nhaliday + judgement + eu   2

Trust in Large Organizations
We argue that trust should be particularly important for the performance of large organizations. In a cross-section of countries, evidence on government performance, participation in civic and professional societies, importance of large firms, and the performance of social institutions more generally supports this hypothesis. Moreover, trust is lower in countries with dominant hierarchical religions, which may have deterred networks of cooperation trust hold up remarkably well on a cross-section of countries.

The Importance of Trust for Investment: Evidence from Venture Capital: http://www.nber.org/papers/w16923
We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment decisions. This holds even after controlling for investor and company fixed effects, geographic distance, information and transaction costs. The national identity of venture capital firms' individual partners further contributes to the effect of trust. Education and work experience reduce the effect of trust but do not eliminate it. We also examine the relationship between trust and sophisticated contracts involving contingent control rights and find that, even after controlling for endogeneity, they are complements, not substitutes.

Breach of Trust in Hostile Takeovers: http://www.nber.org/papers/w2342
The paper questions the common view that share price increases of firms involved in hostile takeovers measure efficiency gains from acquisitions. Even if such gains exist, most of the increase in the combined value of the target and the acquirer is likely to come from stakeholder wealth losses, such as declines in value of subcontractors' firm-specific capital or employees' human capital. The use of event studies to gauge wealth creation in takeovers is unjustified. The paper also suggests a theory of managerial behavior, in which hiring and entrenching trustworthy managers enables shareholders to commit to upholding implicit contracts with stakeholders. Hostile takeovers are an innovation allowing shareholders to renege on such contracts ex post, against managers' will. On this view, shareholder gains are redistributions from stakeholders, and can in the long run result in deterioration of trust necessary for the functioning of the corporation.

Trust in Public Finance: http://www.nber.org/papers/w9187
Using data on trust and trustworthiness from the 1990 wave of the World Values Survey, I first investigate a model of the extent of tax cheating and the size of government that recognizes the interdependence of the two. The results reveal that tax cheating is lower in countries that exhibit more (not-government-related) trustworthiness. However, holding that constant, tax cheating becomes more acceptable as government grows. All in all, there is some weak evidence that the strong positive cross-country correlation between the size of government and tax cheating masks the fact that big government induces tax cheating while, at the same time, tax cheating constrains big government. I then add to the structural model an equation determining the level of prosperity, allowing prosperity to depend, inter alia, on the level of government and on trust in others. I find some evidence that both prosperity and government involvement are higher in more trusting societies. Moreover, holding these measures of trust constant, the association of government size with prosperity is positive until a level of government spending somewhere between 31% and 38% of GDP, after which its marginal effect is negative. Thus, although a trusting citizenry allows larger government, the tax burden this entails erodes the rule obedience taxpayers exhibit toward government.

Tax cheating among whites: http://anepigone.blogspot.com/2017/04/tax-cheating-among-whites.html
The masses still more or less assume that “against the law” is a synonym for “wrong.” It is known that the criminal law is harsh and full of anomalies and that litigation is so expensive as always to favour the rich against the poor: but there is a general feeling that the law, such as it is, will be scrupulously administered … An Englishman does not believe in his bones, as a Spanish or Italian peasant does, that the law is simply a racket.

The English People, Collins, 1947

WEIRDO societies require WEIRDOs to make them work. The less WEIRDO a society becomes, the more being a WEIRDO--characterized by high social trust, reciprocity, political compromise, generosity to those in need, isonomy, etc--switches from being an advantage to being a disadvantage. Social trust declines, reciprocity disappears, political compromise is replaced by a winner-take-all ethnic spoils system, generosity is exploited to the point that it is seen as an entitlement, and the legal system gets hijacked by racial grievance concepts like "social justice". It's a vicious circle.

Theodore Roosevelt
Third Annual Message
December 7, 1903

The consistent policy of the National Government, so far as it has the power, is to hold in check the unscrupulous man, whether employer or employee; but to refuse to weaken individual initiative or to hamper or cramp the industrial development of the country. We recognize that this is an era of federation and combination, in which great capitalistic corporations and labor unions have become factors of tremendous importance in all industrial centers. Hearty recognition is given the far-reaching, beneficent work which has been accomplished through both corporations and unions, and the line as between different corporations, as between different unions, is drawn as it is between different individuals; that is, it is drawn on conduct, the effort being to treat both organized capital and organized labor alike; asking nothing save that the interest of each shall be brought into harmony with the interest of the general public, and that the conduct of each shall conform to the fundamental rules of obedience to law, of individual freedom, and of justice and fair dealing towards all. Whenever either corporation, labor union, or individual disregards the law or acts in a spirit of arbitrary and tyrannous interference with the rights of others, whether corporations or individuals, then where the Federal Government has jurisdiction, it will see to it that the misconduct is stopped, paying not the slightest heed to the position or power of the corporation, the union or the individual, but only to one vital fact--that is, the question whether or not the conduct of the individual or aggregate of individuals is in accordance with the law of the land. Every man must be guaranteed his liberty and his right to do as he likes with his property or his labor, so long as he does not infringe the rights of others. _No man is above the law and no man is below it; nor do we ask any man's permission when we require him to obey it. Obedience to the law is demanded as a right; not asked as a favor._
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august 2017 by nhaliday
Enoch Powell - Wikiquote
Interview with BBC Radio 4, Dec. 1, 1968
Enoch Powell answers the question, whether he believes in a "multi-racial society" :
Obviously you don"t believe in a multi-racial society then?
We must define a word like that. In all societies there can be. and with advantage. small minorities-how small, must depend upon the nature of the minority and the circumstances--who are differentiated from the rest, not only by language and background. but also by race. If that is what you mean by a multi-racial society, then every society is a multi-racial society, and it is likely that the society of the United Kingdom, with its history and its trading and maritime position in the world, will have probably a larger variety of such minorities than most. But if by a multi-racial society you mean a society which is deliberately and indeed artificially compounded by bring- ing together masses of people from different backgrounds, different cultures, and implanting them in a nation with a long and continuous history. a nation probably as homogeneous as any there is in the world in its feeling-I’m not talking about physiology but about sentiment-then I believe that the idea is a mischievous and a dangerous one.

Because it's come up a couple times in the last couple days, I'll state my position on the National Question. Basically, I agree with >
> Charles de Gaulle here.
It is very good that there are yellow French, black French, brown French They show that France is open to all races and has a universal vocation- But [it is good] on condition that they remain a small minority. Otherwise, France would no longer be France. W'e are, after all, primarily a European people of the white race, Greek and Latin culture, and the Christian religion.

For legal and political purposes I'm a civic nationalist, but civic nationalism presupposes an actual nation, w/ an ethno-historic identity.
I do not believe in "proposition nations," which inevitably mean whatever the ruling class needs them to mean.

It is very good that there are yellow French, black French, brown French. They show that France is open to all races and has a universal vocation. But [it is good] on condition that they remain a small minority. Otherwise, France would no longer be France. We are still primarily a European people of the white race, Greek and Latin culture, and the Christian religion. […] Those who advocate integration have the brain of a hummingbird. […] Arabs are Arabs, the French are French. Do you think the French body politic can absorb ten million Muslims, who tomorrow will be twenty million, after tomorrow forty? If we integrated, if all the Arabs and Berbers of Algeria were considered French, would you prevent them to settle in France, where the standard of living is so much higher? My village would no longer be called Colombey-The-Two-Churches but Colombey-The-Two-Mosques.
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april 2017 by nhaliday

bundles : globeguvnor

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