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More Papers From This Author in World Economics:
Wealth Extraction and the Evolution of a Rentier Economy
The paper highlights the importance of a fair distribution of wealth among the economic agents of a country so that the benefits of a free-market economy work efficiently and create new wealth that fosters economic welfare are at work and functioning efficiently. Extreme inequality and a dysfunctional banking system deprives the market economy from entrepreneurial skills and innovation. In addition, the risk aversion attitudes of the wealthy lead to an elusive pursuit of return without the risk, but which inevitably, through a dysfunctional banking system, results in the transfer of existing wealth from the many to the very few rather than creating new wealth. The real economy is thereby trapped in a vicious circle which further exaggerates wealth concentration and inequality.
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The Marketing Evaluation of Capital Investment Projects
Through this article the author attempts to put together in one logical and coherent sequence the steps to be followed when attempting to evaluate the competitiveness of a capital investment project. Over and above applying the correct cost–benefit analysis methodology and building an integrated and manageable financial model it is imperative to research the marketing aspects of the project and build these findings into the projections.
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The Disconnect of Funding From Wealth Creation
This article identifies concentration of money and power and loosely regulated financial markets as impeding the efficient allocation of economic resources. The pursuit of return without risk inevitably leads to the transfer of wealth through a failing banking system which collaborates with hedge funds and global wealth management groups, who constantly seek low risk and high returns for the benefit of their wealthy clients. It is further argued that conditions conducive to economic development hardly exist in highly indebted countries and that wasteful finance inevitably brings about financial crises and recessions. The promise of a ‘return without the risk’ leads financial intermediaries in the direction of a quest, since the only way to attain this is through directing funding towards the capture of existing assets rather than it being invested back in the real economy to create new wealth.
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Funding Economic Development and the Role of National Development Banks
Prior to its privatisation in 2008, the Cyprus Development Bank played an important role in the economic development of Cyprus, intermediating international finance from multilateral development banks. This function was subsequently undertaken by commercial banks, which are currently limited by balance-sheet fatigue, however, and lack necessary elements for successfully executing this role. Our analysis shows a current void of institutional capacity in funding growth-bearing projects. Proceeding in a normative way, we recommend reinstalling a development finance agency that will tackle the issues by swapping equity for debt relief.
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