A comparative analysis of corporate finance in the United States and Japan from 1880 to 1930

This study explained the diversity of corporate financial practices in two nations. Existing studies have emphasized the reliance on equity finance in U.S. firms and bank loans in Japanese firms. In fact, patterns of corporate finance were much more complex. Financial institutions, which were created by national economic policy and regulation, affected corporate financial practices, but corporate financial practices often differed from what policymakers expected. Differences in corporate financial practices between nations also reflected differences in the mixture of industries in each nation. Many factors such as the amount of fixed capital, the process of production, the level of risk, the degree of innovation, and the importance of the industry in the national economy affected corporate financial practices. In addition, corporate financial practices within each nation differed from firm to firm due to managers’ considerations about stock ownership, which would affect their control power; corporate finance was closely related to control over management through ownership. To explain these complexities of corporate financial practices, the study linked corporate finance with the development of financial institutions in the United States and in Japan. While financial institutions affected corporate financial practices, the response of the firms to financial institutions and opportunities were diverse. The study also attempted to grasp variations in corporate financial practices by dealing with companies in three sectors: railroads, public utilities, and manufacturing. Finally, the study examined the structure of firm ownership. Contradictory to the widely held belief that U.S. firms distributed securities more widely to the public than did Japanese firms, many large American firms remained closely held, while some Japanese counterparts built publicly-held corporations.

Liberalization without decentralization: Haiti under Namphy and Delatour, 1986–1987

Following Haitian President Jean-Claude Duvalier's flight into exile in February 1986, the President of Haiti's provisional Conseil National de Gouvernement (CNG), Lieutenant General Henri Namphy, and his Minister of Finance, Leslie Delatour, enacted liberal reforms. This study examined their initial doctrine, decrees, and institutions for democratization and free markets, within a historical context of over-centralization and exclusion. Its purpose was to explore the contradiction and consequences of pursuing liberalization by decree, without significant decentralization. The author extracted CNG doctrine from speeches, legislation, and economic records. He then juxtaposed it with the adverse results of market reforms and popular reactions gathered from nine Haitian newspapers and two archival collections. He found that CNG doctrine and institutions were inadequate for resolving exclusion and popular discontent. Rather the deficiency of market reforms and the insufficiency of representative institutions exacerbated exclusion, which the author identified as the source of confrontation and violence in 1987.

Prisons, Profits, and Hard Labor: A Brief History of Convict Labor In Florida

The purpose of this research is to develop a broader understanding of the system in Florida. Specifically, I am looking at the privatization of convict labor programs by the Prison Rehabilitative Industries and Diversified Enterprises Corporation (PRIDE) in the 1980s and 1990s in state correctional institutions. This research will contribute to historiography of prisons in Florida in the context of the developing research about the Prison-Industrial Complex. Many scholars studying the Prison-Industrial Complex have drawn comparisons to today’s prison industries and the convict lease system of the late 19th and early 20th centuries, seeing the prison system go full circle drawing attention to the exploitative and institutionally racist nature of the modern prison system. This researched showed that the trend other scholars have studied also exist in Florida and Florida was actually a pioneer in the Prison-Industrial Complex. It was the first state to privatize its convict labor programs, becoming a model for other states. This research also shows that political and economic motivations were the primary forces governing prison policies, rather than education, rehabilitation, and safety. To complete this project, I analyzed articles from South Florida newspapers, such as the Sun-Sentinel and the Miami Herald, published during this period as well as literature published by the Department of Corrections. The United States has the highest rate of incarceration in the world and spends more money on prisons than education. Being such a large part of country, prisons warrant more critical study. This research will shed light on the nature of prisons, specifically here in Florida, in the hopes of seeking alternatives.

Prisons, Profits, and Hard Labor: A Brief History of Convict Labor In Florida

The purpose of this research is to develop a broader understanding of the system in Florida. Specifically, I am looking at the privatization of convict labor programs by the Prison Rehabilitative Industries and Diversified Enterprises Corporation (PRIDE) in the 1980s and 1990s in state correctional institutions. This research will contribute to historiography of prisons in Florida in the context of the developing research about the Prison-Industrial Complex. Many scholars studying the Prison-Industrial Complex have drawn comparisons to today’s prison industries and the convict lease system of the late 19th and early 20th centuries, seeing the prison system go full circle drawing attention to the exploitative and institutionally racist nature of the modern prison system. This researched showed that the trend other scholars have studied also exist in Florida and Florida was actually a pioneer in the Prison-Industrial Complex. It was the first state to privatize its convict labor programs, becoming a model for other states. This research also shows that political and economic motivations were the primary forces governing prison policies, rather than education, rehabilitation, and safety. To complete this project, I analyzed articles from South Florida newspapers, such as the Sun-Sentinel and the Miami Herald, published during this period as well as literature published by the Department of Corrections. The United States has the highest rate of incarceration in the world and spends more money on prisons than education. Being such a large part of country, prisons warrant more critical study. This research will shed light on the nature of prisons, specifically here in Florida, in the hopes of seeking alternatives.