O regresso do capitalismo de estado na França e na Alemanha

Angela Merkel, Germany’s chancellor, is rushing ahead with plans for the German government to take a 15% stake in EADS before the end of the year, buying shares (through KfW, the state bank for reconstruction) that the Daimler car group and some banks want to ditch, thus bringing it level with the French government’s shareholding. The Germans have been concerned for some time about losing out to France on Airbus work, and have withheld some promised government loans for the latest big Airbus plane.
Now, in a bid to strengthen Germany’s hand, Mrs Merkel appears to be taking a leaf out of the French book on industrial policy—opting for strategic stakes in privatised groups.
This startling reversal comes on top of new moves in France to extend the reach of government into troubled manufacturers. Last week, just as Germany was closing in on EADS, the French government guaranteed loans of some €7 billion ($9 billion) to the finance arm of PSA Peugeot Citroën, a carmaker. In return the government gets a seat on the board and guarantees that dividends and share buy-backs will be suspended for several years.
French observers are waiting to see whom the ministry of finance will name as the “independent” director. Critics fear that he or she might be a representative of the APE (the agency for state shareholdings), which reports to the ministries of finance and industry. Peugeot shares fell on the announcement of the financial support, because investors fear the door has been opened to a partial nationalisation.[...]

Ver notícia na revista The Economist

Leituras sobre uma espécie cada vez mais em vias de extinção (... a democracia): ‘Pós-democracia‘, de Colin Crouch

Capitalismo ‘made in China‘: estudantes universitários obrigados a trabalhar na FoxConn para produção do novo iPhone 5

Thousands of students in an east China city are being forced to work at a Foxconn plant after classes were suspended at the beginning of the new semester, it has been revealed.

Students from Huai'an in Jiangsu Province were driven to a factory in the city run by Taiwan's Foxconn Technology Company after the plant couldn't find sufficient workers for the production of Apple's much-anticipated iPhone 5, they said in online posts.

A student majoring in computing at the Huaiyin Institute of Technology said 200 students from her school had been driven to the factory.

They started work on the production line last Thursday and were being paid 1,550 yuan (US$243.97) a month for working six days a week, she said.

But they had to pay hundreds of yuan for food and accommodation, she said in an online post under the name of mengniuIQ84.

Several other students from at least five colleges backed up what she said, saying they were being forced to work for 12 hours a day.

Badly disrupted

A Jiangsu Institute of Finance and Economy student called Youyoyu said students from departments of law, English and management were all working at the plant.

A Huai'an University student posting under the name of Dalingzhuimengnan said Foxconn was badly in need of 10,000 workers but students were looking forward to returning to classrooms to continue their academic studies which had been seriously disrupted.

MengniuIQ84 wrote that the authorities had ordered the schools to send students to assist Foxconn but said that the factory neither informed parents nor signed agreements with students.

One or two schools had canceled their internship programs with Foxcon after media exposure and pressure from the public, she said, but her institute had no plans to do so and had even punished students who had tried to leave the factory. [...]


Ver notícia no ShanghaiDaily.com

Leituras para refletir: ‘A Europa em Crise‘

O século XXI começou mal para a Europa e o Ocidente. A crise financeira iniciada em 2007/2008 nos EUA transformou-se na crise mais grave do pós-II Guerra Mundial. Em pouco tempo a União Europeia e a zona euro ficaram no centro do turbilhão. Será que o capitalismo globalizado se tornou uma “paixão nociva”? Quais são as raízes mais profundas desta crise? Como será possível ultrapassá-la? Hoje tornou-se claro que a crise é também demográfica, ética e de estilos de vida. Está em causa a sustentabilidade do modelo europeu e a influência euro-ocidental no mundo. Todavia, como portugueses e europeus, traz-nos uma oportunidade única de reflexão sobre o nosso futuro coletivo.

‘A ascensão do capitalismo de estado‘ in The Economist

Over the past 15 years striking corporate headquarters have transformed the great cities of the emerging world. China Central Television’s building resembles a giant alien marching across Beijing’s skyline; the 88-storey Petronas Towers, home to Malaysia’s oil company, soar above Kuala Lumpur; the gleaming office of VTB, a banking powerhouse, sits at the heart of Moscow’s new financial district. These are all monuments to the rise of a new kind of hybrid corporation, backed by the state but behaving like a private-sector multinational.

State-directed capitalism is not a new idea: witness the East India Company. But as our special report this week points out, it has undergone a dramatic revival. In the 1990s most state-owned companies were little more than government departments in emerging markets; the assumption was that, as the economy matured, the government would close or privatise them. Yet they show no signs of relinquishing the commanding heights, whether in major industries (the world’s ten biggest oil-and-gas firms, measured by reserves, are all state-owned) or major markets (state-backed companies account for 80% of the value of China’s stockmarket and 62% of Russia’s). And they are on the offensive. Look at almost any new industry and a giant is emerging: China Mobile, for example, has 600m customers. State-backed firms accounted for a third of the emerging world’s foreign direct investment in 2003-10.

With the West in a funk and emerging markets flourishing, the Chinese no longer see state-directed firms as a way-station on the road to liberal capitalism; rather, they see it as a sustainable model. They think they have redesigned capitalism to make it work better, and a growing number of emerging-world leaders agree with them. The Brazilian government, which embraced privatisation in the 1990s, is now interfering with the likes of Vale and Petrobras, and compelling smaller companies to merge to form national champions. South Africa is also flirting with the model.

This development raises two questions. How successful is the model? And what are its consequences - both in, and beyond, emerging markets? [...]

Ver artigo na revista The Economist

Qual a razão porque os Estados pagam taxas de juro superiores às dos bancos? por Michel Rocard e Pierre Larrouturou

Ce sont des chiffres incroyables. On savait déjà que, fin 2008, George Bush et Henry Paulson avaient mis sur la table 700 milliards de dollars (540 milliards d'euros) pour sauver les banques américaines. Une somme colossale. Mais un juge américain a récemment donné raison aux journalistes de Bloomberg qui demandaient à leur banque centrale d'être transparente sur l'aide qu'elle avait apportée elle-même au système bancaire.

Après avoir épluché 20 000 pages de documents divers, Bloomberg montre que la Réserve fédérale a secrètement prêté aux banques en difficulté la somme de 1 200 milliards au taux incroyablement bas de 0,01 %.

Au même moment, dans de nombreux pays, les peuples souffrent des plans d'austérité imposés par des gouvernements auxquels les marchés financiers n'acceptent plus de prêter quelques milliards à des taux d'intérêt inférieurs à 6, 7 ou 9 % ! Asphyxiés par de tels taux d'intérêt, les gouvernements sont "obligés" de bloquer les retraites, les allocations familiales ou les salaires des fonctionnaires et de couper dans les investissements, ce qui accroît le chômage et va nous faire plonger bientôt dans une récession très grave. [...]

Ver artigo no Le  Monde

Leviathan, sa: o regresso do estado ao mundo dos negócios

Listen carefully, and you may detect a giant sucking sound across the rich world. In the 1990s this was the sound protectionists in the United States thought (wrongly) would accompany jobs disappearing to Mexico as a result of a free-trade deal. This time, too, there are big worries about jobs and growth, but the source of the noise is different, and real enough: it comes from the tentacles of the state, reaching into more and more areas of business in an effort to get the economy moving. It is the sound of Leviathan Inc.

Politicians are reviving the notion that intervening in individual industries and companies can drive growth and create jobs (see article). It is not just the usual suspects—although it is true that France, the land of Colbert, is busy taking stakes in toy manufacturers, video-sharing websites and fallen national champions. Elsewhere in Europe, from Berlin to Brussels, demand for industrial policy is back. Japan’s new government is responding to what it sees as the increasingly aggressive policies of foreign competitors by deepening the links between business and the state. In America Barack Obama, the effective owner of General Motors and a chunk of Wall Street, has turned his back on the laissez-faire approach of the past: a strategic-industries initiative is under way.

Although an understandable panic over economic growth in the rich world explains much of the state’s new meddling in business, other forces are at work as well. After the finance and property bubbles some influential companies—such as EADS and Rolls-Royce in the aerospace industry—are pressing for policies that support manufacturing. Bail-outs and billions of stimulus spending, however justified at the time, got government back into the habit of intervention. The case of Fannie Mae and Freddie Mac, America’s housing-finance giants, illustrates both the perils of state meddling (implicit state guarantees distorted the mortgage market with fatal consequences) and the difficulty of giving it up: having rescued the pair, the federal government lacks any plan to pull out.

Ver artigo no The Economist

Leituras em tempo de crise: ‘A Teoria Geral do Emprego, do Juro e da Moeda’ de John Maynard Keynes

Marx e Lenine bem avisaram que o capitalismo se ia afundar... cartoon do jornal The Australian

‘Capitalismo Sharia‘ em Harvard

Será que estamos a assistir a uma crescente dissociação entre o capitalismo e a democracia liberal, com efeitos nefastos par o futuro das sociedades ocidentais?
JPTF 2008/04/24