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Marxist Crisis Theory and the Severity of the Current Economic Crisis
Marxist Crisis Theory and the Severity of the Current Economic Crisis By David M. Kotz Department of Economics Thompson Hall University of Massachusetts Amherst Amherst, MA 01003, U.S.A. December, 2009 Email Address: [email protected] This paper was presented on a panel on "Heterodox Analyses of the Current Economic Crisis" sponsored by the Union for Radical Political Economics at the Allied Social Science Associations annual convention, Atlanta, January 4, 2010. Research Assistance was provided by Ann Werboff. It is a revised version of a paper "The Final Crisis: What Can Cause a System-Threatening Crisis of Capitalism," Science & Society 74(3), July 2010. Marxist Crisis Theory and the Current Crisis, December, 2009 1 The theory of economic crisis has long occupied an important place in Marxist theory. One reason is the belief that a severe economic crisis can play a key role in the supersession of capitalism and the transition to socialism. Some early Marxist writers sought to develop a breakdown theory of economic crisis, in which an absolute barrier is identified to the reproduction of capitalism.1 However, one need not follow such a mechanistic approach to regard economic crisis as central to the problem of transition to socialism. It seems highly plausible that a severe and long-lasting crisis of accumulation would create conditions that are potentially favorable for a transition, although such a crisis is no guarantee of that outcome.2 Marxist analysts generally agree that capitalism produces two qualitatively different kinds of economic crisis. One is the periodic business cycle recession, which is resolved after a relatively short period by the normal mechanisms of a capitalist economy, although since World War II government monetary and fiscal policy have often been employed to speed the end of the recession. -
2015 FOX Fall Forum
2015 FOX Fall Forum FOX 100 Resource Center A Roundup of Leading Industry Knowledge amily Office Exchange (FOX) is pleased to present this year’s F selection of articles, reports and white papers devoted to the issues of most concern to wealth owners and family office executives globally. To assist in locating information of particular interest, Resource Center material once again is grouped by subject area: • Trusts, Tax and Estate Planning Page 2 • Security, Technology, Family Office Page 4 and Lifestyle Issues • Family Matters (Legacy Planning) Page 9 • Investment Page 11 • Family Office Issues Page 17 Soon after the conclusion of the Fall Forum unless noted as “print only” all Resource Center material will be available at: https://www.familyoffice.com/learning-events/forums/2015-fox-100 Presented in the Grand Foyer Lobby, JW Marriott 1 2015 FOX Fall Forum TRUSTS, TAX AND ESTATE APPLICATION OF THE 2-PERCENT FLOOR TO TRUST AND ESTATE EXPENSES PLANNING McGladrey LLP Though the IRS issued the final regulations for INBOUND WEALTH PLANNING FOR THE section 67 in May 2014 to require the GLOBAL FAMILY unbundling of a fiduciary's integrated fee, Northern Trust corporate fiduciaries and tax planners continue Determining exactly whose income, gains and to struggle with designing and implementing assets is subject to the U.S. Federal tax system procedures to ensure that the directive is is a daunting inquiry that requires a properly accounted for on returns during the comprehensive approach without shortcuts. upcoming tax filing season. And, just when the general rules of international tax principles under the Internal Revenue Code While most corporate fiduciaries have moved on (the Code) and related treasury regulations have to the task of applying the regulations to their been reviewed and applied, an applicable trusts and estates, some commentators still international tax treaty or a new tax law can contend that the regulations misinterpret the change everything. -
Copyrighted Material
PART 1 The World Property Market – A Beginner’s Guide There is no shortage of ‘experts’ when it comes to investing in prop- erty. Nearly everyone, everywhere, who bought property a decade ago is sitting on a unprecedented pile of ‘dough’. Nominally, that is, of course, because property profi t is notional until we cash in our chips. This ‘success’ has gone to our heads, while few of us did anything very clever to achieve this paper wealth. For the most part, we just rode the wave that swept us further and further up the profi t curve. While not many people remember the last property collapse, though 2007–8 may refresh some memories many more are still nursing losses from the stock market collapse that followed the ‘Dot Com’ bubble burst. The ‘expert’ investors who rode that wave up have discovered two important facts: what goes up a long way fast can come down just as dramatically; and that they had either forgotten or never really knew the fundamentals that underpin long-term share prices. Now, there are no absolute guarantees with any investment, except that your chances of success are improved exponentially if you understand something ofCOPYRIGHTED the forces at work in the market MATERIAL – in this case, the property market. If you really are an expert and your property investments have outperformed the general trend, then skip this chapter. If not, read on. Property – the backbone of wealth creation Property has been a worthwhile source of wealth for generations. More private individuals have become millionaires in this way than 10 PART 1 THE WORLD PROPERTY MARKET – A BEGINNER’S GUIDE by any other route to wealth. -
Forbes Insights: 2014 BNP Paribas Individual Philanthropy Index
2014 BNP PariBas iNdividual PhilaNthroPy iNdex PHILANTHROPiC JOURNEYS: THE iMPORTANCe oF TIMiNG MEASURING COMMITMENT IN EUROPE | ASIA | USA | MIDDLE EAST CoNteNts Key Findings.............................................................................................................................................................2 2014 BNP Paribas Individual Philanthropy Index ...................................................................................... 4 Discussion of Index Results ............................................................................................................................... 6 Comparisons to 2013 Results ............................................................................................................................7 Projected Giving: The Giving Pledge ............................................................................................................. 8 If Not Now, When? ............................................................................................................................................... 9 Urgency—Profile: To Stop the Suffering .....................................................................................................17 The Philanthropic Journey, Stage One: Motivation .................................................................................18 The Philanthropic Journey, Stage Two: The State of Wealth .............................................................20 The Philanthropic Journey, Profile: A Thousand Fires ..........................................................................23 -
Does Canada Need a Wealth Tax?
2020 DOES CANADA NEED A WEALTH TAX? Philip Cross 2020 Fraser Institute Does Canada Need a Wealth Tax? by Philip Cross Contents Executive Summary / i 1 Introduction / 1 2 Different views of wealth in economics / 4 3 Canada’s wealth more equally distributed / 6 4 Wealth taxes generate little net revenue / 13 5 Wealth is hard to define and measure / 19 6 Macro issues—a wealth tax discourages savings and investments, and lowers long-term growth / 25 7 Fairness and social issues / 30 Conclusion / 35 References / 36 About the Author / 41 Publishing Information / 42 About the Fraser Institute / 43 Purpose, Funding, and Independence / 43 Peer review —validating the accuracy of our research / 44 Editorial Advisory Board / 44 fraserinstitute.org Cross • Does Canada Need a Wealth Tax? • i Executive Summary In its recent Speech from the Throne, the federal government said it was considering a tax on what it termed “extreme wealth inequality” in this country. This would be a mis- take for several reasons. To start, wealth inequality is not increasing in Canada. Statistics Canada data show that wealth held by the lowest three income quintiles rose more than that held by the highest two quintiles, raising their share of wealth from 27.1% in 2010 to 29.5% in 2019. The gain in wealth for those with lower incomes reflects increases for both financial and non-financial assets, and began before Canada’s housing market took off in 2015. Canada’s middle class holds more financial assets than the middle class in the United States and, therefore, is less vulnerable to a downturn in the housing market. -
Zerohack Zer0pwn Youranonnews Yevgeniy Anikin Yes Men
Zerohack Zer0Pwn YourAnonNews Yevgeniy Anikin Yes Men YamaTough Xtreme x-Leader xenu xen0nymous www.oem.com.mx www.nytimes.com/pages/world/asia/index.html www.informador.com.mx www.futuregov.asia www.cronica.com.mx www.asiapacificsecuritymagazine.com Worm Wolfy Withdrawal* WillyFoReal Wikileaks IRC 88.80.16.13/9999 IRC Channel WikiLeaks WiiSpellWhy whitekidney Wells Fargo weed WallRoad w0rmware Vulnerability Vladislav Khorokhorin Visa Inc. Virus Virgin Islands "Viewpointe Archive Services, LLC" Versability Verizon Venezuela Vegas Vatican City USB US Trust US Bankcorp Uruguay Uran0n unusedcrayon United Kingdom UnicormCr3w unfittoprint unelected.org UndisclosedAnon Ukraine UGNazi ua_musti_1905 U.S. Bankcorp TYLER Turkey trosec113 Trojan Horse Trojan Trivette TriCk Tribalzer0 Transnistria transaction Traitor traffic court Tradecraft Trade Secrets "Total System Services, Inc." Topiary Top Secret Tom Stracener TibitXimer Thumb Drive Thomson Reuters TheWikiBoat thepeoplescause the_infecti0n The Unknowns The UnderTaker The Syrian electronic army The Jokerhack Thailand ThaCosmo th3j35t3r testeux1 TEST Telecomix TehWongZ Teddy Bigglesworth TeaMp0isoN TeamHav0k Team Ghost Shell Team Digi7al tdl4 taxes TARP tango down Tampa Tammy Shapiro Taiwan Tabu T0x1c t0wN T.A.R.P. Syrian Electronic Army syndiv Symantec Corporation Switzerland Swingers Club SWIFT Sweden Swan SwaggSec Swagg Security "SunGard Data Systems, Inc." Stuxnet Stringer Streamroller Stole* Sterlok SteelAnne st0rm SQLi Spyware Spying Spydevilz Spy Camera Sposed Spook Spoofing Splendide -
Who Are These Economists, Anyway?
mm-T&A09GalbraithSF.qxp:Layout 1 11/10/09 3:40 PM Page 85 Who Are These Economists, Anyway? by James K. Galbraith Of course, there were exceptions to these trends: a few economists challenged the assumption of rational behavior, questioned the belief that financial markets can be trusted and pointed to the long history of financial crises that had devastating economic consequences. But they were swimming against the tide, unable to make much headway against a pervasive and, in retrospect, foolish complacency. —Paul Krugman, New York Times Magazine , September 6, 2009 Amen. While normal ecclesiastic practice places this word at the end of the prayer, on this occa - sion it seems right to put it up front. In two sentences, Professor Paul Krugman, Nobel Laureate in Economics for 2008 and in some ways the leading economist of our time, has summed up the failure of an entire era in economic thought, practice, and policy discussion. And yet, there is something odd about the role of this short paragraph in an essay of over 6,500 words. It’s a throwaway. It leads nowhere. Apart from one other half-sentence, and three passing mentions of one person, it’s the only discussion—the one mention in the entire essay— of those economists who got it right. They are not named. Their work is not cited. Their story remains untold. Despite having been right on the greatest economic question of a generation—they are unpersons in the tale. Krugman’s entire essay is about two groups, both deeply entrenched at (what they believe to be) the top of academic economics. -
Contentious Politics, Culture Jamming, and Radical
Louisiana State University LSU Digital Commons LSU Master's Theses Graduate School 2009 Boxing with shadows: contentious politics, culture jamming, and radical creativity in tactical innovation David Matthew Iles, III Louisiana State University and Agricultural and Mechanical College, [email protected] Follow this and additional works at: https://digitalcommons.lsu.edu/gradschool_theses Part of the Political Science Commons Recommended Citation Iles, III, David Matthew, "Boxing with shadows: contentious politics, culture jamming, and radical creativity in tactical innovation" (2009). LSU Master's Theses. 878. https://digitalcommons.lsu.edu/gradschool_theses/878 This Thesis is brought to you for free and open access by the Graduate School at LSU Digital Commons. It has been accepted for inclusion in LSU Master's Theses by an authorized graduate school editor of LSU Digital Commons. For more information, please contact [email protected]. BOXING WITH SHADOWS: CONTENTIOUS POLITICS, CULTURE JAMMING, AND RADICAL CREATIVITY IN TACTICAL INNOVATION A Thesis Submitted to the Graduate Faculty of the Louisiana State University and Agricultural and Mechanical College in partial fulfillment of the requirements for the degree of Master of Arts in The Department of Political Science by David Matthew Iles, III B.A., Southeastern Louisiana University, 2006 May, 2009 ACKNOWLEDGEMENTS This thesis was completed with the approval and encouragement of my committee members: Dr. Xi Chen, Dr. William Clark, and Dr. Cecil Eubanks. Along with Dr. Wonik Kim, they provided me with valuable critical reflection whenever the benign clouds of exhaustion and confidence threatened. I would also like to thank my friends Nathan Price, Caroline Payne, Omar Khalid, Tao Dumas, Jeremiah Russell, Natasha Bingham, Shaun King, and Ellen Burke for both their professional and personal support, criticism, and impatience throughout this process. -
How I Did It: Ebay's Founder on Innovating the Business Model Of
How I Did It: EBay’s Founder on Innovating the Business Model... http://hbr.org/2011/09/ebays-founder-on-innovating-the-busines... How I Did It: EBayʼs Founder on Innovating the Business Model of Social Change by Pierre Omidyar The Idea: Omidyar was inspired by eBayʼs social impact to create a hybrid model for his philanthropic Omidyar Network: a combination of nonprofit and for-profit. My journey as a philanthropist began in September 1998, on the day eBay went public. Iʼd spent two weeks helping with the pre-IPO road show, and weʼd arrived at the New York office of Goldman Sachs. I was exhausted. The actual moment was pretty anticlimactic. Weʼd always assumed that when you go public, your stock starts trading the moment the market opens, but it doesnʼt work that way. You have to wait for the bankers to do their initial trades. So when the market opened, we just stood around on the trading floor with nothing to do. Nobody was really paying attention to us. There was an electronic ticker on the wall, and after about 45 minutes somebody gave us a heads-up that we should start looking for eBay. Sure enough, a few minutes later we saw our ticker symbol coming across from right to left. We cheered; we hugged; we high-fived. We had priced the initial public offering at $18 a share, which made my stake worth a few hundred million dollars. During the course of the day the stock rose to nearly $54. My shares, like those of all the other insiders, would be locked up for six months, so at this point it was just paper wealth. -
An Analysis of Global Top Wealth Distribution Yaş Ve
NÜFUSBİLİM DERGİSİ / TURKISH JOURNAL OF POPULATION STUDIES 2020 42: 25-44 ARAŞTIRMA MAKALESİ / RESEARCH ARTICLE AGE AND WEALTH: AN ANALYSIS OF GLOBAL TOP WEALTH DISTRIBUTION YAŞ VE SERVET: KÜRESEL EN ÜST SERVET DAĞILIMININ BİR ÇÖZÜMLEMESİ M. AYKUT ATTAR* ABSTRACT This paper uses a simple economic model of age and wealth to study the dynamics of global top wealth distribution. The main purpose is to investigate whether and to what extent age—as a demographic variable—affects wealth accumulation. The global top wealth distribution is represented by that of Forbes billionaires, the wealthiest people in the world as listed each year by the Forbes Magazine. After documenting the main distributional properties of age and wealth of Forbes billionaires in the year 2018, the paper introduces the model economy and derives two testable hypotheses. First, the wealth of an individual relative to the average is an exponential function of his/her age as dictated by the theoretical model. Second, the distribution of wealth across individuals has a Pareto shape. Estimation results show that (i) age differences alone explain nearly one fourth of variation in relative wealth, and (ii) global top wealth distribution has a Pareto tail. Results also show that (i) the exponential form of the age-wealth relationship originating from the long-run equilibrium of the model economy performs significantly well in comparison to the linear and quadratic forms, and (ii) the estimated values of Pareto tails indicate that there exists a large degree of wealth inequality even among Forbes billionaires themselves. KEYWORDS: wealth accumulation, inequality, age distribution, dynamic optimization *Assistant Professor, Hacettepe University, Faculty of Economics and Administrative Sciences, Department of Economics, Hacettepe University FEAS Building No: 27 Hacettepe University Beytepe Campus 06800 Cankaya, Ankara +90 312 297 8650 (135), [email protected] /ORCID: 0000-0003-0142-713X. -
A Challenge for Advertising Ethics2
Monitoring Advertising in the Digital Age: A Challenge for Advertising Ethics2 RAMÓN A. FEENSTRA, Universitat Jaume I de Castelló, Castellón de la Plana, España. ([email protected]) Received: February 25, 2013 / Accepted: April 19, 2013. Abstract According to John Keane’s Monitory Democracy approach, in recent years the new digital environment has created new possibilities for political citizenship, including monitoring and scrutiny to the centers of economic and political power. This means communicational landscapes like social media are promoting and increasing the public debate. This paper argues that this phenomenon is also observable in Advertising, for which provides the distinction between normalized and citizen monitoring, as well as between subvertising and citizen media activism. Finally, this paper presents the ethical challenge that accompanies this process, by questioning the understanding of Advertising as a persuasive monologue. Keywords: digital environment, monitory democracy, monitoring, subvertising, advertising ethics. From a theoretical and critical perspective, Publicity has frequently been questioned as for of its persuasive methods (cfr. Qualter, 1994, pp. 81-95), as for its traditionally unidirectional character, meaning, the fact that this activity is a communicational exercise dominated by a few actors that through mass media, direct themselves to an eventually heteronomous audience without answering capability (cfr. Packard, 1972, pp. 11-16; Sartori, 1998). The same way, in the field of Communication Ethics, the -
Does Money Matter?: Wealth Attainment As the Motive for Initiating Growth-Oriented Technology Ventures
DOES MONEY MATTER?: WEALTH ATTAINMENT AS THE MOTIVE FOR INITIATING GROWTH-ORIENTED TECHNOLOGY VENTURES RAPHAEL AMIT KENNETH R. MacCRIMMON CHARLENE ZIETSMA The University of British Columbia, Vancouver, British Columbia, Canada JOHN M. OESCH Northwestern University, Evanston, Illinois The desire to attain personal wealth has long been regarded as the foremost EXECUTIVE motive for entrepreneurship. Other goals and values, however, may also con- SUMMARY tribute to entrepreneurial motivation. Thus, the extent to which money mat- ters relative to other motives is an empirical question. In this study we exam- ine the role of wealth as the motive for the decision to found new ventures. Three focal questions guide our research: 1) does money matter more rela- tive to other decision dimensions in deciding to start a new high-technology venture? 2) does money matter more to entrepreneurs compared to non-entrepreneurs? and 3) does money matter in absolute terms, that is, does a decision model that focuses solely on the motive of wealth attainment parsimoniously predict entrepreneurs' start-up decisions? We conducted in-depth interviews with 51 entrepreneurs and a control group of 28 senior managers who decided not to start ventures (non-entrepreneurs) in the high-technology industry in British Colum- bia to address our research questions. The motives we examined are wealth attainment and an aggregate of Address correspondence to Dr. R. Amit, Faculty of Commerce and Business Administration, The Uni- versity of British Columbia, 2053 Main Mall, Vancouver, B.C. V6T 1Z2 Canada; Phone: (604) 822-8481; Fax: (604) 822-5350; E-mail: [email protected] The authors thank the Social Sciences and Humanities Research Council (Grant No.