933 resultados para Mundialization of capital


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Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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Pós-graduação em Geografia - FCT

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Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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This work aims to analyze the limitations of recent Brazilian urban expansion and, more specifically, the housing policy for low-income population, focused on Minha Casa, Minha Vida in Campinas / SP . It is understood that this program aims to democratize access to housing for excluded populations in the property market, resulting in a right to the city. This policy is analyzed in the living space configuration from the point of view of socio-spatial segregation. To meet the flexibility of real estate developers, urban politic Campinas was subsumed by the entrepreneurship of housing production, was detached from the municipal planning and releasing ownership of urban land for the free flow of capital that circulated by the real estate market in the search for the appropriation of elevation of the ground rent . These processes are understood through intense confinement of poverty in areas that grow randomly deleted and the margin of urban rights

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Pós-graduação em Educação Escolar - FCLAR

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

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We know that the Earth goes through natural cycles that influence its climate and the development of their societies. In recent decades, climate changes and nature began to call world attention to the unbridled exploitation that was carried by the current economic system, causing unrest among scientific, social, political and economic world. The theory that man causes a warming in global temperatures by the release of greenhouse gases made the headlines of major newspapers in the world. From there, it was only a matter of time before environmental concerns became ownership of capital by its excessive appropriation. The fear of nuclear threat by the bombs of Hiroshima and Nagasaki left in fanfare the world, which together with the devastating impact of the exploitation of man and nature gave birth to the Environmental Revolution, a way of trying to change the development patterns of the time and behavior of the population. However, based on the historical form of capitalist domination, this was another measure that was apossada the economic system being transformed into economic value and political exchange. The origin of the conventions, meetings, conferences, parliaments set up to discuss environmental issues, eventually became forums of political and economic talks focused on environmental governance, valuing an asset that is public and everyone. Environmental and climate issue now has a value, thus turning the agenda on the agenda of the United Nations (UN) for its political and economic regulation in the form of global agreement. Given the need for understanding the climate issue, was born the Conference of the Parties (COPs), a regulatory body for climate negotiations, surrounded interests, complexities, conflicts and disagreements between the parties countries, which becomes clear when we analyze their agreements...

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Trade liberalization policies in Guatemala have impacted agricultural production. This thesis focuses on how trade liberalization has happened, what have been the impacts at a national level and describes how a community has adapted to the implementation of these policies. The implementation of trade was influenced by several, international and national institutions. Among the international institutions are the World Bank, the World Trade Organization and the United States Agency for International Development. At the national level the institutions that have partaken in shaping the trade policies are the military and the owners of capital and labor. The implementation of trade policies at a national level has affected national corn prices, population level diets and to some extent reduced poverty levels. At a local level trade liberalization policies have impacted land holdings, increased intensification of agriculture, including agrochemical, machinery and crop plantations per year, and consumption rates of corn have been affected. Maximization of the benefits and minimization of the detrimental effects can happen with the implementation of policies that promote food security, improve access to health and education, and prevent environmental and human health consequences from the intensification of agriculture and at the same time continue with the production of non-traditional agricultural products.

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We know that the Earth goes through natural cycles that influence its climate and the development of their societies. In recent decades, climate changes and nature began to call world attention to the unbridled exploitation that was carried by the current economic system, causing unrest among scientific, social, political and economic world. The theory that man causes a warming in global temperatures by the release of greenhouse gases made the headlines of major newspapers in the world. From there, it was only a matter of time before environmental concerns became ownership of capital by its excessive appropriation. The fear of nuclear threat by the bombs of Hiroshima and Nagasaki left in fanfare the world, which together with the devastating impact of the exploitation of man and nature gave birth to the Environmental Revolution, a way of trying to change the development patterns of the time and behavior of the population. However, based on the historical form of capitalist domination, this was another measure that was apossada the economic system being transformed into economic value and political exchange. The origin of the conventions, meetings, conferences, parliaments set up to discuss environmental issues, eventually became forums of political and economic talks focused on environmental governance, valuing an asset that is public and everyone. Environmental and climate issue now has a value, thus turning the agenda on the agenda of the United Nations (UN) for its political and economic regulation in the form of global agreement. Given the need for understanding the climate issue, was born the Conference of the Parties (COPs), a regulatory body for climate negotiations, surrounded interests, complexities, conflicts and disagreements between the parties countries, which becomes clear when we analyze their agreements...

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This thesis focuses on the limits that may prevent an entrepreneur from maximizing her value, and the benefits of diversification in reducing her cost of capital. After reviewing all relevant literature dealing with the differences between traditional corporate finance and entrepreneurial finance, we focus on the biases occurring when traditional finance techniques are applied to the entrepreneurial context. In particular, using the portfolio theory framework, we determine the degree of under-diversification of entrepreneurs. Borrowing the methodology developed by Kerins et al. (2004), we test a model for the cost of capital according to the firms' industry and the entrepreneur's wealth commitment to the firm. This model takes three market inputs (standard deviation of market returns, expected return of the market, and risk-free rate), and two firm-specific inputs (standard deviation of the firm returns and correlation between firm and market returns) as parameters, and returns an appropriate cost of capital as an output. We determine the expected market return and the risk-free rate according to the huge literature on the market risk premium. As for the market return volatility, it is estimated considering a GARCH specification for the market index returns. Furthermore, we assume that the firm-specific inputs can be obtained considering new-listed firms similar in risk to the firm we are evaluating. After we form a database including all the data needed for our analysis, we perform an empirical investigation to understand how much of the firm's total risk depends on market risk, and which explanatory variables can explain it. Our results show that cost of capital declines as the level of entrepreneur's commitment decreases. Therefore, maximizing the value for the entrepreneur depends on the fraction of entrepreneur's wealth invested in the firm and the fraction she sells to outside investors. These results are interesting both for entrepreneurs and policy makers: the former can benefit from an unbiased model for their valuation; the latter can obtain some guidelines to overcome the recent financial market crisis.

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The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.

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At the end of the middle Ages, financial savings institutions developed, largely in response to the increasingly usurious money-lending practices of the Jews and to the adaptation of church authorities to the by then well developed commercial and financial operations. It was the Franciscan Order that took the initiative to develop such institutions, first in Italy and later in other western European Mediterranean towns. These were the so-called Monte di Pieta, which lent money at low rates of interest taking objects in pawn as security. However, as they had to operate with circulating capital and on the principles of savings banks, they may be considered to be the predecessors of modern banks. Although charity was declared in the very names of these institutions, this was no longer in the sense of the medieval mercy towards the virtuous poor, but more a support for impoverished members of higher social strata, as loan applicants had to place valuable movable property in pawn, meaning that they first had to possess such property. In spite of this, the institutions had the character of the primeval accumulation of capital, although not so much for individuals as for a community or, in the latter's name, for a commune, i.e. the local authority, which at least in the cases of Koper and Piran was also the founder. However, the stagnation of trade with the hinterland and the decline in the economic power of the Venetian Republic, particularly in the late 17th and early 18th centuries, pushed pawnshops into a more miserable existence, with ups and downs linked with the irregularities of profit-making on behalf of the institution, particularly by its clerks.

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Erzsebet Szalai (Hungary). The Hungarian Economic Elite after the Political Transition. Ms. Szalai is a research fellow in the Institute of Political Sciences in Budapest and worked on this project from July 1996 to June 1998. In the period following the political changes of 1989, the leading forces of the economic elite have gained increasing superiority over the political and cultural elites, with the clear ambition of putting the latter to their service. The power relations within the economic elite were characterised by "a war of all against all". The desire to gain precedence over others became an openly declared value. The formation of estates and the intensification of competition became embodied in a multitude of lobbies which cropped up to assert short-term interests. After the state socialist period, possession of at least two of the social, economic and cultural forms of capital is necessary to join one of the three segments of the elite: political, cultural or economic. What defines the ability of the members of the three elite groups to assert their interests is their ability to convert any of the three types of capital into another. That is to say, the basis on which they can retain and extend their position is "symbolic capital" as interpreted by Bourdieu. The concept of symbolic capital is useful for describing the power relations following the collapse of state socialist systems and societies. In the state-socialist system, the political, economic and cultural spheres are tightly interwoven, and this interpenetration slackens only slowly after the system's disintegration. A close institutional relationship between the three spheres continues to make it easier for power actors to convert social, economic and cultural capital from one type to another. Symbolic capital, or the easy transfer between the three spheres, in turn reproduces the institutional relationship, or more precisely, complicates the separation of the three spheres after the fall of state socialism.