scholarly journals Gazing into the Abyss of Indebted Society: The Social Power of Money and Debt

2018 ◽  
Vol 16 (4) ◽  
pp. 279-288 ◽  
Author(s):  
Andreas Antoniades
Keyword(s):  
Economic System ◽  
Student Loans ◽  
Social Power ◽  
Social Sustainability ◽  
Cash Flows ◽  
The Social ◽  
Young Students ◽  
Surplus Population ◽  
Future Cash Flows

Ever larger parts of life and nature are integrated in our socio-economic system as future cash flows, augmenting obscure, unstable and unsustainable debt structures. The larger and deeper these debt structures grow, the larger, more multifaceted and destructive the inequality divide in our societies becomes. It is now normal for people to live indebted, as it is normal for young students to have their future monetised through student loans, the debt implications of which may never escape. What forces normalise these abnormal and unsustainable patterns and our rather admissive/submissive response to them? How our lives and future have been monetised and where have our social consent and agency been in these processes? Is there a way out, before crossing the boundary of social sustainability and environmental collapse? The three books examined here offer refreshing and complementary perspectives on these ‘big questions’ on which our monetised future depends. Di Muzio T and Robbins RH (2016) Debt as Power. Manchester: Manchester University Press. Lazzarato M (2015) Governing by Debt. South Pasadena, CA: Semiotext(e). Soederberg S (2014) Debtfare States and the Poverty Industry: Money, Discipline and the Surplus Population. London: Routledge.

scholarly journals Stock Performance When Facing the Unexpected

2020 ◽  
Author(s):  
Alfonso Dufour
Keyword(s):  
Financial Markets ◽  
Economic System ◽  
Cash Flows ◽  
Stock Performance ◽  
Systemic Risks ◽  
Asset Values ◽  
The World ◽  
End Of The World ◽  
Future Cash Flows ◽  
Flexible Models

The COVID-19 crisis has had enormous costs. The effects on financial markets were exacerbated by panic, fear of the unknown, fear of the end of the world as we knew it. This panic obfuscated our ability to make rational predictions on future cash flows and asset values. Overall though, our economic system is bouncing back. We can learn from this experience and build more flexible models which can help us to better manage severe systemic risks.

Evaluation of Non-marginal Projects

2012 ◽  
Author(s):  
Christian Gollier
Keyword(s):  
Social Welfare ◽  
Social Welfare Function ◽  
Cost Benefit Analysis ◽  
Investment Project ◽  
Cost Benefit ◽  
Cash Flows ◽  
The Social ◽  
Macroeconomic Effects ◽  
The Cost ◽  
Future Cash Flows

This chapter shows that the cost-benefit analysis can be used only if the actions under scrutiny are marginal, that is, if implementing them has no macroeconomic effects. Otherwise, one needs to go back to the basics of public economics to evaluate these actions. The chapter examines the error that one makes by following the classical discounting approach when evaluating non-marginal projects. The evaluation of non-marginal projects must be done by measuring their impact on the social welfare function. A non-marginal investment project with positive future cash flows will have an impact on welfare that is smaller than when estimated by using the standard discounting method.

HERITAGE IN THE LIVED ENVIRONMENT OF THE UNITED ARAB EMIRATES AND THE GULF REGION

2017 ◽  
Vol 11 (2) ◽  
pp. 55 ◽  
Author(s):  
Joseph John Hobbs
Keyword(s):  
Built Environment ◽  
United Arab Emirates ◽  
Architectural Design ◽  
Social Sustainability ◽  
Gulf Region ◽  
Planning And Design ◽  
Spatial Features ◽  
Gulf Countries ◽  
The Social ◽  
Islamic Values

This paper examines how the architectural, social, and cultural heritage of the United Arab Emirates and other Gulf countries may contribute to better development of this region’s lived environment. Modern urbanism has largely neglected heritage in architectural design and in social and private spaces, creating inauthentic places that foster a hunger for belongingness in the UAE’s built environment. The paper reviews recent urban developments in the UAE and the Gulf Region, and identifies elements of local heritage that can be incorporated into contemporary planning and design. It proposes that adapting vernacular architectural heritage to the modern built environment should not be the principal goal for heritage-informed design. Instead we may examine the social processes underlying the traditional lived environment, and aim for social sustainability based on the lifeways and preferences of local peoples, especially in kinship and Islamic values. Among the most promising precedents for modern social sustainability are social and spatial features at the scale of the neighborhood in traditional Islamic settlements. Interviews with local Emiratis will also recommend elements of traditional knowledge to modern settings. 

Methodological approaches to assessing the socio-economic system of the region

2018 ◽  
Vol 35 (2) ◽  
pp. 18-24 ◽  
Author(s):  
E. A. Bessonova ◽  
Y. V. Kelesh
Keyword(s):  
Economic System ◽  
Russian Federation ◽  
Federal District ◽  
Central Federal District ◽  
The Social ◽  
The Russian Federation ◽  
Methodological Approaches

The author's interpretation of the concept of «socio-economic system of the region» is given in the article. The main stages of methodologies for assessing the socio-economic system are considered. The methodology developed by the authors for assessing the development of the social and economic system of the region is based on the implementation of certain principles, compliance with a number of requirements and consisting of 8 stages. The developed methodology was tested in assessing the development of SES regions in the Central Federal District of the Russian Federation. 

Does the Mandatory Adoption of IFRS Improve the Association between Accruals and Cash Flows? Evidence from Accounting Estimates

2018 ◽  
Vol 33 (1) ◽  
pp. 39-59
Author(s):  
Jimmy F. Downes ◽  
Tony Kang ◽  
Sohyung Kim ◽  
Cheol Lee
Keyword(s):  
Financial Reporting ◽  
Cash Flows ◽  
Data Availability ◽  
The European Union ◽  
Accounting Quality ◽  
Financial Reporting Standards ◽  
Ifrs Adoption ◽  
Accounting Estimates ◽  
Accounting Accruals ◽  
Future Cash Flows

SYNOPSIS We investigate the effect of mandatory International Financial Reporting Standards (IFRS) adoption in the European Union on the association between accounting estimates and future cash flows, a key concept of accounting quality within the International Accounting Standard Board conceptual framework. We find that the predictive value of accounting estimates improves after IFRS adoption. This improvement is largely driven by specific types of accounting estimates, such as accounts receivable, depreciation, and amortization expense. We also find that the improvement is concentrated in countries with larger differences between pre-IFRS domestic GAAP and IFRS. Our findings suggest that IFRS allow managers to exercise their judgment to provide information about future cash flows through the more subjective/judgmental portion of accounting accruals. JEL Classifications: M16; M49; O52. Data Availability: The data used in this study are from public sources identified in the study.

Discretionary Risk Disclosures

2003 ◽  
Vol 78 (2) ◽  
pp. 449-469 ◽  
Author(s):  
Bjorn N. Jorgensen ◽  
Michael T. Kirschenheiter
Keyword(s):  
Stock Returns ◽  
Risk Premium ◽  
Voluntary Disclosure ◽  
Cash Flows ◽  
Share Price ◽  
Risk Disclosure ◽  
Share Prices ◽  
Ex Post ◽  
Partial Disclosure ◽  
Future Cash Flows

We model managers' equilibrium strategies for voluntarily disclosing information about their firm's risk. We consider a multifirm setting in which the variance of each firm's future cash flow is uncertain. A manager can disclose, at a cost, this variance before offering the firm for sale in a competitive stock market with risk-averse investors. In our partial disclosure equilibrium, managers voluntarily disclose if their firm has a low variance of future cash flows, but withhold the information if their firm has highly variable future cash flows. We establish how the manager's discretionary risk disclosure affects the firm's share price, expected stock returns, and beta, within the framework of the Capital Asset Pricing Model. We show that whereas one manager's discretionary disclosure of his firm's risk does not affect other firms' share prices, it does affect the other firms' betas. Also, we demonstrate that a disclosing firm has lower risk premium and beta ex post than a nondisclosing firm. Finally, we show that ex ante, the expected risk premium and expected beta of each firm are higher under a mandatory risk disclosure regime than in the partial disclosure equilibrium that arises under a voluntary disclosure regime.

Sentimental Drivers of Social Entrepreneurship: A Study of China's Guangcai (Glorious) Program

2014 ◽  
Vol 10 (1) ◽  
pp. 55-80 ◽  
Author(s):  
Daphne W. Yiu ◽  
William P. Wan ◽  
Frank W. Ng ◽  
Xing Chen ◽  
Jun Su
Keyword(s):  
Economic System ◽  
Emerging Economies ◽  
Social Entrepreneurship ◽  
Local Development ◽  
Rural Poverty ◽  
Educational Opportunities ◽  
The Social ◽  
Perceived Social Status ◽  
Private Entrepreneurs ◽  
Entrepreneurial Activities

Social entrepreneurship plays an important role in local development in emerging economies, but scholars have paid little attention to this emerging phenomenon. Under the theory of moral sentiments, we posit that some entrepreneurs are altruistically motivated to promote a morally effective economic system by engaging in social entrepreneurial activities. Focusing on China's Guangcai (Glorious) Program, a social entrepreneurship program initiated by China's private entrepreneurs to combat poverty and contribute to regional development, we find that private entrepreneurs are motivated to participate in such programs if they have more past distressing experiences, including limited educational opportunities, unemployment experience, rural poverty experience, and startup location hardship. Their perceived social status further strengthens these relationships. Our study contributes to the social entrepreneurship literature by offering a moral sentiment perspective that explains why some entrepreneurs voluntarily join a social entrepreneurship program to mitigate poverty in society.

Introduction: Moral and Market disordering in the time of Covid-19

2021 ◽  
Vol 33 (3) ◽  
pp. 145-161
Author(s):  
Michaeline A Crichlow ◽  
Dirk Philipsen
Keyword(s):  
Economic System ◽  
High Growth ◽  
Special Issue ◽  
Relational Approach ◽  
Market Values ◽  
The Social ◽  
The World ◽  
World Economic ◽  
Triadic Relationship ◽  
The U.S

This special issue composed of essays that brainstorm the triadic relationship between Covid-19, Race and the Markets, addresses the fundamentals of a world economic system that embeds market values within social and cultural lifeways. It penetrates deep into the insecurities and inequalities that have endured for several centuries, through liberalism for sure, and compounded ineluctably into these contemporary times. Market fundamentalism is thoroughly complicit with biopolitical sovereignty-its racializing socioeconomic projects, cheapens life given its obsessive focus on high growth, by any means necessary. If such precarity seemed normal even opaque to those privileged enough to reap the largess of capitalism and its political correlates, the onset of the Covid-19 pandemic with its infliction of sickness and death has exposed the social and economic dehiscence undergirding wealth in the U.S. especially, and the world at large. The essays remind us of these fissures, offering ways to unthink this devastating spiral of growth, and embrace an unadulterated care centered system; one that offers a more open and relational approach to life with the planet. Care, then becomes the pursuit of a re-existence without domination, and the general toxicity that has accompanied a regimen of high growth. The contributors to this volume, join the growing global appeal to turn back from this disaster, and rethink how we relate to ourselves, to our neighbors here and abroad, and to the non-humans in order to dwell harmoniously within socionature.

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