Phoenix activity: Regulatory challenges and the law

Remedying the mischief of phoenix activity is of practical importance. The benefits include continued confidence in our economy, law that inspires best practice among directors, and law that is articulated in a manner such that penalties act as a sufficient deterrent and the regulatory system is able to detect offenders and bring them to account. Any further reforms must accommodate and tolerate legal phoenix activity. Phoenix activity pushes tolerance of entrepreneurial activity to its absolute limits. The wisest approach would be to front end the reforms so as to alleviate the considerable detection and enforcement burden upon regulatory bodies. There is little doubt that breach of the existing law is difficult and expensive to detect; and this is a significant burden when regulators have shrinking budgets and are rapidly losing feet on the ground. This front end approach may need to include restrictions on access to limited liability. The more limited liability is misused, the stronger the argument to limit access to limited liability. This paper proposes that such an approach is a legitimate next step for a robust and mature capitalist economy.

Economic theory informing approaches to phoenix activity in small business: A neo-Schumpeterian analysis

The adequacy and efficiency of existing legal and regulatory frameworks dealing with corporate phoenix activity have been repeatedly called into question over the past two decades through various reviews, inquiries, targeted regulatory operations and the implementation of piecemeal legislative reform. Despite these efforts, phoenix activity does not appear to have abated. While there is no law in Australia that declares ‘phoenix activity’ to be illegal, the behaviour that tends to manifest in phoenix activity can be capable of transgressing a vast array of law, including for example, corporate law, tax law, and employment law. This paper explores the notion that the persistence of phoenix activity despite the sheer extent of this law suggests that the law is not acting as powerfully as it might as a deterrent. Economic theories of entrepreneurship and innovation can to some extent explain why this is the case and also offer a sound basis for the evaluation and reconsideration of the existing law. The challenges facing key regulators are significant. Phoenix activity is not limited to particular corporate demographic: it occurs in SMEs, large companies and in corporate groups. The range of behaviour that can amount to phoenix activity is so broad, that not all phoenix activity is illegal. This paper will consider regulatory approaches to these challenges via analysis of approaches to detection and enforcement of the underlying law capturing illegal phoenix activity. Remedying the mischief of phoenix activity is of practical importance. The benefits include continued confidence in our economy, law that inspires best practice among directors, and law that is articulated in a manner such that penalties act as a sufficient deterrent and the regulatory system is able to detect offenders and bring them to account. Any further reforms must accommodate and tolerate legal phoenix activity, at least to some extent. Even then, phoenix activity pushes tolerance of repeated entrepreneurial failure to its absolute limit. The more limited liability is misused and abused, the stronger the argument to place some restrictions on access to limited liability. This paper proposes that such an approach is a legitimate next step for a robust and mature capitalist economy.

Critical success factors for positioning Australian business talent in the global knowledge economy : a current research agenda

"Globalisation‟ and the "global knowledge economy‟ have become some of the most common "buzzwords‟ in Australian business, economic, and social sectors in the past decade. Further, knowledge service exports are a growing sector for Australia that utilise complex technical and creative capacities, increasingly rely on virtual work innovations, require new socio-technical systems to establish and maintain effective client relationships in global contexts; and – along with other innovations in the electronic age – may require novel coping abilities on the part of both managers and their employees to achieve desired outcomes (Bandura, 2002). Accordingly, this paper overviews such trends. The paper also includes a research agenda which is a "work-in-progress‟ with a major global company, Shell (Australia); it highlights both the objectives and proposed methodology of the study; it also outlines anticipated key benefits arising from the research.

Competing in the new economy through large scale collaborative ventures (LSCV): a strategic marketing approach based on a study of the multifunction polis.

This paper draws on a study of government initiat ives aimed at facilitating economic development, specifically the Multifunction Polis Feasibility Study involving the governments and business enterprises of Australia and Japan (1987-1991). Large scale projects that involve collaboration between gove rnment and business (termed: large scale collaborative venture LSCV)are identified as one aspect of competing in the new economy . The study pursued the research propos ition that a LSCV can be effectively facilitated by following a theory based process similar to those in corporate practice. An approach to managing such ventures is outlined, based on strategic marketing theory that may enhance their success and thereby help countries part icipate more successfully in global competition through such ventures.

Haunting the knowledge economy

Review of Haunting the Knowledge Economy by Jane Kenway, Elizabeth Bullen, Johannah Fahey with Simon Robb. London: Routledge, 2006; for the journal of the Higher Education Research & Development Society of Australia.

My "middle way" media studies

I would argue that the problems that contemporary capitalism gives rise to are not the result of the classic exercise of power and hegemony characteristic of the monopoly phase of capitalism but of the “creative destruction” of such a phase. Schumpeter’s famous phrase is reflective of Lash and Urry’s (1987) notion of “disorganised capitalism” or of Robert Reich’s (2007) claim that large corporations have significantly less power now than three decades ago. The consequence is that there is a need to explore an economic “middle way” in debates about the narrative of the relationship between culture and economy, between the Scylla of total explanatory political economy and the Charybdis of tedium-by-case-study. This involves a Schumpeterian emphasis on entrepreneurial or enterprise economics (Cunningham, Banks, and Potts 2008). Schumpeter, in 1962, in Capitalism, Socialism and Democracy, argued that Marx had “no adequate theory of enterprise” and failed to “distinguish the entrepreneur from the capitalist” (quoted in McCraw 2007: 349). Schumpeter, his most recent biographer, Thomas McCraw, “told of capitalism in the way most people experience it: as consumer desires aroused by endless advertising; as forcible jolts up and down the social pecking order; as goals reached, shattered, altered, then reached once more as people try, try again.” He knew that “creative destruction fosters economic growth but also that it undercuts cherished human values” (p. 6). Schumpeter’s most recent biographer, Thomas McCraw, says that he elucidated what capitalism “really feels like” (as quoted in McCraw 2007: 349, 6).

Critical Systems Theory: A Political Economy of Language, Thought, and Technology

An emergent form of political economy, facilitated by information and communication technologies (ICTs), is widely propagated as the apotheosis of unmitigated social, economic, and technological progress. Meanwhile, throughout the world, social degradation and economic inequality are increasing logarithmically. Valued categories of thought are, axiomatically, the basic commodities of the “knowledge economy”. Language is its means of exchange. This paper proposes a sociolinguistic method with which to critically engage the hyperbole of the “Information Age”. The method is grounded in a systemic social theory that synthesises aspects of autopoiesis and Marxist political economy. A trade policy statement is analysed to exemplify the sociolinguistically created aberrations that are today most often construed as social and political determinants.

Total rural land performance in a free trade economy

The importance of agriculture in many countries has tended to reduce as their economies move from a resource base to a manufacturing industry base. Although the level of agricultural production in first world countries has increased over the past two decades, this increase has generally been at a less significant rate compared to other sectors of the economies. Despite this increase in secondary and high technology industries, developed countries have continued to encourage and support their agricultural industries. This support has been through both tariffs and price support. Following pressure from developing economies, particularly through the World Trade Organisation (WTO), GATT Uruguay round and the Cairns Group Developed countries are now in various stages of winding back or de-coupling agricultural support within their economies. A major concern of farmers in protected agricultural markets is the impact of a free market trade in agricultural commodities on farm incomes and land values. This paper will analyse the capital and income performance of the NSW rural land market over the period 1990-1999. This analysis will be based on land use and will compare the total return from rural properties based on world agricultural commodity prices.

Hypercapitalism:Political economy, electric identity, and authorial alienation

Hypercapitalism, with its "knowledge economy", is the form of capitalism under which thought itself is produced, commodified, and exchanged within the globally integrated system of communication technologies. As such, hypercapitalism may be seen as not so much a revolution, but rather an evolution: the progressively thorough, inexorable totalisation of social relations by Capital. The study on which this paper is based synthesises the sociological perspectives of Marx (1970, 1844/1975, 1846/1972, 1976, 1978, 1981) and Adorno (1951/1974, 1991; Horkheimer & Adorno, 1944/1998), and the Critical Discourse perspectives of Fairclough (1989, 1992) and Lemke (1995) to argue that alienated thought and language are the fundamental, irreducible commodity-forms of Cybersociety’s knowledge economy.

Spatial restructuring of cities in the age of knowledge economy : insights from Australian cities

In the age of knowledge economy, knowledge production, and where, how and by whom it is produced, has become one of the most important factors in determining the quality of life and competitiveness of a city. In different parts of the world, cities that are the centres of knowledge production are branded under different names, e.g. knowledge city, creative city, ubiquitous eco city, smart city. This paper focuses on the core building block of these cities: ‘knowledge precincts’ that are the catalytic magnet infrastructures impacting knowledge production. The paper discusses the increasing importance of knowledge-based urban development within the paradigm of knowledge economy, and the role of knowledge community precincts as an instrument to seed the foundation of knowledge production. This paper explores knowledge based urban development, particularly knowledge community precinct development, potentials of Sydney, Melbourne and Brisbane, and benchmarks them against Boston. The paper also draws conclusions and recommendations for other cities considering knowledge based development.