front cover of Reinventing State Capitalism
Reinventing State Capitalism
Leviathan in Business, Brazil and Beyond
Aldo Musacchio and Sergio G. Lazzarini
Harvard University Press, 2014

The wave of liberalization that swept world markets in the 1980s and 90s altered the ways that governments manage their economies. Reinventing State Capitalism analyzes the rise of new species of state capitalism in which governments interact with private investors either as majority or minority shareholders in publicly-traded corporations or as financial backers of purely private firms (the so-called “national champions”). Focusing on a detailed quantitative assessment of Brazil’s economic performance from 1976 to 2009, Aldo Musacchio and Sergio Lazzarini examine how these models of state capitalism influence corporate investment and performance.

According to one model, the state acts as a majority investor, granting the state-owned enterprise (SOE) financial autonomy and allowing professional management. This form, the authors argue, has reduced many agency problems commonly faced by state ownership. According to another hybrid model, the state uses sovereign wealth funds, holding companies, and development banks to acquire a small share of equity ownership in a corporation, thereby potentially alleviating capital constraints and leveraging latent capabilities.

Both models have benefits and costs. Yet neither model has entirely eliminated the temptation of governments to intervene in the operation of natural resource industries and other large strategic enterprises. Nevertheless, the longstanding debate over whether private ownership is superior or inferior to state capitalism has become irrelevant, Musacchio and Lazzarini conclude. Private ownership is now mingled with state capital on a global scale.

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front cover of Restoring Natural Capital
Restoring Natural Capital
Science, Business, and Practice
Edited by James Aronson, Suzanne J. Milton, and James N. Blignaut; Foreword by Peter H. Raven
Island Press, 2007
How can environmental degradation be stopped? How can it be reversed? And how can the damage already done be repaired? The authors of this volume argue that a two-pronged approach is needed: reducing demand for ecosystem goods and services and better management of them, coupled with an increase in supply through environmental restoration.

Restoring Natural Capital brings together economists and ecologists, theoreticians, practitioners, policy makers, and scientists from the developed and developing worlds to consider the costs and benefits of repairing ecosystem goods and services in natural and socioecological systems. It examines the business and practice of restoring natural capital, and seeks to establish common ground between economists and ecologists with respect to the restoration of degraded ecosystems and landscapes and the still broader task of restoring natural capital. The book focuses on developing strategies that can achieve the best outcomes in the shortest amount of time as it:

• considers conceptual and theoretical issues from both an economic
and ecological perspective
• examines specific strategies to foster the restoration of natural
capital and offers a synthesis and a vision of the way forward

Nineteen case studies from around the world illustrate challenges and achievements in setting targets, refining approaches to finding and implementing restoration projects, and using restoration of natural capital as an economic opportunity. Throughout, contributors make the case that the restoration of natural capital requires close collaboration among scientists from across disciplines as well as local people, and when successfully executed represents a practical, realistic, and essential tool for achieving lasting sustainable development.
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front cover of Robber Baron
Robber Baron
The Life of Charles Tyson Yerkes
John Franch
University of Illinois Press, 2006
Robber Baron is the first biography of the streetcar magnate Charles Tyson Yerkes (1837-1905), who stands alongside J.P. Morgan and Andrew Carnegie as one of the most colorful and controversial public figures in Gilded Age America. John Franch draws upon every available source to tell the story of the man who was the mastermind behind Chicago’s Loop Elevated and the London Underground, the namesake of the University of Chicago’s observatory, and the inspiration for Frank Cowperwood, the ruthless protagonist of Theodore Dreiser's Trilogy of Desire: The Financier, The Titan, and The Stoic. Despite various philanthropic efforts, Yerkes and his unscrupulous tactics were despised by the press and public, and he left Chicago a bitter man. While Yerkes’s enduring public works testify to his success and desire to leave a lasting impression on his world, Robber Baron also uncovers the cost of this boundless ambition.
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