has endeavoured to ensure that the URLs for external websites referred to in this book were accurate and active at the time of going to press. -
China Consumer Close-Up
January 13, 2015 The Asian Consumer: A new series Equity Research China Consumer Close-up The who, what and why of China’s true consumer class Few investing challenges have proven more elusive than understanding the Chinese consumer. Efforts to translate the promise of an emerging middle class into steady corporate earnings have been uneven. In the first of a new series on the Asian consumer, we seek to strip the problem back to the basics: Who are the consumers with spending power, what drives their consumption and how will that shift over time? The result is a new approach that yields surprising results. Joshua Lu Goldman Sachs does and seeks to do business with +852-2978-1024 [email protected] companies covered in its research reports. As a result, Goldman Sachs (Asia) L.L.C. investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Sho Kawano Investors should consider this report as only a single factor +81(3)6437-9905 [email protected] Goldman Sachs Japan Co., Ltd. in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Becky Lu Appendix, or go to www.gs.com/research/hedge.html. +852-2978-0953 [email protected] Analysts employed by non- US affiliates are not registered/ Goldman Sachs (Asia) L.L.C. qualified as research analysts with FINRA in the U.S. January 13, 2015 Asia Pacific: Retail Table of contents PM Summary: A holistic view of the Asian consumer 3 China’s cohort in a regional context (a preview of India and Indonesia) 8 What they are buying and what they will buy next: Tracking 7 consumption desires 11 Seven consumption desires in focus 14 1.