Communication for development is a comparatively new field that offers new tools and techniques to support inclusive and informed decisions in the planning and management of large water and energy infrastructure projects, including dams. Rethinking the approach to communication on dam projects is also timely in today's policy context. A window of opportunity has opened to tie in governance reform (including fighting corruption), poverty reduction, and communication with today's challenges in sustainable infrastructure development. Progress on any one of these aspects requires effective communication with stakeholders and interests. This handbook aims to help foster a 'communication culture' that will accommodate the wide range of stakeholder interests in dam planning and management in ways appropriate to the development context of today and the need to promote solutions to sustainability challenges. It seeks to create awareness among practitioners of the benefits and costs of improving the role of communication in infrastructure development. It also demonstrates how communication helps to improve governments' capacities to address corruption issues in infrastructure. Finally, this handbook is aimed at building the capacity of project teams and government officials to effectively adopt and adapt modern communication principles and tools to cover all stages of the dam project cycle.
This paper looks at the existing tools and approaches most commonly used in developed and developing countries to review the stock of regulations. The tools reviewed can generate benefits in the short term, but they are most effective as part of a longer-term sustained initiative. This paper has a particular focus on the challenges that arise from their use in emerging and developing countries. The objectives of this paper include: 1) explaining the rationale for the use of these tools and approaches; 2) discussing each one of them in a succinct way; 3) considering the extent to which these tools can support more systemic regulatory reforms in the medium and long terms; and 4) considering the particular challenges and opportunities regarding their use in developing and emerging economies. Section one is a brief description of the rationale and context for applying tools and approaches to review the stock of regulation. It includes a reference to benefits and preconditions to make use of these tools. It also presents a categorization of the most commonly used tools and a comparative table on the way these tools can be applied. Section two presents a description of each of the different tools and approaches available, and discusses the way they are used and their main components. It includes references to international experiences in which these tools have been integrated into the regulatory reform process. Section three presents preliminary commentary about some of the potential advantages, disadvantages, and impacts of using these tools and approaches in developing countries. Some particular cases are presented to illustrate these trends. The section also includes a short description of the sequence observed in the use of some of these tools. Moreover, this section illustrates how these tools can (or cannot) generate gains in the short term and also provide a basis for further and broader regulatory reform programs.
Las vías terciarias juegan un papel muy importante para Colombia, ya que mediante estas vías se puede llegar a las zonas más alejadas y marginales del país, estas conexiones permiten la integración nacional, regional y local, las cuales repercuten directamente en la economía de los municipios, y aun más de los hogares rurales, ya que mediante estas vías se permite el movimiento de personas, alimentos y mercancías que ayudan al desarrollo del país. Actualmente está malla vial se encuentra bajo la gestión de INVIAS, departamentos y los municipios, donde el Gobierno a lo largo de la historia ha intentado impulsar diferentes proyectos para realizar mejoras sobre esta infraestructura; actualmente estas vías son uno de los grandes focos nacionales, teniendo en cuenta que, de los 140.000 km de vías terciarias, solo el 6% se encuentra en buen estado. Teniendo en cuenta que estas vías se encuentran en lugares de difícil acceso, y Colombia cuenta con diversos tipos de climas, pasando por bajas temperaturas hasta llegar a climas húmedos con temperaturas altas, es necesario plantear alternativas de pavimentación, donde se pueda utilizar los materiales de cada región, que sean poco sensibles al clima y que se pueda implementar equipos simples, herramientas de fácil consecución y usos de mano de obra con baja capacitación; es por esto, que dentro de esta monografía se propone implementar pavimentos de concreto denominado como losas optimizadas, los cuales en primer lugar, son menos sensibles a la capacidad de soporte del suelo teniendo en cuenta que los esfuerzos se distribuyen en áreas más grandes por lo tanto las solicitaciones que llegan al suelo son bajas. Y en segundo lugar al tener pavimentos de concreto las deformaciones de las losas son bajas, lo que permite la circulación de cargas pesadas sin que el pavimento se deforme. Las losas optimizadas, es una tecnología desarrollada por El Ingeniero Chileno, Juan Pablo Covarrubias, donde propone reemplazar las metodologías de pavimento de concreto tradicional como AASHTO y PCA, por un sistema de losas con geometría optimizada que permiten una distribución más eficiente de la carga para evitar los problemas de agrietamiento, donde el principio fundamental del método consiste en diseñar el tamaño de la losa para que no más de un set de ruedas del vehículo se encuentre en una determinada losa, minimizando así la tensión de tracción crítica; las dimensiones propuestas son de 1,80 m x 1,80m. En el siguiente trabajo se realizaron 180 modelaciones, donde se tienen 3 cartas de diseño basadas cada una en un clima diferente (8°C a15°C, 15°C a 25°C y 25°C a 32°C), dentro de cada carta se utilizaron los mismos parámetros para la estructura de pavimento como se presenta a continuación: • Subrasante: Se escogieron 5 tipos de subrasante, pasando de suelos blandos con módulos bajos a suelos de buena calidad con módulos altos (30, 40, 50, 60 y 80 MPa). • Subbase granular: Se estableció un espesor único de 15 cm, donde con los módulos de subrasante se calculó mediante la fórmula de Shell; el módulo que generaba el material de subbase (60, 80, 100, 120 y 160 MPa respectivamente). • Transito: Se adoptaron 5 diferentes tránsitos en ejes equivalentes (50.000, 100.000, 300.000, 500.000 y 700.000 EE). • Losa de concreto: Se establecieron 3 módulos de rotura del concreto (3.8, 4.1 y 4.3 MPa), y se dejaba iterando el espesor de la losa. Mediante estas modelaciones se encontraron espesores entre 10 cm y 18 cm, siendo el factor del clima el que menos afecta al cálculo del espesor, teniendo en cuenta que al tener losas de menores dimensiones el alabeo es mucho menor, lo que genera una vida útil mayor a las losas convencionales (3.5 a 4 m), por otra parte, uno de los fatores que más importancia tiene dentro del diseño, es la rigidez de la subbase y subrasante, ya que al tener espesores más delgados el material granular ayuda con las tensiones de punzonamiento, de acuerdo a la afirmación anterior, al realizar la comparación de los resultados de las modelaciones entre un material granular blando (subrasante: 30 MPa y Subbase: 60 MPa) vs un material granular de buenas características (subrasante: 80 MPa y Subbase: 160 MPa) se obtienen diferencias de aproximadamente 3 cm, lo que equivale a un 20% de diferencia. Finalmente, al realizar la comparación en presupuesto entre una losa optimizada de dimensiones de 1.8 m x 1.8 para una vía de 3.6 m de ancho, de espesor variable entre 10, 15 y 18 cm vs una placa huella, con el espesor tipo de 15 cm, utilizando los mismos costos y características, se observa un ahorro de aproximadamente $197.553.390/km, $94.383.894/km y $32.482.196/km respectivamente, siendo siempre inferior al presupuesto de una placa huella, generando que esta alternativa de pavimento se viable para la construcción de las vías de BVT. Aun cuando en el presente estudio se realizaron modelaciones con diferentes parámetros de clima, material granular, concreto y tránsito, se recomienda realizar ensayos de laboratorio para caracterizar los materiales de subrasante, analizar los materiales de la cantera de donde se obtendrá el material granular de subbase y analizar el transito atraído que puede generar la construcción de la vía. ; The tertiary roads play a very important role for Colombia, since through these roads you can reach the most remote and marginal areas of the country, these connections allow national, regional and local integration, which directly affect the economy of the municipalities , and even more of rural households, since through these routes the movement of people, food and goods that help the development of the country is allowed. Currently this road network is under the management of INVIAS, departments and municipalities, where the Government throughout history has tried to promote different projects to make improvements on this infrastructure; these roads are currently one of the great national centers, taking into account that, of the 140,000 km of tertiary roads, only 6% are in good condition. Taking into account that these roads are in places of difficult access, and Colombia has several types of climates, going through low temperatures to reach humid climates with high temperatures, it is necessary to propose paving alternatives, where you can use the materials each region, that are not very sensitive to the climate and that simple equipment, tools of easy attainment and uses of workforce with low training can be implemented; This is why, within this monograph, it is proposed to implement concrete pavements called optimized slabs, which in the first place are less sensitive to the capacity of soil support, taking into account that the efforts are distributed in larger areas so both the requests that reach the ground are low. And secondly, having concrete pavements the deformations of the slabs are low, which allows the circulation of heavy loads without the pavement deforming. The optimized slabs, is a technology developed by the Chilean Engineer, Juan Pablo Covarrubias, where he proposes to replace the traditional concrete pavement methodologies such as AASHTO and PCA, with a slab system with optimized geometry that They allow a more efficient distribution of the load to avoid cracking problems, where the fundamental principle of the method is to design the size of the slab so that no more than one set of wheels of the vehicle is in a certain slab, thus minimizing the critical tensile tension; The proposed dimensions are 1.80 m x 1.80m. In the following work 180 modeling was carried out, where 3 design cards are based each in a different climate (8 ° C to 15 ° C, 15 ° C to 25 ° C and 25 ° C to 32 ° C), within Each letter used the same parameters for the pavement structure as presented below: • Subgrade: 5 types of subgrade were chosen, moving from soft floors with low modules to good quality floors with high modules (30, 40, 50, 60 and 80 MPa). • Granular subbase: A single thickness of 15 cm was established, where with the subgrade modules it was calculated using the Shell formula; the module that generated the subbase material (60, 80, 100, 120 and 160 MPa respectively). • Transit: 5 different transits were adopted on equivalent axes (50,000, 100,000, 300,000, 500,000 and 700,000 EE). • Concrete slab: 3 concrete break modules (3.8, 4.1 and 4.3 MPa) were established, and the thickness of the slab was left iterating. Through these modeling, thicknesses between 10 cm and 18 cm were found, with the climate factor being the one that least affects the thickness calculation, taking into account that having smaller slabs the warping is much smaller, which generates a longer useful life Conventional slabs (3.5 to 4 m), on the other hand, one of the most important fators in the design, is the stiffness of the subbase and subgrade, since having thinner thicknesses the granular material helps with stresses of punching, according to the previous statement, when comparing the results of the modeling between a soft granular material (subgrade: 30 MPa and Subbase: 60 MPa) vs a granular material of good characteristics (subgrade: 80 MPa and Subbase : 160 MPa) differences of approximately 3 cm are obtained, which is equivalent to a 20% difference. Finally, when making the comparison in budget between an optimized slab of dimensions of 1.8 mx 1.8 for a track of 3.6 m wide, of varying thickness between 10, 15 and 18 cm vs a footprint plate, with the type thickness of 15 cm, using the same costs and characteristics, a saving of approximately $ 197,553,390 / km, $ 94,383,894 / km and $ 32,482,196 / km respectively is observed, always being lower than the budget of a footprint plate, generating that this alternative of pavement is viable for the construction of the BVT tracks. Although in the present study modeling with different parameters of climate, granular material, concrete and transit were performed, it is recommended to perform ; Maestría ; Magíster en Ingeniería Civil con Énfasis en Geotecnia
Better market linkages and higher farm benefits for smallholder farmers in emerging and developing economies have received remarkable attention worldwide (Minot and Roy, 2007; Kumar et al., 2011). In this regard, contract farming (CF) is proposed as a better solution to the fact that smallholders are otherwise potentially dropped out of the modern marketing channels because of small-scale production and farmers from emerging and developing countries are to earn more farm benefit by getting closely linked to modern, in many cases global food value chains markets (Bacon, 2005; Mangala and Chengappa, 2008; Minten et al., 2009; Rao et al., 2012; Jia and Bijman, 2013). Furthermore it is expected that the challenges of a sharply increasing world population, the overuse of natural resources, and the reduction of overall agricultural land size can be met by contracting smallholder farmers (Sartorius, 2013). However, the circumstances of farmers' decision in contracting and its influences on farm performances have remained uncertain so far for many specific countries and products (Rao et al., 2012). Among the major rice farming countries in Southeast Asia, i.e. Cambodia, Laos, the Philippines, and Thailand, Vietnam is characterized by very favorable natural and social conditions for irrigated rice production in bulk. Irrigated rice production in the country is based on high soil quality, tropical monsoon weather, numerous water-flows and a large share of the population working in the agricultural sector (more than 66%) (Ya'kub et al., 2012). However, low quality and a lack of professionalism are dramatic problems of the Vietnamese rice export sector (Reardon et al., 2014). Vietnam is still known as a low-quality rice supplier; as a result the Vietnamese rice price is 20% to 30% lower than the Thai rice price (Kubo, 2013). The Vietnamese rice has also lately entered the world export market while the prices were already steadily declining (Nielsen, 2003; Dechachete, 2011; Ramberg, 2011). Currently, the Vietnamese rice sector is characterized by a lack of information with short technical assistances, and low input qualities. It is assumed that there is still a large potential to increase the ability of smallholders to improve production and increase rice yields, overcome existing market barriers, access export markets and increase farm benefits and improve the livelihood of farmers' families. By further promoting the CF scheme in 2002, the Vietnamese government proposed a better frame for the agricultural sector, especially, for the rice sector in the country (Kompas, 2002; Hoang and Yabe, 2012; Vu, 2012). By farmers' participation in the CF scheme, the production of high-quality products due to improved farmer training and better quality of input factors is a possible solution for Vietnamese rice to more successfully compete on the world market (Dawe, 2004). Furthermore, farmers can expect a price differential due to improved quality and competitiveness. Thus, this scheme is assumed to support smallholders to increase farm benefits. In addition, the CF scheme has been implemented to improve farmers' bargaining power and to create an official ground for smallholders to directly deal with private sectors in the Vietnamese economy. In terms of firm benefits, these decisions also clarify the government's efforts to support the private sector in supplying agricultural inputs to farmers such as seeds, fertilizers, pesticides, credit, and extension services (Ya'kub et al., 2012). Furthermore, this step is also an important procedure to secure national food demand, improve international competitiveness, and upgrade the position of export-oriented rice farmers (Goletti et al., 1997; ADB, 2005). However, in terms of empirical research, up to this date, there are only very few studies that explore the benefits of CF for exporters of rice farmers in Vietnam, especially with regard to the Mekong River Delta (MRD) where about 90% of the national export rice quantity is produced (Loc and Son, 2011). Therefore, there is a lack of in-depth quantitative studies analyzing the effects of CF participation with regard to farmers' marketing decisions, farm performance and technical efficiency, especially, in the export-oriented rice production segment. Against this background it is the objective of this dissertation to close this research gap by providing a better understanding of farmers' decision making with regard to the CF scheme and providing more in-depth insights into the effects of contract farming on efficiency and farm performance. The conceptual framework of this study is based on the New Institutional Economics perspective proposed by Coase (1937) and Williamson (1975). The underlying ideas about the contract concept explained in the following basically refer back to the three major sub-strands, i.e. agency theory (Ross, 1973), transaction cost theory (Benjamin et al., 1978; Williamson, 1979), and property rights theory (Alchian and Demsetz, 1973; Grossman and Hart, 1986). Thereof, the transaction cost theory is particularly suitable for this study since it describes "uncertainty" as a main dimension (together with "asset specificity" and "frequency") influencing the appropriateness of governance mechanisms in (food) supply chains (Williamson, 1979). The market imperfections due to a lack of information, a limited accessibility of inputs, and a shortage of technical assistance all contribute to "uncertainty" and are related to the research topic and objective of this study. In spite of increasing pressure to deliver high quality export products at competitive prices to enter the up-market domestic and global value chains, the CF scheme still faces some constraints in emerging and developing economies. This can be explained by reference to the poor coordination among parties, unfavorable contracts, and specified socio-demographic characteristics (Da Silva, 2005; Simmons et al., 2005; Hongdong, 2007; Wang et al., 2014). Nonetheless, these aspects have only been poorly analyzed so far and are not well understood, both from a theoretical and an empirical perspective. This dissertation seeks to overcome this weakness by building up the conceptual framework and empirical methodology to capture these aspects of the export-oriented rice sector in the Mekong River Delta of Vietnam. We address these research objectives by using primary data collected in early 2016 in the Mekong River Delta (MRD) of Vietnam, where nearly 90% of the country's export rice is produced. The target population of 250.000 households lives in the three main export-oriented rice production regions namely Kien Giang, Can Tho, and An Giang provinces, in the MRD (USDA, 2015). Using a structured questionnaire, 250 households were randomly chosen from the aforementioned provinces. To thereby ensure the comparability of contract and non-contract farmers, we randomly selected 134 contract farmers from contractor lists and 116 non-contract farmers from village official lists of 12 villages. The surveyed households had to meet two criteria: Firstly, they had to be located in the same area as the contract participants, and secondly, they also had to produce export-oriented rice. These selected farmers cumulate rice under written contracts. The contracting company is in charge of specifying the production practices, including input supply (seeds, fertilizer, pesticides), extension services, and the commitment of buying the products (Simmons et al., 2005; Bijman, 2008). In this study, the export-oriented rice farmers were interviewed regarding the information about three types of export-oriented rice producing seasons between November 2014 and October 2015. In the first paper, we explore the factors that determine smallholder farmers' probability in developing and emerging economies to participate in CF scheme. We particularly focus on the accessibility of market information. A binary probit model is applied to examine the probability to participate in the CF scheme. We follow Heckman's (1979) method to compare the probit results with the maximum-likelihood estimation (MLE) in order to control any sample selection bias (Wynand and Bernard, 1981). Results reveal that farmers' contracting decisions are strongly affected by farm characteristics, market information access, and household characteristics. Remarkably, the accessibility of world market price information significantly increases smallholders' likelihood to participate in CF. Moreover, the extension service offered by the contractors is considered to be an important motivator for rice smallholders to participate in CF. The availability of price information should be taken into account by the government to motivate the active participation of smallholders in contractual arrangements. The second paper provides the evidence about how the CF scheme influences household income and rice profit within the export-oriented rice sector in Vietnam. We employ the Ordinary Least Squared (OLS) estimation in combination with propensity score matching (PSM) procedure to control any sampling bias. The result confirms a positive effect of contract participation status on farming households' performance. Particularly, together with "farming size" and "the accessibility of extension services", "the accessibility of world price information" is found as a positive determinant. Moreover, CF participation is considered to be an important influencer for rice smallholders to increase their income and rice profit. In addition, it becomes evident that not only larger-scale farmers but also small-scale farmers can benefit from contract participation. In this connection, the OLS regression in combination with PSM gives noticeable evidence for the role of CF in improving household income of smallholders by 20.87% and rice profit by 30.54% in Vietnam. In the third paper, we investigate how CF improves the technical efficiency of farming and the technical inefficiency determinants of export-oriented rice production in the country. The Stochastic Frontier Analysis (SFA) is applied to measure the production frontier and the farming technical inefficiency determinants, and PSM is again applied to control for self-selection bias. The results show that the average technical efficiency is of 87.33% with a range between 56.48% and 96.47%. The results suggest convincible opportunities for farmers to increase the productivity of export-oriented rice production in the country by nearly 13% without raising the current resource levels. Land, seed, fertilizer, machine, and labor are identified as the major inputs of the production frontier. Moreover, the socio-demographic characteristics of the sample also slightly influence the TE of rice farming, however their influence is non-significant. Based on the findings, "educational level", "rice farming experience" and "off-farm income" are found as determinants positively influencing rice farming TE. In contrast, there is a low negative effect of credit accessibility. In addition, CF participation is considered to have an influence (even though not a significant one) for rice smallholders to increase their farm TE. In this connection, contract participation could support not only larger-scale farmers but also small-scale farmers from developing and emerging economies in improving their production patterns.
Few genome-wide association studies (GWAS) account for environmental exposures, like smoking, potentially impacting the overall trait variance when investigating the genetic contribution to obesity-related traits. Here, we use GWAS data from 51,080 current smokers and 190,178 nonsmokers (87% European descent) to identify loci influencing BMI and central adiposity, measured as waist circumference and waist-to-hip ratio both adjusted for BMI. We identify 23 novel genetic loci, and 9 loci with convincing evidence of gene-smoking interaction (GxSMK) on obesity-related traits. We show consistent direction of effect for all identified loci and significance for 18 novel and for 5 interaction loci in an independent study sample. These loci highlight novel biological functions, including response to oxidative stress, addictive behaviour, and regulatory functions emphasizing the importance of accounting for environment in genetic analyses. Our results suggest that tobacco smoking may alter the genetic susceptibility to overall adiposity and body fat distribution. ; A full list of acknowledgments appears in the Supplementary Note 4. Co-author A.J.M.d.C. recently passed away while this work was in process. This work was performed under the auspices of the Genetic Investigation of ANthropometric Traits (GIANT) consortium. We acknowledge the Cohorts for Heart and Aging Research in Genomic Epidemiology (CHARGE) Consortium for encouraging CHARGE studies to participate in this effort and for the contributions of CHARGE members to the analyses conducted for this research. Funding for this study was provided by the Aase and Ejner Danielsens Foundation; Academy of Finland (41071, 77299, 102318, 110413, 117787, 121584, 123885, 124243, 124282, 126925, 129378, 134309, 286284); Accare Center for Child and Adolescent Psychiatry; Action on Hearing Loss (G51); Agence Nationale de la 359 Recherche; Agency for Health Care Policy Research (HS06516); ALF/LUA research grant in Gothenburg; ALFEDIAM; ALK-Abelló A/S; Althingi; American Heart Association (13POST16500011); Amgen; Andrea and Charles Bronfman Philanthropies; Ardix Medical; Arthritis Research UK; Association Diabète Risque Vasculaire; Australian National Health and Medical Research Council (241944, 339462, 389875, 389891, 389892, 389927, 389938, 442915, 442981, 496739, 552485, 552498); Avera Institute; Bayer Diagnostics; Becton Dickinson; BHF (RG/14/5/30893); Boston Obesity Nutrition Research Center (DK46200), Bristol-Myers Squibb; British Heart Foundation (RG/10/12/28456, RG2008/08, RG2008/014, SP/04/002); Medical Research Council of Canada; Canadian Institutes for Health Research (FRCN-CCT-83028); Cancer Research UK; Cardionics; Cavadis B.V., Center for Medical Systems Biology; Center of Excellence in Genomics; CFI; CIHR; City of Kuopio; CNAMTS; Cohortes Santé TGIR; Contrat de Projets État-Région; Croatian Science Foundation (8875); Danish Agency for Science, Technology and Innovation; Danish Council for Independent Research (DFF-1333-00124, DFF-1331-00730B); County Council of Dalarna; Dalarna University; Danish Council for Strategic Research; Danish Diabetes Academy; Danish Medical Research Council; Department of Health, UK; Development Fund from the University of Tartu (SP1GVARENG); Diabetes Hilfs- und Forschungsfonds Deutschland; Diabetes UK; Diabetes Research and Wellness Foundation Fellowship; Donald W. Reynolds Foundation; Dr Robert Pfleger-Stiftung; Dutch Brain Foundation; Dutch Diabetes Research Foundation; Dutch Inter University Cardiology Institute; Dutch Kidney Foundation (E033); Dutch Ministry of Justice; the DynaHEALTH action No. 633595, Economic Structure Enhancing Fund of the Dutch Government; Else Kröner-Fresenius-Stiftung (2012_A147, P48/08//A11/08); Emil Aaltonen Foundation; Erasmus University Medical Center Rotterdam; Erasmus MC and Erasmus University Rotterdam; the Municipality of Rotterdam; Estonian Government (IUT20-60, IUT24-6); Estonian Research Roadmap through the Estonian Ministry of Education and Research (3.2.0304.11-0312); European Research Council (ERC Starting Grant and 323195:SZ-245 50371-GLUCOSEGENES-FP7-IDEAS-ERC); European Regional Development Fund; European Science Foundation (EU/QLRT-2001-01254); European Commission (018947, 018996, 201668, 223004, 230374, 279143, 284167, 305739, BBMRI-LPC-313010, HEALTH-2011.2.4.2-2-EU-MASCARA, HEALTH-2011-278913, HEALTH-2011-294713-EPLORE, HEALTH-F2-2008-201865-GEFOS, HEALTH-F2-2013-601456, HEALTH-F4-2007-201413, HEALTH-F4-2007-201550-HYPERGENES, HEALTH-F7-305507 HOMAGE, IMI/115006, LSHG-CT-2006-018947, LSHG-CT-2006-01947, LSHM-CT-2004-005272, LSHM-CT-2006-037697, LSHM-CT-2007-037273, QLG1-CT-2002-00896, QLG2-CT-2002-01254); Faculty of Biology and Medicine of Lausanne; Federal Ministry of Education and Research (01ZZ0103, 01ZZ0403, 01ZZ9603, 03IS2061A, 03ZIK012); Federal State of Mecklenburg-West Pomerania; Fédération Française de Cardiologie; Finnish Cultural Foundation; Finnish Diabetes Association; Finnish Foundation of Cardiovascular Research; Finnish Heart Association; Fondation Leducq; Food Standards Agency; Foundation for Strategic Research; French Ministry of Research; FRSQ; Genetic Association Information Network (GAIN) of the Foundation for the NIH; German Federal Ministry of Education and Research (BMBF, 01ER1206, 01ER1507); GlaxoSmithKline; Greek General Secretary of Research and Technology; Göteborg Medical Society; Health and Safety Executive; Healthcare NHS Trust; Healthway; Western Australia; Heart Foundation of Northern Sweden; Helmholtz Zentrum München—German Research Center for Environmental Health; Hjartavernd; Ingrid Thurings Foundation; INSERM; InterOmics (PB05 MIUR-CNR); INTERREG IV Oberrhein Program (A28); Interuniversity Cardiology Institute of the Netherlands (ICIN, 09.001); Italian Ministry of Health (ICS110.1/RF97.71); Italian Ministry of Economy and Finance (FaReBio di Qualità); Marianne and Marcus Wallenberg Foundation; the Ministry of Health, Welfare and Sports, the Netherlands; J.D.E. and Catherine T, MacArthur Foundation Research Networks on Successful Midlife Development and Socioeconomic Status and Health; Juho Vainio Foundation; Juvenile Diabetes Research Foundation International; KfH Stiftung Präventivmedizin e.V.; King's College London; Knut and Alice Wallenberg Foundation; Kuopio University Hospital; Kuopio, Tampere and Turku University Hospital Medical Funds (X51001); La Fondation de France; Leenaards Foundation; Lilly; LMUinnovativ; Lundberg Foundation; Magnus Bergvall Foundation; MDEIE; Medical Research Council UK (G0000934, G0601966, G0700931, MC_U106179471, MC_UU_12019/1); MEKOS Laboratories; Merck Santé; Ministry for Health, Welfare and Sports, The Netherlands; Ministry of Cultural Affairs of Mecklenburg-West Pomerania; Ministry of Economic Affairs, The Netherlands; Ministry of Education and Culture of Finland (627;2004-2011); Ministry of Education, Culture and Science, The Netherlands; Ministry of Science, Education and Sport in the Republic of Croatia (108-1080315-0302); MRC centre for Causal Analyses in Translational Epidemiology; MRC Human Genetics Unit; MRC-GlaxoSmithKline pilot programme (G0701863); MSD Stipend Diabetes; National Institute for Health Research; Netherlands Brain Foundation (F2013(1)-28); Netherlands CardioVascular Research Initiative (CVON2011-19); Netherlands Genomics Initiative (050-060-810); Netherlands Heart Foundation (2001 D 032, NHS2010B280); Netherlands Organization for Scientific Research (NWO) and Netherlands Organisation for Health Research and Development (ZonMW) (56-464-14192, 60-60600-97-118, 100-001-004, 261-98-710, 400-05-717, 480-04-004, 480-05-003, 481-08-013, 904-61-090, 904-61-193, 911-11-025, 985-10-002, Addiction-31160008, BBMRI–NL 184.021.007, GB-MaGW 452-04-314, GB-MaGW 452-06-004, GB-MaGW 480-01-006, GB-MaGW 480-07-001, GB-MW 940-38-011, Middelgroot-911-09-032, NBIC/BioAssist/RK 2008.024, Spinozapremie 175.010.2003.005, 175.010.2007.006); Neuroscience Campus Amsterdam; NHS Foundation Trust; National Institutes of Health (1RC2MH089951, 1Z01HG000024, 24152, 263MD9164, 263MD821336, 2R01LM010098, 32100-2, 32122, 32108, 5K99HL130580-02, AA07535, AA10248, AA11998, AA13320, AA13321, AA13326, AA14041, AA17688, AG13196, CA047988, DA12854, DK56350, DK063491, DK078150, DK091718, DK100383, DK078616, ES10126, HG004790, HHSN268200625226C, HHSN268200800007C, HHSN268201200036C, HHSN268201500001I, HHSN268201100046C, HHSN268201100001C, HHSN268201100002C, HHSN268201100003C, HHSN268201100004C, HHSN271201100004C, HL043851, HL45670, HL080467, HL085144, HL087660, HL054457, HL119443, HL118305, HL071981, HL034594, HL126024, HL130114, KL2TR001109, MH66206, MH081802, N01AG12100, N01HC55015, N01HC55016, N01C55018, N01HC55019, N01HC55020, N01HC55021, N01HC55022, N01HC85079, N01HC85080, N01HC85081, N01HC85082, N01HC85083, N01HC85086, N01HC95159, N01HC95160, N01HC95161, N01HC95162, N01HC95163, N01HC95164, N01HC95165, N01HC95166, N01HC95167, N01HC95168, N01HC95169, N01HG65403, N01WH22110, N02HL6‐4278, N01-HC-25195, P01CA33619, R01HD057194, R01HD057194, R01AG023629, R01CA63, R01D004215701A, R01DK075787, R01DK062370, R01DK072193, R01DK075787, R01DK089256, R01HL53353, R01HL59367, R01HL086694, R01HL087641, R01HL087652, R01HL103612, R01HL105756, R01HL117078, R01HL120393, R03 AG046389, R37CA54281, RC2AG036495, RC4AG039029, RPPG040710371, RR20649, TW008288, TW05596, U01AG009740, U01CA98758, U01CA136792, U01DK062418, U01HG004402, U01HG004802, U01HG007376, U01HL080295, UL1RR025005, UL1TR000040, UL1TR000124, UL1TR001079, 2T32HL007055-36, T32GM074905, HG002651, HL084729, N01-HC-25195, UM1CA182913); NIH, National Institute on Aging (Intramural funding, NO1-AG-1-2109); Northern Netherlands Collaboration of Provinces; Novartis Pharma; Novo Nordisk; Novo Nordisk Foundation; Nutricia Research Foundation (2016-T1); ONIVINS; Parnassia Bavo group; Pierre Fabre; Province of Groningen; Päivikki and Sakari Sohlberg Foundation; Påhlssons Foundation; Paavo Nurmi Foundation; Radboud Medical Center Nijmegen; Research Centre for Prevention and Health, the Capital Region of Denmark; the Research Institute for Diseases in the Elderly; Research into Ageing; Robert Dawson Evans Endowment of the Department of Medicine at Boston University School of Medicine and Boston Medical Center; Roche; Royal Society; Russian Foundation for Basic Research (NWO-RFBR 047.017.043); Rutgers University Cell and DNA Repository (NIMH U24 MH068457-06); Sanofi-Aventis; Scottish Government Health Directorates, Chief Scientist Office (CZD/16/6); Siemens Healthcare; Social Insurance Institution of Finland (4/26/2010); Social Ministry of the Federal State of Mecklenburg-West Pomerania; Société Francophone du 358 Diabète; State of Bavaria; Stiftelsen för Gamla Tjänarinnor; Stockholm County Council (560183, 592229); Strategic Cardiovascular and Diabetes Programmes of Karolinska Institutet and Stockholm County Council; Stroke Association; Swedish Diabetes Association; Swedish Diabetes Foundation (2013-024); Swedish Foundation for Strategic Research; Swedish Heart-Lung Foundation (20120197, 20150711); Swedish Research Council (0593, 8691, 2012-1397, 2012-1727, and 2012-2215); Swedish Society for Medical Research; Swiss Institute of Bioinformatics; Swiss National Science Foundation (3100AO-116323/1, 31003A-143914, 33CSCO-122661, 33CS30-139468, 33CS30-148401, 51RTP0_151019); Tampere Tuberculosis Foundation; Technology Foundation STW (11679); The Fonds voor Wetenschappelijk Onderzoek Vlaanderen, Ministry of the Flemish Community (G.0880.13, G.0881.13); The Great Wine Estates of the Margaret River Region of Western Australia; Timber Merchant Vilhelm Bangs Foundation; Topcon; Tore Nilsson Foundation; Torsten and Ragnar Söderberg's Foundation; United States – Israel Binational Science Foundation (Grant 2011036), Umeå University; University Hospital of Regensburg; University of Groningen; University Medical Center Groningen; University of Michigan; University of Utrecht; Uppsala Multidisciplinary Center for Advanced Computational Science (UPPMAX) (b2011036); Velux Foundation; VU University's Institute for Health and Care Research; Västra Götaland Foundation; Wellcome Trust (068545, 076113, 079895, 084723, 088869, WT064890, WT086596, WT098017, WT090532, WT098051, 098381); Wissenschaftsoffensive TMO; Yrjö Jahnsson Foundation; and Åke Wiberg Foundation. The views expressed in this manuscript are those of the authors and do not necessarily represent the views of the National Heart, Lung, and Blood Institute (NHLBI); the National Institutes of Health (NIH); or the U.S. Department of Health and Human Services. ; Peer Reviewed
In: Elkjær , B & Nickelsen , N C M 2016 , ' "Us Versus Them!" … Or …? Exploring Coordination practices as a Pathway to Sustainable Universities ' , Creative University Conference (CUC), AAU , Aalborg , Denmark , 18/08/2016 - 19/08/2016 .
1 Single abstract for the CUC (Creative University Conference), August 2016 UNIVERSITIES AS ORGANIZATIONS FOR MARKETIZATION AND SELF-BRANDING. Bente Elkjaer and Niels Christian Mossfeldt Nickelsen Contact author: elkjaer@edu.au.dk"Right. As long as you have access to a telephone, a Xerox machine, and a conference grant fund, you're OK, you're plugged into the university that really matters – the global campus" (Lodge, 1985: 44)Knowledge production through innovation and learning appear crucial in contemporary knowledge based economies (Edmondson, 2012), and universities are ascribed a central role in this endeavor (Bleiklie & Byrkjeflot, 2002). One of the ways this has shown is through politically implemented new ways in which to manage universities in order to make them fulfil their contribution to societies (Carney, 2006; Deem, 2001; Halvorsen & Nyhagen, 2011; Wright & Ørberg, 2008). The Danish University system has not been exempted from this worldwide development, and in 2003 the university system in Denmark was changed from one in which managers at all levels were elected amongst peers to a system where a Board with a majority of external members (i.e. people who are not employed at the university) is the highest authority of the university. The result is that we as university scholars within the last 10-15 years have witnessed an increased emphasis on 'professional management' occupied with formulations of distinct strategic goals in combination with a more closely monitoring of quantitative measurements of research outputs (Wright, 2011) and the demands of adaptation to international and standardized ranking systems (Czarniawska, 2015) through for example lists of which publication outlets count and not count as well as a steady stream of invitations to answer surveys on our knowledge of the reputation of universities.The purpose with the paper is to discuss how this increased emphasis upon the professionalization of management and a strategic marketization of universities (Czarniawska & Genell, 2002; Kallio, Kallio, Tienari, & Hyvönen, 2016) will influence universities' abilities to2maintain their pivotal position with regard to production of new knowledge and learning. The question is whether the 'plurality of thoughts' (Kallio et al., 2016: 702) and the 'intellectual model' of the university (O'Byrne & Bond, 2014: 572) will be squeezed in professional management, measurement and ranking with innovative learning and knowing as the losers.Some dilemmas appear to be interesting in this debate both with regard to what drives scholarship, learning and knowledge production, and to the contemporary organization of scholars. With regard to the latter, we believe that it is important to recall that university scholars are not only embedded in their home-university but also participants in worldwide social worlds of scholars within their fields of inquiry and a competitive market for university scholars. This may for example be exemplified through not only citation indexes but also through the many competitions in which scholars are invited to vote for other scholars' work in order to be nominated as the 'author of the year' or similar prizes. With regard to what drives scholarship, learning and knowledge production, we understand this as both driven by exploration and experimentation (Dewey, 1913 [1979], 1922 [1988]) as well as struggles for visibility, attention and recognition (Merton, 1968, 1988) and even aspirations for celebrity (Van Krieken, 2012).The theoretical framework that informs the paper is both a pragmatist inspired understanding of organizations as "people doing things together" (Becker, 1986; Hughes, 2015), learning and knowing as driven by tensions (Brandi & Elkjaer, 2013; Elkjaer, 2005; Elkjaer & Huysman, 2008) and passions (Dey & Steyaert, 2007; Gherardi, Nicolini, & Strati, 2007). This will allow us to both look at the organizing processes amongst scholars but also how the university as an organization of knowledge production organize around this pursuit, for example with regard to support mechanisms for scholarly research. Theories on how the branding of selves unfold in academia (see for example Wirtén, 2015), and how this may be supported by the web-based platforms (Marwick, 2013; Senft, 2013) also inform the research in order to help interpret how scholars' own participation in marketization through branding of selves may be understood.The methodology is based upon a reading of books, reports, papers and articles on the changes of management at universities and the dilemma of university scholars to adapt to these changes. For example, it may be observed how the demands for Open Access to knowledge and new network sites for academics (for example ResearchGate and Academia.edu) (Thelwall & Kousha, 2014, 2015) may act as a way in which academic scholars gain not only voice and visibility amongst3peers but also easy access to a worldwide market of knowledge. The new media platforms allow for work to be cited, uploaded, spread and measured by other members of the field of inquiry in order for university scholars to not only brand themselves in a competitive market for knowledge. This latter may also be captured in a competitive or a collaborative ethos of scholarship, or maybe best as a balance between the two (Kallio et al., 2016).The results are to re-consider what sort of organizing may benefit universities when innovative and competitive learning and knowing is the aim bearing in mind that university scholars not only serve organizational but also their own interests, which are situated in both markets and their fields of inquiry and their social worlds of peers. So, basically it is a paper highlighting the relationship between the employing organization (in case universities) and the employed person (in case university scholars) with a focus upon universities as organizations for learning and knowledge production.The limitations may be that the paper is a discursive voice into a field of many voices and as such does not represent a cumulative 'truth' – but a voice.The implications are to consider looking at the organizing processes of university scholars and knowledge production, for example to map how the support system for research in universities works to enhance scholarly learning and knowing, and how scholars participate in the marketization of selves and knowledge production.The originality lies in the reconsiderations of how management and marketization also taps into scholars as part hereof, not only out of compliance (Alvesson & Spicer, 2016), but also as active participants and with own aspirations for celebrity.4ReferencesAlvesson, M., & Spicer, A. (2016). (Un)Conditional surrender? Why do professionals willingly comply with managerialism. Journal of Organizational Change Management, 29(1), 29-45. doi:doi:10.1108/JOCM-11-2015-0221Becker, H. S. (1986). Doing things together: Selected papers. Evanston: Northwestern University Press.Bleiklie, I., & Byrkjeflot, H. (2002). Changing knowledge regimes: Universities in a new research environment. Higher Education, 44(3-4), 519-532. doi:10.1023/A:1019898407492Brandi, U., & Elkjaer, B. (2013). Organisational Learning: Knowing in Organising. In M. Kelemen & N. Rumens (Eds.), American Pragmatism and Organization. Issues and Controversies (pp. 147-161). Dorchester, UK: Gower.Carney, S. (2006). University Governance in Denmark: From Democracy to Accountability? European Educational Research Journal, 5(3-4), 221-233. doi:10.2304/eerj.2006.5.3.221Czarniawska, B. (2015). University fashions. On ideas whose time has come. In P. Gibbs, O.-H. Ylijoki, C. Guzmán-Valenzuela, & R. Barnett (Eds.), Universities in the flux of time. An exploration of time and temporality in university life (pp. 32-45). London and New York: Routledge.Czarniawska, B., & Genell, K. (2002). Gone shopping? Universities on their way to the market. Scandinavian Journal of Management, 18(4), 455-474.Deem, R. (2001). Globalisation, New Managerialism, Academic Capitalism and Entrepreneurialism in Universities: Is the local dimension still important? Comparative Education, 37(1), 7-20. doi:10.1080/03050060020020408Dewey, J. (1913 [1979]). Interest and Effort in Education. In J. A. Boydston (Ed.), Middle Works 7 (pp. 151-197). Carbondale and Edwardsville: Southern Illinois University Press.Dewey, J. (1922 [1988]). Human nature and conduct. In J. A. Boydston (Ed.), The Middle Works of John Dewey, 1899-1924 (Vol. 14: 1922, pp. 1-230). Carbondale and Edwardsville: Southern Illinois University Press.Dey, P., & Steyaert, C. (2007). The troubadours of knowledge: Passion and invention in management education. Organization, 14(3), 437-461.Edmondson, A. C. (2012). Teaming: How organizations learn, innovate, and compete in the knowledge economy. San Francisco: John Wiley & Sons.Elkjaer, B. (2005). From Digital Administration to Organisational Learning. Journal of Workplace Learning, 17(8), 533-544.Elkjaer, B., & Huysman, M. (2008). Social Worlds Theory and the Power of Tension. In D. Barry & H. Hansen (Eds.), The SAGE Handbook of New Approaches in Management and Organisation (pp. 170-177). London: SAGE Publications Ltd.Gherardi, S., Nicolini, D., & Strati, A. (2007). The passion for knowing. Organization, 14(3), 315-329.Halvorsen, T., & Nyhagen, A. (Eds.). (2011). Academic Identities—Academic Challenges? American and European Experience of the Transformation of Higher Education and Research: Cambridge Scholars Publishing.Hughes, J. (2015). Looking elsewhere: Howard S. Becker as unwilling organisational theorist. Organization, 22(6), 769-787. doi:10.1177/13505084155871555Kallio, K.-M., Kallio, T. J., Tienari, J., & Hyvönen, T. (2016). Ethos at stake: Performance management and academic work in universities. Human Relations, 69(3), 685-709. doi:10.1177/0018726715596802Lodge, D. (1985). Small World. An Academic Romance. London: Penguin Books.Marwick, A. E. (2013). Status update: Celebrity, publicity, and branding in the social media age. New Haven & London: Yale University Press.Merton, R. K. (1968). The Matthew effect in science. Science, 159(3810), 56-63.Merton, R. K. (1988). The Matthew effect in science, II: Cumulative advantage and the symbolism of intellectual property. Isis, 79(4), 606-623.O'Byrne, D., & Bond, C. (2014). Back to the future: the idea of a university revisited. Journal of Higher Education Policy and Management, 36(6), 571-584. doi:10.1080/1360080X.2014.957888Senft, T. M. (2013). Microcelebrity and the branded self. In J. Hartley, J. Burgess, & A. Bruns (Eds.), A companion to new media dynamics (pp. 346-354). Chichester: Wiley-Blackwell.Thelwall, M., & Kousha, K. (2014). Academia.edu: Social network or Academic Network? Journal of the Association for Information Science and Technology, 65(4), 721-731. doi:10.1002/asi.23038Thelwall, M., & Kousha, K. (2015). ResearchGate: Disseminating, communicating, and measuring Scholarship? Journal of the Association for Information Science and Technology, 66(5), 876-889.Van Krieken, R. (2012). Celebrity society. London and New York: Routledge.Wirtén, E. H. (2015). Making Marie Curie: intellectual property and celebrity culture in an age of information. Chicago and London: University of Chicago Press.Wright, S. (2011). Universitets performancekrav. Viden der tæller. In K. M. Bovbjerg, S. Wright, J. Krause-Jensen, J. B. Krejsler, L. Moos, G. Brorholt, & K. L. G. Salamon (Eds.), Motivation og mismod. Effektivisering og stress på offentlige arbejdspladser (pp. 211-235). Aarhus: Aarhus Universitetsforlag.Wright, S., & Ørberg, J. W. (2008). Autonomy and control: Danish university reform in the context of modern governance. Learning and Teaching, 1(1), 27-57. doi:10.3167/175522708783113550
La revista Tendencias de la Facultad de Ciencias Económicas y dministrativas de la Universidad de Nariño, una vez más entra en la escena académica regional y nacional con el segundo número de 2014, un año muy importante para el desarrollo de la Revista, que no solo busca mantenerse vigente al ofrecer este espacio para la publicación de resultados de investigación; de reflexión y de revisión sobre temas afines a la realidad contemporánea, verdadero apoyo para la formación de profesionales. Además, procura cada día actualizar sus sistemas de afiliación a las redes, que en algunos casos significa romper con un determinado esquema de organización, siempre con el firme propósito de contribuir a una mayor y mejor calidad de publicación y divulgación ajustadas al respectivo semestre de aparición.En este número presentamos tres artículos resultados de investigaciones: los dos primeros de la Universidad de Nariño: el profesor Luis Hernando Portillo Riascos escribe sobre Extractivismo clásico y neoextractivismo, ¿dos tipos de extractivismos diferentes? I Parte, donde el autor hace un importante aporte al debate sobre los tipos de Extractivismo y realiza un análisis de los principales cambios del marco regulatorio del sector petrolero de Colombia y Ecuador, relacionados con la intervención del Estado y los modelos de explotación para conocer su impacto. El segundo es de los profesores Carlos Córdoba-Cely, Francisco Javier Villamarín Martínez y Harold Bonilla quienes abordan el tema sobre Innovación social: aproximación a un marco teórico desde las disciplinas creativas del diseño y las ciencias sociales, en el que se hace una propuesta de carácter multidisciplinar para articular el diseño y el emprendimiento empresarial con las ciencias sociales, especialmente la sociología. Y el tercer artículo de investigación es de los profesores de la Universidad del Rosario Giovanni E. Reyes y Sandra Milena Chacón Colombia 2003-2013: estructura y tendencias de las exportaciones, un estudio de las exportaciones colombianas y de los países destinatarios en el que queda manifiesto la constante de los montos de la demanda de Colombia con las modificaciones con respecto a Venezuela y China; y muestra además los desafíos que enfrenta Colombia en su comercio internacional.Entre los artículos de reflexión de investigaciones en curso presentamos cuatro artículos: de la Universidad Nacional de Colombia los profesores Alberto Romero y Mary Analí Vera-Colina abordan el tema sobre Las empresas transnacionales y los países en desarrollo en el que se hace un planteamiento sobre la caracterización de las empresas transnacionales, su importancia e impacto en los países en desarrollo a partir de la sistematización de información relacionada; de la Universidad de La Salle, el profesor Gonzalo Cómbita Mora escribe acerca de Entre el realismo y la abstracción: una evaluación metodológica de la macroeconomía, en el que muestra cómo la macroeconomía moderna está formada por una serie de pensamientos que permiten, de una parte el enriquecimiento del debate, y de otra el avance de la ciencia. Y que sin embargo, dicha pluralidad ha sido anulada por el dominio del enfoque mainstream, obstaculizando el progreso de la macroeconomía.De la Universidad Mariana de Pasto, los profesores Carlos Castillo Muñoz, Jorge Xavier Córdoba Martínez y José Luis Villarreal presentan el tema Estándares internacionales de educación (IES) en contabilidad y aseguramiento: nuevos retos de la profesión contable en el que se refieren al ejercicio profesional del Contador Público en el país, pero también su inserción en el ámbito internacional. Sus reflexiones van más allá al involucrar a la educación superior en la responsabilidad de su adecuada formación. Y de la Universidad del Tolima el profesor Gonzalo Camacho Vásquez en su artículo El enfoque Problémico tomasino a la luz del saber cómo problema, hace un análisis crítico de los planes de asignatura de aulas virtuales de aprendizaje de los programas de pregrado desde el enfoque tomasino.Dos profesores, Ernesto Galvis-Lista de la Universidad del Magdalena y Jenny Marcela Sánchez-Torres de la Universidad Nacional de Colombia, abordan en un artículo de revisión la temática sobre la Evaluación de la gestión del conocimiento: una revisión sistemática de literatura, dentro de dos maneras de análisis: uno de carácter cienciométrico básico, y otro de contenidos relacionados con una serie de aspectos de los modelos como la estructura, la función y objetivo de la evaluación, métodos de investigación, sectores económicos de aplicación, entre otros. Finalmente, presentamos el ensayo De programa de salud ocupacional a sistema de gestión de seguridad y salud en el trabajo, un aporte sobre Salud Ocupacional, desde la perspectiva y experiencia del doctor Carlos Patiño Bucheli, como factor decisivo en cualquier espacio laboral.Expresamos nuestro agradecimiento a cada uno de los autores de los diferentes tipos de artículos que se publican en este número, extendemos una fraternal invitación a todas las universidades de la región y del país para que nos presenten sus propuestas de publicación, y hacemos un llamado universitario a los grupos de investigación tanto de la Facultad de Ciencias Económicas y Administrativas como del resto de la Universidad de Nariño para que continúen liderando investigaciones que permitan la divulgación clara y precisa de los avances de las distintas áreas del conocimiento. La Revista, factor de desarrollo académico, ha recibido el constante apoyo desde la Decanatura, aspecto que resaltamos y agradecemos.LA DIRECTORA PRESENTATIONTendencias, the journal of the School of Economics and Management, as part of the University of Nariño, offers in this issue an important achievement as part of the development process regarding its own contents. Here, we present articles which are products of specific and updated research, and articles more oriented in terms of theoretic, conceptual and qualitative basis, as well. All our topics and presentations aim to be effective tools for learning processes.We in Tendencias, are trying to update our links to national and international scientific networks. Sometimes this effort implies to carry out changes, improvements and innovations in terms of organizational work. Our permanent purpose is to increase the quality of our publication. In this issue we present three products of research. Two of them from the Universidad de Nariño; first: professor Luis Hernando Portillo Riascos writes about extractivism and neo-extrativism processes, a first part of a set of research outcomes. Here a comparison between regulatory oil sector conditions is analyzed specifically for Ecuador and Colombia. Governmental controls and exploitation models are taken into account.Second, an article by professors: Carlos Andrés Córdoba Cely, Francisco Javier Villamarín Martínez and Harold Bonilla, addresses the topic concerning theoretical basis for social innovation from a sociological perspective. They suggest a multidisciplinary model about formulation of entrepreneurship, based on sociological conceptual basis.A third research article is written by Giovanni E. Reyes and Sandra Milena Chacón, both part of the faculty of Universidad del Rosario. This article deals with structure and trends of exports from Colombia, during 2003-2013. It shows dynamical processes belonging to the main Colombian international partners, such as Venezuela, United States and China. This article points out what are the major challenges Colombian economy needs to face in terms of international marketplaces.Another set of four articles underlines rather thoughtful features. The first one by professors Alberto Romero and Mary Analí Vera-Colina –from Universidad Nacional de Colombia- addresses a topic with current and important repercussions, namely the transnational enterprises and their relationships with less developed countries. In this contribution principal features, impact and influences in development aspects are discussed.Professor Gonzalo Cómbita Mora –Universidad de La Salle- writes about a perspective derived from realism and abstraction, as basis of perception and characterization of macroeconomics. It shows how the sphere of macroeconomic principles and applications is founded in basic notions from which scientific debated rise, as well as the advancing processes of this discipline. However, and according to this article, the mainstream-predominant macroeconomic vision has been a sort of obstructionist element for theoretical improvements.In other article, professors Carlos Castillo Muñoz, Jorge Xavier Córdoba Martínez and José Luis Villareal –Universidad Mariana de Pasto– take into account main features related to international standards for education concerning accounting and insurance. They frame their claims within conditions of Colombian society and international links with international universities. They underline the importance of a comprehensive formation of human capital for those two areas of study.Professor Gonzalo Camacho Vásquez –University del Tolima- holds a critical analysis in his article devoted to views approaching problematic perceptions from a "tomasino" standpoint. He addresses teaching-learning processes as part of methodologies based on virtual education within the scope of undergraduate studies.Two professors from the Universidad del Magdalena, Ernesto Galvis-Lista y Jenny Marcela Sánchez-Torres, write about the topic of knowledge management, particularly in terms of a systematic literature review. To accomplish their goal, these authors use two approaches: (i) scientific assessment; and (ii) a rather qualitative method which takes into account –among other criteria– structure, functions, economic sectors for applying knowledge and aims of appraisal.Finally, this issue presents an essay devoted to occupational health program management, with the specific target of safety and health issues at work -a critical factor of the general labor sphere. It is a contribution from Salud Ocupacional. This article is based on the perspective and work experience of Dr. Carlos Patiño Bucheli.We want to express our recognition to each one of the authors whose work is published in this issue. We want to extend a fraternal invitation to all universities in the region and Colombia as a whole, to submit their proposals for publication as part of our journal. We call the research groups that belong to the School of Economics and Management, and the rest of the Universidad de Nariño, to continue in the task of leading the scientific research in several areas of knowledge. This journal, as a factor of academic development, has received constant support from the dean office at the School of Economics and Management. We want to highlight this sponsorship; we are sincerely grateful for that.THE DIRECTOR
RESUMEN: En vista de una reducción deseable y drástica de las emisiones de gases de efecto invernadero a nivel mundial y de la explotación de recursos no renovables, la utilización de fuentes de energía, como la solar, eólica, hidráulica o de biomasa, son una opción obligatoria como así el uso de combustibles alternativos en el sector del transporte. En el contexto del desarrollo de nuevas tecnologías avanzadas de conversión de energía, se ha provocado un gran interés en la posible implementación de una economía a escala global basada en la hipótesis de que el hidrógeno podría desempeñar un papel fundamental como futuro portador de energía, en particular como combustible innovador en el campo de la automoción, donde podría flanquear o, en un escenario a largo plazo, reemplazar las tradicionales mezclas líquidas derivadas del petróleo en el sector del transporte. El hidrógeno puede considerarse como el elemento más simple que existe. Un átomo de hidrógeno consta de un solo protón y un electrón. También es el elemento más abundante en el universo. A pesar de su simplicidad y abundancia, el hidrógeno no se produce de forma natural como gas en la Tierra, siempre se combina con otros elementos. El agua es una combinación de hidrógeno y oxígeno. El hidrógeno es también uno de los elementos más abundantes en la corteza terrestre. El hidrógeno no se encuentra de forma natural como gas en la Tierra y debe por tanto fabricarse. Esto se debe a que el gas hidrógeno es más ligero que el aire y como resultado se eleva a la atmósfera. El hidrógeno tiene el contenido energético en peso más alto de cualquier combustible común. Por otro lado, el hidrógeno tiene el menor contenido energético en volumen. Es el elemento más ligero, y es un gas a temperatura y presión normales. El hidrógeno natural siempre está asociado con otros elementos formando compuestos como agua, carbón y petróleo. Una vez separado, el hidrógeno puede quemarse como combustible o convertirse en electricidad. Por lo tanto, necesita ser producido y por esta razón no es una fuente primaria, sino sólo un portador de energía, que podría utilizarse en combinación con la electricidad en un innovador sistema energético general. Para tener una mayor comprensión de las tecnologías, aspectos energéticos, económicos y medioambientales en relación con el hidrógeno y las celdas de combustible es necesario partir de un análisis de los fundamentos de las principales tecnologías de producción del hidrógeno y del fascinante mundo interior de las celdas de combustible. Este análisis preliminar permitirá tener los conocimientos necesarios para consecuentemente ir enlazando todos los conceptos que interrelacionan ambas tecnologías de manera que posteriormente se pueda realizar un estudio pormenorizado que de luz sobre qué vías de producción de hidrógeno son las más factibles en la actualidad, y sobre cuál es la forma en que se usa la energía contenida en el hidrógeno en los sistemas basados en pilas de combustible, intentando analizar los aspectos energéticos, económicos y ecológicos que provocan el desarrollo y uso de ambas tecnologías. Existen variadas técnicas y herramientas que se pueden utilizar para analizar estas variables, como planteamientos de balances de materia y energía para el cálculo de las eficiencias termodinámicas de los procesos, análisis del pozo a las ruedas, evaluación del ciclo de vida, análisis de costes del ciclo de vida, análisis de decisiones multicriterio, modelado del coste total de propiedad, evaluación del impacto del ciclo de vida. La aplicación de estas herramientas sobre la amplia información disponible sobre estas tecnologías da lugar a una serie de resultados y conclusiones que es preciso comparar y analizar con detalle para poner de relieve cuál es en la actualidad el verdadero estado de desarrollo de las mismas buscando la mejor alternativa desde una visión focalizada en la eficiencia energética, económica y medioambiental, de modo que se puedan extrapolar cuáles son sus beneficios al implementarse de forma generalizada. Puede que en este aspecto existan grandes discrepancias y opiniones que es necesario analizar y contrastar, para de este modo obtener una visión clara y bien formada de forma que se puedan abordar las cuestiones futuras que se plantearán sobre las tecnologías de pila de combustible e hidrógeno y que provocarán la tarea nada fácil de la correcta toma de decisiones en relación al panorama energético que se desarrollaría mediante estas tecnologías. Las tecnologías de hidrógeno y pilas de combustible, que cada vez se encuentran más evolucionadas, pueden ser claves para lograr los objetivos de seguridad energética y de cambio climático en varios sectores del sistema energético, como el transporte, la industria, y los edificios. El hidrógeno puede establecer los enlaces entre los diferentes sectores energéticos y redes de transmisión y distribución de energía, de modo que incida en un aumento de la flexibilidad operativa de los venideros sistemas de energía con emisiones más bajas de carbono, que se logrará mediante un transporte con muy bajas emisiones de carbono, incorporando las energías renovables variables a las que les correspondería un porcentaje muy alto dentro del mix de generación dentro del sistema energético, dando lugar a la descarbonización de los sectores de la industria y de los edificios. Aunque el hidrógeno es una tecnología que provocaría una importante mitigación de gases de efecto invernadero, es necesario abordar y superar varios impedimentos importantes para provocar de forma general una evolución cada vez más creciente de las tecnologías de pila de combustible e hidrógeno. Estos retrasos en la implementación de este tipo de tecnologías se deben principalmente a los costes actuales de las pilas de combustible y los electrolizadores que de momento siguen siendo demasiado elevados, a la construcción de una extensa red de distribución de hidrógeno, así como la producción de un hidrógeno con una huella de carbono cada vez más baja a un coste rentable y razonable. Debido a los altos costes en que incurren actualmente la mayoría de las tecnologías de hidrógeno y pilas de combustible se encuentran inmersas en las primeras etapas de comercialización intentando desplazar a otras opciones energéticas que son más bajas en emisiones de carbono. Por tanto, seguramente se deberá plantear en el futuro más próximo la posibilidad de dar un impulso a estas tecnologías de modo que se puedan desarrollar de forma plena. Lógicamente son los gobiernos los que deberán fomentar estas tecnologías de pila de combustible e hidrógeno ayudando a su despliegue y posterior aceleración mediante una creación de una serie de herramientas de apoyo y financiación que garanticen este objetivo. De esta forma se pasará a una nueva etapa que dará lugar a la comercialización de vehículos eléctricos de pila de combustible y a la promoción de proyectos para la integración de las energías renovables fluctuantes que implementen las opciones del almacenamiento de energía basadas en el hidrógeno. La intensa colaboración de todos los sectores interesados puede mejorar y provocar la superación de los riesgos relacionados con las fuertes inversiones que sin duda se deben de realizar. A pesar de los grandes esfuerzos necesarios para cambiar el mix energético actual, es necesario pensar no solo en los impactos en la economía y los sectores industriales que sustentan gran parte de la producción de bienes y servicios, sino también en las consecuencias de mantener el modelo actual y en la perpetuidad del planeta. Las variables climáticas y ambientales están siendo determinantes para que se adopten mundialmente las energías renovables. El futuro dependerá de la diversificación de estas fuentes, y el análisis y desarrollo de tecnologías energéticas basadas en hidrógeno puede ser la transición a una era de un mundo más sostenible. La creación de un nuevo panorama energético basado en las tecnologías de pila de combustible e hidrógeno requiere de tiempo, recursos, toma de decisiones políticas y la aplicación de mucha ciencia y tecnología nacidas de la innovación, investigación y desarrollo en este campo. El mundo seguirá utilizando y evolucionando en base a los combustibles fósiles seguramente durante mucho tiempo, incluso encaminándose hacia un horizonte complejo con muchos temas por resolver. La solución para este escenario requerirá la implicación de políticos, científicos, empresarios, trabajadores y consumidores con una respuesta de carácter innovador. Con el futuro llamando a nuestra puerta, cuanto antes nos anticipemos a nuestras decisiones de forma sostenible, mayores son nuestras posibilidades para llegar a un acuerdo pacífico con la naturaleza. ; ABSTRACT: In view of a desirable and drastic reduction in greenhouse gas emissions worldwide and the exploitation of non-renewable resources, the use of energy sources, such as solar, wind, hydroelectric or biomass, are a mandatory option as well as the use of alternative fuels in the transport sector. In the context of the development of new advanced energy conversion technologies, there has been great interest in the possible implementation of a global scale economy based on the hypothesis that hydrogen could play a fundamental role as a future energy carrier, in particularly as an innovative fuel in the automotive field, where it could flank or, in a long-term scenario, replace the traditional liquid blends derived from petroleum in the transport sector. Hydrogen can be considered as the simplest element that exists. A hydrogen atom consists of a single proton and an electron. It is also the most abundant element in the universe. Despite its simplicity and abundance, hydrogen does not occur naturally as a gas on Earth, it always combines with other elements. Water is a combination of hydrogen and oxygen. Hydrogen is also one of the most abundant elements in the earth's crust. Hydrogen is not found naturally as a gas on Earth and must therefore be manufactured. This is because hydrogen gas is lighter than air and rises into the atmosphere as a result. Hydrogen has the highest energy content by weight of any common fuel. On the other hand, hydrogen has the lowest energy content by volume. It is the lightest element, and it is a gas at normal temperature and pressure. Natural hydrogen is always associated with other elements forming compounds such as water, coal and oil. Once separated, hydrogen can be burned as fuel or converted into electricity. Therefore, it needs to be produced and for this reason it is not a primary source, but only a carrier of energy, which could be used in combination with electricity in an innovative general energy system. To have a better understanding of the technologies, energy, economic and environmental aspects in relation to hydrogen and fuel cells, it is necessary to start from an analysis of the fundamentals of the main hydrogen production technologies and the fascinating inner world of cells made out of fuel. This preliminary analysis will allow to have the necessary knowledge to consequently go linking all the concepts that interrelate both technologies so that later a detailed study can be carried out on which hydrogen production routes are the most feasible at present, and on which It is the way in which the energy contained in hydrogen is used in systems based on fuel cells, trying to analyze the energy, economic and ecological aspects that cause the development and use of both technologies. There are various techniques and tools that can be used to analyze these variables, such as mass and energy balance approaches for calculating thermodynamic efficiencies of processes, well-to-wheel analysis, life cycle assessment, cost analysis of the life cycle, multi-criteria decision analysis, total cost of ownership modeling, life cycle impact assessment. The application of these tools on the extensive information available on these technologies gives rise to a series of results and conclusions that must be compared and analyzed in detail to highlight what is currently the true state of development of the same looking for the best alternative from a vision focused on energy, economic and environmental efficiency, so that its benefits can be extrapolated when implemented in a generalized way. There may be great discrepancies and opinions in this regard that need to be analyzed and contrasted, in order to obtain a clear and well-formed vision so that future questions that will arise about fuel cell and hydrogen technologies can be addressed and that will provoke the not easy task of correct decision-making in relation to the energy landscape that would be developed through these technologies. Hydrogen and fuel cell technologies, which are increasingly evolved, can be key to achieving energy security and climate change objectives in various sectors of the energy system, such as transport, industry, and buildings. Hydrogen can establish the links between different energy sectors and energy transmission and distribution networks, thereby increasing the operational flexibility of future energy systems with lower carbon emissions, which will be achieved through transport with very low carbon emissions, incorporating variable renewable energies to which a very high percentage would correspond within the generation mix within the energy system, leading to the decarbonization of the industrial and building sectors. Although hydrogen is a technology that would cause significant greenhouse gas mitigation, several major impediments need to be addressed and overcome in order to drive an ever-increasing evolution of hydrogen and fuel cell technologies overall. These delays in the implementation of this type of technology are mainly due to the current costs of fuel cells and electrolysers, which are still too high for the moment, the construction of an extensive hydrogen distribution network, as well as the production of a hydrogen with an increasingly low carbon footprint at a profitable and reasonable cost. Due to the high costs currently incurred by most hydrogen and fuel cell technologies, they are in the early stages of commercialization trying to displace other energy options that are lower in carbon emissions. Therefore, the possibility of giving a boost to these technologies so that they can be fully developed should surely be considered in the near future. Logically, it is the governments that should promote these hydrogen and fuel cell technologies, helping their deployment and subsequent acceleration through the creation of a series of support and financing tools that guarantee this objective. In this way, a new stage will be passed that will lead to the commercialization of fuel cell electric vehicles and the promotion of projects for the integration of fluctuating renewable energies that implement energy storage options based on hydrogen. The intense collaboration of all interested sectors can improve and lead to overcoming the risks related to the heavy investments that undoubtedly must be made. Despite the great efforts required to change the current energy mix, it is necessary to think not only about the impacts on the economy and the industrial sectors that sustain a large part of the production of goods and services, but also about the consequences of maintaining the model current and in the perpetuity of the planet. Climate and environmental variables are being decisive for the adoption of renewable energies worldwide. The future will depend on the diversification of these sources, and the analysis and development of hydrogen-based energy technologies may be the transition to an era of a more sustainable world. Creating a new energy landscape based on hydrogen and fuel cell technologies requires time, resources, political decision-making, and the application of a lot of science and technology born of innovation, research and development in this field. The world will continue to use and evolve based on fossil fuels surely for a long time, even heading towards a complex horizon with many issues to be resolved. The solution for this scenario will require the involvement of politicians, scientists, businessmen, workers and consumers with an innovative response. With the future knocking at our door, the sooner we anticipate our decisions in a sustainable way, the better our chances are to come to a peaceful agreement with nature. ; Máster en Ingeniería de Minas
Purpose Tourism is one of the fastest growing global industries and plays a significant role in national and local economies. Global climate change, as well as sustainable development, especially from the point of view of research of beliefs and attitudes on climate change, is the current area of research by only a small number of scientists around the world, even though an expert group gathered at the Intergovernmental Panel on Climate Change in the middle of the second decade of the 20th century has confirmed "with almost complete assurance that human activities are the dominant cause of global warming, leading to multiple manifestations of climate change". and thus climate change is only the subject of academic research. Taking into account all other environmental problems, climate change has become the biggest challenge and threat to the survival of human civilization, with many consequences and a very wide influence on virtually every aspect of human life, and undoubtedly on tourism as an activity. Between tourism and climate change there is a two-way relationship as tourism is largely dependent on the climate and is influenced by climate change that happens in real time. On the other hand it is estimated that tourism is responsible for at least 8 of global CO2 emissions. which is why great efforts are being made at the global and national level in order to mitigate the consequences of climate change and to plan and take measures to prevent further negative consequences that might be irreversible in the future. Tourism as a whole, especially transport related to arrivals and departures of tourists to destinations, and tourism accommodation per se, significantly contribute to global warming through greenhouse gas emissions and a significant carbon footprint of tourism. Given that the consequences of climate change lead, inter alia, to the increased risk of flooding and drought, melting glaciers, rising sea levels, loss of biodiversity, various human health threats and damage to all sectors of the economy, while at the same time having an extremely high contribution to tourism and the total gross domestic product (GDP) of national economies, any impact of climate change on tourism can have very important economic and development implications, especially in Croatia where tourism is the backbone of the economy. Starting from the assumption of a two-way relationship between climate change and tourism, as well as the importance of knowing the beliefs and attitudes of managers in entire tourist accommodation industry as key persons in tourism management as decision-makers and key actors in implementation of environmental protection and implementation of development and business policies in the area of sustainable development which is inseparable from climate change impacts, the main objective of the research would be to examine and analyze the beliefs and attitudes about climate change and the interinfluence of climate change and tourist accommodation and climate changes as the determinants of tourism offer, as well as the differences between managers in different tourist accommodation facilities. From the aforementioned, it is also the subject of scientific research that deals with analyzing, elaborating, researching and consistently determining the relevant features of tourist accommodation management beliefs and attitudes between climate change and tourism influence, as well as climate changes as the determinants of tourist offer. Purpose Knowledge of managers' attitudes and beliefs is extremely important in order to anticipate, plan and direct the use of mitigation measures and the prevention of negative impacts of climate change and the tourist accommodation industry, so that all subjects directly or indirectly linked to tourism can adapt in a suitable way to the new situation and minimize as far as possible the more negative consequences of climate change. The scientific problem or the subject of this scientific research is related to three primary objects of scientific research that are linked to a logical entity: climate change, tourism and design of tourist offer in the Republic of Croatia, attitudes and beliefs of managers about the impact of climate change and tourism in Croatia, as well as on climate changes as the determinants of tourist offer. In addition to the main goal, the research has also focused on several auxiliary/specific objectives that sought to determine whether certain characteristics of accommodation such as type of accommodation, type of guests, business orientation through wellness and SPA services, i.e. sports and fitness offer, accommodation locations in the coastal or continental counties, the seasonality of the business, as well as the possession of a clearly defined environmental policy, and an analysis of the influence of certain socio-demographic characteristics of respondents on the beliefs and attitudes of managers on climate change issues and the impact of climate change and tourist accommodation. Methodology The theoretical part of the doctoral thesis was based on the available scientific and professional literature results that were collected and analyzed using the historical method. Although limited by scope, the introductory part provides an overview showing the degree of development of this problem. Historical method illustrates the historical development and interrelationship of tourism and climate change with an emphasis on recent data on causes and proportions of climate events, scenarios of changes in the future, all in the context of tourism impact. The historical method analyzes collected data on the impact of climate change on individual destinations in Europe and the world, and predictions of future changes, as well as data on the attitudes of the general population, especially the stakeholders in tourism, about the impact of climate change and tourism. By studying related research, the abstraction and concretization methods extracted from the multitude of data are those relevant to the research. By the method of analysis and synthesis, a whole is studied by studying the components and by combining some elements of the research. In this scientific study a combination of scientific methods, such as inductive and deductive methods, was used, with logical, methodological and scientific empirical approaches to specific knowledge. The transition from individual and special characteristics to general characteristics was done by using generalization and specialization methods. Determining the legality of a court or claim was made by using evidence and denial methods. The comparative method was used to compare certain properties. Statistical methods in the area of descriptive statistics and difference statistics, and selected multivariate analysis methods (conformational factor analysis) were used to describe certain properties and their comparison. The survey was focused on 1084 facilities, representing the total population of all categorized facilities by type as hotels and aparthotels, then tourist resorts and tourist apartments as well as camps, and marinas in the Republic of Croatia covered by the latest available List of categorized facilities on 7 March 2019 officially issued by the Croatian Ministry of Tourism. For the purpose of determining the beliefs and attitudes on climate change and the interinfluence of climate change and tourist accommodation, a questionnaire originally designed for this research was used. Out of the total number of questionnaires submitted, 283 questionnaires had been duly completed, representing 26.1% of respondents, including 4.60% of the members of the Management Board or the Supervisory Body, 46.65% of the Directors or Heads of the Facility or members of the Operational Management, 19% quality managers and 33.56% of middle management staff. Data processing was performed using the Microsoft Excel spreadsheet software. Kolmogorov-Smirnov's test analyzed the distribution of continuous numerical values and according to to the obtained data corresponding non-parametric tests were applied. Categorical and nominal values are shown using corresponding frequencies and shares. Continuous values are shown using medians and interquartile ranges, and the differences between them are analyzed by Kruskal-Wallis's, that is post-hoc Mann-Whitney U test, and presented in Box and Whisker's plot in which shows median values, interquartile ranges, minimum and maximum values, and extreme values which differ from the medians by more than 1.5 interquartile ranges. Confirmatory factor analysis with Varimax rotation was performed in which matrix and factor saturation were calculated for three factors (cognitive, behavioral and emotional domain) and for each factor the coefficient of the internal consistency of Cronbach alpha was satisfactory (> 0.700). Findings After the statistical analysis of the collected results it can be concluded that the main hypothesis of the survey was confirmed that managers in tourist accommodation facilities have established beliefs and attitudes about climate change and the interinfluence of climate change and tourist accommodation. When comparing the three components that are constituents of attitudes in accordance with the theory of the threefold structure of the stand, it has been shown that in the managers the most powerful and positively oriented was the behavioral component, then the cognitive and finally equally positively oriented conative component. In the case of auxiliary hypotheses from the results obtained it can be concluded that all the auxiliary hypotheses of the research were confirmed. It has been established that there are significant differences in the attitudes of managers who manage different categories of tourist accommodation facilities for all 36 statements from the basic questionnaire according to which they expressed their degree of acceptance, i.e. their beliefs and attitudes. It was demonstrated that there is a statistically significant difference in all three components of the attitude about climate change and the interinfluence of climate change and tourist accommodation are of managers that manage different categories of tourist accommodation facilities. There have been significant differences in the attitudes of managers managing tourist accommodation facilities of different categorization or different number of awarded stars in all the statements for which they expressed their position in all three components of the attitude. There are significant differences in the attitude of managers who manage tourist accommodation facilities that have ecological facilities and a SPA/wellness offer, or fitness offer, in relation to managers in tourist accommodation facilities where there is no SPA/wellness offer or fitness content offers in all the statements for which they expressed their attitude in all three components of the attitude, except in the emotional component associated with the sense of fear experienced by the respondents when contemplating climate change, irrespective of the observed characteristic of the accommodation. There have been significant differences in the attitudes of managers who manage tourist accommodation facilities that are open year-round in relation to managers in tourist accommodation facilities that are seasonal, in most of the statements they expressedtheir attitude about in all three components of the attitude. Statistically significant differences were observed in 18 of the 22 statements in the cognitive component of the attitude, in 3 of the 6 statements related to the emotional component of the attitude, and in 5 of the 8 claims related to the behavioral component of the attitude. There are significant differences in beliefs and attitudes about climate change and the interinfluence of climate change and tourist accommodation, as well as about climate changes as determinants of the creating tourist offer between managers in tourist accommodation facilities given the type and manner of guest arrival or between managers in tourist accommodation facilities which are oriented towards accommodation of individual guests in relation to managers in tourist accommodation facilities that are family-oriented or oriented towards organized groups. The differences were observed in 11 of 22 staements in the cognitive component of the attitude, in 5 of the 6 statements in the emotional component of the attitude, and in 6 of the 8 statements in the behavioral component of the attitude. There have been significant differences between the attitudes of managers who manage tourist accommodation facilities who have and those who do not have a clearly defined environmental and quality policy or environmental protection policy contained in any of the valid quality certificates in all the staements they have expressed their attitude about, in all three components of the attitude, except in the emotional component associated with the sense of fear experienced by the respondents when contemplating climate change. There are significant differences in attitudes between managers in tourist accommodation facilities located in coastal or continental counties, in all three components all the statements except in the statement which claims that the national government should set national targets for increasing the use of renewable energy, such as wind energy or solar energy. There are significant differences between attitudes about climate change and the interinfluence of climate change and tourist accommodation as well as about climate changes as the determinants of creating tourism offer among managers whose sphere of responsibility is quality policy in relation to managers who are focused on strategic management or in relation to managers that are part of the ownership structure, as there are also significant differences in the beliefs and attitudes between managers at the middle management level compared to managers in top management positions. There have been significant differences in the beliefs and attitudes about climate change and the interinfluence of climate change and tourist accommodation, as well as about climate changes as the determinants of tourism offer, depending on certain sociodemographic characteristics of respondents, especially their gender, level of education, length of service in the tourism sector, membership in ecological NGOs or activism in ecological actions and initiatives. Consequently, the beliefs and attitudes of managers in the tourist industry are the function of various characteristics of the accommodation facility, where stronger proecological attitudes and higher levels of ecological awareness about climate change and the interinfluence of climate change and tourist accommodation, as well as climate changes as the determinants of tourism offer are shown by managers working in: in categorized tourist accommodation facilities of higher category (higher number of stars); categorized tourist accommodation facilities located in coastal counties; categorized tourist accommodation facilities that work all year round; categorized tourist accommodation facilities that have a strong orientation towards the SPA/wellness offer and amenities; categorized tourist accommodation facilities that have a clearly defined written quality policy and environmental protection and categorized tourist accommodation facilities aimed at organized groups and family guests who come for holiday. Also, stronger proecological attitudes and higher levels of ecological awareness of climate change and the interinfluence of climate change and tourist accommodation, as well as of climate changes as the determinants of creating tourist offer are shown by managers working in categorized tourist accommodation facilities in top management positions, by managers who have completed tertiary level of education, who are members of ecological NGOs and consider themselves activists, who are of female gender and those who have more years of work experience. Originality of the research The results of this paper provide a series of insights that may be relevant for the development of sustainable practices in the tourism sector and in particular hotel industry in general, as they contribute to understanding of the attitudes of key decision-makers and can provide the basis for predicting their behavior in relation to the application of environmental protection measures against the negative impact of tourism which is unambiguous.
ENGLISH ABSTRACT My argument, that draws heavily on the works by scholars of social and welfare policy as, among others, Gosta Esping-Andersen (2002, 2013), Bruno Palier (2010, 2012), Brian Nolan (2013), Bea Cantillon (2011, 2012, 2013), Anton Hemerjick (2011, 2012, 2013, 2013, 2015), Maurizio Ferrera (1993, 1996, 1997, 2000, 2000, 2012, 2013), and Chiara Saraceno (2011, 2013) regards social investments as a twofold product of the neoliberal workfare model (Jessop 1990). On the one side, social investment prescriptions are to be understood as a counter-reaction to the neoliberal project of "rolling-back" the public sector involvement in social security. Social Investment infuses public intervention of a new centrality, one that finds its raison d'être in the need to mitigate the disruptive impact of market forces on social cohesion, as well as in the potential of welfare programs to foster individual productivity and sustain growth in post-industrial economies. On the other, social investment demonstrates a degree of continuity with elements of the neoliberal ideology, with particular respect to the stigma placed by the latter on unproductive, 'passive' entitlements, but also concerning the favor accorded to principles of welfare governance such as customer's choice, multi-level provision, and accountability The welfare system intended by proponents of the social investment model is meant to function in a radically different socio-economic context from those of the 1950s or even the 1980s. During the last three decades, along with demographic changes, European countries have witnessed the consolidation of a new service economy marked, as Andersen observed, by an increasing correlation between prosperity and the 'diffusion of knowledge and innovation' (2000). In the post-industrial knowledge society, goes the adage, human capital has become the prime engine of growth – a doctrine crystallized by the European Council in the Lisbon Agenda's notorious passage 'people are Europe's main asset' (European Council 2000). This PhD research project takes issue with the social investment paradigm, in particular the claim that a functionalist childcare strategy constructed upon the needs of currently employed individuals can prove effective for decreasing inequality in educational opportunity across socio-economic groups (SEGs). I advance the view that recent efforts to recalibrate welfare states towards activation policies have generated irregular dynamics of early childhood services expansion. Whereas over the last two decades both the number of day-care centres and overall participation rates in formal childcare have increased across the European Union (EU), this broadening of provision has not been accompanied by an equally broad commitment to create a universal legal entitlement to childcare. Likewise, EU countries have often been found wanting in enacting adequate measures to remove financial and cultural barriers preventing families with low socio-economic status from taking up more hours of formal early education. The PhD focuses on the case of early childhood governance in the Autonomous Province of Trento / APT (Italy) throughout the 1995-2015 period, which makes for a paradigmatic example of social investment-inspired childcare strategy. Over the period in question, renewed public investment has raised childcare participation considerably in the APT, but concurrently it fell short of setting the foundations for a universal model, capable of ensuring access to all SEGs. Overall, the research points to the emergence in the APT of "twin fault lines" of childcare fragmentation, between socio- economically distinct groups and between providers. The socio-economic fault line refers to the unequal distribution of childcare across SEGs, telling apart affluent families from those that struggle to shoulder childcare costs. The second line touches upon the remarkable cleavage in training and qualification requirements that separates the staff employed in day-care centres under public jurisdiction and private providers that are exempt from compliance with these norms. With respect to the 'socio-economic fault line', childcare policies in the APT have followed a choice- increasing pattern, which ensued the rise of para-public and private day-care centres, as well as of family-based services. Whereas the Regional government has attempted to ensure equal access through means-tested subsidies and voucher schemes, both public and non-public centres still present flat fees and higher tariffs that run the substantial risk of crowding out low-income families. In general, the distribution of childcare remains dramatically skewed along socio-economic lines, with higher-income families recording much higher participation rates. Concerning the 'professional fault line', over the same twenty-year period, a concurrent trend of increasing staff professionalism has run parallel to the expansion of services in the APT. Since the late 1990s, both minimum qualification and training requirements for childcare staff have been raised from secondary school to a bachelor's degree in a field related to psychology or education. Applicants are also required to have undergone a minimum of 200 hours of training/practice. Whereas such reforms have translated into a significant upgrade of entry level qualifications for early years practitioners, pointing to a shift towards increasing professionalism in the sector, these regulatory changes have only applied to the public and para-public sectors, leaving fast-growing private and family-based services largely unaffected. ABSTRACT ITALIANO Background Il tema centrale di questo progetto di ricerca, che prende le mosse dai lavori condotti da studiosi di politiche sociali e sistemi di welfare quali, per citare i più noti, Gosta Esping-Andersen (2002, 2013), Bruno Palier (2010, 2012), Brian Nolan (2013), Bea Cantillon (2011, 2012, 2013), Anton Hemerjick (2011, 2012, 2013, 2013, 2015), Maurizio Ferrera (1993, 1996, 1997, 2000, 2000, 2012, 2013) e Chiara Saraceno (2011, 2013), è un'analisi del graduale processo di consolidarmento di un nuovo paradigma welfarista, conosciuto come 'social investment', o 'welfare dell'investimento sociale'. L'emergere di questo approccio, che ha investito tanto la sfera della governance quanto quella relativa alla sostenibilità finanziaria della spesa sociale, ha acquisito forza in Europa a partire dalla seconda metà degli anni Novanta, ed è stato definito come un duplice prodotto di quella che Jessop (Jessop 1990) ha definito la natura lavorista del welfare neoliberale, il così detto workfare state. Alla stregua di questa intuizione, il paradigma del social investment può essere considerato, al contempo, come un contraccolpo, una reazione, all'idiosincrasia liberista verso il dominio pubblico della sfera sociale, affermatosi con prepotenza nei decenn successivi alla Seconda Guerra Mondiale, e come una manifestazione di continuità con alcuni dei principi cardine che, invece, caratterizzarono dal punto di vista organizzativo il sorgere negli anni Settanta e Ottanta di un'alternativa ferocemente anti-keynesiana all'amministrazione del welfare. Se dunque, da un lato, il paradigma del social investment ha infuso di una nuova legittimità l'intervento pubblico nel campo socio-assistenziale (ma anche educativo), legittimità che trova nella tutela della coesione sociale e nella protezione del cittadino dalle forze centrifughe del libero mercato la sua raison d'être essenziale, esso ha comunque mantenuto un alto grado di scetticismo verso la 'passività' degli strumenti di protezione tradizionali, caratteristici della fase espansionista nota come Trentennio Glorioso (1945-1975) e giudicati gravemente inadeguati alla realtà post-industriale del XXI° secolo. Contrariamente al modello welfarista post-bellico, lo Stato dell' investimento sociale ha infatti quale focus d'interesse primario le politiche di attivazione, conciliazione e, in termini più generali, i programmi funzionali ad incrementare lo stock di capitale umano a diposizione dell'economia nazionale, ritenuto fondamentale per sostenere la crescita, sempre più vincolata a settori ad alta intensità di competenze ('skill-intensive'). Ma, se il superamento dei vecchi paradigmi è una mossa dettata da esigenze di adattamento, o di ricalibrazione, a un contesto europeo in profonda trasformazione, la transizione iniziata negli anni Novanta ha anche ridisegnato, in chiave produttivista, il rapporto esistente tra Stato e cittadini, i quali, non più beneficiari garantiti di un regime di sostegno, si sono visti trasformare a tutti gli effetti in attivi fautori della propria dimensione di sicurezza. A cambiare è stata la ratio profonda dello stato sociale europeo, che da "rete protettiva", tesa a tutela di lavoratori e famiglie dai rischi intrinseci al sistema economico industriale (disoccupazione, infortunio, malatia, vecchiaia), diveniva un "trampolino di lancio" nell'economia della conoscenza ('knowledge economy'), una complessa rete di programmi e policies "capacitanti", o di empowerment, orientata a fornire pari opportunità di ingresso e permanenza nel mercato del lavoro a qualsiasi individuo abile, indipendentemente dal genere o dalle condizioni socio-economiche di partenza. Il paradigma dell'investimento sociale si regge, dunque, su tre ipotesi centrali: (i) nel contesto economico post-industriale un ampio bagaglio di competenze (cognitive, sociali, comunicative) rappresenta la più efficace risorsa sulla quale il cittadino possa contare, ai fini di assicurare la propria sicurezza economica; (ii) responsabilità dello stato sociale moderno non è più quella di gararantire il soddisfacimento di una filiera di bisogni essenziali, o diritti sociali acquisiti, bensì creare le condizioni per le quali i cittadini possano, in autonomia, sviluppare le competenze necessarie a raggiungere una condizione di sicurezza; (iii) una società composta da cittadini competenti, equipaggiati degli strumenti appropriati a prosperare nell'economia della conoscenza, è anche una società inclusiva ed egalitaria, e dunque operare per incrementare il capitale umano di un numero sempre maggiore di cittadini significa, implicitamente, muovere verso una riduzione delle disuguaglianze sociali esistenti. In questo nuovo contesto, come è evidente, i sistemi di istruzione e formazione hanno acquisito una rinnovata centralità. I servizi socio-educativi per la prima infanzia, in particolare, sono stati oggetto di una radicale riconfigurazione: da strutture profondamente connotate in senso conciliativo-assistenzialista, finalizzate primariamente a favorire la permanenza all'interno de mondo del lavoro di un numero, relativamente esiguo, di madri lavoratrici, a settore strategico per lo sviluppo precoce di competenze, passaggio imprescindibile per il raggiungimento di quegli obiettivi di crescita economica ed inclusione intrinseci alla strategia dell'investimento sociale (Heckman and Carneiro 2003, Heckman, Stixrud et al. 2006, Cunha and Heckman 2010) Ipotesi e domande di ricerca Questo progetto di prefigge un duplice obiettivo d'indagine. Il primo, in linea con l'approccio discorsivo-istituzionalista definito da Vivienne Schmidt (2006, 2008, 2011, 2015, 2016), consiste nel fornire una ricostruzione della traiettoria di istituzionalizzazione seguita dai servizi socio-educativi per la prima infanzia, in Italia e in Trentino, nel corso degli ultimi 50 anni; un resoconto storico capace di mettere a fuoco i momenti chiave nella lenta e frammentata transformazione del settore da servizio residuale ai margini della tradizionale architettura welfarista, a sfera strategica del progetto di investimento sociale. Nel contesto di questa ricostruzione diacronica si vuole dare risalto non soltanto alla concatenazione di documenti, programmi e decisioni politico-strategiche messe in atto dagli attori istituzionali, quanto sottolineare la corrispondenza tra cambiamenti di strategia e il graduale processo evolutivo che, nel corso dei decenni, ha sostanzialmente modificato il modo di guardare alla prima infanzia. Il secondo obiettivo della ricerca, in linea con la direzione d'indagine indicata da studiosi come Bea Cantillon (2011, 2013), Wim Van Lancker (2013, 2017) ed Emmanuele Pavolini (2008, 2014, 2015), è quello di testare la validità di una delle premesse ipotetiche fondamentali alla base dell'approccio social investment ai servizi socio-educativi: la previsione secondo la quale un incremento degli investimenti nel settore della prima infanzia costituirebbe una leva di inclusione, capace di "rompere la trasmissione intergenazionale della disuguaglianza" (European Commission 2013) intervenendo, in età precoce, sulle competenze di base dei bambini di condizione socio-economica più debole. La ricerca si concentra sul caso della Provincia Autonoma di Trento, la regione italiana che, insieme al Friuli Venezia Giulia, ha registrato tra l'anno 2000 ed oggi i più significativi incrementi nel livello di partecipazione ai servizi socio-educativi. Il progetto si propone di analizzare la distribuzione sociale degli esiti sortiti da questo profondo processo di riforma, che ha investito non solamente la dimensione dell'offerta di asili nido e servizi integrativi, ma anche, e in misura sostanziale, la sfera della formazione del personale educativo. Il quesito che la ricerca, nel quinto capitolo, si propone di affrontare è se, in seguito ad un consistente aumento delle risorse a disposizione, il settore socio-educativo trentino sia oggi più vicino ad erogare un servizio di carattere universalista capace di erogare cura ed educazione di qualità a tutti i cittadini della Provincia, indipendentemente dalla condizione economica e dall'area geografica di residenza; o, viceversa, se il fenomeno riformista a cui si è assistito nel corso degli ultimi decenni sia ascrivibile ad un modello di espansionismo "selettivo", teso a colmare un gap nell'offerta di servizi ma senza riguardo per la costruzione di un sistema effettivamente equo. Strumenti teorici e metodologici. La ricostruzione storico-politica poggia su un framework metodologico di carattere discorsivo-istituzionalista. In termini estremamente generali, l'istituzionalismo rappresenta una prospettiva analitica di meso-livello, che riconosce nell'evoluzione delle istituzioni la variabile decisiva per comprendere e spiegare i processi di cambiamento politico (interessata, dunque, a variabili differenti dalla razionalità individuale, o dai macro-interessi strutturali). Le istituzioni, in questa dimensione di analisi, sono considerate come insiemi multi-livello di regole formali ed informali, capaci di esercitare un'influenza sostanziale sul processo e sugli esiti del policy-making, influenza che si manifesta primariamente tramite la capacità di assetti e strutture organizzative di limitare il numero, o lo spettro, di decisioni e comportamenti a disposizione degli agenti politici. Vincoli istituzionali definiscono il numero di soggetti che possono partecipare alla costruzione di un'agenda politica, dettano il numero di opzioni strategiche a disposizione degli attori, organizzano l'esercizio del potere politico all'interno di sequenze implementative predefinite, financo indicano gli strumenti necessari alla valutazione d'impatto delle decisioni maturate. Analisi di carattere istituzionalista hanno ottenuto un ampio successo nello spiegare le traiettorie evolutive dei sistemi di welfare europeo. L'approccio discorsivo si distingue dalle altre correnti istituzionaliste per il focus che pone su fattori e dinamiche endogeni alle organizzazioni: una postura metodologica che si traduce in attenzione all'evoluzione delle strutture discorsive interne alle organizzazioni (le strutture del linguaggio e degli 'atti comunicativi', i sistemi di percezione, idee e convinzioni degli attori), Questa logica interpretativa considera il cambiamento delle politiche come l'esito di processi evolutivi complessi, mai lineari e spesso prolungati nel tempo, che toccano la costruzione di quelle strutture di significato ('structures of meaning') tramite le quali gli attori interni alle istituzioni interpretano ed attribuiscono senso alle proprie azioni, organizzano il proprio comprotamento e definiscono priorità strategiche. L'analisi del processo di "istituzionalizzazione" dei servizi socio-educativi per la prima infanzia, dunque, fa ampio ricorso a documenti ed atti ufficiali, che forniscono testimonianza della parabola evolutiva compiuta da agenti interni alle istituzioni politiche dell'Unione Europea (nel capitolo terzo), e italiane (nel quarto). Lo scopo dichiarato rimane quello di descrivere come un principio fondamentale del nuovo paradigma welfarista del social investment, la centralità strategica di investire precocemente nel capitale umano tramite i servizi socio-educativi, abbiano progressivamente penetrato i confini delle istituzioni politiche, provocando un profondo cambiamento nelle strutture di significato che esse adoperano per amministrare e governare il settore della prima infanzia. Il secondo obiettivo di ricerca, testare sulla Provicia Autonoma di Trento la validità della "promessa egalitarista" del social investment, si articola nel corso del quinto capitolo nell'analisi di un disposto combinato di dati quantitativi, estratti da database statistici nazionali (ISTAT) e provinciali (ISPAT), e interviste qualitative raccolte nel corso di uno studio di campo condotto tra il mese di Agosto 2016 e Febbraio 2017. I dati quantitativi sono trattati in funzione di semplici analisi descrittive, capaci di catturare la ricaduta degli investimenti compiuti in Trentino tra gli anni 2002 e 2015 su differenti fasce sociali e aree territoriali. I dati raccolti – relativi all'accesso ai servizi per fascia di reddito, tipologia di servizio, e comunità montana di residenza – risultano decisivi a costruire un affresco dettagliato della realtà trentina. La dimensione qualitativa dell'analisi, costruita sulla base dei dati raccolti in più di 30 ore di interviste semi-strutturate con educatori, coordinatori pedagogici, dipendenti dell'Ufficio comunale di Trento per l'infanzia e funzionari provinciali, arricchisce l'interpretazione del processo politico oggetto dello studio di caso con una importante prospettiva "interna" alle istituzioni, aiutando a confermare, sostanziare e spiegare le ipotesi che sorgono dalla rielaborazione dei dati quantitativi. ; open
Collected data and research material presented in the monograph are a result of financing of the Polish science budget in the years 2011−14; the research project was financed by the National Science Centre according to decision no. DEC-2011/01/B/HS4/04744. The project that resulted in this monograph was financed from public funds for education for 2011 − 2014, the National Science Center under Contract No. DEC-2011/01/B/HS4/04744. ; Value-Based Working Capital Management analyzes the causes and effects of improper cash flow management between entrepreneurial organizations with varying levels of risk. This work looks at the motives and criteria for decision-making by entrepreneurs in their efforts to protect the financial security of their businesses and manage financial liquidity. Michalski argues that businesses exposed to greater risk need a different approach to managing liquidity levels. The scientific aim of this monograph is to present the essence of financial liquidity management under specific conditions faced by enterprises with risk and uncertainty. Enterprises differ from one another in risk sensitivity. This difference affects the area of taking decisions by the managers of those enterprises. The result of interactions between levels of liquidity and sensitivity to risk affects the managers of such enterprises (Altman 1984; Tobin 1958; Back 2001; Tobin 1969). In this monograph the research hypothesis is the claim that enterprises with a higher sensitivity to risk are very different from enterprises with a lower sensitivity to risk, resulting in a different approach to managing their working capital. Enterprise managing teams react to risk, and this reaction is adjusted by an enterprise's sensitivity to risk. Because of its subject area, the book will address the issues of corporate finance. The monograph discusses the behavior of enterprises and the relationships between them and other factors in the market occurring in the management process under the conditions of limited resources. As a result of these interactions with the market and the environment in which individuals who manage enterprises operate, there is an interaction between money and real processes that in the end are the cornerstone of wealth building. This chapter discusses the objectives and nature of enterprises in the context of their risk sensitivity, as well as the relationships between the objectives of enterprises and the characteristic features of their businesses. Enterprises operate in various business environments, but generally speaking, they all have one main aim: wealth creation for their owners. The realization of that aim depends on an idea of business in which the enterprise is an instrument to collect money from clients of the enterprise's services and products. Business environment is crucial not only for future enterprise cash inflows from the market but also for risk and uncertainty (Asch, and Kaye 1997; Copeland, and Weston 1988; Fazzari, and Petersen 1993). According to the author, it is necessary to include an understanding of that risk and uncertainty of future in the rate that reduces the net size of free cash flows for the enterprise owners, beneficiaries, or more generally stakeholders. Enterprise value creation is the main financial aim of the firm in relation to working capital components (Graber 1948; Jensen, and Meckling 1976; Lazaridis, and Trifonidis 2006). Working capital management is a part of a general enterprise strategy to its value maximization (Laffer 1970; Kieschnick, Laplante, and Moussawi 2009; Lyland, and Pyle 1977). This chapter presents a definition of financial liquidity and liquidity-level measurements. This chapter contains four subchapters that address the specific role of short-term financial decisions, a classification of definitions of financial liquidity, sources of information about liquidity level, and liquidity-level measurements (Lazaridis and Tryfonidis 2006; Long, Malitz, and Ravid 1993; Kieschnick, Laplante, and Moussawi 2009). Financial liquidity definition and liquidity-level measurements Here we have an opportunity to present the author's opinion on what assets should be financed with short-term funds and what the level of liquidity is in an enterprise (Michalski 2012a). The discussion also pertains to the issue of the dividing line between long-term and short-term decisions, with greater emphasis on the durability of their effects, rather than the decision-making speed. This section also attempts to answer the question: What are the short-term effects of operations under conditions of uncertainty and risk? The reason for the considerations in this section is the need to characterize the decisions that affect the level of enterprise liquidity. The research hypothesis of this monograph assumes that differences between more risk sensitive and less risk sensitive enterprises are seen in liquidity management. Simply because the enterprises, during financial liquidity management, take into account the differences in their risk sensitivity. This chapter discusses the relationship between firm value and business risk sensitivity. The chapter starts with a presentation of intrinsic liquidity value and firm reactions to market liquidity value. This is the basis for target liquidity level in the enterprise. Liquid assets are the main part of working capital assets, so the next part of the chapter focuses on working capital investment strategies and strategies of financing such investments in working capital in the context of firm value creation. The chapter concludes that, from a firm-value-creation point of view, more risk-sensitive entities should use flexible-conservative strategies, while less risk-sensitive entities have the freedom to use restrictive-aggressive strategies. In the context of a crisis, this is the clear answer and explanation for higher levels of working capital investments observed empirically during and after a crisis. The determinants of intrinsic value of liquidity are attributed to liquidity by enterprise management. Enterprises in which financial liquidity has a high internal value will have a tendency to maintain reasonable liquid resource assets at a higher level. The levels of stocks of funds maintained by enterprises are also the result of the relationship between the liquidity market value and the intrinsic value of liquidity. It demonstrates how to approach the estimation of liquidity and presents the market value of liquidity. Having connected this information with the knowledge of manifestations of the internal liquidity, we can offer an explanation as to why the target (and also probably the optimal) level of liquidity for enterprises with higher-than-average risk sensitivity is at a higher level than the corresponding target (optimal) level for enterprises with a lower level of risk sensitivity. Working capital value-based management models In this part of the monograph we discuss the items contained within the cost of maintaining inventory. Using this approach, a model of managing inventories is presented. Theoretically, the value-maximizing optimal level of inventory is determined to be the modified EOQ model, presented as VBEOQ model. We also present an outline of issues associated with the risk of inventory management and its impact on the value of the enterprise for its owner. We also discuss the principle of the optimal batch production model and how the size of the production batch affects the value of the enterprise for its owner. Here also is demonstrated a modification of the POQ model: VBPOQ. The proposed modification takes into account the rate of the cost of capital financing and the measures involved in inventory when determining the optimal batch production. When managing the commitment of the inventory, it is crucial to take into account the impact of such decisions on the long-term effectiveness of the enterprise. This chapter also discusses the relationships between the management of accounts receivables and the value of a business. A modified (considering the value of a business) model of incremental analysis of receivables is presented, as is a discussion of the importance of capacity utilization by an enterprise for making management decisions pertaining to accounts receivables. Issues related to the management of working capital and enterprise liquidity are and will be an area of research. The analysis in this study focused primarily on working capital and liquidity management; understanding its specifics will facilitate the management of liquidity in any type of organization. Working capital as a specific buffer against risk has its special role during a crisis and can serve as a good forecasting indicator about future economic problems in the economy if a whole business environment notices higher levels of working capital and its components, like cash, inventories, and accounts receivables. The scientific value of the issues discussed in the book is associated with the issue of working capital and liquidity management in enterprises. It is also a result of the exploration and definition of the main financial objective of businesses and the relationship between the objective and the management of working capital and enterprise liquidity. The choice of topic and the contents of research resulted also from empirical observation. Empirical data on enterprises that operate in countries touched by the last crisis document higher-than-average levels of working capital before, during, and after the crisis in these enterprises. These conditions provided the means for a "natural experiment" of sorts. From that point, working capital management theory faced a necessity of even wider development. ; Collected data and research material presented in the monograph are a result of financing of the Polish science budget in the years 2011−14; the research project was financed by the National Science Centre according to decision no. DEC-2011/01/B/HS4/04744. The project that resulted in this monograph was financed from public funds for education for 2011 − 2014, the National Science Center under Contract No. DEC-2011/01/B/HS4/04744. ; How to Cite this Book Harvard Grzegorz Michalski . (April 2014). Value-Based Working Capital Management . [Online] Available at: http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834. (Accessed: 28 May 2014). APA Grzegorz Michalski . (April 2014). Value-Based Working Capital Management . Retrieved from http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834 MLA Grzegorz Michalski . Value-Based Working Capital Management . (April 2014) Palgrave Macmillan. 28 May 2014. Vancouver Grzegorz Michalski . Value-Based Working Capital Management [internet]. New York: Palgrave Macmillan; April 2014. [cited 2014 May 28]. Available from: http://www.palgraveconnect.com/pc/doifinder/10.1057/9781137391834 OSCOLA Grzegorz Michalski , Value-Based Working Capital Management , Palgrave Macmillan April 2014 ; Author Biography Grzegorz Michalski is Assistant Professor of Corporate Finance at the Wroclaw University of Economics, Poland. His main areas of research are Business Finance and Financial Liquidity Management. He is currently studying the liquidity decisions made by organizations. He is the author or co-author of over 80 papers and 10 books, and sits on the editorial board of international conferences and journals. Reviews 'Due to the recent financial crisis, interest in the topic of working capital has grown significantly to both theory and practice. The research results presented by Grzegorz Michalski contribute to the development of a comprehensive theory of liquidity management and the creation of an integrated working capital and liquidity for different types of business model. The job is processed on a high quality level." -Marek Panfil, Ph.D, Director of Business Valuation Department Warsaw School of Economics 'The book of Grzegorz Michalski is a very good publication that has found the right balance between theory and practical aspects of financial liquidity management. It is extremely timely and valuable, and should be required reading for all corporate finance practitioners, academicians, and students of finance. Value-Based Working Capital Management is comprehensive, highly readable publication, and replete with useful practical examples. It has also enabled corporate leaders to make better-informed decisions in their efforts to protect the financial security of their businesses and manage financial liquidity.' -Petr Polak, Author of Centralization of Treasury Management, and Associate Professor of Finance, University of Brunei Darussalam ; REFERENCES Introduction Adner, R., and D. A. Levinthal (2004). "What Is Not a Real Option: Considering Boundaries for the Application of Real Options to Business Strategy." Academy of Management Review 29(1). Altman, E. (1984). "A Further Empirical Investigation of the Bankruptcy Cost Question." Journal of Finance 39. Back, P. (2001). "Testing Liquidity Measures as Bankruptcy Prediction Variables." Liiketaloudellinen Aikakauskirja—The Finnish Journal of Business Economics 2001(3). Baker, M., and J. Wurgler (2002). "Market Timing and Capital Structure." Journal of Finance 57. Ben-Horim, M., and H. Levy (1982). "Inflation and the Trade Credit Theory Period." Management Science 28(6), pp. 646–51. Blaug, M. (1985). Economic Theory in Retrospect. Cambridge University Press: Cambridge. Charnes, A., W. Cooper, and E. Rhodes (1978). "Measuring the Efficiency of Decision Making Units." European Journal of Operational Research 2. Cokins, G. (2004). Performance Management: Finding the Missing Pieces to Close the Intelligence Gap. John Wiley & Sons: Hoboken, NJ. Dluhosova, D. (2006). Financial management of firms (in Czech: Financni rizeni a rozhodovani podniku). Ekopress: Prague. Emery, G. W. (1987). "An Optimal Financial Approach to Variable Demand." Journal of Financial and Quantitative Analysis 22(2), pp. 209–25. Falope, O. I., and O. T. Ajilore (2009). "Working Capital Management and Corporate Profitability: Evidence from Panel Data Analysis of Selected Quoted Companies in Nigeria." Research Journal of Business Management 3, pp. 73–84. Hill, M. D., G. W. Kelly, and M. J. Highfield (2010). "Net Operating Working Capital Behavior: A First Look." Financial Management 39(2), pp. 783–805. Hirshleifer, J. (1958). "On the Theory of the Optimal Investment Decision." Journal of Political Economy 66. Huyghebaert, N. (2006). "On the Determinants and Dynamics of Trade Credit Use: Empirical Evidence from Business Start-Ups." Journal of Business Finance & Accounting 33(1). Ijiri, Y. (1978). "Cash-Flow Accounting and Its Structure." Journal of Accounting, Auditing and Finance 1(4). Kaura, M. (2002). Management Control and Reporting Systems: Harmonising Design and Implementation. SAGE Publications, Response Books: New Delhi. Khoury, N., K. Smith, and P. MacKay (1999). "Comparing Current Assets Practices in Canada, the United States and Australia." Revue Canadienne des Sciences de l'Administration 16(1), pp. 53–57. Lumby, S. (1993). Investment Appraisal and Financing Decisions. The Chapman & Hall Series in Accounting and Finance. Routledge Chapman & Hall: London. Mallik, A.K., and D. Sur (1998). "Working Capital and Profitability: A Case Study in Interrelation." The Management Accountant 33(11), pp. 805–9. Mallik, A.K., D. Sur, and D. Rakshit (2005). "Working Capital and Profitability: A Study on Their Relationship with Reference to Selected Companies in Indian Pharmaceutical Industry." GITAM Journal of Management 3, pp. 51–62. Markides, C. (1997). "Strategic Innovation." MIT Sloan Management Review 39(3). Masulis, R. (1980). "The Impact of Capital Structure Change on Firm Value: Some Estimates." Journal of Finance 38(1). Myers, S. (1984). "The Capital Structure Puzzle." Journal of Finance 39(3), Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/2078/SWP-1548-15376697.pdf (date of access: January 10, 2014). Myers, S., and N. Majluf (1984). "Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have." Journal of Financial Economics 13(2) Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/2068/SWP-1523-15376412.pdf (date of access: January 10, 2014). Myers, S. C. (1984). "The Capital Structure Puzzle." Journal of Finance 3. Peel, M. J., N. Wilson, and C. Howorth (2000). "Late Payment and Credit Management in the Small Firm Sector: Some Empirical Evidence." International Journal of Small Business 18(2). Petersen, M. A., and R. G. Rajan (1997). "Trade Credit: Theories and Evidence." The Review of Financial Studies 10(3), pp. 661–91. Pike, R., and B. Neale (1999). Corporate Finance and Investment: Decisions and Strategies. Prentice Hall: London. Pratt, S., and A. Niculita (2008). Valuing a Business: The Analysis and Appraisal of Closely Held Companies. McGraw-Hill: New York. Preve, L. A., and V. Sarria-Allende (2010). Working Capital Management, Financial Management Association Survey and Synthesis Series. Oxford University Press: New York. Robichek, A. A. (1975). "Interpreting the Results of Risk Analysis." Journal of Finance 30(5), pp. 1384–86. Ruback, S. C. (2002). "Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows." Financial Management 31(2). Scherr, F. C. (1989). Modern Working Capital Management. Text and Cases. Prentice Hall: Englewood Cliffs, NJ. Smith, J. E., and K. F. McCardle (1998). "Valuing Oil Properties: Integrating Option Pricing and Decision Analysis Approaches." Operations Research 46(2). Soltes, V. (2012). "Paradigms of Changes in the 21st Century: Quest for Configurations in Mosaic." Ekonomicky Casopis 60(4). Soufani, K. (2002). "On the Determinants of Factoring as a Financing Choice: Evidence from the UK." Journal of Economics and Business 54. Stewart, G. (1991). The Quest for Value. HarperCollins: New York. Summers, B., and N. Wilson (2000). "Trade Credit Management and the Decision to Use Factoring: An Empirical Study." Journal of Business Finance & Accounting 27(1). Tobin, J. (1958). "Liquidity Preference as Behavior Towards Risk." Review of Economic Studies 67, pp. 65–86. Tobin, J. (1969). "A General Equilibrium Approach to Monetary Theory." Journal of Money Credit and Banking 1(1). Washam, J., and D. Davis (1998). "Evaluating Corporate Liquidity." TMA Journal 18(2). Williamson, O. (1988). "Corporate Finance and Corporate Governance." Journal of Finance 43(3). Wilner, B. (2000). "The Exploitation of Relationships in Financial Distress: The Case of Trade Credit." Journal of Finance 55, pp. 153–78. Wojciechowska, U. (2001). Liquidity of Polish companies in transition economy: Microeconomic and macroeconomic aspects (in Polish: Plynnosc finansowa polskich przedsiebiorstw w okresie transformacji gospodarki). SGH: Warsaw. Zardkoohi, A. (2004). "Do Real Options Lead to Escalation of Commitment?" Academy of Management Science 29(1). Zmeskal, Z., and D. Dluhosova (2009). "Company Financial Performance Prediction on Economic Value Added Measure by Simulation Methodology." Proceedings of the 27th International Conference on Mathematical Methods in Economics, Mathematical Methods in Economics; H. Brožová, R. Kvasnička eds., Czech University of Life Sciences, Chapter 1. Working Capital Management in the Business Context Adner, R., and D. A. Levinthal (2004). "What Is Not a Real Option: Considering Boundaries for the Application of Real Options to Business Strategy." Academy of Management Review 29(1). Amram, M., and N. Kulatilaka (1999). Real Options: Managing Strategic Investment in an Uncertain World. Harvard Business School Press: Boston. Asch, D., and G. R. Kaye (1997). Financial Planning: Profit Improvement through Modelling. Kogan Page: London. Bagchi, B. and B. Khamrui (2012). "Relationship between Working Capital Management and Profitability: A Study of Selected FMCG Companies in India." Business and Economics Journal 60. Banos-Caballero, S., P. J. García-Teruel, and P. Martinez-Solano (2010). "Working Capital Management in Enterprises." Accounting & Finance 50(3), pp. 511–27. Baxter, M., and A. Rennie (1996). Financial Calculus: An Introduction to Derivative Pricing. Cambridge University Press: Cambridge. Baz, J., and G. Chacko (2004). Financial Derivatives: Pricing, Applications and Mathematics. Cambridge University Press: Cambridge. Beck, P. E., and D. R. Stockman (2005). "Money as Real Options in a Cash-in-Advance Economy." Economics Letters 87. Ben-Horim, M., and H. Levy (1982). "Inflation and the Trade Credit Theory Period." Management Science 28(6), pp. 646–51. Berger, P. G., E. Ofek, and I. Swary (1996). "Investor Valuation of the Abandonment Option." Journal of Financial Economics 42(2). Black, F., and M. Scholes (1973). "The Pricing of Options and Corporate Liabilities." Journal of Political Economy 81. Brasch, J. J. (1972). "The Role of Trade Credit in Economic Development." Nebraska Journal of Economics and Business 11(1), pp. 63–67. Brealey, R. A., and S. C. Myers (1999). Basics of enterprises finance (Polish edition: Podstawy finansow przedsiebiorstw). WN PWN: Warszawa. Brennan, M. J., and E. S. Schwartz (1985). "Evaluating Natural Resource Investments." Journal of Business 58(2). Cassimon, D., and P. J. Engelen (2003). "The New Frontiers of Corporate Finance." Global Business Review 5(1). Cokins, G. (2004). Performance Management: Finding the Missing Pieces to Close the Intelligence Gap. John Wiley & Sons: Hoboken, NJ. Copeland, T. E., and V. Antikarov (2001). Real Options: A Practitioner's Guide. Business & Economics: Texere, London, New York. Copeland, T. E., and P. Keenan (1998). "How Much Is Flexibility Worth?" The McKinsey Quarterly 2. Copeland, T. E., and J. Weston (1988). Financial Theory and Corporate Policy. Addison-Wesley: Reading, MA. Copeland, T. E., and J. F. Weston (1982). "A Note on the Evaluation of Cancellable Operating Leases." Financial Management 11. Copeland, T. E., L. F. Weston, and K. Shastri (2004). Financial Theory and Corporate Policy. Addison-WesleyPublishing Company: Boston. Cote, J. M., and C. K. Latham (1999). "The Merchandising Ratio: A Comprehensive Measure of Current Assets Strategy." Issues in Accounting Education 14(2) May, pp. 255–67. Database Amadeus product of Bureau van Dijk (date of release: 2013 SEP 15). Dluhosova, D. (2006). Financial management of firms (in Czech: Financni rizeni a rozhodovani podniku). Ekopress: Prague. Dudycz, T. (2000). Financial analysis (in Polish: Analiza finansowa). AE: Wroclaw. Emery, G. W. (1987). "An Optimal Financial Approach to Variable Demand." Journal of Financial and Quantitative Analysis 22(2), pp. 209–25. Fabozzi, F. J. (1999). Investment Management. Prentice Hall: Upper Saddle River, NJ. Falope, O. I., and O. T. Ajilore (2009). "Working Capital Management and Corporate Profitability: Evidence from Panel Data Analysis of Selected Quoted Companies in Nigeria." Research Journal of Business Management 3, pp. 73–84. Fazzari, S.M., and B. C. Petersen (1993). "Working Capital and Fixed Investment: New Evidence on Financing Constraints." The RAND Journal of Economics 24, pp. 328–42. Fernandez, P. (2002). Valuation Methods and Shareholder Value Creation. Academic Press/Elsevier: San Diego. Fewings, D. R. (1996). "Unbiased Trade Credit Decisions under Imperfect Information." Advances in Working Capital Management 3. Gentry, J. A. (1988). "State of the Art of Short-Run Financial Management." Financial Management 17(2), pp. 41–57. Graber, P. J. (1948). "Assets." The Accounting Review 23(1), pp. 12–16. Graham, J. (1996). "Debt and the Marginal Tax Rate." Jounal of Financial Economics 41(1). Graham, J., and C. Harvey (2001). "The Theory and Practice of Corporate Finance: Evidence from the Field." Journal of Financial Economics 60(2−3). Harris, M., and A. Raviv (1988). "Corporate Control Contents and Capital Structure." Journal of Financial Economics 20. Harris, M., and A. Raviv (1991). "The Theory of Capital Structure." Journal of Finance 46(1). Henderson, J. W., and T. S. Maness (1989). The Financial Analyst's Deskbook: A Cash Flow Approach to Liquidity. Van Nostrand Reinhold: New York. Hsia, C. (1981). "Coherence of the Modern Theories of Finance." Financial Management 10(4). Jain, N. (2001). "Monitoring Costs and Trade Credit." The Quarterly of Economics and Finance 41, pp. 89–110. Jensen, M. (1986). "Agency Cost of Free-Cash-Flow, Corporate Finance, and Takeovers." American Economic Review 76(2). Jensen, M. C., and W. H. Meckling (1976). "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure." Journal of Financial Economics 3(4). Kieschnick, R. L., M. Laplante, and R. Moussawi (2009). "Working Capital Management, Access to Financing, and Firm Value" Working Paper. Available at SSRN: http://ssrn.com/abstract = 1431165 (date of access: December 10, 2010). » Link Laffer, A. B. (1970). "Trade Credit and the Money Market." Journal of Political Economy (March/April), pp. 239–67. Lazaridis, I., and D. Tryfonidis (2006). "Relationship between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange." Journal of Financial Management and Analysis 19(1), January-June. Available at SSRN: http://ssrn.com/abstract = 931591 (date of access: January 10, 2014). Lee, C. F., and J. E. Finnerty (1990). Corporate Finance: Theory, Method and Applications. HBJ: Orlando, FL. Levy, H., and D. Gunthorpe (1999). Introduction to Investments. South-Western College Publishing: Cincinnati, OH. Lyland, H., and D. Pyle (1977). "Information Asymmetries, Financial Structure and Financial Intermediation." Journal of Finance 32(2). Marr, B. (2006). Strategic Performance Management: Leveraging and Measuring Your Intangible Value Drivers. Butterworth-Heinemann: London. Martin, J. D., J. W. Petty, A. J. Keown, and D. F. Scott (1991). Basic Financial Management. Prentice Hall: Englewood Cliffs, NJ. Meszek, W., and M. Polewski (2006). "Certain Aspects of Working Capital in a Construction Company." Technological and Economic Development of Economy 12(3),pp. 222–26. Mian, S. L., and C. W. Smith (1992). "Accounts Receivable Management Policy: Theory and Evidence." Journal of Finance 67(1). Michalski, G. (2008). "Value-Based Inventory Management." Journal of Economic Forecasting 9(1), pp. 82–90. Michalski, G. (2009). "Effectiveness of Investment in Operating Cash." Journal of Corporate Treasury Management 3(1). Michalski, G. (2010). Strategic management of liquidity in enterprises. (in Polish: Strategiczne zarzadzanie plynnoscia finansowa w przedsiebiorstwie). CeDeWu: Warsaw. Michalski, G. (2012a). "Crisis-Caused Changes in Intrinsic Liquidity Value in Non-Profit Institutions. Equilibrium." Quarterly Journal of Economics and Economic Policy 7(2). Michalski, G. (2012b). "Crisis Influence on General Economic Condition and Corporate Liquidity Management: Financial Liquidity Investment Efficiency Model (FLIEM) Use to Diagnose Polish Economics Standing." Proceedings of the 7th International Conference on Currency, Banking and International Finance: How Does Central and Eastern Europe Cope with the Global Financial Crisis? EKONOM: Bratislava, pp. 200–219. Michalski, G. (2012c). "Financial Liquidity Management in Relation to Risk Sensitivity: Polish Firms Case." Proceedings of the International Conference Quantitative Methods in Economics (Multiple Criteria Decision Making XVI). EKONOM: Bratislava, pp. 141–60. Michalski, G. (2012d). "Risk Sensitivity Indicator as Correction Factor for Cost of Capital Rate." Managing and Modelling of Financial Risks: 6th International Scientific Conference Proceedings. Vysoka Skola Banska VSB-TU, Faculty of Economics, Finance Department, Ostrava, pp. 418–28, Available at SSRN: http://ssrn.com/abstract = 2193398 (date of access: January 10, 2014). » Link Miles, J. A., and J. R. Ezzell (1980). "The Weighted Average Cost of Capital, Perfect Capital Markets, and Project Life." Journal of Financial and Quantitative Analysis 15(3). Miller, M. (1999). Merton Miller o instrumentach pochodnych. K. E. Liber: Warszawa. Miller, M., and F. Modigliani (1961). "Dividend Policy, Growth, and the Valuation of Shares." Journal of Business 34(4). Miller, M., and F. Modigliani (1966). "Some Estimates of the Cost of Capital to the Electric Utility Industry, 1954 − 57." American Economic Review 56(3). Modigliani, F. (1982). "Debt, Dividend Policy, Taxes, Inflation and Market Valuation." Journal of Finance 37(2). Modigliani, F., and M. Miller (1958). "The Cost of Capital, Corporation Finance and the Theory of Investment." American Economic Review 48(3). Modigliani, F., and M. Miller (1963). "Taxes and the Cost of Capital: A Correction." American Economic Review 53(3). Moyer, R. C., J. R. McGuigan, and W. J. Ketlow (1990). Contemporary Financial Management. West Publishing Company: Saint Paul. Mueller, F. (1953). "Corporate Current Assets and Liquidity." The Journal of Business of the University of Chicago 26(3), pp. 157–72. Myers, S. (1977). "The Determinants of Corporate Borrowing." Journal of Financial Economics 5(2) Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/1915/SWP-0875-02570768.pdf (date of access: January 10, 2014). Myers, S. (1984). "The Capital Structure Puzzle." Journal of Finance 39(3), Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/2078/SWP-1548-15376697.pdf (date of access: January 10, 2014). Myers, S. (1998). "The Search of Capital Structure Puzzle." In Financial Strategy: Adding Shareholder Value. Edited by J. Rutterford. John Wiley & Sons: Chichester. Myers, S., and N. Majluf (1984). "Corporate Financing and Investment Decisions When Firms Have Information Investors Do Not Have." Journal of Financial Economics 13(2) Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/2068/SWP-1523-15376412.pdf (date of access: January 10, 2014). Myers, S. C. (1974). "Interactions of Corporate Finance and Investment Decisions: Implications for Capital Budgeting." Journal of Finance 29(1) Available at JSTOR: http://www.jstor.org/discover/10.2307/2978211 (date of access: January 10, 2014). Myers, S. C. (1977). "Determinants of Corporate Borrowing." Journal of Financial Economics 5. Myers, S. C. (2001). "Finance Theory and Financial Strategy." In Real Options and Investment under Uncertainty. Edited by E. S. Schwartz and L. Trigeorgis. MIT Press: Cambridge, MA. Myers, S. C. (1984). "The Capital Structure Puzzle." Journal of Finance 3. Myers, S. C., and S. M. Turnbull (1977). "Capital Budgeting and the Capital Asset Pricing Model: Good News and Bad News." Journal of Finance 32(2), pp. 321–33. Nadiri, M. I. (1969). "The Determinants of Trade Credit in the US Total Manufacturing Sector." Econometrica 37(3). Narware, P. C. (2004). "Working Capital and Profitability: An Empirical Analysis."; The Management Accountant, ICWAI Knowledge Bank, Kolkatta, June, pp. 491−493. Nobanee, H. (2009). "Working Capital Management and Firm's Profitability: An Optimal Cash Conversion Cycle." Working Paper. Available at SSRN: http://ssrn.com/abstract=1471230 or http://dx.doi.org/10.2139/ssrn.1471230 (date of access: January 10, 2014). » Link Nobanee, H., W. K. Al Shattarat, and A. E. Haddad (2009). "Optimizing Working Capital Management." Working Paper. Available at SSRN: http://ssrn.com/abstract=1528894 or http://dx.doi.org/10.2139/ssrn.1528894 (date of access: January 10, 2014). » Link Nobanee, H., and M. Hajjar (2009b). "Working Capital Management, Operating Cash Flow and Corporate Performance." Working Paper. Available at SSRN: http://ssrn.com/abstract = 1471236 (date of access: January 10, 2014). » Link Nowak, M. (1995). Dynamic models of financial management in the enterprise (in Polish: Dynamiczne modele zarzadzania finansami w przedsiebiorstwie). Pret: Warszawa. Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson (1999). "The Determinants and Implications of Corporate Cash Holdings." Journal of Financial Economics 52, pp. 3–46. Opler, T., M. Saron, and S. Titman. (1997). "Designing Capital Structure to Create Shareholder Value." Journal of Applied Corporate Finance 10(1). Opler, T., and S. Titman (1994). "Financial Distress and Corporate Performance." Journal of Finance 49(3). Osband, K. (2011). Pandora's Risk: Uncertainty at the Core of Finance. Columbia Business School Publishing Series. Columbia University Press: New York. Ozkan, A. (2001). "Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data." Journal of Business Finance & Accounting 28(1−2). Petersen, M. A., and R. G. Rajan (1997). "Trade Credit: Theories and Evidence." The Review of Financial Studies 10(3), pp. 661–91. Piotrowska, M. (1997). Finances of Companies: Short-Term Financial Decisions. AE: Wroclaw. Polak, P. (2012). "Addressing the Post-Crisis Challenges in Working Capital Management." International Journal of Research in Management 6(2). http://ssrn.com/abstract = 2195059 (date of access: January 10, 2014). Schwartz, R. A., and D. A. Whitcomb (1978). "Implicit Transfers in the Extension of Trade Credit." In Redistribution through the Financial System: The Grants Economics of Money and Credit. Edited by K. E. Boulding and T. F. Wilson. Preager Special Studies: New York, pp. 191–208. Shapiro, A. C. (1990). Modern Corporate Finance. Macmillan Publishing Company: New York. Shulman, J. M., and R. A. K. Cox (1985). "An Integrative Approach to Working Capital Management." Journal of Cash Management November−December. Smith, J. K. (1987). "Trade Credit and Informational Asymmetry." Journal of Finance 42(4), pp. 863–72. Solomon, E. (1963). The Theory of Financial Management. Columbia University Press: New York. Stark, A. (1987). "On the Observability of the Cash Recovery Rate." Journal of Business, Finance and Accounting 14(4). Thakor, A. V. (1993). "Corporate Investments and Finance." Financial Management Summer, pp. 135−44. Titman, S. (1984). "The Effect of Capital Structure on a Firm's Liquidation Decision." Journal of Financial Economics 13(1). Uyar, A. (2009). "The Relationship of Cash Conversion Cycle with Firm Size and Profitability: An Empirical Investigation in Turkey." International Research Journal of Finance and Economics 24. Vernimmen, P., P. Quiry, M. Dallocchio, Y. Le Fur, and A. Salvi (2009). Corporate Finance: Theory and Practice. John Wiley & Sons: Chichester, UK. Walker, D. A. (1985). "Trade Credit Supply for Small Business." American Journal of Small Business 9(3) Winter, pp. 30–40. Warner, J. (1977). "Bankruptcy Costs: Some Evidence." Journal of Finance 32(2). Warner, J. (1977). "Bankruptcy, Absolute Priority and the Pricing of Risky Debt Claims." Journal of Financial Economics May. Zietlow, J., and A. Seidner (2007). Cash and Investment Management for Nonprofit Organizations. Wiley: Hoboken. Zingales, L. (2000). In Search of New Foundations. Journal of Finance 55(4). Chapter 2. Understanding and Measuring Financial Liquidity Levels Back, P. (2001). "Testing Liquidity Measures as Bankruptcy Prediction Variables." Liiketaloudellinen Aikakauskirja—The Finnish Journal of Business Economics 2001(3). Bagchi, B. and B. Khamrui (2012). "Relationship between Working Capital Management and Profitability: A Study of Selected FMCG Companies in India." Business and Economics Journal 60. Brigham, E. F. (1975). "Hurdle Rates for Screening Capital Expenditure Proposals." Financial Management; 4(3), pp. 17–16 Copeland, T. E., and J. F. Weston (1982). "A Note on the Evaluation of Cancellable Operating Leases." Financial Management 11. Cote, J. M., and C. K. Latham (1999). "The Merchandising Ratio: A Comprehensive Measure of Current Assets Strategy." Issues in Accounting Education 14(2) May, pp. 255–67. Damodaran, A. (1999). Applied Corporate Finance: A User's Manual. John Wiley & Sons: New York. Database Amadeus product of Bureau van Dijk (date of release: 2013 SEP 15). Database Osiris product of Bureau van Dijk (date of release: 2013 SEP 15). Dluhosova, D. (2006). Financial management of firms (in Czech: Financni rizeni a rozhodovani podniku). Ekopress: Prague. Dudycz, T. (2000). Financial analysis (in Polish: Analiza finansowa). AE: Wroclaw. Emery, G., and R. Lyons R. (1991). "The Lambda Index: Beyond the Current Ratio." Business Credit November/December. Etiennot, H., L. A. Preve, and V. S. Allende (2012). "Working Capital Management." Journal of Applied Finance 1 (ISSN 1534-6668), pp. 162–75 [This work was reported also as Etiennot, H., L. Preve, and V. Allende (2011). "Working Capital Management: An Exploratory Study." Journal of Applied Finance 2/2011, pp. 2–23 (available at SSRN: http://ssrn.com/abstract = 2119217).] Fama, E., and H. French (2005). "Financing Decisions: Who Issues Stock." Journal of Financial Economics 76. Fama, E. F. (1980). "Agency Problems and the Theory of the Firm." Journal of Political Economy 88(2). Fernandez, P. (2001a). "Valuing Companies by Cash Flow Discounting: Ten Methods and Nine Theories." EFMA 2002 London Meetings, Working Papers IESE Business School, Madrid. Available at SSRN: http://ssrn.com/abstract = 256987 (date of access: 2014 January 10). » Link Geske, R. (1977). "The Valuation of Corporate Liabilities as Compound Options." Journal of Financial and Quantitative Analysis 12(4). Gill, A., N. Biger, and N. Mathur (2010). "The Relationship between Working Capital Management and Profitability: Evidence from the United States." Business and Economics Journal 10. Graham, J., and C. Harvey (2001). "The Theory and Practice of Corporate Finance: Evidence from the Field." Journal of Financial Economics 60(2−3). Gupta, A., and L. Rosenthal (1991). "Ownership Structure, Leverage, and Firm Value: The Case of Leveraged Recapitalizations." Financial Management 20(3). Heinkel, R. (1982). "A Theory of Capital Structure Relevance under Imperfect Information." Journal of Finance 37(5). Henderson, J. W., and T. S. Maness (1989). The Financial Analyst's Deskbook: A Cash Flow Approach to Liquidity. Van Nostrand Reinhold: New York. Higgins, R. C. (1977). "How Much Growth Can Firms Afford?" Financial Management 6(3). Higgins, R. C. (1981). "Sustainable Growth under Inflation." Financial Management 10(4). Hill, M. D., G. W. Kelly, and M. J. Highfield (2010). "Net Operating Working Capital Behavior: A First Look." Financial Management 39(2), pp. 783–805. Hill, N. C., and W. L. Sartoris (1995). Short-Term Financial Management: Text and Cases. Prentice Hall: Englewood Cliffs, p. 2 Jensen, M. C., and W. H. Meckling (1976). "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure." Journal of Financial Economics 3(4). Kaplan, S. N., and R. S. Ruback (1995). "The Valuation of Cash Flow Forecast: An Empirical Analysis." Journal of Finance 50(4). Kemna, A. G. Z. (1993). "Case Studies on Real Options." Financial Management 22. Khoury, N., K. Smith, and P. MacKay (1999). "Comparing Current Assets Practices in Canada, the United States and Australia." Revue Canadienne des Sciences de l'Administration 16(1), pp. 53–57. Kieschnick, R. L., M. Laplante, and R. Moussawi (2009). "Working Capital Management, Access to Financing, and Firm Value" Working Paper. Available at SSRN: http://ssrn.com/abstract = 1431165 (date of access: December 10, 2010). » Link Kim, C-S., D. Mauer, and A. Sherman (1998). "The Determinants of Corporate Liquidity: Theory and Evidence." Journal of Financial and Quantitative Analysis 33(3). Lazaridis, I., and D. Tryfonidis (2006). "Relationship between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange." Journal of Financial Management and Analysis 19(1), January-June. Available at SSRN: http://ssrn.com/abstract = 931591 (date of access: January 10, 2014). Lee, C. F., and J. E. Finnerty (1990). Corporate Finance: Theory, Method and Applications. HBJ: Orlando, FL. Long, M., L. B. Malitz, and S. A. Ravid (1993). "Trade Credit, Quality Guarantees, and Product Marketability." Financial Management 22. Luehrman, T. A. (1998). "Investment Opportunities as Real Options: Getting Started on the Numbers." Harvard Business Review 4. Maness, T., and J. Zietlow (2005). Short-Term Financial Management. South-Western/Thomson Learning: Mason, OH. Maness, T. S., and J. T. Zietlow (1998). Short-Term Financial Management. Dryden Press: Fort Worth, TX. Martin, J. D., J. W. Petty, A. J. Keown, and D. F. Scott (1991). Basic Financial Management. Prentice Hall: Englewood Cliffs, NJ. Melnyk, Z. L., and A. Birati (1974). "Comprehensive Liquidity Index as Measure of Corporate Liquidity." Scientific and Behavioral Foundations of Decision Sciences. Southeastern Region of the American Institute for Decision Sciences, Atlanta. Michalski, G. (2008). "Value-Based Inventory Management." Journal of Economic Forecasting 9(1), pp. 82–90. Michalski, G. (2010). Strategic management of liquidity in enterprises. (in Polish: Strategiczne zarzadzanie plynnoscia finansowa w przedsiebiorstwie). CeDeWu: Warsaw. Michalski, G. (2012a). "Crisis-Caused Changes in Intrinsic Liquidity Value in Non-Profit Institutions. Equilibrium." Quarterly Journal of Economics and Economic Policy 7(2). Michalski, G. (2012c). "Financial Liquidity Management in Relation to Risk Sensitivity: Polish Firms Case." Proceedings of the International Conference Quantitative Methods in Economics (Multiple Criteria Decision Making XVI). EKONOM: Bratislava, pp. 141–60. Michalski, G. (2012d). "Risk Sensitivity Indicator as Correction Factor for Cost of Capital Rate." Managing and Modelling of Financial Risks: 6th International Scientific Conference Proceedings. Vysoka Skola Banska VSB-TU, Faculty of Economics, Finance Department, Ostrava, pp. 418–28, Available at SSRN: http://ssrn.com/abstract = 2193398 (date of access: January 10, 2014). » Link Modigliani, F., and M. Miller (1963). "Taxes and the Cost of Capital: A Correction." American Economic Review 53(3). Myers, S. (1977). "The Determinants of Corporate Borrowing." Journal of Financial Economics 5(2) Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/1915/SWP-0875-02570768.pdf (date of access: January 10, 2014). Myers, S. C. (1977). "Determinants of Corporate Borrowing." Journal of Financial Economics 5. Myers, S. C., and S. M. Turnbull (1977). "Capital Budgeting and the Capital Asset Pricing Model: Good News and Bad News." Journal of Finance 32(2), pp. 321–33. Neftci, S. N. (1996). An Introduction to the Mathematics of Financial Derivatives. Academic Press: San Diego, CA. Nita, B. (2011). "Synthetic indicator of liquidity in static approach in terms of demand for net working capital" (in Polish: "Syntetyczny wskaznik plynnosci finansowej w ujeciu statycznym w kontekscie zapotrzebowania na kapital obrotowy netto"). Research Papers of Wroclaw University of Economics 182, Wroclaw. Nowak, M. (1995). Dynamic models of financial management in the enterprise (in Polish: Dynamiczne modele zarzadzania finansami w przedsiebiorstwie). Pret: Warszawa. Paddock, J. L., D. R. Siegel, and J. L. Smith (1988). "Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases." Quarterly Journal of Economics 103(3). Parrino, R., and D. Kidwell (2008). Fundamentals of Corporate Finance. Wiley: New York. Peasnell, K. (1982). "Some Formal Connections between Economic Values and Yields and Accounting Numbers." Journal of Finance and Accounting 9(3). Peel, M. J., N. Wilson, and C. Howorth (2000). "Late Payment and Credit Management in the Small Firm Sector: Some Empirical Evidence." International Journal of Small Business 18(2). Petersen, M. A., and R. G. Rajan (1997). "Trade Credit: Theories and Evidence." The Review of Financial Studies 10(3), pp. 661–91. Pike, R., and B. Neale (1999). Corporate Finance and Investment: Decisions and Strategies. Prentice Hall: London. Piotrowska, M. (1997). Finances of Companies: Short-Term Financial Decisions. AE: Wroclaw. Piotrowska, M. (1998). "Macroeconomic conditions of the money market in Poland" (in Polish: "Makroekonomiczne uwarunkowania rynku pienieznego w Polsce"). Scientific Papers of the University of Economics in Wroclaw 783, Wroclaw. Polak, P. (2009). "The Centre Holds: From the Decentralised Treasury Towards Fully Centralised Cash and Treasury Management." Journal of Corporate Treasury Management 3(2), pp. 109–12. http://ssrn.com/abstract = 1653318 (date of access: January 10, 2014). Polak, P. (2010). "Centralization of Treasury Management in a Globalized World." International Research Journal of Finance and Economics 56. http://ssrn.com/abstract = 1702687 (date of access: January 10, 2014). » Link Pratt, S., and A. Niculita (2008). Valuing a Business: The Analysis and Appraisal of Closely Held Companies. McGraw-Hill: New York. Preve, L. A., and V. Sarria-Allende (2010). Working Capital Management, Financial Management Association Survey and Synthesis Series. Oxford University Press: New York. Rajan, R., and L. Zingales (1995). "What We Know About Capital Structure: Some Evidence from International Data." Journal of Finance 53(3). Rizzi, J. V. (2007). "How Much Debt Is Right for Your Deal?" Commercial Lending Review 22(4). Ross, S. A. (1977). "The Determination of Financial Structure: The Incentive Signaling Approach." Bell Journal of Economics 8(1). Ross, S. A. (1977). "The Determination of Financial Structure: The Incentive Signaling Approach." Bell Journal of Economics 4. Salamon, G. L. (1982). "Cash Recovery Rates and Measures of Firm Profitability." Accounting Review 57. Samuels, J. M., F. M. Wilkers, and R. E. Brayshaw (1993). Management of Company Finance. Chapman & Hall: London. Sarjusz-Wolski, Z. (2000). Inventory control in an enterprise (in Polish: Sterowanie zapasami w przedsiebiorstwie). PWE: Warszawa. Scherr, F. C. (1996). "Optimal Trade Credit Limits." Financial Management 25 (1) (Spring), pp. 71–85. Schilling, G. (1996). "Working Capital's Role in Maintaining Corporate Liquidity." TMA Journal 16(5). Schwartz, R. A. (1974). "An Economic Model of Trade Credit." Journal of Financial and Quantitative Analysis 9(4), pp. 643–57. Schwartz, R. A., and D. A. Whitcomb (1978). "Implicit Transfers in the Extension of Trade Credit." In Redistribution through the Financial System: The Grants Economics of Money and Credit. Edited by K. E. Boulding and T. F. Wilson. Preager Special Studies: New York, pp. 191–208. Shapiro, A. C., and S. D. Balbier (2000). Modern Corporate Finance. Prentice Hall: Upper Saddle River, NJ. Shulman, J. M., and R. A. K. Cox (1985). "An Integrative Approach to Working Capital Management." Journal of Cash Management November−December. Siegel, J. G., J. K. Shim, and W. G. Hartman (1999). Guide to finance (in Polish: Przewodnik po finansach). WN PWN: Warsaw. Sierpinska, M., and D. Wedzki (2002). Financial liquidity management in an enterprise (in Polish: Zarzadzanie plynnoscia finansowa w przedsiebiorstwie). WN PWN: Warsaw. Singh, P. (2008). "Inventory and Working Capital Management: An Empirical Analysis." The ICFAI Journal of Accounting Research 7(2), pp. 53–73. Smith J. K., and C. Schnucker (1994). "An Empirical Examination of Organizational Structure: The Economics of Factoring Decision." Journal of Corporate Finance 1. Soltes, V. (2012). "Paradigms of Changes in the 21st Century: Quest for Configurations in Mosaic." Ekonomicky Casopis 60(4). Spremann, K. (2010). "Old and New Financial Paradigms." In Current Challenges for Corporate Finance: A Strategic Perspective. Edited by G. Eilenberger. Springer-Verlag: Berlin Heidelberg. Summers, B., and N. Wilson (2002). "The Empirical Investigation of Trade Credit Demand." International Journal of the Economics of Business 9(2), pp. 257–70. Titman, S., and R. Wessels (1988). "The Determinants of Capital Structure Choice." Journal of Finance 43(1),pp. 1–19. Varian, H. R. (1987). "The Arbitrage Principle in Financial Economics." Economic Perspectives 1(2). Waiss, L. (1990). "Bankruptcy Resolution: Direct Cost and Violation of Priority Claims." Journal of Financial Economics 27(2). Walker, D. A. (1985). "Trade Credit Supply for Small Business." American Journal of Small Business 9(3) Winter, pp. 30–40. Walter, J. (1957). "Determination of Technical Solvency." Journal of Business January. Washam, J., and D. Davis (1998). "Evaluating Corporate Liquidity." TMA Journal 18(2). Weston, F. (1963). "A Test of Cost of Capital Propositions." The Southern Economic Journal 30(2). Wojciechowska, U. (2001). Liquidity of Polish companies in transition economy: Microeconomic and macroeconomic aspects (in Polish: Plynnosc finansowa polskich przedsiebiorstw w okresie transformacji gospodarki). SGH: Warsaw. Zietlow, J., and A. Seidner (2007). Cash and Investment Management for Nonprofit Organizations. Wiley: Hoboken. Chapter 3. Intrinsic and External Values of Liquidity and Optimization Altman, E. (1984). "A Further Empirical Investigation of the Bankruptcy Cost Question." Journal of Finance 39. Asch, D., and G. R. Kaye (1997). Financial Planning: Profit Improvement through Modelling. Kogan Page: London. Baker, M., and J. Wurgler (2002). "Market Timing and Capital Structure." Journal of Finance 57. Banos-Caballero, S., P. J. García-Teruel, and P. Martinez-Solano (2010). "Working Capital Management in Enterprises." Accounting & Finance 50(3), pp. 511–27. Beck, P. E., and D. R. Stockman (2005). "Money as Real Options in a Cash-in-Advance Economy." Economics Letters 87. Blaug, M. (1985). Economic Theory in Retrospect. Cambridge University Press: Cambridge. Brealey, R. A., and S. C. Myers (1999). Basics of enterprises finance (Polish edition: Podstawy finansow przedsiebiorstw). WN PWN: Warszawa. Brennan, M. J., and E. S. Schwartz (1985). "Evaluating Natural Resource Investments." Journal of Business 58(2). Brigham, E. F. (1975). "Hurdle Rates for Screening Capital Expenditure Proposals." Financial Management; 4(3), pp. 17–16 Chriss, N. A. (1997). Black-Scholes and Beyond: Options Pricing Models. McGraw-Hill: New York. Copeland, T. E., and J. F. Weston (1982). "A Note on the Evaluation of Cancellable Operating Leases." Financial Management 11. Cox, J., S. Ross, and M. Rubinstein (1979). "Option Pricing: A Simplified Approach." Journal of FinancialEconomics 7. Database Amadeus product of Bureau van Dijk (date of release: 2013 SEP 15). DeAngelo, H., and R. Masulis (1980). "Optimal Capital Structure under Corporate and Personal Taxation." Journal of Financial Economics 8(1). Deloof, M. (2003). "Does Working Capital Management Affect Profitability of Belgian Firms?" Journal of Business Finance & Accounting 30(3 − 4), pp. 573–88. Dixit, A. K., and R. S. Pindyck (1994). Investment under Uncertainty. Princeton University Press: Princeton, NJ. Dixit, A. K., and R. S. Pindyck (1995). "The Options Approach to Capital Investment." Harvard Business Review 73(3), May−June, pp. 105−115. Dluhosova, D. (2006). Financial management of firms (in Czech: Financni rizeni a rozhodovani podniku). Ekopress: Prague. Eckbo, B. E. (2007). Handbook of Corporate Finance: Empirical Corporate Finance. Elsevier/North Holland: Amsterdam. Fernandez, P. (2001b). "Valuing Real Options: Frequently Made Errors." Working Papers IESE Business School, Madrid. Available at SSRN: http://ssrn.com/abstract = 274855 or http://dx.doi.org/10.2139/ssrn.274855 (date of access: January 10, 2014). » Link Fewings, D. R. (1996). "Unbiased Trade Credit Decisions under Imperfect Information." Advances in Working Capital Management 3. Fisher, E., R. Heinkel, and J. Zechner (1989). Dynamic Capital Structure Choice: Theory and Tests. Journal of Finance 44. Frank, M., and V. Goyal (2003). Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics 67. Frank, M., and V. Goyal (2009). "Capital Structure Decisions: Which Factors Are Reliably Important?" Financial Management 38. Hamada, R. (1969). "Portfolio Analysis, Market Equilibrium, and Corporation Finance." Journal of Finance 24(2). Harris, R. S., and J. J. Pringle (1985). "Risk-Adjusted Discount Rates: Extensions from the Average-Risk Case." Journal of Financial Research 8(3). Haugen, R., and L. Senbet (1978). "The Insignificance of Bankruptcy Costs to the Theory of Optimal Capital Structure." Journal of Finance 33(2). Herath, H. S. B., and C. S. Park (1999). "Economic Analysis of R&D Projects: An Options Approach." Engineering Economist 44(1). Herath, H. S. B., and C. S. Park (2002). "Multi-Stage Capital Investment Opportunities as Compound Real Options." Engineering Economics 47(1). Hill, M. D., G. W. Kelly, and M. J. Highfield (2010). "Net Operating Working Capital Behavior: A First Look." Financial Management 39(2), pp. 783–805. Hill, N. C., and W. L. Sartoris (1995). Short-Term Financial Management: Text and Cases. Prentice Hall: Englewood Cliffs, p. 2 Hirshleifer, J. (1965). "Investment Decisions under Uncertainty: Choice Theoretic Approaches." Quarterly Journal of Economics 74(4). Hubalek, F., and W. Schachermayer (2001). "The Limitations of No-Arbitrage Arguments for Real Options." International Journal of Theoretical and Applied Finance 4(2). Jajuga, K. (2005). "Problems in Operational Risk Measurement." In Finansowanie dzialalnosci przedsiebiorstw. Wydawnictwo WSB: Poznan, pp. 137–44. Kester, W. C. (1984). "Today's Options for Tomorrow's Growth." Harvard Business Review 2. Kogut, B., and N. Kulatilaka (2004). "Real Options Pricing and Organizations: The Contingent Risks of Extended Theoretical Domains." Academy of Management Science 29(1). Kulatilaka, N. (1993). "The Value of Flexibility: The Case of Dual-Fuel Industrial Steam Boiler." Financial Management 3. Kulatilaka, N., and L. Trigeorgis (2001). "The General Flexibility to Switch." In Real Options and Investment under Uncertainty. Edited by E. S. Schwartz and L. Trigeorgis. MIT Press: Cambridge, MA. Lee, C. F., and J. E. Finnerty (1990). Corporate Finance: Theory, Method and Applications. HBJ: Orlando, FL. Lee, Y. W., and J. D. Stowe (1993). "Product Risk, Asymmetric Information, and Trade Credit." Journal of Financial and Quantitative Analysis 28, pp. 285–300. Leland, H. (1994). "Corporate Debt Value, Bond Covenants, and Optimal Capital Structure." Journal of Finance 49(4). Leland, H. E., and D. H. Pyle (1977). "Informational Asymmetries, Financial Structure and Financial Intermediation." Journal of Finance 32(2). Lessard, D. R. (1996). "Incorporating Country Risk in the Valuation of Offshore Projects." Journal of Applied Corporate Finance 9(3). Lofthouse, S. (2005). Investment Management. Wiley: Chichester, UK. Long, M., L. B. Malitz, and S. A. Ravid (1993). "Trade Credit, Quality Guarantees, and Product Marketability." Financial Management 22. Luehrman, T. A. (1998). "Investment Opportunities as Real Options: Getting Started on the Numbers." Harvard Business Review 4. Lumby, S. (1993). Investment Appraisal and Financing Decisions. The Chapman & Hall Series in Accounting and Finance. Routledge Chapman & Hall: London. Madden, B. (1999). CFROI Valuation: A Total System Approach to Valuating the Firm. Butterworth-Heinemann: Oxford. Majd, S., and R. S. Pindyck (1987). "Time-to-Build Option Value and Investment Decisions." Journal of Financial Economics 18. Makridiakis, S., and S. Wheelwright (1989). Forecasting Methods for Management. Wiley & Sons: New York. Marris, R. (1963). "A Model of the 'Managerial' Enterprise." The Quarterly Journal of Economics 77(2). Masulis, R. (1980). "The Impact of Capital Structure Change on Firm Value: Some Estimates." Journal of Finance 38(1). McDonald, R., and D. Siegel (1986). "The Value of Waiting to Invest." Quarterly Journal of Economics 101(4). McGrath, R. G., W. J. Ferner, and A. L. Mendelow (2004). "Real Options as Engines of Choice and Heterogeneity." Academy of Management Review 29(1). Merton, R., and A. Perold (1999). "Theory of Risk Capital in Financial Firms." In The New Corporate Finance: Where Theory Meets Practice. Edited by D. H. Chew. McGraw-Hill: Boston. Merton, R. C. (1973). "Theory of Rational Option Pricing." Bell Journal of Economics and Management Science 4(1). Michalski, G. (2008). "Value-Based Inventory Management." Journal of Economic Forecasting 9(1), pp. 82–90. Michalski, G. (2010). Strategic management of liquidity in enterprises. (in Polish: Strategiczne zarzadzanie plynnoscia finansowa w przedsiebiorstwie). CeDeWu: Warsaw. Michalski, G. (2012a). "Crisis-Caused Changes in Intrinsic Liquidity Value in Non-Profit Institutions. Equilibrium." Quarterly Journal of Economics and Economic Policy 7(2). Michalski, G. (2012b). "Crisis Influence on General Economic Condition and Corporate Liquidity Management: Financial Liquidity Investment Efficiency Model (FLIEM) Use to Diagnose Polish Economics Standing." Proceedings of the 7th International Conference on Currency, Banking and International Finance: How Does Central and Eastern Europe Cope with the Global Financial Crisis? EKONOM: Bratislava, pp. 200–219. Michalski, G. (2012c). "Financial Liquidity Management in Relation to Risk Sensitivity: Polish Firms Case." Proceedings of the International Conference Quantitative Methods in Economics (Multiple Criteria Decision Making XVI). EKONOM: Bratislava, pp. 141–60. Michalski, G. (2012d). "Risk Sensitivity Indicator as Correction Factor for Cost of Capital Rate." Managing and Modelling of Financial Risks: 6th International Scientific Conference Proceedings. Vysoka Skola Banska VSB-TU, Faculty of Economics, Finance Department, Ostrava, pp. 418–28, Available at SSRN: http://ssrn.com/abstract = 2193398 (date of access: January 10, 2014). » Link Miller, M. (1988). "The Modigliani-Miller Propositions after 30 Years." Journal of Economic Perspectives 2(4). Modigliani, F., and M. Miller (1958). "The Cost of Capital, Corporation Finance and the Theory of Investment." American Economic Review 48(3). Moles, P., and N. Terry (1999). The Handbook of International Financial Terms. Oxford University Press: Oxford. Moyer, R. C., J. R. McGuigan, and W. J. Ketlow (1990). Contemporary Financial Management. West Publishing Company: Saint Paul. Mun, J. (2002). Real Option Analysis. Tools and Techniques for Valuing Strategic Investments and Decisions. John Wiley & Sons: Hoboken, NJ. Myers, S. (1977). "The Determinants of Corporate Borrowing." Journal of Financial Economics 5(2) Available at MIT: http://dspace.mit.edu/bitstream/handle/1721.1/1915/SWP-0875-02570768.pdf (date of access: January 10, 2014). Myers, S. (1998). "The Search of Capital Structure Puzzle." In Financial Strategy: Adding Shareholder Value. Edited by J. Rutterford. John Wiley & Sons: Chichester. Myers, S. C. (1977). "Determinants of Corporate Borrowing." Journal of Financial Economics 5. Myers, S. C. (2001). "Finance Theory and Financial Strategy." In Real Options and Investment under Uncertainty. Edited by E. S. Schwartz and L. Trigeorgis. MIT Press: Cambridge, MA. Myers, S. C., and S. M. Turnbull (1977). "Capital Budgeting and the Capital Asset Pricing Model: Good News and Bad News." Journal of Finance 32(2), pp. 321–33. Nobanee, H. (2009). "Working Capital Management and Firm's Profitability: An Optimal Cash Conversion Cycle." Working Paper. Available at SSRN: http://ssrn.com/abstract=1471230 or http://dx.doi.org/10.2139/ssrn.1471230 (date of access: January 10, 2014). » Link Nobanee, H., W. K. Al Shattarat, and A. E. Haddad (2009). "Optimizing Working Capital Management." Working Paper. Available at SSRN: http://ssrn.com/abstract=1528894 or http://dx.doi.org/10.2139/ssrn.1528894 (date of access: January 10, 2014). » Link Nobanee, H., and M. Hajjar (2009a). "A Note on Working Capital Management and Corporate Profitability of Japanese Firms." Working Paper. Available at SSRN: http://ssrn.com/abstract = 1433243 or http://dx.doi.org/10.2139/ssrn.1433243 (date of access: January 10, 2014). » Link Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson (1999). "The Determinants and Implications of Corporate Cash Holdings." Journal of Financial Economics 52, pp. 3–46. Opler, T., M. Saron, and S. Titman. (1997). "Designing Capital Structure to Create Shareholder Value." Journal of Applied Corporate Finance 10(1). Osband, K. (2011). Pandora's Risk: Uncertainty at the Core of Finance. Columbia Business School Publishing Series. Columbia University Press: New York. Ozkan, A. (2001). "Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data." Journal of Business Finance & Accounting 28(1−2). Piotrowska, M. (1998). "Macroeconomic conditions of the money market in Poland" (in Polish: "Makroekonomiczne uwarunkowania rynku pienieznego w Polsce"). Scientific Papers of the University of Economics in Wroclaw 783, Wroclaw. Polak, P. (2012). "Addressing the Post-Crisis Challenges in Working Capital Management." International Journal of Research in Management 6(2). http://ssrn.com/abstract = 2195059 (date of access: January 10, 2014). Poteshman, A., R. Parrino, and M. Weisbach (2005). "Measuring Investment Distortions When Risk-Averse Managers Decide Whether to Undertake Risky Project." Financial Management 34, pp. 21–60. Rappaport, A. (1988). Creating Shareholder Value: A Guide for Managers and Investors. Free Press: New York. Razgaitis, R. (2003). Dealmaking Using Real Options and Monte Carlo Analysis. John Wiley and Sons: New York. Reilly, F. (1992). Investments. The Dryden Press: Fort Worth, TX. Remer, D. S., S. B. Stokdyk, and M. L. Van Driel (1993). "Survey of Project Evaluation Techniques Currently Used in Industry." International Journal of Production 32(3). Ross, S. A. (1973). "The Economic Theory of Agency: The Principal's Problem." American Economic Review 63(2). Ross, S. A. (1977). "The Determination of Financial Structure: The Incentive Signaling Approach." Bell Journal of Economics 8(1). Ross, S. A. (1977). "The Determination of Financial Structure: The Incentive Signaling Approach." Bell Journal of Economics 4. Ross, S. A. (1995). "Uses, Abuses and Alternatives to Net-Present-Value Rule." Financial Management 24(3). Rubinstein, M. (1973). "A Mean-Variance Synthesis of Corporate Financial Theory." Journal of Finance 28(1). Salamon, G. L. (1985). "Accounting Rates of Return." American Economic Review 75. Salamon, G. L. (1988). "On the Validity of Accounting Rates of Return in Cross-Sectional Analysis: Theory, Evidence, and Implications." Journal of Accounting and Public Policy 7. Scherr, F. C. (1989). Modern Working Capital Management. Text and Cases. Prentice Hall: Englewood Cliffs, NJ. Schilling, G. (1996). "Working Capital's Role in Maintaining Corporate Liquidity." TMA Journal 16(5). Sharpe, W. F. (1964). "Capital Assets Prices: A Theory of Market Equilibrium under Conditions of Risk." Journal of Finance 19 (3), pp. 425–42. Shiller, F. J., and F. Modigliani (1979). "Coupon and Tax Effects on New and Seasoned Bond Yields and the Measurement of Cost of Debt Capital." Journal of Financial Economics 7(3). Shleifer, A., and R. Vishny (1992). "Liquidation Values and Debt Capacity: A Market Equilibrium Approach." Journal of Finance 47(4). Smith, J. E., and K. F. McCardle (1998). "Valuing Oil Properties: Integrating Option Pricing and Decision Analysis Approaches." Operations Research 46(2). Smith, J. E., and R. F. Nau (1995). "Valuing Risky Projects: Option Pricing Theory and Decision Analysis." Management Science 41(5). Stiglitz, J. (1969). "A Re-Examination of the Modigliani-Miller Theorem." American Economic Review 59(5). Stiglitz, J. E., and A. Weiss (1981). "Credit Rationing in Markets with Imperfect Information." American Economic Review 71(3). Taggart, R. A. (1991). "Consistent Valuation and Cost of Capital: Expressions with Corporate and Personal Taxes." Financial Management 20(3). Trigeorgis, L. (1996). Real Options: Managerial Flexibility and Strategy in Resource Allocation. MIT Press: Cambridge, MA. Turnbull, S. M. (1979). "Debt Capacity." Journal of Finance 34(4). Washam, J., and D. Davis (1998). "Evaluating Corporate Liquidity." TMA Journal 18(2). Zmeskal, Z., and D. Dluhosova (2009). "Company Financial Performance Prediction on Economic Value Added Measure by Simulation Methodology." Proceedings of the 27th International Conference on Mathematical Methods in Economics, Mathematical Methods in Economics; H. Brožová, R. Kvasnička eds., Czech University of Life Sciences, Chapter 4. Net Working Capital Management Strategies Database Amadeus product of Bureau van Dijk (date of release: 2013 SEP 15). Michalski, G. (2008). "Value-Based Inventory Management." Journal of Economic Forecasting 9(1), pp. 82–90. Michalski, G. (2009). "Effectiveness of Investment in Operating Cash." Journal of Corporate Treasury Management 3(1). Piotrowska, M. (1997). Finances of Companies: Short-Term Financial Decisions. AE: Wroclaw. Sarjusz-Wolski, Z. (2000). Inventory control in an enterprise (in Polish: Sterowanie zapasami w przedsiebiorstwie). PWE: Warszawa. Sierpinska, M., and D. Wedzki (2002). Financial liquidity management in an enterprise (in Polish: Zarzadzanie plynnoscia finansowa w przedsiebiorstwie). WN PWN: Warsaw. Conclusion Etiennot, H., L. A. Preve, and V. S. Allende (2012). "Working Capital Management." Journal of Applied Finance 1 (ISSN 1534-6668), pp. 162–75 [This work was reported also as Etiennot, H., L. Preve, and V. Allende (2011). "Working Capital Management: An Exploratory Study." Journal of Applied Finance 2/2011, pp. 2–23 (available at SSRN: http://ssrn.com/abstract = 2119217).] Further References from Value-Based Working Capital Management Ehrhardt, M., and P. Daves (2002). "Corporate Valuation: The Combined Impact of Growth and the Tax Shield of Debt on the Cost of Capital and Systematic Risk." Journal of Applied Finance 12(2), pp. 31–38. Elvin, M. (2004). Financial Risk Taking: An Introduction to the Psychology of Trading and Behavioural Finance. John Wiley & Sons: Chichester, West Sussex, Hoboken, NJ. García Teruel, P. J., and P. Martínez Solano (2007). "Effects of Working Capital Management on Enterprise Profitability." International Journal of Managerial Finance 3, pp. 164–77. Grinblatt, M., and S. Titman (2001). Financial Markets and Corporate Strategy. McGraw-Hill/Irwin: Boston. Kerkhof, J., B. Melenberg, and H. Schumacher (2010). "Model Risk and Capital Reserves." Journal of Banking & Finance 34, pp. 267–79. Leary, M., and M. Roberts (2005). "Do Firms Rebalance Their Capital Structure?" Journal of Finance 60(6). Margrabe, R. (1978). "The Value of an Option to Exchange One Asset for Another." Journal of Finance 33(1). Markowitz, H. M. (1952). "Portfolio Selection." Journal of Finance 7 (1), pp. 77–91. Triantis, A., and A. Borison (2001). "Real Options: State of Practice." Journal of Applied Corporate Finance 14(2). Van der Wijst, D. (1989). Financial Structure in Small Business: Theory, Tests and Applications. Lecture Notes in Economics and Mathematical Systems, vol. 320. Springer-Verlag: Berlin Heidelberg. Vijayakumar, A. (2011). "Cash Conversion Cycle and Corporate Profitability: An Empirical Enquiry in Indian Automobile Firms." International Journal of Research in Commerce, IT & Management 1(2). ; National Science Centre no. DEC-2011/01/B/HS4/04744 ; Grzegorz Michalski
Die Inhalte der verlinkten Blogs und Blog Beiträge unterliegen in vielen Fällen keiner redaktionellen Kontrolle.
Warnung zur Verfügbarkeit
Eine dauerhafte Verfügbarkeit ist nicht garantiert und liegt vollumfänglich in den Händen der Herausgeber:innen. Bitte erstellen Sie sich selbständig eine Kopie falls Sie diese Quelle zitieren möchten.
Draft Translation: Not for CitationWhat follows is another attempt at a translation of an important text by André Tosel on the Marx/Spinoza relation. It is not a finished, or polished translation, but a rough sketch put forward to help people get a sense of this overlooked articulation of the relation between Marx and Spinoza.For a Systematic Study of the Relation of Marx to Spinoza: Remarks and Hypotheses
André Tosel Published in 2008 in the book Spinoza au XIXe Siècle The question of relation of the thought of Marx to that of Spinoza has up until now been the subject of more of a hermeneutic investigation than a philology. It is easier to construct a history of the different interpretations of Spinoza at the center of different Marxisms then to have determined the precise function of the reference to Spinoza in the work of Marx and to define the use Marx made of the spinozist problematic and the elaboration of his thought. More or less the Marxists that were first developed a relation to Spinoza were an important milestone on the way to developing what could be called a historical and materialist dialectic. The relation begins in the midst of the Second International. The singularity of Spinoza's thought has often been reduced to a stepping stone on the way to "monist" immanentism, which is supposed to be its philosophical structure at least in the reception of two thinkers, as Plekhanov has asserted in some preliminary texts working from some notes of Engels in manuscripts published in the USSR under the title of the Dialectic of Nature. In the dogmatic frame of the struggle between idealism and materialism, Spinoza anticipates materialism by his thesis of the unity of nature and by his doctrine of the equal dignity of the attribute of extension in relation to the attribute of thought. The doctrine of mode and substance causality, coupled with the critique of final causality and the illusions of superstition, signifies at the same time an overcoming of mechanistic thinking and the first form of the dialectic. Rare were those who, like Antonio Labriola, were careful not to oppose two conceptions of the world head-on and maintained a certain distance with polemical opposition, preferring instead to indicate that Marx did for mode of production what Spinoza had done for the world of the passions—a geometry of their production. In the Soviet Union before the Stalinist freeze, this interpretive tension is reproduced: Spinoza becomes the terrain through which the clarification of the dialectic takes place opposing mechanists and anti-mechanists, and original articulation of the thesis of liberty as the comprehension of necessity. These problems have been clarified somewhat. (Zapata, 1983; Seidel, 1984; Tosel, 1995)One would have to wait for the deconstructive enterprise of Louis Althusser for this movement to be reversed. Spinoza is no longer a moment in the teleology which is integrated and surpassed on the way to Marxism-Leninism. His work is the means of theoretical production for reformulating the philosophical and scientific revolution of Marx without recourse to only the Hegelian dialectic. Spinoza is the first to have elaborated a model of structural causality that makes it possible to think the efficacy of the structure as an absent cause over its effects. The theory of knowledge is not one that authorizes absolute knowledge, but it announces this infinite exigency of a break with ideology without the hope of arriving at transparent knowledge. It obliges one to renounce any idea of communism as a state of a final reconciliation in social relations which would be deprived of any contradictions. "We have always been spinozists,' Althusser announces in the Elements of Self-Criticism, and then proceed to the Treatise on the Emendation of the Intellect from the Hegelian dialectic. It is then only an epistemological obstacle which prevents Marx from realizing the full power of his critique of political economy and to explore the continent of history that he discovered. Spinoza for clarifying Marx himself. Everything has been clarified. (Cotten 1992; Raymond, Moreau, 1997). In terms of historical research, the spinozist studies that have been made after the end of the nineteen sixties in France and Italy have often been made by researchers who have rubbed shoulders with Marxism. We find the same oscillation between a tendency to read Spinoza according to a pre-marxist perspective, in the sense of a dialectic of emancipation, or liberation from a theological political complex and disalienation, even constituent power, and another tendency insisting on the infinity of the struggle against all illusions, even those of total liberation, affirming the unsurpassable dimension of the imagination in the constitution of the conatus and in the production of the power of the multitude. This oscillation is manifest often in the same commentators, often itself a function of the change of the historical conjuncture. However, up until now, there has never been an attempt to study from Marx's works themselves the structural function of the spinozist reference in the constitution of Marxist theory, one which would permit us to better understand the understanding that Marx made of Spinozist work. The interpretations have anyway have developed from a certain exteriority to the letter of Marxists texts. Several years ago, a German researcher, Fred E. Schrader, in a short text dedicated to the thematic of "substance and concept" chez Marx (Substanz und Funktion: zur Marxsrezeption Spinoza's) drew attention to this situation (1984). He rightly noted that it was necessary to distinguish two moments in the research to avoid any merely external confrontation: a) first, obviously, document the explicit and implicit mentions of Spinoza in Marx's text; 1) then, reconstruct the position of the reference to Spinoza in the process of the constitution of the critique of political economy which is the central Marxist work, alongside of the references to "Hegel" which one knows were constitutive in the years of 1857-1858. Only this philological and philosophical work can permit us to renew the state of the question. Schrader's study must be considered. We propose to develop it and comment on it because up until now it has not received the attention that it merits. Before everything else, it is necessary to be precise. The work envisioned must be considerable, it includes taking into account the texts published by Marx, those published posthumously by Engels and by Kautsky, and all of those—collections of notes and thematic notebooks—which make up the incomplete nature of Capital, including Marx's correspondence. The MEGA 2, Marx-Engels Gesamtausgabe, still incomplete, has not finished being scrutinized. This work could begin from the hypothesis that we can conceptualize two periods in Marx's work from which it is possible to reassemble occurrences that conceptualize the reference to Spinoza in order to determine their structural function. The first period corresponds to the years of his formation and the interlinking of the critique of politics and the early critique of political economy, it begins with the concept of history underlying the German Ideology and culminates in the Poverty of Philosophy and the Communist Manifesto. The second period begins with the research operating under the title of the critique of political economy beginning in 1857, interrupted provisionally in January of 1859 and beginning again in 1861. The reference to Spinoza is more explicit in the first period where it is a matter of an specifically political practice, articulating a materialism of practice. It is less explicit in the second period, it functions nonetheless as a fundamental operator in the essential theory of the substance of value in capital. The Philosophical Intensifier of Spinoza of the Tractatus Theologico-Politicus. Destruction of the Theologico-Political Complex and Democratic Radicalism. Marx encounters Spinoza in the beginning of his theoretical and political journey. In 1841 we know from the preface by Alexandre Matheron (Cahiers Spinoza), Marx, after his doctorate, reproduced the extracts he copied from the Tractatus Theologico-Politicus (MEGA 2 VI/I Berlin, 1977). He is curiously presented as the author of these texts and moreover they are reorganized in their own order which is not that of the Tractatus itself. The chapters containing the critique of the supernatural, of the miracle, and all of all forms of superstition are brought forward as essential and open on the properly political chapters dedicated to the freedom of thought (XX) and the foundation of the republic (XVI). The Ethics is not ignored but it is not reproduced, Letter XII takes the place of a speculative text and is accompanied with Letter LXXVI to Burgh. Everything takes place as if Marx considered as the most important question to be that of theological politics and is concentrated on the question of human freedom in its radical ethico-political dimension. What is important is that the revolutionary democratic state is realized according to this concept. One could also consider that Spinoza is utilized here as one of the figures that a Doctorate of Philosophy considers along with Aristotle, Kant, Fichte, and Hegel as provocations, of that which puts knowledge in the service of a life liberated from the fear of authorities, which reappropriates humanity's power of thinking and acting confiscated in the service of gods and fetishes. In a certain manner Epicurus is the paradoxically the first of the thinkers who claims that "it is a misfortune to live in necessity, but it is not necessary to live under necessity." This truth finds a new application, after the French Revolution, in the age of a new ethics, where free individuals recognize themselves in a free state. 2. The explicit reference to Spinoza is displaced in the texts of the years 1841-1843—the Kreuznach manuscript dedicated to the Critique of Hegel's Philosophy of Right, followed by the introduction and the Jewish Question. These constitute the Feuerbachian moment of Marx, at the heart of his theory of the alienation of the human essence. One must not make this critique of politics a simple transition towards the discovery of the alienation of social powers, nor understand it as an end of a politics understood as primarily statist. It is the ethico-political liberation which requires a transformation of social relations and which is a transvaluation or emancipation of social powers. Spinoza is not named, but certain passages from the TTP are repeated almost to the letter: Spinoza figures as the index of a new task , that is lacking in Hegel which is that of thinking beyond the dualism of civil society and the state. The name of this passage is democracy or true democracy. Marx returns to the letter of the Spinozist thesis according to which democracy is not only the name of a constituted political regime, but the essence of politics, the most natural regime, constituting the power of the people. The intensive force of Spinoza is that of democracy not as a mystical act or utopian ecstasy, but as a process of constitution that replaces actual void of the Hegelian state where the people lack themselves, in which the state becomes something separate, still theologico-political. Democracy is the active process by which the people is refigured as the negative instance of any separate political form and gives a political form to its social power. "Democracy is the truth of monarchy, monarchy is not the truth of democracy. Monarchy is necessarily democracy in contradiction with itself, whereas the monarchial moment is no contradiction within democracy. Monarchy cannot, while democracy can be understood in terms of itself In democracy none of the moments obtains a significance other than what befits it. Each is really only a moment of the whole Demos. In monarchy one part determines the character of the whole; the entire constitution must be modified according to the immutable head. Democracy is the generic constitution; monarchy is a species, and indeed a poor one. Democracy is content and form; monarchy should be only form, but it adulterates the content. In monarchy the whole, the people, is subsumed under one of its modes of existence,. the political constitution; in democracy the constitution itself appears only as one determination, and indeed as the self-determination of the people. In monarchy we have the people of the constitution, in democracy the constitution of the people. Democracy is the resolved mystery of all constitutions. Here the constitution not only in itself, according to essence, but according to existence and actuality is returned to its real ground, actual man, the actual people, and established as its own work. The constitution appears as what it is, the free product of men." It is possible to remark that this constituent power of the demos tends to be presented as a sort of causa sui in the order of world of social relations. The naturalist dimension thematized in the Ethics is not posited here with the insistence of humanity as part of nature, with the thematization of the relations between internal and external causality. Necessity seems to have disappeared for an instant. It is notable that this in the same moment that Feuerbach defends Spinoza's naturalism against Hegelian idealism and makes the author of the Ethics the Moses of modern thought who has destroyed theology by his pantheism, while reproaching him, for not having arrived at a radical humanist affirmation, since he maintained an equivocal equivalence between the naturalization of god and the divinization of nature. The Marxist reference is primarily to the ethico-political Spinoza, one of the "intellectual heroes of morality" as he says in a text contemporary with it, "Comments on the Latest Russian Censorship—" along with Kant and Fichte he is one of the heroes that found and defend the principal of moral autonomy. Spinoza makes it possible to undertake a philosophical political of Hegel, the people would be the only ontological instance that constitutes the political constitution, which is to say democracy, of civil society. Spinoza makes it possible to introduce a new dialectic within the incomplete dialectic of The Principles of the Philosophy of Right. This dialectic is simultaneously a critique. The object of this critical dialectic is the self-constitution of political activity in the struggle to overcome the domination of abstract entities erected into speculative abstractions defining the latest avatars of the theological-political complex. Schrader does not say more in the exposition of the reference to Spinoza in this first period. We could take a step beyond his analysis. A unpublished path seems to be presented. We could in fact explore it as Yovel has done (Spinoza and Other Heretics); also the first book of Matheron, Individu et communauté chez Spinoza (1968) examines the double relation of the human conatus to other conatuses and objects that suit them or do not suit them the rudiments of a theory of objectification of the human essence that Marx elaborates in the texts of 1844 where he analyzes the people under the figure of the proletariat subject and object of alienated labor. The reading can shed light on Spinoza, but Marx has for his interlocuters Hegel, Adam Smith, and Feuerbach. Spinoza does not intervene here explicitly. It is preferable to follow the letter of his texts. 3. The text which follows, The Holy Family of 1845, indicates an unexamined reversal of perspective. Far from finding in Spinoza a radical thinker of liberty through the radicalization of the democratic process and developing Feuerbach's theses of the virtues of Spinoza's naturalization, far from continuing the anti-idealist elements of Spinoza, Marx for the first time distances himself from Spinoza placing him on the side of Descartes, of Malebranche, of Leibniz, of abstract rationalist metaphysics, in a paragraph before celebrating the materialists in which he inscribes himself. These are the materialists of the French Enlightenment, La Mettrie, Holbach, Helvétius, which are lauded for having operated outside of metaphysics. These are the authors that Plekhanov reinscribes as a defenders of monistic materialism in the thought of nature and in the theory of history. Certainly as Olivier Bloch in an important contribution has demonstrated ("Materialism, genesis of Marxism, 1981, reprinted in Matières à penser, Vrin, 1997), this chapter of the history of philosophy is a plagiarism by Marx who literally takes it from the Manuel d'histoire de la philosophie moderne by Charles Renouvier (1844). The soviet Diamat has been founded by a French critic… But the fact remains that Marx endorses this reconstruction which prefers Bacon, Hobbes and Locke to Spinoza, lauding them for the empiricism and nominalism: the English thinkers critique metaphysic speculation and open directly the way to materialism. Pierre Bayler in France can be considered the only fellow traveler of British empiricism by his scepticism he dissolves the metaphysics of Spinoza and Leibniz (The Holy Family, 171). The Spinoza criticized here is that of the Ethics understood as a dogmatic treatise of metaphysics which has a "profane content" but it has lost its historical condition. This is no longer the antitheological political Spinoza but the speculative philosopher. Is it necessary to conclude that this is a contradiction on the part of Marx and to forget his previous theses? It is a surprising oversight because that which Marx and Renouvier give credit to Bacon, Hobbes, and Locke can be imputed to Spinoza as well. Everything takes place as if Marx, put off by the metaphysics of the Ethics forgets what he had found in the TTP—and this seems to be a permanent transformation. In fact the contradiction is not only apparent, or, more to the point, it concerns Spinoza himself. Marx does not have as his object an analysis of Spinozism. He uses the latter by breaking it down according to the needs of his task which is at this moment is to study the activity of real man and the possibility of his transformation by bringing together the theoretical humanism of Feuerbach, the French communism and socialism, and the English thinkers who represent this humanism in the domain of practice. "[Metaphysics] will be defeated for forever by materialism which has now been perfected by the work of speculation itself and coincides with humanism. As Feuerbach represented materialism in the theoretical domain, French and English socialism and communism represent materialism in the practical field which now coincides with humanism." (The Holy Family, pg. 168) One can detect in this passage the presence of a schematic of the history of modern philosophy which has echoes of Moses Hess and Ludwig Feuerbach, the two have confronted the problem of the critical comprehension of Hegel and have begun to present a reinterpretation of the grand moments of the history of philosophy after their master. Marx deviates from the interpretation of Hess given in a text which had a particular impact: The Sacred History of Mankind by a Young Disciple of Spinoza (1838). Hess appropriates Spinoza's theory of knowledge and exploits his theory of the imagination to develop a positive sense of social utopia, and overall makes Spinoza the true alternative to Hegel's Christian philosophy. Far from being an acosmism, the theory of substance is the perfect incarnation of the Hebraic idea of the unconditional unity of all. It is paradoxical, the other part, of the interpretation by Renouvier followed by Marx recovers and conceals that of Feuerbach that one can find in the same period in Preliminary Theses for the Reform of Philosophy (1842) and Principles of the Philosophy of the Future (1843). Marx brushes up against these theses of Feuerbach on Spinoza without reproducing them in their entirety. They make Spinoza an important moment in modern philosophy: at the heart of this movement they make this philosophy an important realization of the humanization of God, Spinoza remains still a speculative philosopher who is at once produces the realization and negation of God. Speculative metaphysics realizes with him its ultimate phase which is determined contradictorily as theism and atheism in the form of pantheism. "Spinoza is the originator of speculative philosophy, Schelling its restorer, Hegel its perfecter."(Thesis 102) Pantheism becomes the only consequential theology in that it anticipates the end of theology in atheism. The Spinozist substance transforms all independent beings into predicates, into attributes of a unique and independent being. God is no longer only a thing thought, it is equally an extended thing (Thesis 3). Spinoza does not make the self-activity of self-consciousness the attribute that unifies and transforms substance into subject. This was Hegel's tour de force but he paid for it with an absolute idealism of spirit since once again spirit prevails over extension and concrete man is subject to abstraction separated from reality of self-consciousness. This inscription of Spinoza in metaphysics is all the more paradoxical because Marx finds in empiricism and British materialism the theses that Feuerbach attributes to Spinoza, and Marx accepts a definition in which materialism coincides with communism. As can be seen in this passage from Principles of the Philosophy of the Future Pantheism is theological atheism or theological materialism; it is the negation of theology while itself confined to the standpoint of theology, for it turns matter, the negation of God, into a predicate or an attribute of the Divine Being. But he who turns matter into an attribute of God, declares matter to be a divine being. The realisation of God must in principle presuppose godliness, that is, the truth and essentiality of the real. The deification of the real, of that which exists materially – materialism, empiricism, realism, and humanism – or the negation of theology, is the essence of the modern era. Pantheism is therefore nothing more than the essence of the modern era elevated into the divine essence, into a religio-philosophical principle. Empiricism or realism – meaning thereby the so-called sciences of the real, but in particular the natural science – negates theology, albeit not theoretically but only practically, namely, through the actual deed in so far as the realist makes the negation of God, or at least that which is not God, into the essential business of his life and the essential object of his activity. However, he who devotes his mind and heart exclusively to that which is material and sensuous actually denies the trans-sensuous its reality; for only that which constitutes an object of the real and concrete activity is real, at least for man. "What I don't know doesn't affect me." To say that it is not possible to know anything of the supersensuous is only an excuse. One ceases to know anything about God and divine things only when one does not want to know anything about them. How much did one know about God, about the devils or angels as long as these supersensuous beings were still objects of a real faith? To be interested in something is to have the talent for it. The medieval mystics and scholastics had no talent and aptitude for natural science only because they had no interest in nature. Where the sense for something is not lacking, there also the senses and organs do not lack. If the heart is open to something, the mind will not be closed to it. Thus, the reason why mankind in the modern era lost the organs for the supersensuous world and its secrets is because it also lost the sense for them together with the belief in them; because its essential tendency was anti-Christian and anti-theological; that is, anthropological, cosmic, realistic, and materialistic. [In the context of the present work, the differences between materialism, empiricism, realism, and humanism are, of course, irrelevant.] Spinoza hit the nail on the head with his paradoxical proposition: God is an extended, that is, material being. He found, at least for his time, the true philosophical expression for the materialistic tendency of the modern era; he legitimated and sanctioned it: God himself is a materialist. Spinoza's philosophy was religion; he himself was an amazing man. Unlike so many others, Spinoza's materialism did not stand in contradiction to the notion of a non-material and anti-materialistic God who also quite consistently imposes on man the duty to give himself up only to anti-materialistic, heavenly tendencies and concerns, for God is nothing other than the archetypal and ideal image of man; what God is and how he is, is what man ought to be or wants to be, or at least hopes to be in the future. But only where theory does not belie practice, and practice theory, is there character, truth, and religion. Spinoza is the Moses of modern free-thinkers and materialists. 4. The anti-metaphysical fury of Marx, the blind submission to Renouvier, limits him in developing an interpretation of the Ethics more nuanced and sensitive to the historical contradictions. This situation is even more strange because it is in The Holy Family that Marx interprets materialist philosophers such that they are a Feuerbachian Spinoza. On can find then three theses that Marx distributes to different representatives of materialism and that can also be imputed to Spinoza. --Thesis 1. Nature is a primary reality, it can be explained by itself without recourse to the principle of a creator. Nothing comes from nothing. One can then have recourse to Bacon for who "the primitive forms of matter are essentially living forms, individuals, and it is they that produce specific differences." He follows, as does Hobbes, in adding that "one cannot separate thought from the matter which thinks." Thought cannot be separated from matter capable of thought. --Thesis 2. The human order is inscribed in a specific manner in nature. This specificity does not specify anything extra-worldly of human activity. Hobbes has demonstrated the sensible nature of activity. "Man is subordinate to the same laws that nature. Power and liberty are identical." The Holy Family) This order is known to promote the art of forming ideas, the human species is fundamentally educatable. ---Thesis 3. What is important is to think the constitution of this human order according to radical possibilities of the ways of transforming these necessary conditions of experience of liberty-power. "If man is unfree in the materialist sense, i.e., is free not through the negative power to avoid this or that, but through the positive power to assert his true individuality, crime must not be punished in the individual, but the anti-social source of crime must be destroyed, and each man must be given social scope for the vital manifestation of his being. If man is shaped by his surroundings, his surroundings must be made human. If man is social by nature, he will develop his true nature only in society, and the power of his nature must be measured not by the power of separate individuals but by the power of society." (The Holy Family 176). It is not necessary to give the history of philosophy presented in The Holy Family a structural importance. It acts as a provisionally constructed polemical text where Marx has given the means for his own philosophical conception in broad strokes in order to better understand the intersection of humanism, materialism, and communism. The incongruence of the treatment of Spinoza, reinterpreted to be behind Feuerbach's position, was not overlooked by Marx's comrades in combat since H. Krieg (himself denounces by Marx in a virulent circular as a confused partisan of religious socialism), he wrote in a letter of June 6, 1845 in order to restore Spinoza's battle against metaphysics overlooked by Marx, "you're probably right about what it says in the English Hobbes and Locke [i.e. that they vacillate contradictorily between materialism and theism], the same for Voltaire and his direct partisans; but Holbach is practically Spinozist, and it is with and Diderot that the Enlightenment reaches its summit and becomes revolutionary." (cited by Maximilien Rubel and his edition of the philosophical texts of Marx titled Philosophie) 5. The instrumental and fluctuating character of the reference to Spinoza as a metaphysician is confirmed precisely by The German Ideology. Marx returns in passing to the place of Spinoza in modern philosophy. Spinoza has developed the principle of substantial immanence but he has not integrated the principle with self-consciousness. Hegel would be the unity of Spinoza and Fichte (The German Ideology, 107). But for Marx this representation consigns him to a partial aspect of the Hegelian synthesis. Self-consciousness is at once a hypostasis of the real activity of human beings in the process of their self-production and the "the real consciousness of the social relations in which they appear to exists and to which they appear to be autonomous." In a similar manner substance is "an ideal hypostatized expression of the world as it exists" that is take as the foundation of the world "existing for itself." Marx returns to Feuerbach for clarification of substance and it anthropological resolution. We do not know much more, but the text seems to distinguish the Hegelian critique of substance and its possible materialist significance as "the existing world." We would have expected considerations on the immanence of modes in natura naturans and of their dynamic interdetermination. In any case, Marx refuses the young Hegelain opposition between self-consciousness and substance, and proposes to maintain the category of substance as an inseparable unity of the existing mode and the beings which constitute the world in the play of their relations. Marx's criticism has as its target the mystification of self-consciousness and its anti-substantial phobia. Everything takes place as if the ontological categories of Spinoza up until now rejected as conservative metaphysics have an intensive force irreducible to the critique of the young Hegelians. However, it remains that in this complex itinerary the use value of the reference to Spinoza is concentrated in the theological political constellation and the political constitution of the political force of social force. This reference becomes the presupposition of the materialist conception of history, but it does not intervene in the texture of these concepts. The Spinoza Reference in the Critique of Political Economy, Substance and Concept Returning to Schrader and his propositions for the study of the second moment of the reference to Spinoza, that of the Marxist use of Spinozist concepts from the Ethics in the development of the critique of political economy in the development of Capital. Schrader pays particular attention to the reappearance in the margins of the reference to Spinoza in the period of the creation and exposition of the critique of political economy which is developed from 1851 to 1863. An important letter from Marx to Lassale from May 31, 1858 which was published in an obscure book on Heraclitus, gives to Spinoza's metaphysics the same status that he gave to Hegel in a famous letter to Engels a few months before. Even among philosophers who give a systematic form to the works, as for example Spinoza, the true inner structure of the system is quite unlike the form in which it was consciously presented. The true system is only present in itself. (Marx MEW, 29, Berlin, 1963, 561).
What was of great use to me as regards method of treatment was Hegel's Logic at which I had taken another look by mere accident... If ever the time comes when such work is again possible, I should very much like to write 2 or 3 sheets making accessible to the common reader the rational aspect of the method which Hegel not only discovered but also mystified. (Correspondence Marx-Engels) Marx makes it clear that the elaboration of the critique passes through the utilization of elements of philosophical works which others appear to have completely bypassed. The presence of Hegel is the center of the interpretation of Capital. It would appear certain to this period that Marx no longer takes inspiration from the Feuerbachian critique of abstract speculation. In this case, the Idea separated from its contents generates the latter in a mystified way by legitimizing the crudest aspects, losing the benefit of seizing the real as a contradictory process, as is explained in The Holy Family or The Poverty of Philosophy. Hegel is from now on solicited for his dialectical discoveries: he elaborates the dialectic as an immanent process of thought and his discoveries serve Marx in developing his proper critique. The presence of Hegel in the period up to the publication of the first volume of Capital in 1867, in passing through diverse manuscripts of 1857-1858 (The Grundrisse) and the manuscripts from 1861-1863, has been attested to and demonstrated by works, either to reaffirm the heretical Hegelianism of Marx, (Rosdolsky, Reichelt, Zelenyi, all dedicated to research the logic of Capital, all following one of the most famous injunctions of all times, Lenin in the Notes on Dialectics) or to combat it in order to argue that Marx was Hegelian or anti-Hegelian (Althusser, and Bidet in his famous study, The Making of Marx's Capital). This usage of Hegel consists essentially in using the categories of logic to expose the theoretical structure of the passages which operate from the commodity to value, from money as the measure of value to money as the means of exchange and as the universal means of payment, from money to capital. Schrader proposes the following recovery of the Marxist exposition of Hegelian categories: --Exchange value and the form of value correspond to the pure quantity of Hegel: this value and its measure is realized as money. The Marxist measure of value adopts the Hegelian determinations of the quantitative relations and their measure. --The circulation of commodities and money is described by the concepts of an infinite qualitative and quantitative process. --Finally the passage from money to capital transposes the passage from being to essence. Marx has thus read and reused these conceptual determinations for the diverse functions of commodity, value, money and circulation. And what about Spinoza? According to Schrader, he intervenes to resolve a logical problem that is at this point unresolved, that of the determination of the concept of capital supposed to integrate the logically preceding determinations. In good Hegelianism, Marx has made the movement of capital that of the essence of the concept. When Marx maintains that exchange value is realized in the circulation of other substances, in an indefinite totality, without losing the determination of its form, always remaining money and commodities, he makes capital the totality of substances. However, it thus impossible to maintain the internal connection between capital and labor, and more precisely abstract labor. Spinoza intervenes to make possible another use of the category of substance: that would not have its function to subsume the plurality of all substances, but to determine the quality of the fluent quantity that defines abstract labor. One can see this in the text of Volume One of Capital, revised by Marx in 1873 for the French translation of J. Roy. The category of substance is introduce in the passage from the commodity to its determination as the contradictory unity of use value and exchange value. The exchange of commodities is only possible if the their values are "expressed in terms of something common to them all, of which thing they represent a greater or less quantities." This something is a substance specific to all commodities. "This common "something" cannot be either a geometrical, a chemical, or any other natural property of commodities…[] it is evident that one makes an abstraction from use value when one exchanges, and that the relation of exchange is characterized by this abstraction (Capital). Exchange and the production process which supports it operate this real abstraction from the useful qualities of the objects to be exchanged. This utility, although necessary, does not render possible the exchange of objects of value insofar as they products of labor. Exchange concerns the objects considered as products of labor. If then we leave out of consideration the use value of commodities, they have only one common property left, that of being products of labour. But even the product of labour itself has undergone a change in our hands. If we make abstraction from its use value, we make abstraction at the same time from the material elements and shapes that make the product a use value; we see in it no longer a table, a house, yarn, or any other useful thing. Its existence as a material thing is put out of sight. Neither can it any longer be regarded as the product of the labour of the joiner, the mason, the spinner, or of any other definite kind of productive labour. Along with the useful qualities of the products themselves, we put out of sight both the useful character of the various kinds of labour embodied in them, and the concrete forms of that labour; there is nothing left but what is common to them all; all are reduced to one and the same sort of labour, human labour in the abstract. Capitalism cannot be grasped as a subject enveloping the totality of the process of the development. It is no longer a simple quantity in indefinite expansion. It is thought as the "social substance of as exchange values." This substance can be determined as capital, but it goes beyond this process of determination by constituting a remainder, a "residue" that constantly reappears. "Let us now consider the residue of each of these products; it consists of the same unsubstantial reality in each, a mere congelation of homogeneous human labour, of labour power expended without regard to the mode of its expenditure. All that these things now tell us is, that human labour power has been expended in their production, that human labour is embodied in them. When looked at as crystals of this social substance, common to them all, they are – Values." The concept of Capital is not that of the concept of substance becoming subject., it returns to the concept of social substance defined as abstract labor creator of value, substance of value, and substance which increases value: purely progressive quantity reduced to its infinity which is a true infinity irreducible to the logic of bad infinity, that of capital which nonetheless subsumes it. However it is said that this reconstruction does not rest on an explicit reference to Spinoza. The objection is well founded. Schrader responds that it is Marx who reread Hegel and saw that the formal system of Spinoza could be used against Hegel critique of the concept of substance in the Logic. It is a matter of the problem of determination. Omnis determination negatio, Marx keeps reminding everyone of this. If it is Hegel who validates Spinoza's judgement by demonstrating its insufficiency which for Marx transforms into a sufficient truth to permit him to avoid identifying capital with the Hegelian concept. Capital can increase its reality only by determining this social substance of abstract labor, by negating it. The tendency of capital, its ideal, is the absolute negation of this substance. Marx makes the insufficiency of Spinoza's substance according to Hegel into a virtue. In the Logic the principle according to which determination is negation is recognized as essential. But Spinoza, according to Hegel, remains with determination as limit which is founded on an other being. The mode is in another from which it derives its being but this other is in itself. It is the integral concept of all realities. But its immanence is only apparent. Each mode negates each other, determination of each is the result of the determined negation of all of the others. Far from determining itself in these negations, substance is negated in its absolute indifference. It does not reflect itself in these negations no more than they reflect it. The Spinozist principle does not arrive at absolute negation that it anticipates contradictorily. The substance is posed by an external reflection which compromises the otherwise affirmed subsistence of the determinations which become an effervescent moment (attributes and modes). This can be read in the texts from The Science of Logic dedicated to Spinoza. "Of this proposition that determinateness is negation, the unity of Spinoza's substance — or that there is only one substance — is the necessary consequence. Thought and being or extension, the two attributes, namely, which Spinoza had before him, he had of necessity to posit as one in this unity; for as determinate realities they are negations whose infinity is their unity. According to Spinoza's definition, of which we say more more subsequently, the infinity of anything is its affirmation. He grasped them therefore as attributes, that is, as not having a separate existence, a self-subsistent being of their own, but only as sublated, as moments; or rather, since substance in its own self lacks any determination whatever, they are for him not even moments, and the attributes like the modes are distinctions made by an external intellect. Similarly, the substantiality of individuals cannot persist in the face of that proposition."Hegel, Science of Logic "Since absolute indifference may seem to be the fundamental determination of Spinoza's substance, we may add that this is indeed the case in so far as in both every determination of being, like every further concrete differentiation of thought and extension and so forth, is posited as vanished. If we stop short at the abstraction [of substance] then it is a matter of complete indifference what something looked like in reality before it was swallowed up in this abyss. But when substance is conceived as indifference, it is tied up with the need for determining it and for taking this determination into consideration; it is not to remain Spinoza's substance, the sole determination of which is the negative one that everything is absorbed in it. With Spinoza, the moment of difference — attributes, thought and extension, then the modes too, the affections, and every other determination — is introduced empirically; it is intellect, itself a mode, which is the source of the differentiation." Hegel, Science of Logic 3. It is capital which fails to realize its ideal determinations of essence and which falls back into the residue of the social substance, of the abstract labor which it masks. Capital as a mode of production is ruled by the real abstractions of exchange value which are not comprehended by social agents. Value is a social abstraction that is produced from the base of multiple dispersed evaluations, that the understanding of the economist produces only after the fact, but can be known as a real abstraction operated by society and which is determined as a social substance of abstract time. The determination of the common substance as abstract labor makes it possible to dissipate the mystification produced by the appearance of capital as the self moving essence of value. All of the people, who are modes of this substance, cannot immediately represent to themselves the internal determinations of this substance in which they appear other than as representation of theological-political complex, the same as the agents of capital who cannot represent to themselves the determinations of capital (commodity-value-money-forms of capital) without fetishizing them as autonomous movements of the value form. Theoretical knowledge, the Wissenschaft, does not dissolve this fetishism because the mechanisms of its social reproduction are founded on the constitution of these forms of representation and their real efficacy. Capital cannot arrive at self-identity in terms of an absolute reflection. The determination that Hegel imputes to Spinoza negatively of substance as exterior reflection can better convey the determinations of moments of its critique. This places within the development of initial economic forms this sort of equivalent of the attribute of extension that is human labor, this common social substance comprising the forms of modal representations which capture it, that is to say that the forms of consciousness and their functional relations in the material process of reproduction. It is therefore the relationship between the substances of abstract human labor and mystified or adequate forms of social representations of this substance that Marx finds in in the hidden Spinozian system and that he utilizes in order to escape the limits of Hegel's categories, which tend to sublimate substance into the concept and therefore annul the contradictions of capital in the passage from substance to the essence and the concept. From this point of view, Hegel and Spinoza would both be utilized without reservations by Marx as the complimentary and constitutive means of production of the critique of political economy. Spinoza would thus be primarily critical to the extent that the process of the development of the determination of capital cannot be ruled by the teleological order of being-essence-concept. The theory of the substance of abstract labor interrupts the movement of the idealization of capital from the mimesis of the Hegelian order that has been opposed. Spinoza is a moment of the emendation of the intellect internal to the Marxist critique, not an external instance that would be opposed in the confrontation with exteriority. On an Incomplete Analysis 1. Schrader goes no further. The outline of his work remains open. In particular this analysis Postulates as evidence a substantial theory of abstract labor, one that has come under criticism from multiple non-marxist thinkers (Croce, Pareto, Menger) and also, more recently, by Marxists (Althusser and Bidet). In this case the relation to Spinoza would lose its fecundity. But if one leaves to the side the labor theory of value and its supposed foundational role, on the internal level the analysis still remains allusive, because it would have been necessary to exceed the level of Volume One of Capital in order to demonstrate the decisive character of Spinoza's conceptuality in the Marxist conception. Despite these uncertainties, the perspective opened by Schrader is stimulating in that can necessitate a more rigorous study, tempering the contradictory interpretations by the rigors of philology. 2. Schrader's final remarks seem to us be more provocative. Starting from the idea that Spinoza and Marx begin from two different historical moments—that of manufacturing capital limited by the desire of hoarding and that of capitalism fully developed—the logical and ethico-political thesis of the submission of needs to absolute monetary enrichment, and that therefore the refusal of money as an end in itself, he begins to construct a shocking analogy between the third type of knowledge in Spinoza and the knowledge of the capitalist which exposes its money to circulation in order to multiply it. The determination of particular things sub specie aeternitas, as deepening the knowledge of their essence would symbolize with the effort of capitalists to insert money to measure things in their circulation sub specie capitalis. The reference to Marx attests to the irony of Marx: if the movement of true knowledge is infinite, this infinity cannot be confused with that of monetary accumulation which becomes a bad infinity because the means of accumulation are reversed and perverted to be posited as an end in itself. 3. It is more correct, as Schrader makes apparent, to find a space more effective for the forma mentis common to Marx and Spinoza: the two both diagnosis the pathology of the understanding and that of a form of life proper to a given historical world. Both understand the irreversible character of modern passions and set to understand and eventually cure these pathologies. Spinoza, son of a merchant enriched by international trade and a merchant himself in his youth, does not have contempt for money and the new wealth of nations promoted by capitalist economy. He does not dream of a return to oikos of finite needs in a household setting, he is not an aristoltean who condemns bad infinity of the circulation of merchandise which has as its object money and not the use value of merchandise. He registers the emergence of exchange value, he sees, as Aristotle did, that it is the subordination of true value. Remember the famous text from Ethics IV Appendix, consecrated to the function of money. XXVIII. Now to achieve these things the powers of each man would hardly be sufficient if men did not help one another. But money has provided a convenient instrument for acquiring all these aids. That is why its image usually occupies the mind of the multitude more than anything else. For they can imagine hardly any species of joy without the accompanying idea of money as its cause. XXlX. But this is a vice only in those who seek money neither from need nor on account of necessities, but because they have learned the art of making money and pride themselves on it very much. As for the body, they feed it according to custom, but sparingly, because they believe they lose as much of their goods as they devote to the preservation of their body. Those, however, who know the true use of money, and set bounds to their wealth according to need, live contentedly with little. The realization of money as a concept, the accumulation of money for accumulation, is unrealized. Marx adds that this goal is inaccessible because the character of use value of commodities contradicts the universal sociality of value. The common social substance in so far as it is measured in abstract labor time is measured according to quantitatively determined portions. Money is supposed to represent value in its infinite becoming of an end in itself, but it can only effectively represent a determined part. This contradiction is resolved in the deplacement that money makes in becoming capital, exchange value multiplied in profit. Spinoza's therapeutic of desire also concern the intellect of calculation: the latter is not condemned, it is superior to the intellect of avarice which theorizes by avarita and does not develop the capacity to act and think. This understanding, however, is called upon to better understand the monetary economy by subordinating it to immanent true utility, that which is inscribed in the republic of free citizens. It is only in this sense that the accumulation of wealth under the monetary form can enter into the correct perspective of knowledge of the third kind. Marx in his own way wants to understand the action of human beings without deploring or flattering them. Capital cannot be understood going from substance to the essence of the concept, but it has its basis in substance, the social substance of abstract labor, and can be rethought and regrouped in the forms of economic understanding. Capital also has as its goal a particular therapeutic manner, the health and well-being of a social body that cannot be subsumed under capital but must encompass the increase of the capacities of acting and thinking that capital subordinates to itself. 4. This anti-teleological function of the concept of substance/abstract labor is not maintained by Marx for long in his dialectic. Certainly the function of the subject cannot be attributed to capital, but it is displaced and given a different support, not that of abstract labor with its internal multiplicity and impersonality, but its bearer, that of the working class, the proletariat, the people of the people. The substance of abstract labor becomes subject in the determination that Marx always uses with the English term general intellect. One could thus see a final return of Hegel which interrupts Marx's return to Spinoza. The communism developed by the general intellect is the practical substitute of the Hegelian concept and imposes an anthropological version and anthropocentric teleology that Spinoza would not accept. What does the general intellect represent? It represents the capacity of the proletariat to organize the ensemble of forces defining the collective worker and the cooperation associated with it, under the direction of formation of the factory in the constitution of the unqualified worker, all representing the advance front of the progressive socialization of the social productive forces. Communism is not something that is imposed as a simple moral ideal, it is a product of the real historical process. However, Marx does not escape here the teleologism that he shares with majority of German idealism. The socialization of productive forces—that for Marx leads the process of the self-production of humanity realizing its immanent end and to which he attributes the function of the concept—is not realized at the level of society. It cannot in any way constitute itself as a causa sui. The human world remains a world of world of modal relations and interactions: if the effects of liberation can realize themselves at the level of the individual (by the knowledge of singular things) or at the level of collectivity ( by the democratic constitution of the multitude), these effects would not be made from a mode as a complete cause of itself under all points of view. The capacity of a mode to act and think, human individual or society, can be more or less adequate, but this adequation does not annul the difference that separates the mode which is produced by and in another which it requires to subsist and which is produced in and by itself and becomes a cause of itself. The identity of natura naturata and natura naturans cannot grant a mode the capacity to be cause of itself under all points of view: it permits it to do so under certain points of view and certain conditions which are sufficient for an ethical realization. Communism to the extent that Marx thinks in terms of the becoming concept of the collective worker exceeds the conditions and possibilities of action predicated on modes. To this structural impossibility we can add the consideration of an analytical one: modern society is not immense and singular enterprise under the order of the collective worker, it is, to say the least, a network of antagonistic enterprises in which on the contrary the process of work is fragmented to the point where it loses all material and ideal unity, a fragmentation that has been imposed by the imperative of capitalist society. Exploitation is not only maintained but it is generalized, it is only in compensation that the recomposition of labor process itself as something collective, cooperative, and associated that Marx believes leads the dialectic of the process of capitalist production. Spinozist realism is here irreducible. It does not limited us in taking the measure of the problem posed generally by Marx, it excludes, however, the solution envisioned from speculative teleology and it compels us to attempt to comprehend the modal form in which exploitation is reproduced. How can we form a new theory of the capacity for insurrection of the multitude subordinated to capital while they also resist it. What effects of liberation can still be manifested by producing new subjectivities which are embedded in real productive activities, not prisoners of unproductive ghettos ravaged by self-destructive violence, nor recluse themselves in the powerless rumination of a moral salvation? How can we escape forms of historical impotence? How can we avoid being reduced to the status of spectators of this impotence? Such are the questions posed by Marx and which are posed again today along with Spinoza and his critique of the teleological illusions of the general intellect, questions which have not arrived at the end of their road. But it is historically vain to ask Marx these questions: they are ours and it is up to us to answer them.
A 2018 report from the Center for Strategic and International Studies, in partnership with computer security company McAfee, estimated that cybercrime costs the world almost $600 billion or .8% of the global Gross Domestic Product (CSIS, 2018, p. 4). In response to this booming element of transnational crime, states, private sector entities, non-governmental organizations, and individual citizens have sought to implement systems for the investigation, prosecution, and restitution of these crimes. One such solution is the development and enactment of international law. On December 27, 2019, the General Assembly of the United Nations passed Russia-led resolution A/74/401, entitled "Countering the use of information and communications technologies for criminal purposes (United Nations, 2019, Countering the use)." Vehemently opposed by Western states such as the United States, the resolution approved the establishment of a committee of experts to evaluate the potential for an international cybercrime treaty (United Nations). While international cooperation of this kind is commendable, Western states and human rights groups have professed concerns that the vague language of the resolution has the potential to erode the human rights protections afforded to citizens under international law (Hakmeh & Peters, 2020). The purpose of this paper is to identify the human rights concerns of Russia's proposed United Nations resolution and analyze the obligations the international community has to uphold relevant human rights protections while balancing international cooperation necessitated by international law and legal norms. The first section of this paper provides historical background on the relationship between cyber issues like cybercrime and international law. ; Winner of the 2020 Friends of the Kreitzberg Library Award for Outstanding Research in the College of Graduate and Continuing Studies Graduate category. ; Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 1 International Law & the Cyber Domain: Assessing the Human Rights Concerns of Cyber Legislation GD520 International Law and the International System Dr. John Becker Norwich University College of Graduate and Continuing Studies Kathryn R. Lamphere 23 May 2020 Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 2 Introduction A 2018 report from the Center for Strategic and International Studies, in partnership with computer security company McAfee, estimated that cybercrime costs the world almost $600 billion or .8% of the global Gross Domestic Product (CSIS, 2018, p. 4). In response to this booming element of transnational crime, states, private sector entities, non-governmental organizations, and individual citizens have sought to implement systems for the investigation, prosecution, and restitution of these crimes. One such solution is the development and enactment of international law. On December 27, 2019, the General Assembly of the United Nations passed Russia-led resolution A/74/401, entitled "Countering the use of information and communications technologies for criminal purposes (United Nations, 2019, Countering the use)." Vehemently opposed by Western states such as the United States, the resolution approved the establishment of a committee of experts to evaluate the potential for an international cybercrime treaty (United Nations). While international cooperation of this kind is commendable, Western states and human rights groups have professed concerns that the vague language of the resolution has the potential to erode the human rights protections afforded to citizens under international law (Hakmeh & Peters, 2020). The purpose of this paper is to identify the human rights concerns of Russia's proposed United Nations resolution and analyze the obligations the international community has to uphold relevant human rights protections while balancing international cooperation necessitated by international law and legal norms. The first section of this paper provides historical background on the relationship between cyber issues like cybercrime and international law. International Cyber Law Background The cyber domain is often presented as another realm, a world that exists outside of the mostly tidy borders the international community has used to separate themselves. Aligning with Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 3 this view is the notion that cyberspace cannot be regulated because it expands beyond the traditional idea of territorial sovereignty (Kanuck, 2010, p. 1573). These ideas raise two concerns over the identification and prosecution of cybercrime. The first concern is the conflict between "cybercrime, which is global in scale, and police activities that are confined to national borders (Cangemi, 2004, p. 166)." The conflict arises in the very structure of the Internet, which "can be characterized as a multitude of individual, but interconnected, electronic communications networks (Zekos, 2008, p. 30)." This interconnectedness has created a grey area within the legal system, where no one entity has regulatory control over what happens in that area. The second concern is far more technical and highlights the transient nature of information and data (Cangemi, 2004, p. 166). The source of information can be easily masked to hide its actual location, and data "may be amended, moved, or altered in a few seconds (p. 166)." The speed in which data travels presents a significant hurdle to the legal and law enforcement mechanisms typically used to investigate crimes. As Cangemi notes, this creates "an appreciable risk that the evidence of cyber-offences will disappear" long before implementing the required resources (p. 166). Nevertheless, despite these concerns, "nation-states do strive to exercise their sovereignty over cyberspace (Kanuck, 2010, p. 1573)." The physical elements of cybercrime, such as the location of the people perpetrating the crimes or the location of the hardware used to execute the crimes, are used as a connecting link to allow governments "to address cyber conflicts involving both state and nonstate actors as matters to be resolved by sovereign powers under their respective legal systems (p. 1573)." When evidence moves beyond territorial borders, states seek to invoke bilateral or international action to further pursue the crime. This model follows the same formula that society developed over time, whether it be in stopping crimes such as international drug trafficking or heinous acts of terrorism. The international community is well-Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 4 versed in this cycle, and the "nature of the international legal system affords this sovereign-centric approach primacy under the United Nations (U.N.) Charter regime (p. 1573)." If the international community is content in continuing to use this cycle, then "international legislation and action are essential to combat the phenomenon" of cybercrime (Pocar, 2004, 27). The essential requirement of international involvement and negotiation has rung true in the late 20th and early 21st centuries, as the international community takes steps to evolve international law to include cyber issues, specifically cybercrime. The 1980s introduced international consultation on cybercrime by multiple organizations. In 1983, the Organization for Economic Cooperation and Development (OECD) commissioned a two-year study focusing "on the possibility of harmonizing and internationalizing national cybercrime laws (Brenner, 2012, p. 133)." OECD later published a report in 1986 summarizing the results of the study and recommending countries criminalize certain cybercrimes. In 1985, the Council of Europe convened its own study, which involved a four-year focus on "the legal issues raised by cybercrime (p. 133)." In 1997, the Council of Europe convened another study tasked with "the drafting of a cybercrime treaty that would harmonize national laws dealing with cybercrime offenses and investigations (p. 133). In 2001, the study's efforts came to fruition in the creation of the Convention of Cybercrime. Also referred to as the Budapest Convention, the international treaty entered into law in July 2004 with the principle objective of "pursuing a common criminal policy aimed at the protection of society against cybercrime, especially by adopting appropriate legislation and fostering international co-operation (Council of Europe, 2001, Preamble)." As of 2018, 29 states have ratified the treaty, but the rapid development of technology has resulted in the convention becoming outdated, leaving governments and organizations calling for a new treaty (Murphy, 2018, p. 549) (Shackelford, 2014, p. 312). Russia's 2019 United Nations resolution is the latest attempt to modernize international cyber Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 5 law and has received much adulation despite its vague, concerning language and human rights implications. The next section of this paper addresses human rights and provides an overview of states' obligations to this arena as members of the international community. Human Rights & the International Community Modern international human rights law begins with the first article of the Charter of the United Nations (UN), which dictates that one of the purposes of the UN is to "achieve international cooperation…in promoting and encouraging "respect for human rights and for fundamental freedoms for all without distinction as to race, sex, language, or religion (Buergenthal, 2006, p. 785)." While the Charter provided minimal specificity as to what "respect for human rights" entailed, this provision and others within the Charter catalyzed a new international perspective on human rights. In joining the United Nations, members inherently accepted "the proposition that the Charter had internationalized the concept of human rights (p. 787)." Furthermore, the Charter insinuated that "states were deemed to have assumed some international obligations relating to human rights (p. 787)." Articles 55 and 56 of the Charter cemented the beginnings of these obligations, requiring member states to "take joint and separate action in co-operation with the Organization for the achievement of purposes" such as promoting "universal respect for, and observance of, human rights and fundamental freedoms for all (United Nations, 1945, Article 55, 56)." The specificity of human rights became more overt when the United Nations devoted the UN Commission on Human Rights to the task of drafting non-legally-binding human rights instrument. In December 1948, the UN General Assembly unanimously adopted the Universal Declaration on Human Rights (Murphy, 2018, p. 402). Composed of thirty articles, the declaration instituted vital human rights and eventually "served as a template for numerous subsequent treaties on human rights (p. 404)." As a result, the Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 6 Universal Declaration on Human Rights "has come to be accepted as a normative instrument in its own right (Buergenthal, 2006, p. 787)." Both documents uphold two pedestals of traditional international law as it pertains to human rights. The first pedestal retains responsibility for "the treatment by one state of another's nationals, an area known as state responsibility for injury to aliens (p. 389)." Although addressed at the state level, this notion asserts that individuals are afforded certain protections when in another state. The second pedestal, advanced by scholars such as Hugo Grotius, focuses on "the protection of persons against the acts of their own governments (p. 389)." It is this pedestal that introduces what is now known as humanitarian intervention, or the "idea of state intervening to protect the other state's nationals (p. 389)." Together, both the Charter of the United Nations and the Universal Declaration are "considered to spell out the general human rights obligations of all UN member states," of which there are now 193 (Buergenthal, 2006, p. 787) (Murphy, 2018, p. 59). Each international legal instrument has lent itself to the creation of international institutions dedicated to monitoring "compliance by the states parties with the obligations imposed by these instruments (Buergenthal, 2006, p. 788)." Such institutions include entities like the UN Human Rights Council and the Office of the United Nations High Commissioner for Human Rights (p. 788). Together, the instruments and institutions "laid the normative foundation of the contemporary international human rights revolution" and "influenced, in part at least, the contents of the legal norms under which international criminal tribunals operate today (p. 791)." The criticality of these elements to the international system, particularly as it pertains to international law, is justification for using each as measuring tools with which to judge the new UN cyber-focused resolution objectively. The third section of this paper will assess the purpose of the resolution and explain the supporting argument for its contents. Supporting Arguments & Analysis of A/74/401 Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 7 In order to truly understand the intent of international laws, it is crucial to develop an understanding of the stances actors take concerning the specific issues at hand. This understanding is of particular importance when discussing Resolution A/74/401 and the underlying views of cyberspace. Two opposing perspectives lie at the heart of debates surrounding the cyber domain and Internet governance and center around the notion of sovereignty. The first perspective is that "many governments are attempting to exert sovereignty in cyberspace in the same way as they do in physical domains (Nocetti, 2015, p. 111)." For these governments, the dominance of private sector institutions within cyberspace and "the unfettered internet access of their fellow citizens" are causes of concerns (p. 111). This sentiment is particularly true within the Russian government. Under its traditional views of governance, Russia "conceives of cyberspace as a territory with virtual borders corresponding to physical state borders, and wishes to see the remit of international laws extended to the internet space (p. 112)." Furthermore, Russia's domestic fears of an open Internet fuel its international concerns. Russia sees the Internet as "politically disruptive because it enables citizens to circumvent government-controlled 'traditional media (p. 113).'" It aligns this perspective "with the inherently authoritarian nature of the Russian regime (p. 114)." Russia's negative perception of the Internet as it is today ultimately lends itself to Russia's ideal mechanism of perpetuating its belief that "global internet governance is envisioned as an issue of high politics in which states - and the interstate balance of power-play – play an essential role (p. 116, 117)." Under this mechanism, it is little wonder that Russia has led international legal initiatives to refine control over the Internet since the Council of Europe's enactment of its Convention on Cybercrime. In a Ministry of Foreign Affairs press release following the General Assembly's adoption of Resolution A/74/401, Russia proclaimed that the "resolution shows that the world community urgently needs to develop a universal, comprehensive, and open-ended convention Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 8 on countering cybercrime (Ministry of Foreign Affairs, 2019)." The adopted resolution's language appears to align with this projected intent from Russia. The resolution stresses "the need to enhance coordination and cooperation among States in combating the use of information and communications technologies for criminal purposes" and notes "the importance of the international and regional instruments in the fight against cybercrime (United Nations, 2019, Countering the Use)." In order to fulfill these objectives, the resolution establishes an "intergovernmental committee of experts, representative of all regions" that will "elaborate a comprehensive international convention on countering the use of information and communications technologies for criminal purposes (United Nations, 2019)." Remarks of supporting nations support this appearance of cohesion. The representative from Nicaragua indicated the resolution would address cybercrime "in a more representative, democratic and transparent manner, taking into account the individual circumstances of developing and developed countries (Third Committee, 2019, Meetings Coverage)." China echoed this support, stating the resolution "is conducive to filling legal gaps in international cooperation (Third Committee)." At the same time, Belarus declared that "international cooperation is vital in investigating and combating cybercrime (Third Committee)." At face value, the resolution is a gesture of goodwill, a written contract to pursue options to disrupt cybercrime that will benefit all states. However, Russia's press release takes these notions a step further, realigning its message to its traditional view of international politics. It notes, "the resolution proposed by Russia essentially enhances states' digital sovereignty over their information space and ushers in a new page in the history of global efforts to counter cybercrime (Ministry of Foreign Affairs, 2019)." Furthermore, the press release dictates that the "convention must be based on the principles of respecting state sovereignty and non-interference in internal affairs (2019)." There are two Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 9 essential points within this statement that require further analysis. The first is the reassertion of the authoritarian construct with which Russia chooses to view cyberspace. In a press release initially dedicated to lauding the necessity of international cooperation, Russia simultaneously defaults to its traditional views of the international community and advocates for a "digital Westphalia (Nocetti, 2015, p. 117)." In recognizing sovereignty, Russia insinuates that the international community will successfully legislate mechanisms that will reduce cybercrime. A quick review of the supporting states in favor of the resolution upholds Russia's authoritarian views (United Nations, 2019, Countering the Use). In addition to China, Nicaragua, and Belarus, countries like Iran, Syria, Venezuela, Cuba, and the Democratic People's Republic of Korea are only some of the 88 Member States of the General Assembly who voted to adopt the resolution. Unsurprisingly, these states also abide by similar authoritarian perspectives on international law and sovereignty. China, for example, maintains a "comprehensive, multidimensional system that governs Internet infrastructure, commercial and social use as well as legal domains (Liang & Lu, 2010, p. 105)." This system supports "Internet censorship" and "China's single-party political system and its heavy intervention in Internet development (p. 105)." Given the nature and history of these states' political systems and methods of governance, the sudden focus on international cooperation generates questions of the underlying goals that may hide behind the official demands of the resolution. The second point requiring acknowledgment is the additional re-emphasis of sovereignty while also emphasizing non-interventionist beliefs in discussing non-interference in internal affairs. The resolution itself makes no mention of sovereignty or internal affairs beyond assisting countries with improving "national legislation and frameworks and build the capacity of national authorities" to deal with cybercrime (United Nations, 2019, Countering the Use). Despite the lack of language on this topic, the leading state on this initiative, Russia, felt the need Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 10 to emphasize its sovereignty in a press release about the resolution (Ministry of Foreign Affairs, 2019). Once again, Russia gives the impression that there may be a hidden desire layered within the words of the resolution. Additionally, the concept of non-interference within the international system is not without exceptions. The most critical exception being suspicion of human rights violations. As previously stated, humanitarian intervention and protecting citizens from their own government is a staple of international human rights law (Murphy, 2018, p. 389). Therefore, while non-interference in domestic matters is undoubtedly an essential tenet of international law, the resolution cannot call for international cooperation to combat cybercrime and simultaneously ignore the international cooperation required to maintain peace and security (United Nations, 1945, Charter of the United Nations). The next section of this paper will address these obligations to cooperation as it pertains to human rights while also highlighting the opposing arguments against Resolution A/74/401. Opposing Arguments for A/74/401 & Analysis of Human Rights Concerns The first perspective at the heart of the cyber domain debates, as described previously, is modeled after authoritarian beliefs and government control. The second perspective, modeled after a more Western approach to governance, is the belief of a free and open Internet that should remain decentralized and that "the best regulatory system is one that develops organically (Shackelford, 2013, p. 53)." A free Internet is more firmly the belief of the United States. This idea introduces the initial context necessary to understand the United States' opposition to the Russian-led cybercrime resolution. Even before the rapid development of the Internet, American foreign policy internalized the notion of "free flow of information internationally as an important element of national security (McCarthy, 2011, p. 92)." Former Secretary of State George Schultz argued that the free flow of information "undermined the Soviet Union and authoritarianism (p. 92, 93)." At its earliest beginnings, the Internet was a product of American ingenuity and, as a Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 11 result, built with a bias for "American libertarianism (p. 93)." In the present, the West has developed this concept in the "context of freedom expression, protection of intellectual property rights, and national security (Powers & Jablonski, 2015, p. 3)." As former Secretary of State Clinton asserted, the United States and other Western nations support the "freedom to connect" in opposition to efforts by states such as China, Iran, and Russia to create state-level information infrastructures designed for censorship (p. 3). The historical rivalry and disagreement between the two states on information, particularly as it pertains to cyberspace, only further roots the United States' opposition to the new United Nations cybercrime resolution. In its statement to the United Nations during the 49th & 50th meetings of the Third Committee, the United States expressed disappointment "with the decisions of the sponsors of this resolution to bring it to the Third Committee (United States Mission to the United Nations, 2019)." Contrary to the resolution's focus on cooperation, the United States' proclaimed the resolution would "drive a wedge between Member States and undermine international cooperation to combat cybercrime at a time when enhanced coordination is essential (United States Mission to the United Nations)." Furthermore, the United States asserted Russia's actions in introducing the resolution essentially bypass the "expert-driven, consensus-based process and therefore is not in line with their precedent (United States Mission to the United Nations)." Other Western states appear to agree with the United States assertions, as states such as the United Kingdom, Australia, France, Republic of Korea, and Germany composed part of the 58 Member States who opposed the adoption of the resolution (United Nations, 2019, Countering the Use). In a manner similar to the states in favor of the adoption, some opposed states made remarks in agreement with those of the United States during the Third Committee. Finland, on behalf of the European Union, remarked that "there is no consensus on the need for a new international instrument to fight cybercrime" and that the draft "represents a duplication of resources (Third Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 12 Committee, 2019, Meetings Coverage). Canada and Australia presented similar sentiments, remarking that "the Budapest Convention on Cybercrime is an important baseline for international cooperation" and that the new resolution "seeks to undercut consensus and will diminish existing global efforts that are already delivering results (Third Committee, 2019)." There is one remaining argument against the new cybercrime resolution: the potential that the document's vague language will create an environment where human rights will be more easily violated if left unchecked (Hakmeh & Peters, 2020). In a letter to the United Nations General Assembly, 37 organizations and six individuals expressed their concern for human rights protections as they pertain to the cybercrime resolution (Association for Progressive Communications (APC), 2019, Open Letter, p. 4). The first concern is a lack of clarity surrounding the scope of the "use of information and communications technologies for criminal purposes (APC, p. 1)." If left undefined, the language in the resolution arguably "opens the door to criminalising ordinary online behaviour that is protected under international human rights law (APC, p. 1)." If steps to do so were taken as a result of the new resolution, they would be in direct violation of the United Nations High Commission for Human Rights; who stated in 2011 that "human rights are equally valid online as offline (Shackelford, 2019, p. 168)." The second concern offered by non-government entities is the increasing trend in "criminalising ordinary online activities of individuals and organisations through the application of cybercrime laws (APC, 2019, Open Letter, p. 1, 2)." The letter even goes so far as to quote the UN Special Rapporteur over these concerns, that the "surge in legislation and policies aimed at combating cybercrime has also opened the door to punishing and surveilling activists and protestors in many countries around the world (APC, p. 2)." If used in such a manner, these initiatives, in addition to the UN cybercrime resolution, are in direct violation of the Charter of United Nations and the Universal Declaration on Human Rights. Within the Charter of the United Nations, efforts to Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 13 restrict or punish opposition elements such as activists or protestors violates Articles 55 and 56, which requires states to cooperate with the UN in achieving the organizations' purposes such as promoting human rights (United Nations, 1945, Article 55, 56). The Universal Declaration on Human Rights provides more specific language with which to attribute potential violations. The open letter notes that legislation of this kind is used to "criminalise legitimate forms of online expression, association and assembly through vague and ill-defined terms that allow for arbitrary or discretionary application (APC, 2019, Open Letter, p. 2)." Immediately, legislation that allows for criminalization of these elements is in direct violation of Articles 18, 19, and 20, which declare "all persons have a right to freedom of thought, conscience, religion, and assembly (Murphy, 2018, p. 402)." Furthermore, violations such as these also violate article two, which guarantees people "the right to life, liberty, and security" and dictates that "these rights are to be held without discrimination of any kind (Murphy, p. 402, 403)." Upholding these rights within cyberspace continues to fall in line with the Western perspective on the Internet. As McCarthy quotes, "the Internet is arguably the greatest facilitator for freedom of expression and innovation in the world today (McCarthy, 2011, p. 94)." The status of the Universal Declaration on Human Rights as "legitimate norms within the international system" permits this interpretation and application of international law to future resolutions (p. 94). If states are signatories to the declaration, any future adoption of any resolution must adhere to the principles and freedoms guaranteed by it. Resolution A/74/401 does refer to human rights protections, "reaffirming the importance of respect for human rights and fundamental freedoms in the use of information and communication technologies (United Nations, 2019, Countering the Use)." However, the resolution's open language is in direct contradiction to this promise, if not clarified. As the open letter indicates, "simply reaffirming the importance of respect for human rights" is "insufficient to safeguard human rights while Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 14 countering cybercrime (APC, 2019, Open Letter, p. 2)." The final section of this paper recommends additional actions that may further unify opposing entities on this resolution while simultaneously addressing all human rights concerns. Recommendations The Russian-led supporters of the resolution and the United States-led opposition are unified in one common element, at least in writing. The element is that consensus and international cooperation are vital in addressing cybercrime (Ministry of Foreign Affairs, 2019) (United States Mission to the United Nations, 2019). This notion is in concert with the Council of Europe, who remains the only entity to successfully orchestrate an international cybercrime treaty (Council of Europe, 2004, Convention on Cybercrime). In 2001, the Council of Europe postulated that "solutions to the problems posed must be addressed by international law, necessitating the adoption of adequate international legal instruments" that can "ensure the necessary efficiency" required to combat cybercrime (Pocar, 2004, p. 28). If the international community determines that another cybercrime treaty is required within the intergovernmental committee of experts authorized by Resolution A/74/401, then the new treaty should consider the aims of the Council of Europe Convention on Cybercrime (United Nations, 2019, Countering the Use). In doing so, the United Nations should strive to create a "basic framework for the establishment by contracting states of domestic substantive and procedural laws" in a manner that allows states to "cooperate expeditiously with one another (Pocar, 2004, p. 30)." If successful, the United Nations will be able to "establish procedures for relevant international relations" and provide "forms of cooperation between national judicial authorities as many interact with each other both swiftly and efficiently (p. 31)." Furthermore, the necessity of these requirements is supported by the very nature of the "the world-wide dimension of the Internet," Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 15 which "implies that its illegal use and related offenses must prompt responses and concerted efforts from all relevant domestic and international authorities (p. 34)." The non-governmental organizations' open letter to the United Nations supports the need for cooperation but takes it one step further than the states themselves. In its current structure, the Internet is a public-private endeavor, with private entities dominating cyberspace (Nocetti, 2015, p. 111). The present language of the United Nations cybercrime resolution allows for an intergovernmental committee of experts. However, it does not expand on the actual composition of the committee (United Nations, 2019, Countering the Use). Noting that Russia and other authoritarian regimes prefer non-government entities to use the government as a proxy for communication, it can be inferred that a Russia-led resolution intends the committee to be comprised of only government entities (p. 117). The open letter rightly points out that collaboration on cyber issues must expand beyond state cooperation. Addressing cybercrime is "necessarily a multi-stakeholder endeavour" that "requires government officials and experts, members of the technical community, civil society, the private sector, and scientific and research institutions (APC, 2019, Open Letter, p. 4)." An assessment of this viewpoint reveals that a committee dedicated to combatting cybercrime cannot rely on government expertise alone. In order to accurately reflect the composition and requirements of a private-public Internet, all discussions surrounding this resolution should involve both private and public entities. Therefore, the committee should be reformed to more accurately reflect the Internet's users. In doing so, the United Nations breaches the divide between authoritarian and more democratic governments, further increasing cooperation on this resolution. However, increased cooperation through a broader, inclusive committee and implementation of lessons learned from the Council of Europe Convention on Cybercrime will not ensure that the future convention successfully resolves the resolution's weaknesses. In Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 16 modern-day, the international system emphasizes international human rights more than ever before, as "this branch of international law has experienced phenomenal growth over the past one hundred years (Buergenthal, 2006, p. 807)." This growth has contributed to the "growing political impact of human rights on the conduct of international relations and the behavior of governments (p. 807)." If real success is desired within international governance, then the committee established under the "Countering the use of information and communications technologies for criminal purposes" resolution must account for human rights protections when determining the requirements of the "comprehensive international convention (United Nations, 2019, Countering the Use)." As the representative from Costa Rica during the 49th and 50th meetings of the Third Committee, "the international community must protect and observe fundamental freedoms, including the right to privacy (Third Committee, 2019, Meeting Coverage)." Until there is consensus on "sensitive topics such as…State responsibility to prioritize and protect human rights," the future proposed convention will fall short of its goal of achieving complete international ratification (Third Committee). Conclusion As cyberspace expands in conjunction with the rapid advancement of technology, the fear of the unknown drives further division between already opposing states in the international system. Resolution A/74/401 is the latest testament to the evolution of politicization within Internet governance. In addressing a topic that impacts every Internet-accessible region of the world, the resolution simultaneously magnifies the opposing perspectives of states as it pertains to sovereignty within the cyber domain. Furthermore, it reignites the protracted debate over whether or not human rights obligations addressed in such documents as the Charter of the United Nations or Universal Declaration on Human Rights are legally binding. Preventing further polarization requires both an acknowledgment of a fracturing international system of Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 17 governance and a proposed solution to address the issue. While state-centric governance provides legitimacy and the potential for a higher allocation of resources dedicated to protecting the Internet, increased sovereignty also "risks sacrificing innovation, complicates the regulatory environment of cyberspace, and may threaten a positive vision of cyber peace (Shackelford, 2013, p. 50)." These risks are why an alternative method to an intergovernmental committee must develop in response to the resolution. This method should integrate a multi-stakeholder construct to more fully recognize the competing impacts of cybercrime and fairly address the allegations of human rights infringement. One such method is polycentric governance, a system composed of "diverse organizations and governments working at multiple levels" in order to "increase levels of voluntary cooperation or increase compliance with rules established by governmental authorities (p. 330)." Individually, each organization or type of government faces its own unique hurdles. Together, they "contribute to a governance regime that is multi-level, multi-purpose, multi-type, and multi-sectoral in scope that could complement the top-down governance model increasingly favored" by states such as Russia or China (p. 331). Implementing polycentric governance to more equitably debate the appropriate response to international cybercrime will create an international community willing to consider the developing convention. In doing so, the environment will be better suited to determining whether or not the international system can leverage international law to investigate and prosecute cybercrime. Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 18 References Association for Progressive Communications (APC). (2019). Open Letter to UN General Assembly: Proposed international convention on cybercrime poses a threat to human rights online. Retrieved from https://www.apc.org/sites/default/files/Open_letter_re_UNGA_cybercrime_resolution_0.pdf Brenner, S. (2012). Cybercrime and the Law: Challenges, Issues, and Outcomes. Northeastern University Press. Retrieved from https://ebookcentral.proquest.com/lib/norwich/reader.action?docID=1085118&ppg=124 Buergenthal, T. (2006). The Evolving International Human Rights System. The American Journal of International Law, 100(4), 783-807. Retrieved from https://www-jstor-org.library.norwich.edu/stable/pdf/4126317.pdf?refreqid=excelsior%3Ae4ea9f31648cbd83f8f97bc7dae8e67a Cangemi, D. (2004). Procedural Law Provisions of the Council of Europe Convention on Cybercrime. International Review of Law Computers & Technology, 18(2), 165-171. Retrieved from https://norwich.on.worldcat.org/oclc/5272830680 Center for Strategic & International Studies & McAfee. (2018). Economic Impact of Cybercrime – No Slowing Down. Retrieved from https://www.csis.org/analysis/economic-impact-cybercrime Council of Europe. (2004). Convention on Cybercrime. Retrieved from https://www.coe.int/en/web/conventions/full-list/-/conventions/treaty/185 Hakmeh, J. & Peters, A. (2020). A New UN Cybercrime Treaty? The Way Forward for Supporters of an Open, Free, and Secure Internet. Council on Foreign Relations. Retrieved from https://www.cfr.org/blog/new-un-cybercrime-treaty-way-forward-supporters-open-free-and-secure-internet Kanuck, S. (2010). Sovereign Discourse on Cyber Conflict Under International Law. Texas Law Review, 88, 1571-1597. Retrieved from https://www.law.upenn.edu/institutes/cerl/conferences/cyberwar/papers/reading/Kanuck.pdf Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 19 Liang, B., & Lu, H. (2010). Internet Development, Censorship, and Cyber Crimes in China. Journal of Contemporary Criminal Justice, 26(1), 103–120. Retrieved from https://norwich.on.worldcat.org/oclc/5322181473 McCarthy, D. (2011). Open Networks and the Open Door: American Foreign Policy and the Narration of the Internet. Foreign Policy Analysis, 7(1), 89-111. Ministry of Foreign Affairs of the Russian Federation. (2019, December). Press Release on the UN General Assembly Vote on the Russian Draft Resolution on Countering Cybercrime. Retrieved from https://www.mid.ru/en/foreign_policy/news/-/asset_publisher/cKNonkJE02Bw/content/id/3988579 Murphy, S. (2018). Principles of international law (3rd edition). West Academic Publishing. Nocetti, J. (2015). Contest and Conquest: Russia and Global Internet Governance. International Affairs, 91(1), 111-130. Retrieved from https://norwich.on.worldcat.org/oclc/5721220595 Pocar, F. (2004). New Challenges for International Rules Against Cyber-Crime. European Journal on Criminal Policy and Research, 10(1), 27-37. Retrieved from https://norwich.on.worldcat.org/oclc/5649374698 Powers, S. & Jablonski, M. (2015). The Real Cyber War: The Political Economy of Internet Freedom. University of Illinois Press. Retrieved from https://norwich.on.worldcat.org/oclc/903245891 Shackelford, S. J. (2013). Managing Cyber Attacks in International Law, Business, and Relations: In Search of Cyber Peace: Vol. Revised Edition. Cambridge University Press. Retrieved from https://norwich.on.worldcat.org/oclc/882104883 Shackelford, S. (2019). Should Cybersecurity Be a Human Right? Exploring the "Shared Responsibility" of Cyber Peace. Stanford Journal of International Law, 55(2), 155–184. Retrieved from https://norwich.on.worldcat.org/oclc/8185136062 United Nations General Assembly. (1945). Charter of the United Nations. Retrieved from https://www.un.org/en/charter-united-nations/index.html United Nations General Assembly. (2019). Countering the use of information and communications technologies for criminal purposes. Retrieved from https://www.undocs.org/A/74/401 United Nations Third Committee. (2019, November). Meetings Coverage Seventy-Fourth Session, 49th & 50th Meetings. Retrieved from https://www.un.org/press/en/2019/gashc4284.doc.htm United States Mission to the United Nations. (2019, November). Statement on Agenda Item 107 'Countering the use of information and communications technologies for criminal purposes.' Retrieved from https://usun.usmission.gov/statement-on-agenda-item-107-countering-the-use-of-information-and-communications-technologies-for-criminal-purposes/ Running head: INTERNATIONAL LAW & THE CYBER DOMAIN 20 Zekos, G. (2008). Electronic State Sovereignty. The Icfai University Journal of Cyber Law, 7(4), 30-60.
