Rodrik_Feasible_Globalizations
FEASIBLE GLOBALIZATIONS
Dani Rodrik1
Harvard University
July 2002
Introduction
We want economic integration to help boost living standards. We want democratic
politics so that public policy decisions are made by those that are directly affected by them (or
their representatives). And we want self-determination, which comes with the nation-state. This
paper argues that we cannot have all three things simultaneously. The political trilemma of the
global economy is that the nation-state system, democratic politics, and full economic
integration are mutually incompatible. We can have at most two out of the three. It follows that
the direction in which we seem to be headed—global markets without global governance—is
unsustainable.
The alternative is a renewed “Bretton-Woods compromise:” preserving some limits on
integration, as built into the original Bretton Woods arrangements, along with some more global
rules to handle the integration that can be achieved. Those who would make a different choice—
toward tighter economic integration—must face up to the corollary: either tighter world
government or less democracy.
During the first four decades following the close of the Second World War, international
policy makers had kept their ambitions in check. They pursued a limited form of
internationalization of their economies, leaving lots of room for national economic management.
Successive rounds of multilateral trade negotiations made great strides, but focused only on the
most egregious of the barriers at the border and excluded large chunks of the economy
1 I am grateful to Michael Weinstein for very helpful suggestions.
2
(agriculture, services, “sensitive” manufactures such as garments). In capital markets,
restrictions on currency transactions and financial flows remained the norm rather than the
exception. This Bretton Woods/GATT regime was successful because its architects subjugated
international economic integration to the needs and demands of national economic management
and of democratic politics.
This strategy changed drastically during the last two decades. Global policy is now
driven by an aggressive agenda of “deep” integration—elimination of all barriers to trade and
capital flows wherever those barriers may be found. The results have been problematic--in terms
of both economic performance (relative to the earlier post-war decades) and political legitimacy.
The simple reason is that “deep” economic integration is unattainable in a context where nation
states and democratic politics still exert considerable force.
The title of this essay conveys therefore two ideas. First, there are inherent limitations to
how far we can push global economic integration. It is neither feasible nor desirable to
maximize what Keynes called “economic entanglements betw ...
The political dynamics of the informal sector in tanzaniaDr Lendy Spires
The Political Dynamics of the Informal Sector in Tanzania Is the informal sector in Tanzania, as formerly presumed, a passive sector seen in a political context, or does is it in fact contain forceful and dynamic entities, capable of either constituting a political opposition, or of alleviating the state by assuming a social security role? Birdcages, empty passports, stolen license plates and other car 'accessories', bottled fruit juices, live chickens, ready-made food, wood carvings, rice cookers, blenders and home-made toys.
All these, among many other various items, are sold in most market places and on street corners by hawkers, or machinga, as they are normally called. In fact, a deserted street is a rare sight in the centre of Dar-es-Salaam, and even so, the city holds more than machinga. Small maduka (shops), hairdressers, small guesthouses, auto- and mechanical-repairs, carpentry and metal-work businesses, just to name a few. Unseen events occur in this city as well. Bribery, favouritism, mutual favours, and other forms of exchange are as much a part of the picture.
The informal sector, which encompasses the above amongst others, is a relatively recent term within development studies. The term was first used thirty-two years ago by the International Labour Organisation, however, it is only really within the last decade that a more diverse literature on the subject has developed and research agendas have bestowed this study with newer angles. The informal sector has often been described as economically stagnant and unproductive, as encompassing the unskilled and the uneducated and politically inactive. Recently, nevertheless, research agendas have changed from focusing merely on the size of the informal sector to the dynamics at play within it.
Furthermore, instead of viewing this sector as stagnant and poverty stricken, scholars have changed their outlook to regard it as more dynamic, productive, and particularly to regard it as a political challenger to the state, as well as an alleviator of the state. States in developing countries have also started to view the informal sector as more than just an underground, clandestine, surreptitious part of society, and regulations and policies have changed towards it.
Rodrik_Feasible_Globalizations
FEASIBLE GLOBALIZATIONS
Dani Rodrik1
Harvard University
July 2002
Introduction
We want economic integration to help boost living standards. We want democratic
politics so that public policy decisions are made by those that are directly affected by them (or
their representatives). And we want self-determination, which comes with the nation-state. This
paper argues that we cannot have all three things simultaneously. The political trilemma of the
global economy is that the nation-state system, democratic politics, and full economic
integration are mutually incompatible. We can have at most two out of the three. It follows that
the direction in which we seem to be headed—global markets without global governance—is
unsustainable.
The alternative is a renewed “Bretton-Woods compromise:” preserving some limits on
integration, as built into the original Bretton Woods arrangements, along with some more global
rules to handle the integration that can be achieved. Those who would make a different choice—
toward tighter economic integration—must face up to the corollary: either tighter world
government or less democracy.
During the first four decades following the close of the Second World War, international
policy makers had kept their ambitions in check. They pursued a limited form of
internationalization of their economies, leaving lots of room for national economic management.
Successive rounds of multilateral trade negotiations made great strides, but focused only on the
most egregious of the barriers at the border and excluded large chunks of the economy
1 I am grateful to Michael Weinstein for very helpful suggestions.
2
(agriculture, services, “sensitive” manufactures such as garments). In capital markets,
restrictions on currency transactions and financial flows remained the norm rather than the
exception. This Bretton Woods/GATT regime was successful because its architects subjugated
international economic integration to the needs and demands of national economic management
and of democratic politics.
This strategy changed drastically during the last two decades. Global policy is now
driven by an aggressive agenda of “deep” integration—elimination of all barriers to trade and
capital flows wherever those barriers may be found. The results have been problematic--in terms
of both economic performance (relative to the earlier post-war decades) and political legitimacy.
The simple reason is that “deep” economic integration is unattainable in a context where nation
states and democratic politics still exert considerable force.
The title of this essay conveys therefore two ideas. First, there are inherent limitations to
how far we can push global economic integration. It is neither feasible nor desirable to
maximize what Keynes called “economic entanglements betw ...
The political dynamics of the informal sector in tanzaniaDr Lendy Spires
The Political Dynamics of the Informal Sector in Tanzania Is the informal sector in Tanzania, as formerly presumed, a passive sector seen in a political context, or does is it in fact contain forceful and dynamic entities, capable of either constituting a political opposition, or of alleviating the state by assuming a social security role? Birdcages, empty passports, stolen license plates and other car 'accessories', bottled fruit juices, live chickens, ready-made food, wood carvings, rice cookers, blenders and home-made toys.
All these, among many other various items, are sold in most market places and on street corners by hawkers, or machinga, as they are normally called. In fact, a deserted street is a rare sight in the centre of Dar-es-Salaam, and even so, the city holds more than machinga. Small maduka (shops), hairdressers, small guesthouses, auto- and mechanical-repairs, carpentry and metal-work businesses, just to name a few. Unseen events occur in this city as well. Bribery, favouritism, mutual favours, and other forms of exchange are as much a part of the picture.
The informal sector, which encompasses the above amongst others, is a relatively recent term within development studies. The term was first used thirty-two years ago by the International Labour Organisation, however, it is only really within the last decade that a more diverse literature on the subject has developed and research agendas have bestowed this study with newer angles. The informal sector has often been described as economically stagnant and unproductive, as encompassing the unskilled and the uneducated and politically inactive. Recently, nevertheless, research agendas have changed from focusing merely on the size of the informal sector to the dynamics at play within it.
Furthermore, instead of viewing this sector as stagnant and poverty stricken, scholars have changed their outlook to regard it as more dynamic, productive, and particularly to regard it as a political challenger to the state, as well as an alleviator of the state. States in developing countries have also started to view the informal sector as more than just an underground, clandestine, surreptitious part of society, and regulations and policies have changed towards it.
Document #1 History of the Economic Systems and TheoriesCDustiBuckner14
Document #1: History of the Economic Systems and Theories
Capitalism
Capitalism is an economic system that emphasizes private ownership of the factors of
production, freedom of choice, and individual incentives. These freedoms and
incentives apply to workers, investors, consumers, and business owners. In pure
capitalism, the government does not interfere with the economy—the wages of workers,
the prices of goods, what producers can make, the ways that businesses make or sell
their goods and services, or any other regulations. Capitalism assumes that the best
way to serve society is to let people produce, sell, and buy as they wish.
The goal of capitalism is to create what is called a free market. In economic terms, a
market is not literally just a market like a grocery store. A market or marketplace is
wherever all sorts of goods and services can be sold and bought. In a free market or
free enterprise economy like that under capitalism, the government places no limits on
the freedom of buyers and sellers to make their economic decisions.
Origins of Capitalism
The basic theories about capitalism and free trade come from Adam Smith. Smith was a
Scottish philosopher and economist who lived in the 1700s. In his famous book The
Wealth of Nations, Smith suggested the government take a laissez-faire approach to the
economy. Laissez-faire is a French term meaning “to let alone.” Smith thought the
forces of the marketplace would act as an “invisible hand” guiding economic choices for
the best possible results.
Competition plays a key role in a free-enterprise or free-market economy because
sellers compete for resources to produce goods and services at the most reasonable
price. If they are successful, they make more money. At the same time, consumers
compete over limited products to buy what they want and need. Finally, these same
consumers, now in their role as workers, compete to sell their skills and labor for the
best wages or salaries they can get.
Pure capitalism has five characteristics: private ownership and control of property and
economic resources, free enterprise, competition, freedom of choice, and the possibility
of profits.
Free Enterprise in the United States
A true and total capitalist system does not exist in reality. The United States, however, is
a leading example of a capitalist system in which the government plays a role. Our
society is deeply rooted in the value of individual initiative—that each person knows
what is best for himself or herself. We also respect the rights of all persons to own
private property. Finally, our society recognizes individual freedom, including the
freedom to make economic choices. However, because the U.S. government also
regulates many aspects of the economy, it does not have a purely capitalistic economy.
Mixed Economies
Economists describe the economies in the United States and many other nations as
mixed economies. Mixed economies combine elements of capitalism and socialism.
Mexico is ano ...
Mini-Case The Informal Economy What It Is and Why It Is Important T.pdffcsondhiindia
Mini-Case The Informal Economy: What It Is and Why It Is Important? The informal economy
refers to commercial activities account for 183 percent, 163 percent, and 153 percent, that occur
at least partly outside a governing body\'s respectively, of these nations\' total economic activity).
observation, taxation, and regulation. In slightly differ- In the United States, recent estimates are
that the infor ent words, sociologists Manuel Castells and Alejandro mal economy is now
generating as much as s2 trillion in Portes suggest that the \"informal economy is character-
economic activity on an annual basis This is double the ized by one central feature: it is
unregulated by the insti- size of the US. informal economy in zoog. In terms of the tutions of
society in a legal and social environment in number of people working in an informal economy,
it is which similar activities are regulated.\" Firms located in suggested that \"Indias informal
economy...(includes) the informal economy are typically thought of as busi- hundreds of millions
of shopkeepers, farmers, construc- nesses that are unregistered but that are producing and tion
workers, taxi drivers, street vendors, rag pickers, tai- selling legal products (that is, they sell
many of the same lors, repairmen, middlemen, black marketers, and more. There are various
causes of the informal economy\'s cheaper because they do not pay government fees and growth,
including an inability of a nation\'s economic taxes). In contrast to the informal economy, the
formal environment to create a significant number of jobs rel economy is comprised of
commercial activities that a ative to available workers. This has been a particularly governing
body taxes and monitors for society\'s bene-acute problem during the recent global recession. In
the fit and whose outputs are included in a country\'s gross words of a person living in Spain:
\"Without the under ground (informal) economy, we would be in a situation For some, working
in the informal economy is a of probably violent social unrest.\" Governments inabil- choice,
such as is the case when individuals decide ity to facilitate growth efforts in their nation\'s
economic to supplement the income they are earning through environment is another issue. In
this regard, another employment in the formal economy with a second job in Spanish citizen
suggests that what the government the informal economy. However, for most people work-
should focus on is reforming the formal economy to products you might buy in legal businesses
but perhaps domestic product the informal make it more efficient and competitive choice-a
reality that contributes to the informal econo- In a general sense, the informal economy yields
my\'s size and significance. Although generalizing about threats and opportunities for formal
economy firms. the quality of informal employment is difficult, evidence One threat is that
informal businesses may have a cost suggests that it typically means poor empl.
Week Two Instructor Guidance Welcome to Week Two This week our r.docxjane3dyson92312
Week Two Instructor Guidance
Welcome to Week Two
This week our reading in chapters 2 – 3 will explore concepts of Capitalism and Corporations in an ethical framework. There are several articles required for review and analysis this week located in the required resources tab. In addition, there are several articles listed in the recommended resources tab. Please watch the required videos before formulating your analysis and responses to peers in the discussion threads.
Capitalism:
Capitalism is an economic system based on private ownership and the use of capital. Growth of towns and cities and the expansion of trade in the late Middle Ages sparked this economic development. Capital belongs to individuals who are free to do what they wish with it. For this reason, capitalism is also called the “free-enterprise” system. Based on the economic laws of supply and demand, when enough people want something, producers make it because they want a profit. In a market economy monetary values can be placed on everything in the marketplace: land, goods, time, and labor. Buyers and sellers are free to exchange goods and services at prices determined by supply and demand. Modern capitalism is not about immoral pursuit of gain, but upon disciplined obligation of work as duty.
Corporations:
A corporation is a legal entity, distinct and separate from the individuals who create and operate it. As a legal entity, a corporation may acquire, own, and dispose of property in its own name. The three types of corporations are corporations for profit, corporations not for profit, and government owned corporations. The stockholders or shareholders who own the stock own the corporation. Corporations whose shares of stock are traded in public markets are called public corporations. Corporations are distinct legal entities which exist separate from shareholders (Shareholders have limited liability). Corporations whose shares are not traded publicly are usually owned by a small group of investors and are called nonpublic or private corporations. The stockholders of this form of corporation have limited liability. The stockholders control a corporation by electing a board of directors. The board meets periodically to establish corporate policy. It also selects the chief executive officer (CEO) and other major officers. Corporations can sue and be sued. Corporations can own property. Corporations may and usually have a perpetual life. Corporations are created by compliance with state corporation statutes which usually require, a. filing Articles of Incorporation with the secretary of state, and paying a fee Corporate existence begins when the articles of incorporation are filed, unless a delayed effective date is specified in the articles.
Corporate Social Responsibly:
Corporate social responsibility looks at ethical issues on the organization level. Social responsibility means that organizations are a part of a larger society and are accountable to that s.
A presentation by Peter Laurie, author and former Ambassador of Barbados to the USA at a September 21 seminar in Barbados, a follow-up to the September 12-13 AEC Justice and Peace Seminar.
DIREITO DA SUSTENTABILIDADE (2023) Professor Doutor Rui Teixeira Santos ISG L...A. Rui Teixeira Santos
PPTX Formação Executiva para empresas e Administração Pública em Direito da Sustentabilidade e e Direito ESG (Environmental, social, and corporate governance)
Document #1 History of the Economic Systems and TheoriesCDustiBuckner14
Document #1: History of the Economic Systems and Theories
Capitalism
Capitalism is an economic system that emphasizes private ownership of the factors of
production, freedom of choice, and individual incentives. These freedoms and
incentives apply to workers, investors, consumers, and business owners. In pure
capitalism, the government does not interfere with the economy—the wages of workers,
the prices of goods, what producers can make, the ways that businesses make or sell
their goods and services, or any other regulations. Capitalism assumes that the best
way to serve society is to let people produce, sell, and buy as they wish.
The goal of capitalism is to create what is called a free market. In economic terms, a
market is not literally just a market like a grocery store. A market or marketplace is
wherever all sorts of goods and services can be sold and bought. In a free market or
free enterprise economy like that under capitalism, the government places no limits on
the freedom of buyers and sellers to make their economic decisions.
Origins of Capitalism
The basic theories about capitalism and free trade come from Adam Smith. Smith was a
Scottish philosopher and economist who lived in the 1700s. In his famous book The
Wealth of Nations, Smith suggested the government take a laissez-faire approach to the
economy. Laissez-faire is a French term meaning “to let alone.” Smith thought the
forces of the marketplace would act as an “invisible hand” guiding economic choices for
the best possible results.
Competition plays a key role in a free-enterprise or free-market economy because
sellers compete for resources to produce goods and services at the most reasonable
price. If they are successful, they make more money. At the same time, consumers
compete over limited products to buy what they want and need. Finally, these same
consumers, now in their role as workers, compete to sell their skills and labor for the
best wages or salaries they can get.
Pure capitalism has five characteristics: private ownership and control of property and
economic resources, free enterprise, competition, freedom of choice, and the possibility
of profits.
Free Enterprise in the United States
A true and total capitalist system does not exist in reality. The United States, however, is
a leading example of a capitalist system in which the government plays a role. Our
society is deeply rooted in the value of individual initiative—that each person knows
what is best for himself or herself. We also respect the rights of all persons to own
private property. Finally, our society recognizes individual freedom, including the
freedom to make economic choices. However, because the U.S. government also
regulates many aspects of the economy, it does not have a purely capitalistic economy.
Mixed Economies
Economists describe the economies in the United States and many other nations as
mixed economies. Mixed economies combine elements of capitalism and socialism.
Mexico is ano ...
Mini-Case The Informal Economy What It Is and Why It Is Important T.pdffcsondhiindia
Mini-Case The Informal Economy: What It Is and Why It Is Important? The informal economy
refers to commercial activities account for 183 percent, 163 percent, and 153 percent, that occur
at least partly outside a governing body\'s respectively, of these nations\' total economic activity).
observation, taxation, and regulation. In slightly differ- In the United States, recent estimates are
that the infor ent words, sociologists Manuel Castells and Alejandro mal economy is now
generating as much as s2 trillion in Portes suggest that the \"informal economy is character-
economic activity on an annual basis This is double the ized by one central feature: it is
unregulated by the insti- size of the US. informal economy in zoog. In terms of the tutions of
society in a legal and social environment in number of people working in an informal economy,
it is which similar activities are regulated.\" Firms located in suggested that \"Indias informal
economy...(includes) the informal economy are typically thought of as busi- hundreds of millions
of shopkeepers, farmers, construc- nesses that are unregistered but that are producing and tion
workers, taxi drivers, street vendors, rag pickers, tai- selling legal products (that is, they sell
many of the same lors, repairmen, middlemen, black marketers, and more. There are various
causes of the informal economy\'s cheaper because they do not pay government fees and growth,
including an inability of a nation\'s economic taxes). In contrast to the informal economy, the
formal environment to create a significant number of jobs rel economy is comprised of
commercial activities that a ative to available workers. This has been a particularly governing
body taxes and monitors for society\'s bene-acute problem during the recent global recession. In
the fit and whose outputs are included in a country\'s gross words of a person living in Spain:
\"Without the under ground (informal) economy, we would be in a situation For some, working
in the informal economy is a of probably violent social unrest.\" Governments inabil- choice,
such as is the case when individuals decide ity to facilitate growth efforts in their nation\'s
economic to supplement the income they are earning through environment is another issue. In
this regard, another employment in the formal economy with a second job in Spanish citizen
suggests that what the government the informal economy. However, for most people work-
should focus on is reforming the formal economy to products you might buy in legal businesses
but perhaps domestic product the informal make it more efficient and competitive choice-a
reality that contributes to the informal econo- In a general sense, the informal economy yields
my\'s size and significance. Although generalizing about threats and opportunities for formal
economy firms. the quality of informal employment is difficult, evidence One threat is that
informal businesses may have a cost suggests that it typically means poor empl.
Week Two Instructor Guidance Welcome to Week Two This week our r.docxjane3dyson92312
Week Two Instructor Guidance
Welcome to Week Two
This week our reading in chapters 2 – 3 will explore concepts of Capitalism and Corporations in an ethical framework. There are several articles required for review and analysis this week located in the required resources tab. In addition, there are several articles listed in the recommended resources tab. Please watch the required videos before formulating your analysis and responses to peers in the discussion threads.
Capitalism:
Capitalism is an economic system based on private ownership and the use of capital. Growth of towns and cities and the expansion of trade in the late Middle Ages sparked this economic development. Capital belongs to individuals who are free to do what they wish with it. For this reason, capitalism is also called the “free-enterprise” system. Based on the economic laws of supply and demand, when enough people want something, producers make it because they want a profit. In a market economy monetary values can be placed on everything in the marketplace: land, goods, time, and labor. Buyers and sellers are free to exchange goods and services at prices determined by supply and demand. Modern capitalism is not about immoral pursuit of gain, but upon disciplined obligation of work as duty.
Corporations:
A corporation is a legal entity, distinct and separate from the individuals who create and operate it. As a legal entity, a corporation may acquire, own, and dispose of property in its own name. The three types of corporations are corporations for profit, corporations not for profit, and government owned corporations. The stockholders or shareholders who own the stock own the corporation. Corporations whose shares of stock are traded in public markets are called public corporations. Corporations are distinct legal entities which exist separate from shareholders (Shareholders have limited liability). Corporations whose shares are not traded publicly are usually owned by a small group of investors and are called nonpublic or private corporations. The stockholders of this form of corporation have limited liability. The stockholders control a corporation by electing a board of directors. The board meets periodically to establish corporate policy. It also selects the chief executive officer (CEO) and other major officers. Corporations can sue and be sued. Corporations can own property. Corporations may and usually have a perpetual life. Corporations are created by compliance with state corporation statutes which usually require, a. filing Articles of Incorporation with the secretary of state, and paying a fee Corporate existence begins when the articles of incorporation are filed, unless a delayed effective date is specified in the articles.
Corporate Social Responsibly:
Corporate social responsibility looks at ethical issues on the organization level. Social responsibility means that organizations are a part of a larger society and are accountable to that s.
A presentation by Peter Laurie, author and former Ambassador of Barbados to the USA at a September 21 seminar in Barbados, a follow-up to the September 12-13 AEC Justice and Peace Seminar.
DIREITO DA SUSTENTABILIDADE (2023) Professor Doutor Rui Teixeira Santos ISG L...A. Rui Teixeira Santos
PPTX Formação Executiva para empresas e Administração Pública em Direito da Sustentabilidade e e Direito ESG (Environmental, social, and corporate governance)
PPTX das Lições de Gestão das Condições de Trabalho
Ergonomia Emocional ou Autoergonomia - uma abordagem crítica da micro e da macroergonomia ou o papel do amor nas condições de trabalho
Prof. Doutor Rui Teixeira Santos
Lic. Gestão de Recursos Humanos
Instituto Superior de Gestão
Lisboa, 2021/22
I CONFERENCIA INTERNACIONAL SOBRE POLITICAS PUBLICAS E REFORMA DA AP - Prof....A. Rui Teixeira Santos
PPTX da comunicação do Professor RUI TEIXEIRA SANTOS sobre a Reforma da Administração Pública - tendência e desafios na I Conferência Internacional sobre Políticas Públicas e Reforma da Administração Pública.
Caracterização das organizações da economia social em Portugal - Prof. Do...A. Rui Teixeira Santos
Santos, R (2020)CARACTERIZAÇÃO DAS ORGANIZAÇÕES DA ECONOMIA SOCIAL EM PORTUGAL. ECONOMIA SOCIAL e SOLIDÁRIA - IMPACTOS e SUSTENTABILIDADE das ORGANIZAÇÕES (coord. Feliciano, JF) Lisboa: Ed.Lusófonas.
Book chapter
Part of ISBN: 978-989-757-104-6
Organização pública e privada do desporto (Nov 2021) 2ª Parte - prof. doutor ...A. Rui Teixeira Santos
Organização publica e privada do desporto (2ª Parte)
05 nov 2021
Prof. Doutor Rui Teixeira Santos,
Universidade Autónoma de Lisboa
Pós-Graduação de Direito Desportivo
Organização pública e privada do desporto 1 parte (30OUT2021) PROFESSOR DOU...A. Rui Teixeira Santos
Organização pública e privada do desporto
1 parte
(30OUT2021)
PROFESSOR DOUTOR RUI TEIXEIRA SANTOS
PÓS-GRADUAÇÃO EM DIREITO DESPORTIVO
UNIVERSIDADE AUTÓNOMA DE LISBOA
Sport finance, prof. Doutor Rui Teixeira Santos (ULHT, Lisboa, 2021)A. Rui Teixeira Santos
Conferencia sobre as finanças desportivas e os novos instrumentos de reestruturação e aquisição de activos e sociedades comerciais desportivas.
Pós-Graduação de Gestão Desportiva
Universidade Lusófona de Humanidades e Tecnologias´
Lisboa
5 de Junho de 2021
Fashion Law - propriedade industrial e direito da publicidade, prof doutor Ru...A. Rui Teixeira Santos
PPTX Fashion Law
Prof. Doutor Rui Teixeira Santos
Iº SEMINARIO DE FISHION LAW
ELSA Portugal
Faculdade de Direito
Universidade Nova de Lisboa
Fevereiro de 2020
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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The Principles of Morality and Transparency in the Third Sector presentation Prof Doutor Rui Teixeira Santos UAO Barcelona 2011
1. The Principles of Morality and
Transparency in the Third Sector
UNIVERSITAT ABAT OLIVA
CATEDRA DE ECONOMIA SOLIDARIA
BARCELONA
2011
PROF. DOUTOR RUI TEIXEIRA SANTOS
Lisbon School of Administration
ULHT
2. • We are in an especially dangerous period of
the economic and social history of the most
developed countries, where economic and
social adjustments are being made at the
same time as we define geostrategic
rebalancing at a global level, which forces us
to a special reflection on the mechanisms of
good government.
3. • The solidarity sector implies trust.
• And it is not worth considering the moral
superiority of the Third Sector by its
conscience and volunteering, because
previous absolute social responses proved to
be false and caused severe humanitarian
disasters.
4. • This was the case of the socialist response
unmasked by Ludwig von Mises long time ago.
The inevitable failure of the centralized
government of the economy
• The crisis of 1929/1932 that the market has
flaws and the Keynesians believed that public
initiative, albeit occasional, could be the
answer.
5. • Stagflation killed the interventionist dreams of
Keynesianism in the 70s in the same way that this crisis
proves that there is a limit to public investment
through borrowing. Keynes did not consider the fact
that the creditors do not want to lend more money to a
state already indebted, as we see actually in Portugal.
• We now see again as the public intervention during this
crisis only increased the public deficits and exacerbated
the problem of the sustainability of the euro and the
dollar, making the financial and banking crisis in a
sovereign debt crisis and economic recession,
increasing inequality and poverty.
6. • The moral problem of monetarism is that
everything that is not efficient must die and
thus we create an underemployment
equilibrium, which requires social and political
responses.
• The State is not the answer to
underemployment and there are political
limits to structural reforms and further
consolidation.
7. • To intend to adopt the model of Chinese business
in Europe to prevent the relocation of a company,
as it is already starting to happen in Italy or in
Galicia, in the fashion sector, puts at risk the legal
framework of labor and the tax models that
support the post-welfare state - that many still
advocate in Europe – but it opens the way for
what I have called the Guarantee Social State or
the Americans call Agency State, in which the
economic model is more liberal and less
regulated, while the State, which is no longer
producer and dealer, is committed to its essential
economic function of fighting poverty,
guaranteeing everyone access to basic social
rights.
8. • The moral advantage of capitalism is that all
economic players are on an equal position on
the market, so there is the possibility of
competition in the price formation.
• But when the State tries to intervene,
unbalancing the market or correcting its
failures, what always happens is that it
improves the condition of the wealthier
(minority interests), increasing poverty and it
becomes indebted, it increases taxes and
causes unequal competition in fundraising.
9. • The lack of market economy and so many
times of minimum conditions of competition,
safety or stability, because of the lack of
certain production factors (including capital or
legal reinforcement of work contract) - but
happens too in most poor’s countries in Africa
because there is no market at all - creates not
only opportunities, but demands to solidarity
economy as the better possible response.
10. • If the Solidarity Economy gains a new dimension
in this crisis, as a economic solution for the new
privatizations on Health, Education and Social
Security - while the sector is also in crisis
because of the reduction of its financial
resources, for instances in Portugal and Spain – it
is important to pay greater attention to the
mechanisms of formation of the economic
solidarity decision and its governance.
• New forms of organization of knowledge in
societies based on Social Innovation in Nonprofit
Organizations and Social Entrepreneurship also
requires a moral and legal clarity.
11. Why?
• - Due to a question of trust, without which the
sector does not have the resources.
• And here it is important to strengthen the
behavioral mechanisms so that the social and
solidarity ethics is not just a vague principle
without content.
12. • The Solidarity Economy does not have the
natural controls of capitalism - where no
single company controls the price - or the
regulatory mechanisms to correct market
failures.
• And so, today more than ever, it is important
to take on ethical imperatives in the social
administration.
13. We year zero of Solidarity Ethics!
• Ethics in business (1980s)
• The philosophical question is not new: when
Antigone defies King Creon, her uncle, to go
and bury her brother, she knew that she was
challenging the law, but that would honor the
son of her mother and her family name. It was
the Natural Law prior to the Positive Law itself.
14. • Thus we have a moral imperative of transparency and
probity resulting from the Law and Public Order and,
on the other hand, a requirement of the very nature of
things and that in the current economic and financial
framework is an assumption of the Third Sector.
• The content of the principle implies that the social
agent and the institution of the Third Sector as a
human being or a legal person respectively, endowed
with the legal capacity to act, must necessarily
distinguish Good from Evil, the honest from the
dishonest.
• And when they acting, they cannot disregard the
ethical element in their behavior.
15. • So not only they will have to decide between legal and
illegal, just and unjust, profitable and not profitable,
sustainable and unsustainable, efficient and inefficient,
convenient and inconvenient, opportune and inopportune,
but also between honest and dishonest.
• Due to considerations of law and morality, the actions of
the 3th sector will not only have to obey the law but also
the ethics of the institution itself, because not everything
that is legal is honest, as the Romans said - non omne quod
licet honestum est.
• The common morality is imposed on man for his outward
conduct; the moral solidarity is imposed on the agent of
the Third Sector and its institutions for its internal conduct,
as required by each institution and the purpose of its
action: the common good.
16. Law
• First, we must establish the autonomy itself of
the sector: the Third Sector is the one that is
not public and it not private, in the
conventional sense of those expressions; but
keeps a relationship with both; in that it
derives its own identity from the combination
between the latter’s method and the former’s
purpose.
17. Law
• Secondly, there are general principles of law applicable
to all the families of Public Law and Private and
commercial Law.
• Any State Principles of Economic Public Law is
applicable to all Economic Sectors that coexist in a legal
system, namely the Principle of Legality and Social
Equality.
• The Principles of Legality and Social Equality include
the Principle of Morality.
• And in this way the Principle of Morality cannot be
absent from the regulatory right of the social economy,
a fortiori, by the Economic Public Law.
18. • As a principle of the Economic Public Law, the Principle
of Morality is present in the regulatory law as a general
principle of Law and in particular in the Regulatory Law
of the Social and Solidarity Sector, as expressly
happens with the recent Spanish legislation of the
sector as the one that is being prepared in Portugal.
• On the other hand, the very idea of the Third Sector
often implies in the face of the creativity of private
solutions, the absence of the regulator and the market
with its limits, implying therefore a greater demand for
public accountability, common sense in resource
management and above all a clear moral distinction
between good and evil as necessary limit.
19. Law
• Third. The Social Law cannot be restrictive in
the sense that the only thing that is permitted
is what is authorized by the law, but is based
on the creativity and innovation in the social
sector. In its origin there is the Constitutional
Principle of the Free Initiative for Private
Sector and for the Solidarity Sector.
20. Law
• Four: the taxation of the entities of the third
sector. These civil society organizations are not
companies and they cannot be treated as such,
especially in less developed countries, since
international donors do not recognize tax
obligations and are unwilling to afford them.
• But the exceptions of the third Sector involve a
clear accountability and public scrutiny of the
destiny of resources and above all - the criteria
off efficiency of the sector.
21. • The Principle of Social Morality, expressed or
not expressed in the architecture of
Constitutional Law of any State, shapes the
entire solidarity economic activity, including
the Principle of Fairness - that is the principle
of ensuring transparency of actions and
activities of the social economy institutions
22. Law
• Five: controls of the legality and efficiency of public
resources given to the Third Sector, and the the
criminalization of immoral and illegal acts such as
economic participation in business, crimes against
property (such as theft, robbery, extortion, damage,
etc.) crimes against the Public Administration or
against the Public Finances, etc..
• Unfortunately most legal frameworks don’t have the
criminalization of the corruption in the Third Sector
organizations, as are de non profit organizations.
23. Proposals
• The criminalization of active and passive corruption
and embezzlement in a Third Sector entity or by agent
or officer of the Third Sector;
• Obligation to publish on the official website of the
entity the budgets of the revenues and expenditure of
the Social Sector entities duly approved before the
start of the fiscal year; The budgets should include the
economic classification of the revenues and the
functional economic and organizational classification of
the expenses and must be approved by the assembly of
cooperative members or by the General Council of the
solidarity organization or its trustees in the case of a
Foundation.
24. • Obligation to publish the profit and loss account, the balance sheet and
social balance on the official online site of the entity until the third month
of the year following the fiscal year, including the following elements:
• a)Total number of people supported or cases of intervention (with
characterization)
• b)Total number of paid workers (number of people or full-time equivalent)
• c) Total number of volunteer workers (number of workers and its full-time
equivalent)
• d) Total value of remunerations distributed
• e) Total values of other operating expenses
• f) Total economic value of volunteer work
• g) Total value of gross operating surplus
• h) Total gross value added
• i) Structure of income
– Sales of goods and services
– Contributions of members
– Donations and patronage
– Public financing
25. • Strengthening of the supervision of revenue and
expenditure in the Social Sector, including the
requirement of certification of accounts by
Chartered Accountants or Chartered Auditors. In
the case of very small organizations or those that
are civil or even informal companies the
supervision actions should be self-regulating and
aim at the good practices and improvement of
management instead of punishment.
• All organizations should justify in an online report
all the expenses made and to be made in the
previous year before approving the new budget
for the following year.
26. • All the Social Sector entities should be identified
in a national record published online and all the
fund-raising operations should be registered,
whenever possible with the issuance of invoice.
• To identify in the same public record all public
donations and all the donations registered with
tax purposes (patronage and other tax benefits)
by companies or individuals.
27. • To identify in the same public record all public donations
and all the donations registered with tax purposes for all
public-social partnerships, in particular in the areas of
health, education, sports, child support and social
solidarity.
• Identification in a central online record of the employees of
one or more organizations of the Third Sector and that are
thereby paid by one or more solidarity entity.
• Code of conduct or law of incompatibilities that expressly
prohibits that those who collaborate in the solidarity sector
cannot be at the same time an officer or director in private
companies or Public Direct, Indirect or Independent
Administration bodies that compete or relate directly or
indirectly in the economic and social sector in which the
solidarity entity acts.
28. • The creation of the obligation of all board
members and directors of solidarity entities to
publish in the solidarity entity’s official
website their assets and their tax return every
year. (Some people advocate the
accountability at the end of the mandates, but
that is close to the legal concept of Intrusion
that existed in the Philippine Ordinations - XVI
sec.- and that was terminated by modern law )
29. • The monitoring and study of new forms of social
intervention whenever there is public funding in
the Solidarity Sector and in public-social
partnerships, namely the new corporate forms of
public foundations with private social revenue
(and with the corresponding administrative and
financial autonomy), the private foundations with
the appointment of public managers, public and
municipal cooperatives etc. (These institutions
came to greatly extend the dependence of the
Social Sector on political clienteles and they are
creating a true promiscuity between the political
agents and the traditional social agents).
30. • The obligation of public tenders - with early
publication of the contract and following the
requirements of public procurement - to
contract in the social sector above a certain
amount, the direct adjudication must be
justified, with publication of the adjudication
and the justification in the official website of
the social entity, under penalty of nullity.
31. • Create a self-regulatory entity of the Third Sector to
monitor the application of good practices and good
governance and monitor the efficiency of the various
entities of the Third Sector through, for example, a
barometer of the management efficiency of the Third
Sector and a rating of the effectiveness of the Social
Economy entities that allow donors to have a quick and
certified assessment / information of the entities to
which they will make funds available. (And right
information in real time is essential to the trust that
the sector needs to maintain its ability to finance with
private funds).
• Establishment of a Code of Social Practice with the
good practices of the sector and that includes the
requirement for a complaints book.
32. Without this legislative initiatives the
Solidarity Sector will fall into
discredit.
Thank You
• Barcelona, September 16th, 2011
Editor's Notes
For example, in supporting the elderly or in combating exclusion and poverty, where the Social Security Private Institutions are the best and sometimes the only stable solution in many markets where the market economy is unable to survive and for example where volunteering is necessary.
the same way we had to go through the neo-monetarist sweep of the eighties of the last century to introduce in the university first cycle in Management the studies of " Ethics in Business ".
There are even constitutional laws, like the German or the Brazilian that expressly include the very Principle of Morality for the Public Administration as an autonomous principle of constitutional law.
We all know stories of NGOs or even Cooperatives and Foundations whose misappropriation of funds and the lack of transparency, nepotism in hiring or appointing leaders, that affect competition and damage the image of the Third Sector.
We should note that, for example, in the Portuguese legal framework, which incorporates all the recommendations of GRECO / OECD, there is only a crime in the active and passive corruption in the Public Administration, in private or in international organizations and in sports, and as it is a principle of Criminal Law, the absence of analogy, one cannot extend the crime to the Social Sector.
All this has to be done - obviously without involving bureaucracy or unnecessary complexity the public controllers like so much - under penalty of the sector losing its credibility and Social Economy is just a propaganda tool and not a trust certificate. But also for reasons of pragmatism and sustainability: without this the Solidarity Sector will fall into discredit