Capital 2.0 capital formation and legal risk in a new global economic order from fiat to exit: including case studies of the proposed transatlantic trade and investment partnership between the United States and the European Union and the financing relation between the United States and the People’s Republic of China

Following the intrinsically linked balance sheets in his Capital Formation Life Cycle, Lukas M. Stahl explains with his Triple A Model of Accounting, Allocation and Accountability the stages of the Capital Formation process from FIAT to EXIT. Based on the theoretical foundations of legal risk laid by the International Bar Association with the help of Roger McCormick and legal scholars such as Joanna Benjamin, Matthew Whalley and Tobias Mahler, and founded on the basis of Wesley Hohfeld’s category theory of jural relations, Stahl develops his mutually exclusive Four Determinants of Legal Risk of Law, Lack of Right, Liability and Limitation. Those Four Determinants of Legal Risk allow us to apply, assess, and precisely describe the respective legal risk at all stages of the Capital Formation Life Cycle as demonstrated in case studies of nine industry verticals of the proposed and currently negotiated Transatlantic Trade and Investment Partnership between the United States of America and the European Union, TTIP, as well as in the case of the often cited financing relation between the United States and the People’s Republic of China. Having established the Four Determinants of Legal Risk and its application to the Capital Formation Life Cycle, Stahl then explores the theoretical foundations of capital formation, their historical basis in classical and neo-classical economics and its forefathers such as The Austrians around Eugen von Boehm-Bawerk, Ludwig von Mises and Friedrich von Hayek and most notably and controversial, Karl Marx, and their impact on today’s exponential expansion of capital formation. Starting off with the first pillar of his Triple A Model, Accounting, Stahl then moves on to explain the Three Factors of Capital Formation, Man, Machines and Money and shows how “value-added” is created with respect to the non-monetary capital factors of human resources and industrial production. Followed by a detailed analysis discussing the roles of the Three Actors of Monetary Capital Formation, Central Banks, Commercial Banks and Citizens Stahl readily dismisses a number of myths regarding the creation of money providing in-depth insight into the workings of monetary policy makers, their institutions and ultimate beneficiaries, the corporate and consumer citizens. In his second pillar, Allocation, Stahl continues his analysis of the balance sheets of the Capital Formation Life Cycle by discussing the role of The Five Key Accounts of Monetary Capital Formation, the Sovereign, Financial, Corporate, Private and International account of Monetary Capital Formation and the associated legal risks in the allocation of capital pursuant to his Four Determinants of Legal Risk. In his third pillar, Accountability, Stahl discusses the ever recurring Crisis-Reaction-Acceleration-Sequence-History, in short: CRASH, since the beginning of the millennium starting with the dot-com crash at the turn of the millennium, followed seven years later by the financial crisis of 2008 and the dislocations in the global economy we are facing another seven years later today in 2015 with several sordid debt restructurings under way and hundred thousands of refugees on the way caused by war and increasing inequality. Together with the regulatory reactions they have caused in the form of so-called landmark legislation such as the Sarbanes-Oxley Act of 2002, the Dodd-Frank Act of 2010, the JOBS Act of 2012 or the introduction of the Basel Accords, Basel II in 2004 and III in 2010, the European Financial Stability Facility of 2010, the European Stability Mechanism of 2012 and the European Banking Union of 2013, Stahl analyses the acceleration in size and scope of crises that appears to find often seemingly helpless bureaucratic responses, the inherent legal risks and the complete lack of accountability on part of those responsible. Stahl argues that the order of the day requires to address the root cause of the problems in the form of two fundamental design defects of our Global Economic Order, namely our monetary and judicial order. Inspired by a 1933 plan of nine University of Chicago economists abolishing the fractional reserve system, he proposes the introduction of Sovereign Money as a prerequisite to void misallocations by way of judicial order in the course of domestic and transnational insolvency proceedings including the restructuring of sovereign debt throughout the entire monetary system back to its origin without causing domino effects of banking collapses and failed financial institutions. In recognizing Austrian-American economist Schumpeter’s Concept of Creative Destruction, as a process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one, Stahl responds to Schumpeter’s economic chemotherapy with his Concept of Equitable Default mimicking an immunotherapy that strengthens the corpus economicus own immune system by providing for the judicial authority to terminate precisely those misallocations that have proven malignant causing default perusing the century old common law concept of equity that allows for the equitable reformation, rescission or restitution of contract by way of judicial order. Following a review of the proposed mechanisms of transnational dispute resolution and current court systems with transnational jurisdiction, Stahl advocates as a first step in order to complete the Capital Formation Life Cycle from FIAT, the creation of money by way of credit, to EXIT, the termination of money by way of judicial order, the institution of a Transatlantic Trade and Investment Court constituted by a panel of judges from the U.S. Court of International Trade and the European Court of Justice by following the model of the EFTA Court of the European Free Trade Association. Since the first time his proposal has been made public in June of 2014 after being discussed in academic circles since 2011, his or similar proposals have found numerous public supporters. Most notably, the former Vice President of the European Parliament, David Martin, has tabled an amendment in June 2015 in the course of the negotiations on TTIP calling for an independent judicial body and the Member of the European Commission, Cecilia Malmström, has presented her proposal of an International Investment Court on September 16, 2015. Stahl concludes, that for the first time in the history of our generation it appears that there is a real opportunity for reform of our Global Economic Order by curing the two fundamental design defects of our monetary order and judicial order with the abolition of the fractional reserve system and the introduction of Sovereign Money and the institution of a democratically elected Transatlantic Trade and Investment Court that commensurate with its jurisdiction extending to cases concerning the Transatlantic Trade and Investment Partnership may complete the Capital Formation Life Cycle resolving cases of default with the transnational judicial authority for terminal resolution of misallocations in a New Global Economic Order without the ensuing dangers of systemic collapse from FIAT to EXIT.

Sunray etched Visors for the Jamaican Olympic Team in three colours: yellow, green and black

Design for visors for the delegation from Jamaica to the London Olympic Games 2012. This design was commissioned by PUMA 2012 based on McLean's designs featured in the website House of Flora, which functions as a space of display, archive, folio, point of sale and dissemination. The McLean standard design for visors is a component of the avant garde, pret a porter millinery, accessory design collections, and stylistically customised for the Jamaican team. McLean's oeuvre is original in its integration of the experimental traditions of art school workshop culture with the professional demands of fashion manufacture and trade culture. Combining the innovation of the postmodern urban artisan with the exacting demands of industrial production, dissemination and distribution McLean's design work spans the disparate worlds of national art collections such as the Victoria and Albert Museum (A Hat Anthology Exhibition, and catalogue 2009), London Design Museum ( Fifty Hats that Changed the World 2009). Integrating design considerations of multiple and mass production with the stylistic considerations of the studio workshop McLean brings the wit of the avant garde urban artisan to the structures and systems of fashion industry. The designs reach to a global audience as product users, as well as to the international connoisseurship of crafts and design specialists. The rigour of McLean's research and innovation is evident in the specificity of the stylistic references made through her selection of materials, processes, form, colour and symbolism. A range of cultural references cite the rich fusion of early twentieth century modernist culture in which the disparate worlds of popular, proletarian, culture fertilised the stylistic austerity of high modern formalism. McLean here considers the relationship between millinery and coiffure, following from the millinery piece featured in (Marcel bobbed hairpiece hat), and now brings the considerations of ethnic difference to bear on her design. Afro hair brings user group specificity to the milliner, and the visor design is a resolution of function and style for both protection and display. Connoting the sartorial conventions of workwear headgear, rather than the nineteenth century colonial 'cricketer's' cap, or the twentieth century US 'baseball' peaked cap, McLean's 'Jamaican Olympic Visor' brings distinctively postcolonial meaning to the cultural profile of the heterotopic media space. Designing for the popular culture of Olympic sports, televised and broadcast to global audiences, brings new forms of agency to the fashion designer, and McLan's design deploys a style that is widely recognisable from other popular culture's film and TV depictions of workwear to mark the distinctive tradition of supremacy that black athletes bring to the European traditions of cultural heritage. Supplanting the Arcadian 'laurels' with which winners are, traditionally, crowned, McLean's visor design innovation, suggests that it is not impossible to challenge and transform apparently timeless hierarchies of power and supremacy, so that ex-slaves may also become victors. McLean's fashion designs all work within this reach of fashion towards the carnivalesque inversion of social orderliness through play, display and sartorial activism.

The shallow water approximation applied to the aluminium electrolysis process

The industrial production of aluminium is an electrolysis process where two superposed horizontal liquid layers are subjected to a mainly vertical electric current supplied by carbon electrodes. The lower layer consists of molten aluminium and lies on the cathode. The upper layer is the electrolyte and is covered by the anode. The interface between the two layers is often perturbed, leading to oscillations, or waves, similar to the waves on the surface of seas or lakes. The presence of electric currents and the resulting magnetic field are responsible for electromagnetic (Lorentz) forces within the fluid, which can amplify these oscillations and have an adverse influence on the process. The electrolytic bath vertical to horizontal aspect ratio is such, that it is advantageous to use the shallow water equations to model the interface motion. These are the depth-averaging the Navier-Stokes equations so that nonlinear and dispersion terms may be taken into account. Although these terms are essential to the prediction of wave dynamics, they are neglected in most of the literature on interface instabilities in aluminium reduction cells where only the linear theory is usually considered. The unknown variables are the two horizontal components of the fluid velocity, the height of the interface and the electric potential. In this application, a finite volume resolution of the double-layer shallow water equations including the electromagnetic sources has been developed, for incorporation into a generic three-dimensional computational fluid dynamics code that also deals with heat transfer within the cell.

Alternativas de uso da borra de café através de hidrólise ácida, enzimática, ou como substrato para a produção das enzimas: lacase e celulase

In the industrial production of soluble coffee, huge amounts of extracted coffee residues are generated; onaverage, for eachtonne of green coffee extracted, 480 kg of coffee ground waste is produced. This is a solid residue currently used to generate energy at the steam boilers from the soluble coffee industry. Some is also used or as fertilizer on agriculture fields. Seeking a better end use, the work reported here aimed to study the viability of hydrolyzing the coffee ground residue for the production of carbohydrates. Hydrolysis was undertaken with hydrochloric acid at different temperatures and pressures, using a water bath or autoclave.An enzymatic hydrolysis with Viscozyme Lwas developed using Whatman filter paper No1 and the optimal conditions were determined using a rotational central composite experimental design (DCCR).The best conditions to hydrolyze filter paper cellulose were 50 FBG (Fungal β-glucanase) of Viscozyme L at pH 4.0 for 1.0 h and 45 ºC. The ground coffee was hydrolyzed under the same conditions as described above for filter paper, however this enzymatic hydrolysis was not efficient. A combination of enzymatic hydrolysis as a pre-treatment for the ground coffee followed by acid hydrolysis using HCl conducted in an autoclave (120 C for 2.0 h) resulted in higher production of glucose as analyzed by HPLC. Another end use of the ground coffee evaluated was as source of substrate in the culture medium to grow Botryosphaeria rhodina MAMB-05 to produce the enzymes laccase and cellulase. Highest enzyme titres obtained were with 8% (w/v) coffee grounds to which was added a minimum salts medium(Vogel), under agitation conditions (180 rpm) at 28ºC. The phenolic compounds present in the coffee grounds appear to have induced laccase by Botryosphaeria rhodina.

A Monthly Volatility Index for the US Economy

We estimate the monthly volatility of the US economy from 1968 to 2006 by extending the coincidentindex model of Stock and Watson (1991). Our volatility index, which we call VOLINX, hasfour applications. First, it sheds light on the Great Moderation. VOLINX captures the decrease in thevolatility in the mid-80s as well as the different episodes of stress over the sample period. In the 70sand early 80s the stagflation and the two oil crises marked the pace of the volatility whereas 09/11 is themost relevant shock after the moderation. Second, it helps to understand the economic indicators thatcause volatility. While the main determinant of the coincident index is industrial production, VOLINXis mainly affected by employment and income. Third, it adapts the confidence bands of the forecasts.In and out-of-sample evaluations show that the confidence bands may differ up to 50% with respect to amodel with constant variance. Last, the methodology we use permits us to estimate monthly GDP, whichhas conditional volatility that is partly explained by VOLINX. These applications can be used by policymakers for monitoring and surveillance of the stress of the economy.

Liquid-phase alcohol promoted methanol synthesis from CO2 and H2

Methanol is an important and versatile compound with various uses as a fuel and a feedstock chemical. Methanol is also a potential chemical energy carrier. Due to the fluctuating nature of renewable energy sources such as wind or solar, storage of energy is required to balance the varying supply and demand. Excess electrical energy generated at peak periods can be stored by using the energy in the production of chemical compounds. The conventional industrial production of methanol is based on the gas-phase synthesis from synthesis gas generated from fossil sources, primarily natural gas. Methanol can also be produced by hydrogenation of CO2. The production of methanol from CO2 captured from emission sources or even directly from the atmosphere would allow sustainable production based on a nearly limitless carbon source, while helping to reduce the increasing CO2 concentration in the atmosphere. Hydrogen for synthesis can be produced by electrolysis of water utilizing renewable electricity. A new liquid-phase methanol synthesis process has been proposed. In this process, a conventional methanol synthesis catalyst is mixed in suspension with a liquid alcohol solvent. The alcohol acts as a catalytic solvent by enabling a new reaction route, potentially allowing the synthesis of methanol at lower temperatures and pressures compared to conventional processes. For this thesis, the alcohol promoted liquid phase methanol synthesis process was tested at laboratory scale. Batch and semibatch reaction experiments were performed in an autoclave reactor, using a conventional Cu/ZnO catalyst and ethanol and 2-butanol as the alcoholic solvents. Experiments were performed at the pressure range of 30-60 bar and at temperatures of 160-200 °C. The productivity of methanol was found to increase with increasing pressure and temperature. In the studied process conditions a maximum volumetric productivity of 1.9 g of methanol per liter of solvent per hour was obtained, while the maximum catalyst specific productivity was found to be 40.2 g of methanol per kg of catalyst per hour. The productivity values are low compared to both industrial synthesis and to gas-phase synthesis from CO2. However, the reaction temperatures and pressures employed were lower compared to gas-phase processes. While the productivity is not high enough for large-scale industrial operation, the milder reaction conditions and simple operation could prove useful for small-scale operations. Finally, a preliminary design for an alcohol promoted, liquid-phase methanol synthesis process was created using the data obtained from the experiments. The demonstration scale process was scaled to an electrolyzer unit producing 1 Nm3 of hydrogen per hour. This Master’s thesis is closely connected to LUT REFLEX-platform.

Optimization of the large scale synthesis of the LSF-20 cathode material for SOFCs

Póster presentado en: 21st World Hydrogen Energy Conference 2016. Zaragoza, Spain. 13-16th June, 2016

Scalable synthetic method for IT-SOFCs compounds

Póster presentado en: 12th EUROPEAN SOFC & SOE FORUM 2016. 5–8 July 2016, KKL Lucerne/Switzerland

A não cumulatividade do IPI na exportação de mercadorias nacionais sob a perspectiva da análise jurídica da política econômica : neutralidade da incidência tributária e efetiviade do creditamento

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Direito, Programa de Pós-Graduação Stricto Sensu em Direito, 2016.

Estudo da potencialidade da incorporação de resíduo de granito e da queima da casca do café em cerâmica vermelha

The industrial production of ornamental rocks and the burning of coffee husk generate waste that is discarded into the environment. However, with the study of the incorporation of these residues in ceramic products, may be found an alternative to reducing environmental impacts and detrimental effects on human health caused by its indiscriminate disposal of waste in nature. Thus, this work aimed to study the addition of ashes of the coffee husk and granite residue in matrix of red ceramic. The raw materials were dry milled and sieved to mesh 100. To characterize the raw materials were carried out analyzes of X-ray diffraction (XRD), X-ray fluorescence (XRF), particle size analysis (PSA), differential thermal analysis (DTA) and thermogravimetric analysis (TG). Six formulations were prepared where the clay content was kept constant (70%wt) and ashes contents and granite residue varied from 10, 15, 20 and 30%. Dilatometrics analyzes were performed at four selected formulations, containing them: 100% clay (A100); 70% clay and 30% ashes (A70C30); 70% clay and 30% granite residue (A70G30); and 70% clay, 15% granite residue and 15% ashes (A70G15C15). The samples were prepared by uniaxial compaction with pressure of 25 MPa, and fired at temperatures of 800°C, 850ºC, 900ºC, 950ºC, 1000ºC and 1100°C. Assays were performed to determine the linear shrinkage of burning (LSB), water absorption (WA), apparent porosity (AP), density (D) and tensile bending. Also were performed analyzes of X-ray diffraction (XRD) and scanning electron microscopy (SEM) of the samples fired. The formulations incorporating granite residue and/or ashes reached the required limits of water absorption according to NBR 15270-1 and NBR 15310 and tensile bending according to classical literature (SANTOS, 1989) necessary for the production of tiles and ceramic block for masonry sealing

Síntese enzimática de ésteres de açúcar: surfactantes e polímeros como novos materiais ambientalmente seguros

Sugar esters are substances which possess surfactant, antifungical and bactericidal actions and can be obtained through two renewable sources of raw materials: sugars and vegetable oils. Their excellent biodegradability, allied to lhe fact that they are non toxic, insipid, inodorous, biocompatible, no-ionic, digestible and because they can resist to adverse conditions of temperature, pH and salinity, explain lhe crescent use of these substances in several sections of lhe industry. The objective of this thesis was to synthesize and characterize surfactants and polymers containing sugar branched in their structures, through enzymatic transesterification of vinyl esters and sugars, using alkaline protease from Bacillus subtilis as catalyst, in organic medium (DMF).Three types of sugars were used: L-arabinose, D-glucose and sucrose and two types of vinyl esters: vinyl laurate and vinyl adipate. Aiming to reach high conversions from substrates to products for a possible future large scale industrial production, a serie of variables was optimized, through Design of Experiments (DOE), using Response Surface Methodology (RSM).The investigated variables were: (1) enzyme concentration; (2) molar reason of substrates; (3) water/solvent rale; (4) temperature and (5) time. We obtained six distinct sugar esters: 5-0-lauroyl L-arabinose, 6-0-lauroyl D-glucose, 1'-O-lauroyl sucrose, 5-0-vinyladipoyl L-arabinose, 6-0-vinyladipoyl D-glucose and 1 '-O-vinyladipoyl sucrose, being lhe last three polymerizable. The progress of lhe reaction was monitored by HPLC analysis, through lhe decrease of sugar concentration in comparison to lhe blank. Qualitative analysis by TLC confirmed lhe formation of lhe products. In lhe purification step, two methodologies were adopted: (1) chromatographic column and (2) extraction with hot acetone. The acylation position and lhe chemical structure were determined by 13C-RMN. The polymerization of lhe three vinyl sugar esters was possible, through chemical catalysis, using H2O2 and K2S2O8 as initiators, at 60°C, for 24 hours. IR spectra of lhe monomers and respective polymers were compared revealing lhe disappearance of lhe vinyl group in lhe polymer spectra. The molar weights of lhe polymers were determined by GPC and presented lhe following results: poly (5-0-vinyladipoyl L-arabinose): Mw = 7.2 X 104; PD = 2.48; poly (6-0-vinyladipoyl D-glucose): Mw = 2.7 X 103; PD = 1.75 and poly (1'-O-vinyladipoyl sucrose): Mw = 4.2 X 104; PD = 6.57. The six sugar esters were submitted to superficial tension tests for determination of the critical micelle concentrations (CMC), which varied from 122 to 167 ppm. Finally, a study of applicability of these sugar esters, as lubricants for completion fluids of petroleum wells was' accomplished through comparative analysis of lhe efficiency of these sugar esters, in relation to three commercial lubricants. The products synthesized in this thesis presented equivalent or superior action to lhe tested commercial products

COMPUTATIONAL PREDICTION OF THE SPORULATION NETWORK IN CLOSTRIDIUM THERMOCELLUM

Sporulation is a process in which some bacteria divide asymmetrically to form tough protective endospores, which help them to survive in a hazardous environment for a quite long time. The factors which can trigger this process are diverse. Heat, radiation, chemicals and lacking of nutrition can all lead to the formation of endospores. This phenomenon will lead to low productivity during industrial production. However, the sporulation mechanism in a spore-forming bacterium, Clostridium theromcellum, is still unclear. Therefore, if a regulation network of sporulation can be built, we may figure out ways to inhibit this process. In this study, a computational method is applied to predict the sporulation network in Clostridium theromcellum. A working sporulation network model with 40 new predicted genes and 4 function groups is built by using a network construction program, CINPER. 5 sets of microarray expression data in Clostridium theromcellum under different conditions have been collected. The analysis shows the predicted result is reasonable.

Streptococcus thermophilus APC151 strain is suitable for the manufacture of naturally GABA-enriched bioactive yogurt

Consumer interest in health-promoting food products is a major driving force for the increasing global demand of functional (probiotic) dairy foods. Yogurt is considered the ideal medium for delivery of beneficial functional ingredients. Gamma-amino-butyric acid has potential as a bioactive ingredient in functional foods due to its health-promoting properties as an anti-stress, anti-hypertensive, and anti-diabetic agent. Here, we report the use of a novel Streptococcus thermophilus strain, isolated from the digestive tract of fish, for production of yogurt naturally enriched with 2 mg/ml of gamma-amino-butyric acid (200 mg in a standard yogurt volume of 100 ml), a dose in the same range as that provided by some commercially available gamma-amino-butyric acid supplements. The biotechnological suitability of this strain for industrial production of yogurt was demonstrated by comparison with the reference yogurt inoculated with the commercial CH1 starter (Chr. Hansen) widely used in the dairy industry. Both yogurts showed comparable pH curves [ΔpH/Δt = 0.31-0.33 h-1], viscosity [0.49 Pa-s], water holding capacity [72–73%], and chemical composition [moisture (87–88%), protein (5.05–5.65%), fat (0.12–0.15%), sugar (4.8–5.8%), and ash (0.74–1.2%)]. Gamma-amino-butyric acid was not detected in the control yogurt. In conclusion, the S. thermophilus APC151 strain reported here provides a natural means for fortification of yogurt with gamma-amino-butyric acid.

Desórdenes muscoloesqueléticos en el trabajador avícola – intervenciones en salud

Introducción: El trabajador avícola presenta un alto riesgo de sufrir de Desórdenes Musculo esqueléticos, debido a la realización de trabajos manuales repetitivos; posición bípeda prolongada, posturas por fuera de ángulos de confort de miembros superiores Objetivo: Establecer las recomendaciones basadas en la evidencia de las intervenciones en salud para los Desórdenes Musculoesqueléticos (DME) en el trabajador avícola. Metodología: Se realizó una revisión de la literatura de los estudios primarios publicados en las bases de datos Medline, Scient Direct y Scielo desde 1990. Los artículos se clasificaron de acuerdo con: el tipo de estudio, la calidad de éste y el nivel de evidencia que aportaba. Resultados: Dentro de las recomendaciones de la evidencia disponible para el manejo integral de los pacientes de la industria avícola con riesgos o eventos asociados a DME se encuentran las siguientes: 1) incorporar un enfoque sistémico en la atención a dichos trabajadores, 2) incluir aspectos psicosociales en la identificación y explicación de los riesgos y eventos en salud, 3) permitir los descansos, microrupturas y pautas para el ejercicio, 4) facilitar la rotación y ampliación de puestos de trabajo, 5) mejorar las herramientas de trabajo - especialmente el corte de los cuchillos. Conclusiones: Las intervenciones descritas en la presente revisión, apuntan hacia el mejoramiento de la incidencia y la prevalencia de los DMS, la disminución de incapacidad temporal y definitiva por los DMS, el mejoramiento en la producción industrial y la reducción de costos tanto económicos como humanos. Sin embargo, se debe plantear la necesidad de continuar impulsando el desarrollo de investigaciones y estudios que permitan tener mayores elementos de juicio para poder realizar recomendaciones a los tipos de intervenciones propuestas. A pesar de lo anterior, las intervenciones en salud para los trabajadores de la industria avícola deben ser enfocadas desde la prestación integral de los servicios de salud.

The Branches of Large Electricity Companies in Portugal: From Trade to the Transfer and Adaptation of Technology (20th Century)

In the last decade of the 19th and first decades of the 20th century there was a movement of capital and engineers from the central and northern Europe to the countries of southern Europe and other continents. Large companies sought to obtain concessions and establish branches in Portugal, favouring the circulation of technical knowledge and transfer of technology for Portuguese industry. Among the various examples of the representatives of foreign companies in Portugal we find Jayme da Costa Ltd. established in 1916 in Lisbon, which was a branch of the Swedish company ASEA, as well as STAAL, ATLAS DIESEL (Sweden), Landis & GYR (Switzerland), Electro Helios, etc.. Another example is EFACEC a company founded in 1948 in Porto, that was a partnership between the Portuguese company CUF – Companhia União Fabril, and ACEC – Ateliers de Constructions Électriques de Charleroi and a small entreprise Electro-Moderna Ldª. This enterprise started the industrial production of electric motors and transformers, and later on acquired a substantial share of the national production of electrical equipment. Using Estatística das Instalações Elétricas em Portugal (Statistics on Electrical Installations in Portugal) from 1928 until 1950 we can identify the foreign enterprises acting in the Portuguese market: Siemens, B.B.C, ASEA, Oerlikon, etc. We can also establish a relationship between the development of the electric network and the growth of production and consumption of electricity in the principal urban centres. Finally we see how foreign firms were a stimulus to the creation of national enterprises, especially those of small scale, in Portugal.