DOCSLIB.ORG

ÖÖ Devoted to Yörük* Ali

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ÖÖ Devoted to Yörük* Ali 2.-.£)ÖÖ Devoted to Yörük* Ali * My father is called Yörük Ali in Alanya.Yörük means nomad. Before he was married to my mother, he used to be a nomad in the Taurus mountains. Thanks to my dear father for his endless devotion to my education. BILKENT UNIVERSITY INSTITUTE OF ECONOMIC AND SOCIAL SCIENCES THE RUSSIAN ECONOMIC TRANSFORMATION IN THE EARLY 1990s AND SOME ASSESSMENTS IN THE WEST BY ÖMER KOCAMAN A THESIS SUBMITTED TO THE DEPARTMENT OF INTERNATIONAL RELATIONS IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF INTERNATIONAL RELATIONS SEPTEMBER 2000 ANKARA '¿Г), и. ■ KCl ІО о о βί'·532ί>7 Approved by the Institute of Economic and Sociai Sciences I certify that I have read this thesis and have found that it is fully adequate, in scope and quality, as a thesis for the degree of Master of International Relations. (Thesis Supervisor) Prof. Norman Stone I certify that I have read this thesis and have found that it is fully adequate, in scope and quality, as a thesis for the degree of Master ol International Relations. Prof. Duygu Sezer ■.-/.'i. y · / I certify that I have read this thesis and have found that it is fully adequate, in scope and quality, as a thesis for the degree of Master of International Relations. Prof, ilber Ortaylı ABSTRACT The Russian economic transformation is a fascinating story on many grounds. When the Soviet Union disintegrated at the end 1991, the new question pervaded the West was how to integrate the post-communist Russia into the international community, politically and economically. As to the economic transformation and integration, the economists and other intellectuals produced an enormous literature on how to convert centrally planned socialist economies into capitalist market economies. Many Russian and foreigners, who have dedicated large energies to the economic transformation of Russia in its first years, argued that Russia would end up in economic growth if it followed the proposed reform packages. Although Russia realized many proposed reform packages, it ended up in economic failure. This master thesis strives to explain the Russian economic transformation between 1992-1995 and its assessment or perception in the West. ÖZET Rusya’nın ekonomik gelişiminin birçok açıdan büyüleyici bir öyküsü vardır. 1991 yılı sonlarında Sovyetler Birliği dağıldığı zamanlarda, Batı dünyasında yeni bir soru sorulmaya başlandı, bu soru kominizm sonrası Rusya’nın politik ve ekonomik açılardan nasıl uluslararası bir devlet haline getirileceğiydi. Ekonomi değişimi ve ekonominin yenilenmesi açılarından bakıldığında, birçok ekonomist ve entellektüel’in merkez dayanaklı sosyalist ekonomilerin ne şekilde kapitalist pazar ekonomilerine dönüştürleceği konusunda tezler ürettikleri görülür. Rusya’nın ekonomik değişiminin ilk yıllarında özverili çalışmalarıyla gündemde olan birçok Rus ve yabancı ekonomist, Rusya’nın önerilen reform paketlerini kabul etmesi halinde ekonomik büyümenin gerçekleşeceği konusunda uzlaşmışlardı. Rusya önerilen ekonomik paketleri kabul ettiği halde ekonomik gelişme başarısızlıkla sonuçlanmıştır. Bu master tezi, 1992- 1995 yılları arasında Rusyadaki ekonomik gelişmeleri anlatmak ve Batı ülkeleri tarafından nasıl değerlendiridiğini veya algılandığını açıklamak üzere hazırlanmıştır. ACKNOWLEDGEMENTS I am deeply grateful to my supervisor, Prof. Norman Stone, whose knowledge and efforts have been the major support in the completion of this dissertation. Without his guidance and academic vision on the topic this dissertation could never have been realised. His way of supervision and his illuminating knowledge encouraged me to finish this study. I would like to thank Prof. Hakan Kırımlı for all the insights and encouragement he gave me in the completion of this dissertation. I am grateful to my dear friends, especially Ms. Nazlı Güven, extended their help during my study. Lastly, I would like to thank to my dear father, mother and sisters for their endless support during my studies. TABLE OF CONTENTS Abstract...........................................................................................................................................i Özet.................................................................................................................................................ii Acknowledgements.......................................................................................................................iii Table of Contents..........................................................................................................................iv INTRODUCTION........................................................................................................................ 1 CHAPTER I: THE SOVIET ECONOMIC SYSTEM AND ITS DISTORTIONS IN THE ECONOMIC LIFE 1.1. The Soviet Nomenklatura..................................................................................................9 1.2. The Shadow Economy......................................................................................................10 1.3. Mafia ................................................................................................................................. 11 1.4. The Origins of Gorbachev Perestroika............................................ 14 1.4.1. Stagnation...........................................................................................................................16 1.4.2. Reasons of Stagnation....................................................................................................... 16 1.5. Gorbachev Era....................................................................................................................17 1.5.1. Crisis in Consumer Markets .......................................................................................... 23 1.6. Radicalization of the Debate on the Economic R eform ............................................24 1.6.1. The Abalkin Plan of November 1989 .............................................................................25 1.6.2. The Shatalin Plan............................................................................................................. 27 1.7. An Evaluation of Gorbachev E ra .................................................................................. 29 1.7.1. Communists Became Capitalists...................................................................................29 CHAPTER II:THE DEBATE IN THE WESTERN WORLD ON THE RUSSIAN ECONOMIC TRANSFORMATION 2.1. Contending Reform Ideas on the Russian Economy...................................................37 2.1. l.The Case for Gradual Transition.......................................................................................38 2.1.2. The Case for Shock Therapy............................................................................................39 2.2. Individual Components of Shock Therapy..................................................................42 2.2.1. Price Liberalization............................................................................................................42 2.2.1.1. Recommendations.......................................................................................................... 43 2.2.1.2. The Benefits of Deregulation.........................................................................................43 2.3. Corporatization and Privatization of State Enterprises............................................. 44 2.3.1. Preconditions for Corporatization.....................................................................................46 2.3.2. The methods of Privatization............................................................................................47 2.3.3. The Monopoly Problem...................................................................................................... 2.4. Stabilize Government Spending and Restrict Credit................................................ 49 2.4.1. The problem...................................................................................................................... 49 2.4.2. General Policy Considerations..........................................................................................49 2.4.3. Fiscal Policies...................................................................................................................50 2.4.4. Monetary Policies.............................................................................................................51 2.4.5. Creating a Banking System For a Market Economy.......................................................52 2.5. Opening the Economy Internationally......................................................................... 54 2.5.1. Concrete Steps...................................................................................................................56 2.5.2. Commercial Policy........................................................................................................... .. 2.6. The Role of West.................................................................................................................58 2.7. Moderate the Social Cost of Unemployment................................................................59 2.8. How Russia Came to Adopt Shock Therapy...............................................................59 CHAPTER III: THE IMPLEMENTATION OF SHOCK THERAPY 3.1. Price Liberalization..........................................................................................................
Load more

Recommended publications
  • Studia Politica 1 2016
    www.ssoar.info Republic of Moldova: the year 2015 in politics Goșu, Armand Veröffentlichungsversion / Published Version Zeitschriftenartikel / journal article Empfohlene Zitierung / Suggested Citation: Goșu, A. (2016). Republic of Moldova: the year 2015 in politics. Studia Politica: Romanian Political Science Review, 16(1), 21-51. https://nbn-resolving.org/urn:nbn:de:0168-ssoar-51666-3 Nutzungsbedingungen: Terms of use: Dieser Text wird unter einer CC BY-NC-ND Lizenz This document is made available under a CC BY-NC-ND Licence (Namensnennung-Nicht-kommerziell-Keine Bearbeitung) zur (Attribution-Non Comercial-NoDerivatives). For more Information Verfügung gestellt. Nähere Auskünfte zu den CC-Lizenzen finden see: Sie hier: https://creativecommons.org/licenses/by-nc-nd/4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/deed.de Republic of Moldova The Year 2015 in Politics ARMAND GO ȘU Nothing will be the same from now on. 2015 is not only a lost, failed year, it is a loop in which Moldova is stuck without hope. It is the year of the “theft of the century”, the defrauding of three banks, the Savings Bank, Unibank, and the Social Bank, a theft totaling one billion dollars, under the benevolent gaze of the National Bank, the Ministry of Finance, the General Prosecutor's Office, the National Anti-Corruption Council, and the Security and Intelligence Service (SIS). 2015 was the year when controversial oligarch Vlad Plakhotniuk became Moldova's international brand, identified by more and more chancelleries as a source of evil 1. But 2015 is also the year of budding hope that civil society is awakening, that the political scene is evolving not only for the worse, but for the better too, that in the public square untarnished personalities would appear, new and charismatic figures around which one could build an alternative to the present political parties.
    [Show full text]
  • 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.
    [Show full text]
  • Berezovsky-Judgment.Pdf
    Neutral Citation Number: [2012] EWHC 2463 (Comm) Royal Courts of Justice Rolls Building, 7 Rolls Buildings, London EC4A 1NL Date: 31st August 2012 IN THE HIGH COURT OF JUSTICE Case No: 2007 Folio 942 QUEEN’S BENCH DIVISION COMMERCIAL COURT IN THE HIGH COURT OF JUSTICE Claim Nos: HC08C03549; HC09C00494; CHANCERY DIVISION HC09C00711 Before: MRS JUSTICE GLOSTER, DBE - - - - - - - - - - - - - - - - - - - - - Between: Boris Abramovich Berezovsky Claimant - and - Roman Arkadievich Abramovich Defendant Boris Abramovich Berezovsky Claimant - and - Hine & Others Defendants - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Laurence Rabinowitz Esq, QC, Richard Gillis Esq, QC, Roger Masefield Esq, Simon Colton Esq, Henry Forbes-Smith Esq, Sebastian Isaac Esq, Alexander Milner Esq, and Ms. Nehali Shah (instructed by Addleshaw Goddard LLP) for the Claimant Jonathan Sumption Esq, QC, Miss Helen Davies QC, Daniel Jowell Esq, QC, Andrew Henshaw Esq, Richard Eschwege Esq, Edward Harrison Esq and Craig Morrison Esq (instructed by Skadden, Arps, Slate, Meagher & Flom LLP) for the Defendant Ali Malek Esq, QC, Ms. Sonia Tolaney QC, and Ms. Anne Jeavons (instructed by Freshfields Bruckhaus Deringer LLP) appeared for the Anisimov Defendants to the Chancery Actions David Mumford Esq (instructed by Macfarlanes LLP) appeared for the Salford Defendants to the Chancery Actions Jonathan Adkin Esq and Watson Pringle Esq (instructed by Signature Litigation LLP) appeared for the Family Defendants to the Chancery Actions Hearing dates: 3rd – 7th October 2011; 10th – 13th October 2011; 17th – 19th October 2011; 24th & 28th October 2011; 31st October – 4th November 2011; 7th – 10th November 2011; 14th - 18th November 2011; 21st – 23 November 2011; 28th November – 2nd December 2011; 5th December 2011; 19th & 20th December 2011; 17th – 19th January 2012.
    [Show full text]
  • AS 4Finance US$ 170.0 Million 13.0 Per Cent. Senior Notes Due 2015
    NOT FOR GENERAL DISTRIBUTION IN THE UNITED STATES LISTING PARTICULARS AS 4finance (joint stock company incorporated in Latvia) US$ 170.0 million 13.0 per cent. Senior Notes due 2015 Guaranteed on a senior basis by certain of its subsidiaries Issue Price: 100.0 per cent. AS 4finance (the “Issuer”) is issuing US$ 170.0 million 13.0 per cent. senior notes due 2015 (the “Notes”) (the “Offering”). Interest on the Notes will accrue from 31 July 2013 at a rate of 13.0 per cent. per annum on the outstanding principal amount of the Notes and will be payable quarterly in arrear on 31 October, 31 January, 30 April and 31 July in each year, beginning on 31 October 2013. Unless previously redeemed or repurchased and cancelled as described under “Terms and Conditions of the Notes”, the Notes will mature on 31 January 2015 (the “Maturity Date”). The Notes constitute direct, general, unconditional, unsubordinated and (subject to Condition 5 (Negative Pledge and Other Covenants)) unsecured obligations of the Issuer. The due and punctual payment of all amounts due at any time on or in respect of the Notes will be unconditionally and irrevocably guaranteed on a joint and several basis (each, a “Guarantee” and together, the “Guarantees”) by certain of the subsidiaries of the Issuer (each, a “Guarantor” and together, the “Guarantors”). The Notes will at all times rank pari passu in right of payment with all other present and future unsecured obligations of the Issuer and senior to all its existing and future subordinated debt. The Guarantees will rank pari passu with all of the Guarantors’ existing and future unsecured senior debt, and senior to all of their existing or future subordinated debt.
    [Show full text]
  • The Looting of Post-Soviet Russia
    Click here for Full Issue of EIR Volume 26, Number 36, September 10, 1999 to fight inflation, and promises mass privatization of state and collectively owned property, including land. In June, the Russian Federation becomes a member of the IMF. The looting of Privatization: In August, Yeltsin announces “voucher privatization,” whereby each Russian citizen receives a post-Soviet Russia voucher with which to purchase shares in state-owned compa- nies as they are privatized. For a population whose savings by Rachel Douglas have been wiped out by inflation, pressure to sell the vouchers is great. The secondary market in vouchers becomes the venue for the accumulation of privateer fortunes, for the acquisition The notion that the “reform” team, installed in Russia in the of choice properties. In 1995, Academician V.A. Lisichkin Thatcher-Bush era, launched a process of transforming the will report on the “avalanche-style” privatization of 70% of Soviet command economy into a smoothly working market the small firms in Russia and more than 14,000 medium and economy, which then encountered the pitfalls of corruption big companies, by Jan. 1, 1994. By the end of 1993, official and crime, is phony from the outset. The name of the game sources estimate that more than 60,000 Russian enterprises was always loot. Overseen by economists, trained by person- are controlled by organized crime. nel from the Mont Pelerin Society’s Institute for Economic According to Lisichkin, “the treasury of Russia received Affairs in London and others in the theory of unbridled crimi- an average of $2.48 million for each of 87,600 privatized nal finance as the engine of economic advance, the Russian enterprises,” among which were jewels of the Soviet econ- reforms ensured that a stream of real and monetary wealth omy, sold for a tiny fraction of the real worth of their plant would flow from from the East into the ever more bloated and equipment and their products.
    [Show full text]
  • Appendix 1 State’S Share in Oil Production, 1994–2006 (As % of Total Oil Production)
    Appendix 1 State’s Share in Oil Production, 1994–2006 (as % of Total Oil Production) 90 80 70 60 50 % 40 30 20 10 0 1994 1995 19971996 1998 19992000 2001 2002 2003 2004 2005 2006 All state-owned companies Companies owned by federation Companies owned by regional governments Source: Julia Kuzsnir and Heiko Pleines, ‘The Russian Oil Industry between Foreign Investment and Domestic Interests in Russian Analytical Digest, 18 September 2007, p. 14. 131 Appendix 2 Results of Loans-for-Shares Privatization in the Oil Industry Trust auctions, 1995 Collateral auctions, 1996–1997 Stake Min. Name under Loan Organizer sale of oil auction provided Auction for Auction price Auction Price Auction company (%) (US$m) date auction winner (US$m) date paid winner Surgut- 40.12 88.3 Nov 95 ONEKSIM bank Surgutneftegaz 74 Feb 97 78.8 Surgutfondinvest neftegaz pension fund (linked to 132 Surgutneftegaz) LUKoil 5 35.01 Dec 95 Imperial Bank LUKoil Imperial 43 Jun 97 43.6 LUKoil (LUKoil affiliate) Bank Reserve-Invest YUKOS 45 159 Dec 95 Menatep Bank Laguna (Menatep 160 Nov 96 160.1 Monblan (Menatep affiliate) affiliate) SIDANKO 51 130 Dec 95 ONEKSIM bank MFK (part of 129 Jan 97 129.8 Interros Oil ONEKSIM bank) (part of ONEKSIM bank group) Sibneft’ 51 100.1 Dec 95 Menatep Bank NFK, SBS 101 May 97 110 FNK (offshoot (linked to of NFK) Sibneft’) Sources: Valery Kryukov and Arild Moe. The Changing Role of Banks in the Russian Oil Sector. London: Royal Institute of International Affairs, 1998; Nat Moser and Peter Oppenheimer. ‘The Oil Industry: Structural Transformation and Corporate Governance’.
    [Show full text]
  • Occupied Donbas. Elections
    #6 (100) June 2016 Two years of Petro Poroshenko's Clean-up of Ukraine's banking Kazimir Malevich presidency sector: painful, efficient and avant-garde in the 1920s' Kyiv OCCUPIED DONBAS. ELECTIONS WWW.UKRAINIANWEEK.COM Featuring selected content from The Economist FOR FREE DISTRIBUTION CONTENTS | 3 BRIEFING NEIGHBOURS 5 Black books and bought elections: 32 Ivanna Klympush-Tsyntsadze: “We The Party of Regions’ inventory of do not accept arguments of countries bribes and legitimacy of its victory that try to raise the issue of lifting in 2012 election sanctions against Russia” POLITICS Vice-Premier for European and Euro- 7 The fine art of compromise: Atlantic Integration on her priorities The president’s powers after two in office years in office 36 Misplaced charity: What hampers 10 Bouillabaisse de president: the efficiency of international aid Who makes decisions in Petro 38 Philippe de Lara on what the Russia Poroshenko’s circle sanctions resolution of the Senate 12 Andriy Levus: “Ukraine should expect tells about French politicians another radical change“ SOCIETY Head of the VR Public Safety 40 The new left front: How Russia is Subcommittee on how government developing agents of influence in offices are changing and chances of Ukraine through a “reset” with leftist the new political class parties and organizations FOCUS 42 Crimean Muslims at the crossroads: 16 Through the looking glass: The crazy What shape will Islam take world of Minsk How Ukrainian in occupied Crimea? politicians see the likelihood of CULTURE & ART elections in
    [Show full text]
  • The Economist, 03/17/2001
    August 15, 1999 The Russian Devolution By JOHN LLOYD Seated around the long table on the first floor of the modest dacha, the young men were relaxed, laughing a lot, talking excitedly, sometimes all together. They barely noticed as, guided by their chairman, I skirted the table and took a seat in a little room off their conference chamber to wait for a break in the proceedings. As I sat there, I marveled at the hilarity and occasional cacophony that fairly shook the wooden walls. It was October 1991; the Soviet Union still existed. Yet next door, this little band of brothers was writing the economic program for an independent Russia. When the chairman joined me and began to describe what they were doing, I could not at first take it in. We were seated in a dacha in a little colony of state dachas some 30 miles from Moscow. The scope of the task contrasted oddly with the participants' youth and high spirits. Something graver seemed called for -- a hushed conference hall with graybeards attended by aides, perhaps. This seemed so . light. In his soft voice, with the attitude of calm certainty that had made him the natural leader of these men, the chairman explained that the Soviet Union was finished. Any policy, whether organized by the West or pursued within the Soviet Union to save it from disintegration and collapse, would fail. The other 14 Soviet republics wished to go their own ways, and they should. Russia must find itself again, he said, and become a part of the modern, civilized world.
    [Show full text]
  • When Governments Break Contracts: Foreign Firms in Emerging Economies
    When Governments Break Contracts: Foreign Firms in Emerging Economies by Rachel L. Wellhausen M.Sc. European Political Economy: Transition London School of Economics and Political Science, 2005 B.A. Economics B.A. English B.A. Interdisciplinary Studies University of Arizona, 2004 Submitted to the Department of Political Science in partial fulfillment of the requirements for the degree of Doctor of Philosophy at the Massachusetts Institute of Technology June 2012 Copyright 2012 Rachel L. Wellhausen. All rights reserved. The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author………………………………………………………………………………………………………….. Department of Political Science April 18, 2012 Certified by: …………………………………………………………………………………………………………………….. Suzanne Berger Raphael Dorman-Helen Starbuck Professor of Political Science Thesis Supervisor Accepted by: ……………………………………………………………………………………………………………………. Roger Petersen Arthur and Ruth Sloan Professor of Political Science Chair, Graduate Program Committee 2 When Governments Break Contracts: Foreign Firms in Emerging Economies by Rachel L. Wellhausen Submitted to the Department of Political Science on April 18, 2012 in partial fulfillment of the requirements for the Degree of Doctor of Philosophy in Political Science ABSTRACT Emerging economy governments commit to protect the property rights of foreign firms through a variety of contracts, from treaties to direct agreements. In an era of liberalized capital flows, these contracts are thought to be self-enforcing: the fear of capital exit compels governments to honor their obligations. But extraordinary variation in contract sanctity in countries around the world suggests the inadequacy of this view. This dissertation seeks to explain the varying pressures on emerging economy governments to honor or break contracts with foreign firms.
    [Show full text]
  • Ffiiq Zrb'6'- Stacye
    Embassyof the U ited States of America ;-: n ., , .r;. FerqlnKl l "i August.23,1 999 i \i{ Dr.Johan Backman (), OikeuspoliittinenTutkimuslaitos PL1200 !' 00101Helsinki Dearl\y'r. Backman: Greetings.I have recently arrived in Helsinkitoserve as the U.S.Embassy's Press andCultural Attach6. In this capacity, lwould like to offermyself and my staff as a resourceon topicsof mutualinterest. Ambassador Edelman and other colleagues in the Embassyhave suggested that \,.ou might be interestedin receivingtopical materialson lawenforcement issues. Accordingly,I am enclosinga coupleof articleson transnational organized crime writtenby RaymondBonner, a staffwriter for the New YorkTimes. Bonner writes on oiEa;,i:redLrir're perietir,iiorr oi ieg|t.mate financral markets (a topic which has also beenthe subjectof recentpress rel)orts on the Swissbanking industry) and the growingillicit trade in small arms traCing. lf youare interested in corruptiontopics, I wouldlike to drawyour attention to recent articlesthat focus on multi-nationalanti-corruption efforts including a recent workshopbetween the OECD and []ussia. Thesematerials can be found at: httplqrytry.lablbQ!.a4:&$tlinlgglqi!!q or htlD://www.usia.gov/topiqalleon/bribes, amongother sites. lf youwould like a packetin print,cr wouldlike to receivefuture materials via e-mail, pleasejust call us or e-mailmy office. Sincerely, ffiiq Zrb'6'- StacyE. White U.S.Embassy Helsinki Phone:09 175-138 e-mail: !t itc.,.!,,, h ite @' usenl bassy. ii or DIqj!]]1t!!e!rbassv.li homepage:www.usembassy.f i MurkyLife ofan tnEmationalOun Deller huprAearch.nytimes.cotr/search/daily/...ite+site+l?179+26+wAAA+Raymond%TEBonr lnternatlonal arrqr[!*h.r @@@@@r@ July 14,1998 Murkv Life of an International Gun Dealer RelatedArticles .
    [Show full text]
  • Prospectus Brochure of the Bond 4 Finance
    Prospectus dated 5 August 2016 http://www.oblible.com 4finance S.A. Luxembourg Listing Prospectus EUR 100,000,000.00 11.25 % Senior Notes 2016/2021 (the “Notes”) with a Term from 23 May 2016 until 22 May 2021 of 5 August 2016 International Securities Identification Number (ISIN): XS1417876163 German Securities Identification Number (Wertpapierkennnummer WKN): A181ZP Common Code: 141787616 4finance S.A. (the "Issuer"), a public limited liability company (Société Anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg has issued EUR 100,000,000.00 aggregate principal amount of its 11.25% Notes due 2021. The Notes constitute direct, general, unconditional, unsubordinated and unsecured obligations of the Issuer. The Notes will at all times rank pari passu in right of payment with all other present and future unsecured obli- gations of the Issuer and senior to all its existing and future subordinated debt. The Notes are unconditionally and irrevocably guaranteed on a joint and several basis by 4finance Holding S.A. ("Holdco"), the Issuers indi- rect parent company, and by certain other direct and indirect subsidiaries of Holdco, including the Issuer’s di- rect parent company (the "Subsidiary Guarantors" and together with Holdco the "Guarantors" and each a "Guarantor" under the terms and conditions set forth herein (collectively the "Guarantees" and each a "Guar- antee"). This document (the “Prospectus”) constitutes a prospectus pursuant to Article 5 para. 3 of the Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be pub- lished when securities are offered to the public or admitted to trading as amended by the Directive 2010/73/EC of the European Parliament and of the Council for the purpose of a public offering of the Notes in the Grand Duchy of Luxembourg and the Federal Republic of Germany.
    [Show full text]
  • PLUTOCRATS Chrystia Freeland
    PLUTOCRATS THE RISE of the NEW GLOBAL SUPER-RICH and the FALL OF EVERYONE ELSE Chrystia Freeland THE PENGUIN PRESS NEW YORK 2012 1 CONTENTS Introduction ONE HISTORY AND WHY IT MATTERS TWO CULTURE OF THE PLUTOCRATS THREE SUPERSTARS FOUR RESPONDING TO REVOLUTION FIVE RENT-SEEKING SIX PLUTOCRATS AND THE REST OF US CONCLUSION Acknowledgments Notes Bibliography 2 INTRODUCTION The poor enjoy what the rich could not before afford. What were the luxuries have become the necessaries of life. The laborer has now more comforts than the farmer had a few generations ago. The farmer has more luxuries than the landlord had, and is more richly clad and better housed. The landlord has books and pictures rarer and appointments more artistic than the king could then obtain. —Andrew Carnegie Branko Milanovic is an economist at the World Bank. He first became interested in income inequality studying for his PhD in the 1980s in his native Yugoslavia, where he discovered it was officially viewed as a “sensitive” subject—which meant one the ruling regime didn’t want its scholars to look at too closely. That wasn’t a huge surprise; after all, the central ideological promise of socialism was to deliver a classless society. But when Milanovic moved to Washington, he discovered a curious thing. Americans were happy to celebrate their super-rich and, at least sometimes, worry about their poor. But putting those two conversations together and talking about economic inequality was pretty much taboo. “I was once told by the head of a prestigious think tank in Washington, D.C., that the think tank’s board was very unlikely to fund any work that had income or wealth inequality in its title,” Milanovic, who wears a beard and has a receding hairline and teddy bear build, explained in a recent book.
    [Show full text]