Insider Trading and Sabotage

Insider trading is widely reviled, and yet – as Smith and Block argue – it is consistent with the basic principles of a free market system. This article draws attention to an argument against insider trading that Smith and Block don’t address, namely the potential for sabotage. However, this issue still fails to justify insider-trading legislation, and thus ultimately supports Smith and Block’s view that regulatory attempts to prevent it are misplaced.

Transition I

Due to many problems resulting from the heavy chemical industry (HCI) drive in the 1970s, including excessive input-oriented overinvestments, heavy-handed and highly detailed state control and imbalanced development, Korean capitalism in the 1980s underwent significant changes in the direction of liberalization, including open trade, privatization of banks, reduction of policy loans, and emphasis on private initiatives in the free market. Yet these liberalization measures do not mean an entire transformation of the developmental state to a neoliberal free market system. On the contrary, they initiated the transformation of the classical developmental state (DS) to a new version of state-led developmentalism. This chapter explores first to what extent Korea capitalism in the Chun Doo-hwan administration (1980–7) changed compared with the former DS. Second, we explore why Korea continued its state-led developmentalism by focusing mainly on bureaucratic contests inside the state.

Dynamics of country image: evidence from Malaysia

Purpose Previous research has posited country image to operate at two levels: the country’s macro image, based on general politico-economic descriptors of the country, and the country’s micro image, based on perceptions of products from the country. The purpose of this paper is to further explore this premise in a practical study, using a psychometric assessment of macro and micro country images by ascertaining the nature of differences in macro and micro images of leading exporters, the USA and China, for consumers in Malaysia, a top import destination of US and Chinese goods; the images of Malaysian goods were similarly assessed. Design/methodology/approach The study used a systematic sample, with questionnaires distributed to adult respondents using a street intercept. Interviewers asked every other passer-by to fill out a questionnaire, and stood in close proximity to address any questions from respondents. The study hypothesized that there is a significant difference between country macro and micro image, respectively for the USA, China and Malaysia, and that there is significant relationship between country macro image and country micro image in each country, respectively, USA, China and Malaysia. Findings The study found support for the reliability of existing country micro and macro image measures, and further refined them for increased validity. The study compared between the countries and found significant differences on both macro and micro dimensions of country image. The US scored highest on technological research, high quality products, standards of living, labor costs, welfare system, industrialization, civilian government, development, literacy, free-market system and democracy, followed by China on technological research, industrialization, development and free-market system, with Malaysia scoring higher on product quality, labor costs, welfare system, civilian government is civilian/non-military, literacy, free-market system and democracy. Research limitations/implications A broader study of countries that share geopolitical and cultural similarities might offer additional insights into country macro and micro image. Practical implications The study cautions marketers to assess the acceptance of their products in the context of their country’s macro and micro image perceptions in target markets, and steer those perceptions in a manner that would be beneficial to their marketing efforts. Originality/value The conceptualization of the macro and micro aspects of country image has been one of the less studied dimensions of country image. This study is the first to address these dimensions from an emerging-market perspective, suggesting that, at the macro level, country perceptions regarding technology, economy, and politics contribute to an overall impression of the country, which would then influence the desirability of its products originating there. For the micro country image, products from countries perceived as innovative, excelling in product design, and producing prestigious products, are likely to be perceived as desirable.

A Lei nº 13.303/2016 e as sociedades de economia mista: aspectos societários, controle e eficiência

<p>The Brazilian Law Nº 13.303/2016 and mixed-economy companies: corporate aspects, control and efficiency</p><p> </p><p>O artigo analisa algumas das alterações trazidas pela Lei nº 13.303/2016 ao desenho societário das empresas estatais, com estreitamento temático no aspecto do controle do funcionamento institucional e dos resultados das sociedades de economia mista exploradoras de atividade econômica em sentido estrito. Para tanto, optou-se pelo método descritivo, por meio do registro e análise das principais inovações da referida lei no aspecto societário. A partir dos aportes trazidos por Luigi Zingales a propósito do aperfeiçoamento social decorrente do sistema de livre mercado, o artigo sustenta que a nova legislação tem o potencial de aprimorar o papel desempenhado pelas empresas estatais na construção do desenvolvimento nacional, o que, todavia, não prescinde de uma efetiva mudança cultural.</p><p> </p><p>This article analyzes some of the changes introduced by Law No 13.303/2016 to the corporate design of state-owned enterprises, with a thematic narrowing in the controlling of the institutional functioning and results of mixed - economy companies exploiting economic activity. For this, the descriptive method was chosen, through the analysis of the main innovations of the Law in the corporate aspect. Based on Luigi Zingales’ contributions to social improvement resulting from the free market system, the article claims that the new legislation has the potential to improve the role played by state enterprises in the construction of national development, which, however, depends on a cultural change.</p>

EL DEBER DE NO COMPETENCIA DESLEAL DEL TRABAJADOR EN ESPAÑA

RESUMENEl respeto a la competencia entre empresas es uno de los elementos esenciales del sistema de libre mercado. Por esta razón, el Ordenamiento Jurídico tiene mucho interés en regular medidas que eliminen cualquier conducta que suponga una intromisión. Este es el objetivo de la prohibición de competencia desleal que el Estatuto de los Trabajadores regula como deber de los trabajadores en España. Summary: Respect for competition between companies is one of the essential elements of the free market system. For this reason, the Legal Order is very interested in regulating measures that eliminate any conduct that implies any interference. This is the objective of the prohibition of unfair competition that the Workers' Statute regulates as duty of employees in Spain.PALABRAS CLAVE: Buena Fe; Trabajador; Competencia Desleal. ABSTRACTRespect for competition between companies is one of the essential elements of the free market system. For this reason, the Legal Order is very interested in regulating measures that eliminate any conduct that implies an interference. This is the objective of the prohibition of unfair competition that the Workers' Statute regulates as a duty of workers in Spain. Summary: Respect for competition between companies is one of the essential elements of the free market system. For this reason, the Legal Order is very interested in regulating measures that eliminate any conduct that implies any interference. This is the objective of the prohibition of unfair competition that the Workers' Statute regulates the duty of employees in Spain.KEYWORDS: Good Faith; Employee; Unfair Competition. RESUMOO respeito pela concorrência entre empresas é um dos elementos essenciais do sistema de mercado livre. Por essa razão, o Departamento Jurídico está muito interessado em regulamentar medidas que eliminem qualquer conduta que implique uma interferência. Este é o objetivo da proibição da concorrência desleal que o Estatuto dos Trabalhadores regula como um dever dos trabalhadores na Espanha. Resumo: O respeito pela concorrência entre empresas é um dos elementos essenciais do sistema de mercado livre. Por esta razão, o Decreto está muito interessado em regulamentar medidas que eliminem qualquer conduta que implique qualquer interferência. Este é o objetivo da proibição da concorrência desleal de que o Estatuto dos Trabalhadores regule o dever dos empregados na Espanha.PALAVRAS-CHAVE: Boa Fé, Empregado, Concorrência Desleal.

COMPETITION LAW IN ASEAN: THE FUTURE OF COMPETITION AUTHORITY IN ASEAN ECONOMIC COMMUNITY

Purpose of Study: ASEAN countries have entered into the free-market era, based on AEC Agreement in 2015. This ASEAN free market system will certainly stimulate business competition among the members. Therefore, ASEAN needs competition law and competition authority to foster healthy competition among businesses in the ASEAN area. This research focuses on; first, that ASEAN members need to develop and harmonize the Competition Law existing in each country; second, ASEAN members need to set up the Competition Authority to enforce the implementation of the free market system. Methodology: This paper uses normative legal research, and proposes two main arguments. The first, to support a healthy business competition in the ASEAN single market, it is necessary for all ASEAN member states to have Competition law, and the competition law in each ASEAN country can be made by referring to the guidelines formulated at the level of ASEAN. The second, the Competition Authority in ASEAN Economic Community is an independent institution established by each member states authoritative to conduct an investigation, prosecution, and adjudication, as well as to cooperate with the Competition Authority in other member countries. Results: ASEAN is a very potential market. The transactions between ASEAN countries or from other countries show an extraordinary improvement. With the opening of the ASEAN single market since 2015, the business competition will be tighter and of course, the market is expected to be in good health and not controlled by certain business groups. Implications/Applications: To support healthy business competition in the ASEAN single market, it is urgent that all countries have Competition law. The regulation is made in each country by referring to the guidelines that have been formulated at the level of ASEAN to create harmonization of law.

The Free Market Democracy Dilemma

In this chapter the tension between having a free market system and a democratic government is explored. Human flourishing requires ample general prosperity that comes from a free market system and it requires freedom that depends upon democratic institutions. But this produces a dilemma. The democratic system facilitates redistributive and regulatory favoritism that undermines trust in the system generally. This, in turn, weakens many trust-dependent institutions upon which the free market system and democracy depend. This is a dilemma because democracy is needed for freedom, but it can set in motion changes that ultimately reduce freedom. This tension has implications for social, political, and economic development because it suggests that societies can use trust in the system to substitute for low levels of generalized trust.