Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘State’

European governments are intervening in business again

Posted by hkarner - 9. März 2019

Date: 07-03-2019
Source: The Economist

A French habit is spreading

Its lure should be resisted

If you can’t beat them, adopt their worst economic policies. Worried about the “aggressive strategies” of America and China, France’s president, Emmanuel Macron, issued a Europe-wide proclamation on March 4th that, among other things, proposed a new revolutionary era of government intervention in European Union businesses. “We cannot suffer in silence,” he declared, while other global powers flout the principles of “fair competition”.

Mr Macron is not alone. Across the continent, politicians are seeking to influence business using a range of tactics including regulation, nudging managers to do deals and boosting state ownership. At Renault-Nissan, the downfall of Carlos Ghosn has become intertwined with a struggle for control between the French and Japanese governments. Last month Peter Altmaier, Germany’s economy minister, called for champions such as Siemens and Deutsche Bank to be protected. Last week it emerged that the Dutch government has built up a 14% stake in Air France-klm to help its former flag-carrier “perform better”. And Italy is poised to increase to 10% its stake in Telecom Italia, which it began privatising 21 years ago.

This resurgence of state intervention is intended to make European industries stronger. Instead it is more likely to hurt consumers and dim the prospects of business. Den Rest des Beitrags lesen »

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Posted by hkarner - 16. Dezember 2018

Date: 15-12-2018
Source: The Wall Street Journal
Subject: Europe’s Populist Left and Right Share a Common Call: State Intervention

Italy’s new government shuns the EU’s long-held pro-market policies, instead opting to step in to prop up Alitalia

Italy’s new antiestablishment government engineered the state-owned railroad’s offer to buy a controlling stake in ailing Alitalia.

MILAN—Antiestablishment parties gained support across the continent in recent years by attacking the EU’s immigration and fiscal rules. Less noticed has been their growing pushback against an EU economic orthodoxy that favors markets and competition over state intervention.

In Italy, the new antiestablishment government engineered the state-owned railroad’s offer to buy a controlling stake in perennially stricken airline Alitalia. The railroad, Ferrovie dello Stato Italiane SpA, made its offer, the terms of which aren’t public, contingent on finding an airline as a co-investor. Should a deal be sealed, the Italian government would likely end up with a direct Alitalia stake of about 15% and would control the airline through that holding together with Ferrovie’s share.

The government in Rome, comprising the far-right League and the ideologically eclectic 5 Star Movement, also wants to nationalize water utilities, create a government-controlled bank to finance the economy, and has floated the idea of nationalizing the highway system.

Italy’s economic development minister, Luigi Di Maio, has led the government’s attempt to revive Alitalia.  Den Rest des Beitrags lesen »

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Technology and the state

Posted by hkarner - 24. März 2018

Date: 23-03-2018
Source: The Economist

The apps that put public services in citizens’ pockets
Digital innovations are making government cheaper and more effective

IF LANDING in soggy Britain after a holiday in the sun is not enough to sap the soul, spending an hour queuing at border control does the trick. Eyn, a British startup, hopes to speed things up with a phone app. Passengers use the app to take a picture of their passport, then scan the chip which contains their facial biometrics. Finally, they take a selfie, to ensure the two faces align. Tapping their phone on electronic gates at the airport is then all that’s required. Eyn reckons such gates might not even be needed, if sensors prove capable of reading passengers’ faces instead. The firm is in talks to test its technology at the border. Den Rest des Beitrags lesen »

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The pendulum of power swings back towards the state

Posted by hkarner - 21. November 2017

A remarkable and brilliant analysis by the first female Editor-in-Chief of The Economist (hfk)

Date: 21-11-2017
Source: The Economist

Three reasons to expect a shift in the balance between governments and markets, predicts Zanny Minton Beddoes

LEADERS
If 2016 was the year of shock populist victories, 2017 brought a surprisingly placid response. There was plenty of anguished rhetoric. Commentators (including this one) fretted about the liberal world order. Mainstream politicians promised a reboot of globalisation that addressed the anger of left-behind voters. But in practice remarkably little changed.

The world economy accelerated to its strongest pace since the start of the decade; stockmarkets hit record highs and measures of financial risk were unusually low. In the two countries where populists had most dramatically upended the status quo, the immediate policy consequences were both modest and strikingly backward-looking. Britain’s Brexit vote was followed by an election that left the Conservative Party enfeebled, whereas the Labour opposition soared with a 1970s agenda of nationalisation, union power and higher taxes. In America President Donald Trump took potshots at globalisation (cancelling a trans-Pacific trade deal and promising that America would pull out of the Paris climate accord). But his main economic focus was on deregulation and tax cuts: the standard Republican fare since the 1980s.

Even Emmanuel Macron, who surged to power in France with the promise of a new kind of pro-globalisation social contract, began with reforms to the labour-market that most other European countries had enacted years ago. If populism is remaking capitalism, it seems so far to be a modest recalibration.

It is unlikely to stay that way. As 2017 draws to a close, the strong performance of insurgent parties in elections in Germany, Austria and the Czech Republic shows that the rich world’s populist wave has hardly dissipated. In Italy, the elections in 2018 might give the anti-establishment Five Star Movement the largest number of seats in Parliament. Some emerging markets will also see a populist surge, notably Mexico, where Andrés Manuel López Obrador, a seasoned firebrand, has gained from Mr Trump’s anti-Mexican rants. Den Rest des Beitrags lesen »

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Weak States, Poor Countries

Posted by hkarner - 12. Oktober 2015

Photo of Angus Deaton

Angus Deaton

Angus Deaton, Professor of Economics and International Affairs at Princeton University’s Woodrow Wilson School of Public and International Affairs, is the 2015 Nobel laureate in economics. He is the author of The Great Escape: Health, Wealth, and the Origins of Inequality.

OCT 12, 2015, Project Syndicate

This commentary was originally published in September 2013.

PRINCETON – In Scotland, I was brought up to think of policemen as allies and to ask one for help when I needed it. Imagine my surprise when, as a 19-year-old on my first visit to the United States, I was met by a stream of obscenities from a New York City cop who was directing traffic in Times Square after I asked him for directions to the nearest post office. In my subsequent confusion, I inserted my employer’s urgent documents into a trash bin that, to me, looked a lot like a mailbox.

Europeans tend to feel more positively about their governments than do Americans, for whom the failures and unpopularity of their federal, state, and local politicians are a commonplace. Yet Americans’ various governments collect taxes and, in return, provide services without which they could not easily live their lives. Den Rest des Beitrags lesen »

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Who does the state work for? Geopolitical considerations in the organization of (global) finance

Posted by hkarner - 8. Oktober 2015

Tijo Salverda [University of Cologne, Germany]
2015

Abstract
States acting as lenders of last resort in the aftermath of the 2007/2008 financial crisis clearly illustrated the central role that states have in the operations of financial markets. Despite their active roles, however, states continue to be presented as passive actors that dance to the tunes of the financial markets. This paper, however, takes a close look at how states’ geopolitical concerns influence financial regulation. States are perceived as serving the interests of their citizens, yet future rescue operations (as lenders of last resort) at the costs of the taxpayers remain a strong possibility – in particular, Too Big To Fail (TBTF) banks persist and their leverage-ratios have not greatly improved. To better understand why this is the case, this paper argues that geopolitical concerns influence the triangular relationships between the (democratic) state, the financial sector, and the state’s citizens (and taxpayers) in favour of the financial sector. Accordingly, the paper argues that we should more explicitly ask ‘what drives states (and politics) in their approaches to finance?’

Full Text: Salverda71

Thanks to H.F.

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Jeremy Corbyn’s Necessary Agenda

Posted by hkarner - 30. September 2015

Photo of Mariana MazzucatoAn excellent blueprint for the role of public institutions in the society. Mariana Mazzucato, a brilliant Italian/American scientist, has become famous for her thrust for public investments into R&D; as such she has visited recently also Austria’s Academy of Sciences (hfk)

Mariana Mazzucato

Mariana Mazzucato, Professor of the Economics of Innovation at the Science Policy Research Unit of the University of Sussex, is the author of The Entrepreneurial State: Debunking Public vs. Private Sector Myths.

SEP 29, 2015, Project Syndicate

BRIGHTON – Seven economists (including Joseph Stiglitz, Thomas Piketty, and me) have agreed to become economic advisers to Jeremy Corbyn, the new leader of the British Labour Party. I hope we will have a shared goal to help Labour shape an economic policy that is investment-led, inclusive, and sustainable. We will bring different ideas to the table, but these are my thoughts on the kind of progressive agenda the United Kingdom – and the rest of the world – now needs.

When the Labour Party lost the election last May, it received considerable criticism – even from its own frontbenchers – for failing to embrace the business community as “wealth creators.” But while businesses clearly create wealth, so do workers, public institutions, and civil-society organizations, which, through dynamic partnerships, drive long-term growth and productivity. Indeed, a progressive economic agenda must begin with the recognition that wealth creation is a collective process and that market outcomes are the product of how these various “wealth creators” interact.

We must drop the false dichotomy of governments versus markets and begin to think more clearly about the market outcomes we want. There is plenty to learn from public investments that were mission-oriented, instead of focused on “facilitating” or “incentivizing” business. Policy should actively shape and create markets, not just fix them when they go wrong. Den Rest des Beitrags lesen »

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The State and Innovation: A Different Narrative

Posted by hkarner - 12. Mai 2015

Die US-Ökonomin Mariana Mazzucato stellt auf Einladung von BMVIT & ÖAW ihre Thesen zur Rolle des Staates in innovationsgetriebenen Marktwirtschaften zur Diskussion

Mittwoch, 10. Juni 2015, 19:00


Mariana Mazzucato stellt diese ihre Thesen in einem Vortrag im Rahmen einer gemeinsam vom Bundesministerium für Verkehr, Innovation und Technologie und der Österreichischen Akademie der Wissenschaften getragenen Veranstaltung vor.

Anmeldung: http://www.oeaw.ac.at/veranstaltungen-kommunikation/veranstaltungen/veranstaltungsdetails/article/der-staat-als-innovator/

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The Innovative State

Posted by hkarner - 3. Januar 2015

Impressive, intelligent, different! (hfk)

Date: 02-01-2015
Source: Foreign Affairs

Governments Should Make Markets, Not Just Fix Them

The conventional view of what the state should do to foster innovation is simple: it just needs to get out of the way. At best, governments merely facilitate the economic dynamism of the private sector; at worst, their lumbering, heavy-handed, and bureaucratic institutions actively inhibit it. The fast-moving, risk-loving, and pioneering private sector, by contrast, is what really drives the type of innovation that creates economic growth. According to this view, the secret behind Silicon Valley lies in its entrepreneurs and venture capitalists. The state can intervene in the economy—but only to fix market failures or level the playing field. It can regulate the private sector in order to account for the external costs companies may impose on the public, such as pollution, and it can invest in public goods, such as basic scientific research or the development of drugs with little market potential. It should not, however, directly attempt to create and shape markets. A 2012 Economist article on the future of manufacturing encapsulated this common conception. “Governments have always been lousy at picking winners, and they are likely to become more so, as legions of entrepreneurs and tinkerers swap designs online, turn them into products at home and market them globally from a garage,” the article stated. “As the revolution rages, governments should stick to the basics: better schools for a skilled workforce, clear rules and a level playing field for enterprises of all kinds. Leave the rest to the revolutionaries.” Den Rest des Beitrags lesen »

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„Googles Algorithmus ist aus Steuern finanziert“

Posted by stgara - 16. November 2014

Heute Abend (10/6), 19 h in der Akademie der Wissenschaften, Ignaz Seipel Platz 2!

Innovation

Alan Posener, Welt HD

Mazzucato ccDie Innovationsökonomin Mariana Mazzucato bricht eine Lanze für den Staat. Ohne ihn und seine Unterstützung für Grundlagenforschung wäre auch Apple-Chef Steve Jobs nicht weit gekommen.

Mariana Mazzucato sitzt in der Lobby ihres Hotels und fühlt sich den Puls. In der letzten Zeit hat die Wirtschaftswissenschaftlerin das Leben eines Stars geführt: Interviews, Panels, Konferenzen, zuletzt die „Falling Walls Conference“ in Berlin. Durch ihr Buch „The Entrepreneurial State“ hat die Professorin mit dem Spezialgebiet Innovationsökonomie Kultstatus erlangt.

Mazzucato gilt, zusammen mit Thomas Piketty, als Begründerin einer alternativen Geschichte des neueren Kapitalismus. Linke Politiker umwerben sie. Doch sie berät auch die Regierung David Camerons. Das britische Magazin „Economist“, Bastion der liberalen Orthodoxie, lud sie als Gastkolumnistin ein. Das hektische Leben zwischen Flugzeug, Hotel und Auditorium hat allerdings seinen Preis.

„Meine vier Kinder werden mir nie verzeihen, wenn ich irgendwo weit weg von zu Hause zusammenbreche“, sagt sie. Das Interview will sie trotzdem durchziehen, gegen den Rat des besorgten Journalisten.

Die Welt: Die deutsche Ausgabe Ihres Buchs trägt den irreführenden Titel „Das Kapital des Staates“. Dabei geht es gar nicht um staatliche Investitionsfonds, also um den Staat als Kapitalist. Sondern um den Staat als Unternehmer und Innovator. Den Rest des Beitrags lesen »

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