Much ado about nothing? The surprising persistence of nascent ventures through the global financial crisis

Using the Global Financial Crisis as a natural experiment, we investigate how a major macro-economic crisis affects nascent (i.e., pre-operational) ventures. We hypothesize adverse effects on behaviors, behavioral plans, and expectations for the future, and that these effects would be more pronounced in ventures that are more innovative and/or more relying on loan funding. Overall, we find very limited support for our hypotheses. Our conclusion is that the main reason for the surprising absence of detrimental effects is that a large majority of nascent ventures are mostly affected by a relatively narrow, immediate task environment rather than directly by the fluctuations of the macro-economy.

The Gothenburg Recommendations on Education for Sustainable Development

This document calls on governments, civil society and in particular educators to prioritize processes that develop and strengthen education for sustainable development (ESD). The world has changed since the UN World Summit on Sustainable Development in 2002. While there have been significant initiatives and progress has been made, the scale of effort is still overshadowed by the scope of the problem. For instance, human-induced climate change is creating a long-lasting ecological crisis with severe economic and social consequences. Recently the global economic crisis has drawn attention to the problem of borrowing from resources that do not exist. Poverty, conflict and social injustice remain critical issues on the global agenda. A renewed sense of commitment to the UN Decade of Education for Sustainable Development 2005-2014 is required. Formal, informal and non-formal education and learning processes for sustainability must be strengthened and prioritized. This document supports and builds on the concepts and values that are put forward within UNESCO’s International Implementation Scheme for Education for Sustainable Development and in the Earth Charter. The purpose of ESD is to reorient education in order to contribute to a sustainable future for the common good of present and future generations. ESD recognizes the interdependence of environmental, social and economic perspectives and the dependence of humanity on a healthy biosphere. Participation and involvement are necessary components of ESD, with an emphasis on empowerment and agency for active citizenship, human rights and societal change. Re-orientation is necessary at all levels and in all phases of education, and encompasses community learning, thus making ESD a wider process challenging the form and purpose of education itself.

Historiebruk kring Nådendal : och den kommemorativa anatomin av klostrets minnesplats

This thesis examines the ruins of the medieval Bridgettine (Birgittan) monastery of Naantali (Vallis Gratiae, f. 1443) in Finland and the transformation of the site into a national heritage and a memory landscape. It was archaeologically surveyed in the 19th century by Professor Sven Gabriel Elmgren (1817 1897). His work was followed by Dr. Reinhold Hausen (1850 1942), who excavated the site in the 1870s. During this time the memories of Saint Bridget (Birgitta) in Sweden were also invented as heritage. Hausen published his results in 1922 thus forming the connection with the next generation of actors involved with the Naantali site: the magnate Amos Anderson (1878 1961), the teacher Julius Finnberg (1877 1955) and the archaeologist Juhani Rinne (1872 1950). They erected commemorative monuments etc. on the Naantali site, thus creating a memory landscape there. For them, the site represented the good homeland in connection with a western-oriented view of the history of Finland. The network of actors was connected to the Swedish researchers and so-called Birgitta Friends, such as state antiquarian Sigurd Curman (1879 1966), but also to the members of the Societas Sanctae Birgittae and the Society for the Embellishment of Pirita, among others. Historical jubilees as manifestations of the use of history were also arranged in Naantali in 1943, 1993 and 2003. It seems as if Naantali is needed in Finnish history from time to time after a period of crisis, i.e. after the Crimean War in the 1850s, the civil war of 1918, during World War II and also after the economic crisis of the early 1990s. In 2003, there was a stronger focus on the international Saint Bridget Jubilee in Sweden and all over Europe. Methodologically, the thesis belongs to the history of ideas, but also to research on the use of history, invented traditions and lieux de mémoire. The material for the work consists of public articles and scholarly texts in books or newspapers and letters produced by the actors and kept in archives in Finland, Sweden and Estonia, in addition to pictures and erected commemorative monuments in situ in the Western Finnish region. Keywords: Nådendal, Naantali monastery, Bridgettines, St. Bridget, use of history, lieux de mémoire, invented traditions, commemorative anatomy, memory landscape, Saint Bridget jubilees , S. G. Elmgren, R. Hausen, A. Anderson, J. Finnberg, J. Rinne, S. Curman, High Church Movement, Pirita, Vadstena.

Tolle Jahre Versuch einer Lebensbeschreibung

Description of the author’s family background. His paternal family owned a tobacco and cigarres business in Ulm, which was transferred to Munich in 1888. The maternal family in Frankfurt am Main had a textile export business. Recollections of his schooldays at the Catholic St. Anna Schule. Antisemitic encounters at the local Gymnasium. Description of life in the 19th century. Reverence for the local royalties. The family was involved in the Zionist movement, as were most of the members of their local synagoge.

Essays on Russia's Economic Transition

This study comprises an introductory section and three essays analysing Russia's economic transition from the early 1990s up to the present. The papers present a combination of both theoretical and empirical analysis on some of the key issues Russia has faced during its somewhat troublesome transformation from state-controlled command economy to market-based economy. The first essay analyses fiscal competition for mobile capital between identical regions in a transition country. A standard tax competition framework is extended to account for two features of a transition economy: the presence of two sectors, old and new, which differ in productivity; and a non-benevolent regional decision-maker. It is shown that in very early phase of transition, when the old sector clearly dominates, consumers in a transition economy may be better off in a competitive equilibrium. Decision-makers, on the other hand, will prefer to coordinate their fiscal policies. The second essay uses annual data for 1992-2003 to examine income dispersion and convergence across 76 Russian regions. Wide disparities in income levels have indeed emerged during the transition period. Dispersion has increased most among the initially better-off regions, whereas for the initially poorer regions no clear trend of divergence or convergence could be established. Further, some - albeit not highly robust - evidence was found of both unconditional and conditional convergence, especially among the initially richer regions. Finally, it is observed that there is much less evidence of convergence after the economic crisis of 1998. The third essay analyses industrial firms' engagement in provision of infrastructure services, such as heating, electricity and road maintenance. Using a unique dataset of 404 large and medium-sized industrial enterprises in 40 regions of Russia, the essay examines public infrastructure provision by Russian industrial enterprises. It is found that to a large degree engagement in infrastructure provision, as proxied by district heating production, is a Soviet legacy. Secondly, firms providing district heating to users outside their plant area are more likely to have close and multidimensional relations with the local public sector.

Neighborhood Shopkeepers in Contemporary South Korea: Household, Work, and Locality

This is an ethnographic study of the lived worlds of the keepers of small shops in a residential neighborhood in Seoul, South Korea. It outlines, discusses, and analyses the categories and conceptualizations of South Korean capitalism at the level of households, neighborhoods, and Korean society. These cultural categories were investigated through the neighborhood shopkeepers practices of work and reciprocal interaction as well as through the shopkeepers articulations of their lived experience. In South Korea, the keepers of small businesses have continued to be a large occupational category despite of societal and economic changes, occupying approximately one fourth of the population in active work force. In spite of that, these people, their livelihoods and their cultural and social worlds have rarely been in the focus of social science inquiry. The ethnographic field research for this study was conducted during a 14-month period between November 1998 and December 1999 and in three subsequent short visits to Korea and to the research neighborhood. The fieldwork was conducted during the aftermath of the Asian currency crisis, colloquially termed at the time as the IMF crisis, which highlighted the social and cultural circumstances of small businesskeeper in a specific way. The livelihoods of small-scale entrepreneurs became even more precarious than before; self-employment became an involuntary choice for many middle-class salaried employees who were laid off; and the cultural categories and concepts of society and economy South Korean capitalism were articulated more sharply than before. This study begins with an overview of the contemporary setting, the Korean society under the socially and economically painful outcomes of the economic crisis, and continues with an overview of relevant literature. After introducing the research area and the informants, I discuss the Korean notion of neighborhood, which incorporates both the notions of culturally valued Koreanness and deficiency in the sense of modernity and development. This study further analyses the ways in which the businesskeepers appropriate and reproduce the Korean ideas of men s and women s gender roles and spheres of work. As the appropriation of children s labor is conditional to intergenerational family trajectories which aim not to reproduce parents occupational status but to gain entry to salaried occupations via educational credentials, the work of a married couple is the most common organization of work in small businesses, to which the Korean ideas of family and kin continuity are not applied. While the lack of generational businesskeeping succession suggests that the proprietors mainly subscribe to the notions of familial status that emanate from the practices of the white-collar middle class, the cases of certain women shopkeepers show that their proprietorship and the ensuing economic standing in the family prompts and invites inversed interpretations and uses of common cultural notions of gender. After discussing and analyzing the concept of money and the cultural categorization of leisure and work, topics that emerged as very significant in the lived world of the shopkeepers, this study charts and analyses the categories of identification which the shopkeepers employ for their cultural and social locations and identities. Particular attention is paid to the idea of ordinary people (seomin), which shopkeepers are commonly considered to be most representative of, and which also sums up the ambivalence of neighborhood shopkeepers as a social category: they are not committed to familial reproduction and continuity of the business but aspire non-entrepreneurial careers for their children, while they occupy a significant position in the elaborations of culturally valued notions and ideologies defining Koreanness such as warmheartedness and sociability.

Development of foreign direct investment in Finland

During 1990 to 2009, Foreign Direct Investment (FDI henceforth) in Finland has fluctuated greatly. This paper focused on analyzing the overall development and basic characteristics of Foreign Direct Investment in Finland, covering the period from 1990 to present. By comparing FDI in Finland with FDI in other countries, the picture of Finland’s FDI position in the world market is clearer. A lot of statistical data, tables and figures are used to describe the trend of Foreign Direct Investment in Finland. All the data used in this study were obtained from Statistics Finland, UNCTAD, OECD, World Bank and International Labor Office, Investment map website and etc. It is also found that there is a big, long-lasting and increasing imbalance of the inward FDI and outward FDI in Finland, the performance of outward FDI is stronger than the inward FDI in Finland. Finland’s position of FDI in the world is rather modest. And based on existing theories, I tried to analyze the factors that might determine the size of the inflows of FDI in Finland. The econometric model of my thesis is based on time series data ranging from 1990 to 2007. A Log linear regression model is adopted to analyze the impact of each variable. The regression results showed that Labor Cost and Investment in Education have a negative influence on the FDI inflows into Finland. Too high labor cost is the main impediment of FDI in Finland, explaining the relative small size of FDI inflows into Finland. GDP and Economy openness have a significant positive impact on the inflows of FDI into Finland; other variables do not emerge as significant factor in affecting the size of FDI inflows in Finland as expected. Meanwhile, the impacts of the most recent financial and economic crisis on FDI in the world and in Finland are discussed as well. FDI inflows worldwide and in Finland have suffered from a big setback from the 2008 global crisis. The economic crisis has undoubtedly significant negative influence on the FDI flows in the world and in Finland. Nevertheless, apart from the negative impact, the crisis itself also brings in chances for policymakers to implement more efficient policies in order to create a pro-business and pro-investment climate for the recovery of FDI inflows. . The correspondent policies and measures aiming to accelerate the recovery of the falling FDI were discussed correspondently.

The principled executive

Resumen: El artículo presenta el problema de la escisión del hombre de negocios entre su esfera pública en el ámbito del management, y el ámbito privado de la vida familiar y religiosa. Señala la importancia del documento pontificio al detectar este problema e intentar establecer modos de mitigarlo. El autor analiza el tema de la vocación empresaria en el mundo actual, que los nuevos líderes deben poseer para poder enfrentar los problemas propios del mundo financiero tras la crisis económica mundial del año 2008. Finalmente, hace referencia a la importancia de la educación, especialmente dentro del marco de las Universidades católicas

La crisis de 1930 y las políticas del New Deal : un examen desde la economía y las instituciones

Resumen: La presente investigación consiste en un análisis, desde la perspectiva de la economía y las instituciones, de las políticas del New Deal, implementado por Franklin D. Roosevelt en los Estados Unidos durante la crisis económica de los años 30. Para realizar dicho análisis se presentan los elementos principales de la crisis de 1930, luego se realiza un estudio de las políticas económicas aplicadas en el contexto de un marco de gran innovación institucional, y concluye evaluando las políticas expuestas, tanto desde el enfoque de sus resultados macroeconómicos como de su desempeño institucional. De esta manera el presente documento incluye un diagnóstico histórico del contexto norteamericano en aquel entonces y resalta los aspectos que motivaron a dicha administración a la aplicación de New Deal. Finalmente, se realiza un análisis del impacto macroeconómico de las políticas aplicadas. La conclusión sintetiza las principales enseñanzas de la experiencia desde la perspectiva de política económica y del diseño de la regulación, para concluir con algunas reflexiones acerca de su posible implementación en la actualidad.

El resurgimiento actual del debate sobre los modelos comparados de capitalismo

Resumen: A partir de la crisis financiera y económica internacional, ha caido la visión del mundo unipolar (basada en la interpretación extrema del libre mercado) para dar lugar al retorno de la intervención del Estado en la economía, en un mundo multipolar en donde se da la competencia de modelos nacionales o socio-culturales de capitalismo. Este trabajo analiza los límites que presenta este sistema de capitalismo estado, y lo contrasta con La Economía Social de Mercado como sistema de ordenamiento de la economía. Este es un sistema que requiere la presencia de un marco institucional sólido que la regule y está focalizado en la equidad y la autosuperación de las personas. Se busca así analizar el funcionamiento de estos sistemas en el marco que les dio origen y analizar su efectividad y su crecimiento en el mundo en los últimos años. Finalmente, se emplea el análisis de estas teorías para el caso latinoamericano.

O Tratado de Lisboa e os avanços democráticos na União Europeia

Descreve as instituições e os mecanismos que ao longo de mais de seis décadas foram sendo criados e aperfeiçoados com o objetivo de desenvolver a comunidade dos países europeus nos aspectos políticos, sociais e econômicos. A integração europeia foi se aperfeiçoando ao longo do tempo, mas, seus dirigentes, sempre tiveram a preocupação de fazer com que esse processo fosse o mais democrático possível. O Tratado de Lisboa, o mais recente na história desta associação de ideias e interesses, teve a preocupação de aperfeiçoar os mecanismos de integração no sentido da democracia, aspecto explorado neste trabalho.

Is the current EU climate instrument mix adequate?

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Análisis del comercio minorista vasco, y estrategias para impulsar el comercio urbano

Este documento recoge un análisis de la situación del sector del comercio minorista en el País Vasco y su evolución en los últimos años, en los que la crisis ha marcado significativamente la actividad económica. En él se abordan también las tendencias previsibles a corto plazo y los cambios que estas pueden suponer. Todo ello con el objetivo de proponer ideas que ayuden al comercio minorista a impulsar su dinamismo, considerando que el contexto competitivo es nuevo con un protagonismo evidente del mundo digital. He tratado de recoger propuestas lo más innovadoras posibles, sin olvidar que se trata de un reto complicado ya que un gran número de especialistas han trabajado a fondo en ese sentido desde hace tiempo. Sin embargo, entiendo que contar con nuevas ideas es siempre positivo y a ello se dirige mi contribución.

Análisis del comercio minorista vasco, y estrategias para impulsar el comercio urbano

Este documento recoge un análisis de la situación del sector del comercio minorista en el País Vasco y su evolución en los últimos años, en los que la crisis ha marcado significativamente la actividad económica. En él se abordan también las tendencias previsibles a corto plazo y los cambios que estas pueden suponer. Todo ello con el objetivo de proponer ideas que ayuden al comercio minorista a impulsar su dinamismo, considerando que el contexto competitivo es nuevo con un protagonismo evidente del mundo digital. He tratado de recoger propuestas lo más innovadoras posibles, sin olvidar que se trata de un reto complicado ya que un gran número de especialistas han trabajado a fondo en ese sentido desde hace tiempo. Sin embargo, entiendo que contar con nuevas ideas es siempre positivo y a ello se dirige mi contribución.

Traditional budgeting during financial crisis

[EN] This study examines the evolution of budgeting practices in the extremely difficult Spanish economic environment. In order to analyse if companies are still maintaining their budgeting process and if, right now, they are facing more difficulties in forecasting accurate indicators, two similar web surveys were addressed over two periods of time, firstly in 2008 at the beginning of the financial crisis, and secondly in 2013 after five years of a downward trend. In addition, in-depth interviews were conducted to investigate how companies brought more flexibility to their budgeting process in order to cope with environmental uncertainty. The survey indicates that 97% of respondents are still using a traditional budgeting process being this result similar to the one found in 2008. However, 2013 showed that the reliance on forecasted information is being increasingly questioned. Furthermore the study revealed that the respondents are bringing more flexibility to their processes, being able to modify the objectives once the budget is approved and to obtain new resources outside the budgeting process. This paper contributes to revealing information about difficulties in setting reliable objectives in a turbulent environment and provides data about the evolution of budgeting practices over five years during an austere economic crisis.