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Article
Publication date: 16 February 2010

Wilfred I. Ukpere

The purpose of this paper is to postulate the possibility of a cooperative economic system within the current global crisis, because it is only determined government…

Abstract

Purpose

The purpose of this paper is to postulate the possibility of a cooperative economic system within the current global crisis, because it is only determined government action, which is orchestrated by a strong sense of true nationalism that can limit the worst effects of the current global economic meltdown.

Design/methodology/approach

The paper is a meta‐analysis, which relied on secondary sources of information. It is a qualitative study that is based on conceptual analysis and theory building. It considers a global action from an “emic” perspective (author's viewpoint).

Findings

Triumphant capitalism, which heralded the dawn of globalisation, made neo‐liberalists proclaim the death of socialism, along with its positive variants namely, free education, minimum wage, employment creation, health care and so on. However, the perceived triumph of a single orthodoxy seems to have demoted growth of global prosperity. For example, more than 1.1 billion people across the globe are poor, while more than three billion of the global populace have drifted deeper into poverty and more than a billion people across the globe are starve regularly. The current state of affairs has increased the rate of global crimes, which is reflected by the scale of congested jails. A casino economy of speculation has currently failed humankind. Indeed, current failure of capitalism to address wider problems of humankind such as unemployment, inequality, oppression, poverty, food shortages and economic crises, will resurrect the question as to whether socialism is indeed dead as proclaimed by neo‐liberals. Thus, since a single (triumphant capitalism) orthodoxy has failed to address those mounting problems that have excluded a majority of humanity from participating in sharing global prosperity, the assertion that socialism is dead, has become redundant and, the possibility of a vibrant cooperative economy is imminent.

Practical implications

Socialism has failed and capitalism has failed woefully. Hence, the only hope that is left, is a renaissance of positive socialist variants, in order to resuscitate capitalism. Therefore, a cooperative economic ideological order is urgently required within the current global crisis. It is only determined government action, which is orchestrated by a strong sense of true nationalism that can put a limit to the worst effects of the current global economic meltdown. Therefore, the state cannot continue to be a passive onlooker of economic mismanagement and industrial cacophony, because humans, in search of peace and progress, have surrendered their sovereign identity to the state. The state is, indeed, a fine product of human civilisation, and should be an authoritative supreme power – the actual sovereign, which has to formulate and execute the will of the people, while stimulating private initiatives toward the realisation of a dynamic cooperative economy.

Originality/value

The paper is original and will be valuable not only to policy makers but also to humankind in general within a turbulent global economy.

Details

International Journal of Social Economics, vol. 37 no. 3
Type: Research Article
ISSN: 0306-8293

Keywords

Abstract

Details

The Impacts of Monetary Policy in the 21st Century: Perspectives from Emerging Economies
Type: Book
ISBN: 978-1-78973-319-8

Book part
Publication date: 4 December 2009

Michael Peter Smith

A full picture of the making of new rights-bearing subjects requires theorizing the political obligations as well as entitlements of citizenship. These must be specified…

Abstract

A full picture of the making of new rights-bearing subjects requires theorizing the political obligations as well as entitlements of citizenship. These must be specified lest the enumeration of political obligations be left to extreme nationalists and advocates of racial, ethnic, gender, and cultural exclusion. The worst global economic crisis since the Great Depression has led many nation-states to re-regulate their national economies and decouple them from the global economy. New terms of engagement and combinations of political rights and duties are likely to follow from nations' turn to looking out for themselves in the uncharted waters of the global meltdown.

Details

Political Power and Social Theory
Type: Book
ISBN: 978-1-84950-667-0

Article
Publication date: 16 March 2010

Mostafa Nejati, Amirul Shah Bin, Shahbudin and Azlan Bin Amran

Organizations and businesses have evolved tremendously during the last years. Previously, the focus of organizations was on goods and production, however, later on this…

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Abstract

Purpose

Organizations and businesses have evolved tremendously during the last years. Previously, the focus of organizations was on goods and production, however, later on this perspective has changed to a more knowledge and intellectual capital focus nowadays. As such, concepts of organizational knowledge and know‐how, as well as stakeholders and society rights are increasingly being raised and discussed in recent studies. This paper aims to present the fundamental questions on the importance of undertaking sustainable development roles by organizations and the effects that it can have on the organizations. The paper will also discuss how organizations can benefit from acting to their sustainable development roles and consider it as a means of competitive advantage, rather than an organizational threat.

Design/methodology/approach

In‐depth literature review as well as years of experience of authors in the field has been used to develop this research.

Findings

It is concluded that despite some initial limitations for the organizations in undertaking their sustainable development roles, they will benefit from the positive image that is created for their organization as well as other benefits and competitive advantages in the long run.

Practical implications

It is necessary for organizations to be aware of their sustainable development roles and undertake their responsibilities toward the society.

Originality/value

After the recent global economic meltdown, the question whether sustainability and organizational commitments toward sustainable development can help organizations gain a competitive advantage to better survive in the challenging world of today, is yet to be further discussed. This paper is an attempt to investigate this in more detail.

Details

Business Strategy Series, vol. 11 no. 2
Type: Research Article
ISSN: 1751-5637

Keywords

Abstract

Details

The Current Global Recession
Type: Book
ISBN: 978-1-78635-157-9

Article
Publication date: 30 August 2011

O. Alao and L. Raimi

The purpose of this paper is to explore the role of financial institutions in the escalation of the global economic melt‐down (GEM) in America and how policy‐makers in…

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Abstract

Purpose

The purpose of this paper is to explore the role of financial institutions in the escalation of the global economic melt‐down (GEM) in America and how policy‐makers in Nigeria can learn from South Africa to safe‐guard the nation's financial institutions from economic shocks that could be propelled by banks' financial recklessness and poor corporate governance ethics.

Design/methodology/approach

The paper combines qualitative and quantitative data to establish that Nigeria has a lot to learn from America and South Africa. America is the heartland of the global financial system, and whatever happens to its economy and currency, often cause ripple effects on the rest of the world, except for a nation like South Africa that had an in‐built mechanism to forestall shock. The paper has six sections. First section presents a brief introduction on GEM and its ripple effects. Second section outlines the retrospective causes of GEM. Third section provides justification for regulation of the economy in the economic literature. Fourth section focuses on the thrust of bank regulation and control with reference to South Africa. Fifth section explores the financial institutions, regulation and supervision in Nigeria. Sixth section concludes with policy recommendations.

Findings

The findings in this paper are the potency of financial regulation and supervision to forestall economic melt‐down; the potency of financial regulation and supervision to safe‐guard a nation's financial institutions from financial recklessness and promote good corporate governance.

Practical implications

The major practical implication of this paper is that the problems of major banks in Nigeria are traceable to liquidity constraints, poor corporate governance compliance, poor credit risk management policy and ineffective allocation of capital to businesses.

Originality/value

This paper supports the Keynesian argument for effective regulation, supervision and control of the economy in general and financial institutions specifically (as opposed to the blind adoption of mainstream neo‐liberal economics).

Details

Humanomics, vol. 27 no. 3
Type: Research Article
ISSN: 0828-8666

Keywords

Article
Publication date: 8 February 2013

Anis Chowdhury, Iyanatul Islam and Donald Lee

The purpose of the paper is to review the social consequences of the Great Recession of 2008‐2009. In particular, it looks at impacts on the world of work – unemployment…

4092

Abstract

Purpose

The purpose of the paper is to review the social consequences of the Great Recession of 2008‐2009. In particular, it looks at impacts on the world of work – unemployment, informal and vulnerable employment, working poor and youth unemployment, and on public health – hunger and malnutrition, suicides, domestic violence and child abuse. In all fronts, the Great Recession had serious adverse impacts and morphed into a global social crisis. The situation is made worse due to obsessions with fiscal consolidation in the midst of tepid and uncertain recovery. The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

Design/methodology/approach

The paper is a general review and it draws on the findings of the United Nations flagship publication, Report of the World Social Situation 2011. It is an analytical narrative of impacts of on‐going economic crisis.

Findings

The paper finds a worsening employment situation – rise in unemployment, informal and vulnerable employment, youth unemployment, and working poverty. It also finds adverse public health impacts in terms of rise in malnutrition and hunger, suicide rates, domestic violence and child abuse. Finally the paper finds that policies matters in mitigating worst impacts as well as sustaining recovery.

Research limitations/implications

The findings are tentative as the social impacts of economic crisis become obvious after a long time lag.

Originality/value

The paper argues that policies matter and advocates for strengthening social protection and continued stimulus in order to ensure robust recovery.

Details

International Journal of Social Economics, vol. 40 no. 3
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 7 April 2015

Denis Camilleri

The purpose of this paper is to establish whether a terminal value is a substantial amount of the final figure in a hotel’s valuation. Malta’s scenario has been delved…

Abstract

Purpose

The purpose of this paper is to establish whether a terminal value is a substantial amount of the final figure in a hotel’s valuation. Malta’s scenario has been delved into. This due to the fact that owing to Malta’s high population density and its restrictive land area, land values attract a high premium as compared with larger developed countries. Other matters such as earnings’ multipliers derived from a cap rate (initial yield), CAPEX has also been delved into.

Design/methodology/approach

The methodologies adopted in hotel valuation practice has been delved into. An extensive literature review is undertaken to analyse the earnings multiplier adopted by various authors over the past 30-year period. The hotel cap rate (initial yield) has been compared with similar yields adopted in the institutional and property markets and then compares to market-based data. A discussion is undertaken on the validity of adopting discounted cash flow, as against the short cut market appraisal approach. Capitalization rates, cap rates have also been referred to as obtained from the academic and practitioners field and compared. Depreciation and the anticipated annual accommodation charges have been analysed. A database of hotel rooms value over the past 20-year period has been referred.

Findings

A table outlines the earnings’ multipliers in perpetuity or for the limited expected design life for various cap rates. This data will act as a guide in guiding practitioners to establish an earnings’ multiplier to be applied in their valuation methodology. An example in the Appendix clarifies the manner in which this data table is to be utilized. The finding of this example notes that for this hotel in Malta, as constructed on private land, the terminal value for this development hovers around the 30 per cent of the market value.

Research limitations/implications

This analysis is based on five valuations as undertaken on five hotels in Malta with classification grades varying from III to V. This notes that the terminal value varies within a range of 9-45 per cent of the total value. This analysis has to be undertaken for other countries for a global range of land terminal values percentages to be established.

Practical implications

Establishing the terminal value of a hotel business, will offer greater security for secured lending facilities required. It will further act as an important tool to establish the feasibility of a hotel development.

Originality/value

Updated insight is given to existing hotel valuation methodologies by delving into the workings of the earnings’ multiplier and establishes that in today’s market the terminal value of the hotel basis has to be accounted for. The above findings are based on a link between theory and practice.

Details

Journal of Property Investment & Finance, vol. 33 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 12 April 2011

Arthur Lerner

The purpose of this paper is to advance that a significant part of McGregor's legacy was from considering human behavior as important to organizational life and…

2240

Abstract

Purpose

The purpose of this paper is to advance that a significant part of McGregor's legacy was from considering human behavior as important to organizational life and management, and to step outside thinking of the time to incorporate social science research and thinking. While others have followed his lead, the idea of looking beyond those fields for useful frameworks for additional insights – as he did by incorporating psychology – has been largely overlooked. This paper seeks to propose such an approach as adding to the breadth and depth of organizational/managerial understanding.

Design/methodology/approach

There is no methodology, per se, other than reading. The approach is to trace highlights of McGregor's thinking, influences on him and by him, and to introduce fields of thought that can further those aims of better informing the “human” side.

Findings

Spiral dynamics (SDi) and finite and infinite games provide well developed frameworks for better understanding “human” aspects of organized behavior both socially, and in the management and research of organizational behavior. Considering them is also in line with McGregor's legacy of stepping outside traditional management theory to inform his thinking and arguments.

Research limitations/implications

There has not been research on Finite dynamics, but there is documentation of work done with SDi. The implications of each include better understanding of culture components of organized behavior, especially in a global environment, comparing results of already occurring phenomena (e.g. mergers) in light of the ideas proposed. A key limitation is creating and using further operational measures for some studies.

Practical implications

The practical implications are significant in terms of offering new ways to better analyze, understand, and act on socially (“human“) based factors that address issues within and across cultures. These include guidelines for balancing interests of corporations with national/global economies, post merger behavior, identifying other factors that affect issues of loyalty, commitment, motivation, alignment, etc. as issues of cultural diversity in organizations (especially global ones).

Social implications

The first implication is that it takes recognition of dynamics advanced by both approaches for them to have conscious impact. They already conform to events known to have happened. SDi was used repeatedly to improve societal harmony by Mandela in post‐Aparheidt South Africa. Finite and […] poses hyotheses and distinctions about factors that help explain recent global economic meltdown, and ways to prevent future occurrence. While “business” in nature, the social implications are vast.

Originality/value

The originality here lies primarily in thinking outside the boxes that have emulated, evaluated, or expanded on the central thrust of McGregor's thinking. Other than placing finite and infinite games in a management/organizational context, and suggesting some questions for research and practice, the only other original thought was to consider the “meta” legacy of McGregor's example of going outside management thinking to inform what he believed to be valid, rather than stay strictly within the domains of social science and traditional management thinking. All this, of course, in the pursuit of advancing his concern for the human side of enterprise.

Details

Journal of Management History, vol. 17 no. 2
Type: Research Article
ISSN: 1751-1348

Keywords

Article
Publication date: 30 August 2011

A.D. Slabbert and W.I. Ukpere

Poverty is indeed a terrible monster confronting humanity today. It is alarming and, indeed, not without despair to note that 22,000 children under five die every day as a…

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Abstract

Purpose

Poverty is indeed a terrible monster confronting humanity today. It is alarming and, indeed, not without despair to note that 22,000 children under five die every day as a result of poverty. Thus, in a calendar year, more than eight million children do not progress past the age of five years. One of the world's worst atrocities, which has endured in the minds and hearts of humanity, was the Holocaust, in which six million people were murdered. It continues to be viewed with indignation and revulsion. Bizarrely, the deaths of eight million innocents pass without notice, without indignation and revulsion, and with very few tears being shed. Does this mean that in maybe 50 years from now, we will be condemned as mass murderers, and mentioned in the same context as Hitler's murderers? It is necessary to take note of this. It is necessary to consider our own personal position vis‐à‐vis this reality and take moral decisions. This paper aims to address this issue.

Design/methodology/approach

The paper is a meta‐analysis, which relied on secondary sources of information. It is a qualitative study which is based on conceptual analysis, theory building, and the emic perspective (authors' viewpoint).

Findings

Humanity is entrusted with the wellbeing and survival of our planet and its inhabitants, and we have definitive custodian responsibilities to exercise. In the final analysis, the hallmark of a successful life is the ability to say: I have left this earth a better place than when I arrived. If poverty is left unchecked, will we be able to make that statement with a clear and untroubled conscience?

Social implications

There is indeed a solution to global poverty. In order to reach this desired state of affairs, there is just one requirement: international commitment and willingness to change the current status quo. This is not negotiable, but a necessary and sufficient ingredient for change. The rest is detail and can be achieved through a process of hard work, involvement, and essentially, empathy.

Originality/value

This paper is valuable because it confronts one of the disgusting issues affecting humankind today – poverty. Poverty cannot be eradicated if we stand akimbo watching without addressing it. This piece of treatise is an effort by the authors to address it, and proffer possible ways to tackle the malady.

Details

International Journal of Social Economics, vol. 38 no. 10
Type: Research Article
ISSN: 0306-8293

Keywords

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