Violation Of Property Rights Research Articles

Shareholders' rights in international law: (con)temporary reflections in the Diallo case

In the 21st century there is still an ongoing intensive discussion among practitioners and scholars as to whether, under international law, an independent right to property exists. When the International Court of Justice (hereinafter – ICJ) announced its decisions in the Ahmadou Sadio Diallo case (Republic of Guinea v. Democratic Republic of Congo, 2007, 2010, 2012; hereinafter – Diallo), these debates intensified. This article analyzes the decisions of the Diallo case, as this case is a valuable source which: (a) help to determine the approach of the most authoritative Court towards the right to property in international law, and (b) assist in evaluating the chance of defending the rights of shareholders in the ICJ. After examination, several observations are made. First, althought Guinea claims that the core issue in the case is a violation of property rights, the ICJ is not willing to elaborate on the right to property, its scope, or its content. This silence leads to further queries on the understanding of the concept of a global right to property. Second, the World Court rules that diplomatic protection based on the rule of protection by substitution does not amount to an international custom. A conclusion is made that the Diallo case is not a repetition of a standard discussed in the Barcelona Traction, Light and Power Company, Limited case (Belgium v. Spain, 1970; hereinafter – Barcelona Traction), but rather a reflection of a narrowed standard of Barcelona Traction. Therefore, the ICJ is not an amiable forum for the protection of the property rights of shareholders.

Проблеми правового забезпечення права власно- сті в умовах тимчасової окупації частини території України

Метою статті є окреслення ряду проблем, пов’язаних із порушеннями в Україні права власності в умовах тимчасової окупації Автономної Республіки Крим і частини територій Донецької та Луганської областей, а також формування пропозицій щодо шляхів їх правового вирішення.
 Наукова новизна полягає в спробі висвітлення неординарних в юридичному аспекті питань, що потребують ґрунтовного аналізу з позицій конституційного та міжнародного права, зокрема щодо захисту права власності Українського народу й держави на об’єкти, які перебувають у межах окупованих територій у зв’язку з тимчасовою окупацією частини території України, за відкритого порушення РФ територіальної цілісності України та в умовах тривалої «гібридної» війни.
 Висновки. У складних політико-економічних умовах «гібридної» війни, наслідками якої є окупації частини території, Україною використовуються можливості міжнародно-правових засобів захисту права власності та формується законодавче поле для його забезпечення. Головним акцентом в діяльності державних органів є необхідність впровадження системних заходів, зокрема передбачених Стратегією інтеграції внутрішньо переміщених осіб та впровадження довгострокових рішень щодо внутрішнього переміщення на період до 2020 року та спрямованих на розв’язання існуючих у цій сфері проблем.
 Найпершим кроком має бути створення спеціального реєстру незаконно захопленого, зруйнованого та/або пошкодженого внаслідок збройної агресії Російської Федерації нерухомого (приватного, державного та комунального) майна. Відповідні факти мають бути підтверджені судовими рішеннями, що є гарантією забезпечення його повернення законним власникам або відновлення їх правового становища шляхом компенсації за втрати.
 Вітчизняне законодавство потребує внесення змін стосовно встановлення, а також відновлення строку позовної давності для справ, пов’язаних із порушенням права власності у контексті окупації частини територій України.
 При цьому відповідальність щодо компенсацій власникам втраченого внаслідок окупації приватного майна держава має взяти на себе з чітко визначеними джерелами фінансування (на початковому етапі це можуть бути кошти державного бюджету, що в перспективі можуть бути відшкодовані за рахунок стягнення коштів з країни-агресора).

On issue of criminal liability for violations of intellectual property rights

The issues of criminal liability for violations of intellectual property rights in Ukraine as well as examples of foreign countries (Federal Republic of Germany, French Republic, United States of America, Swiss Confederation) were analyzed. The author has identified major international instruments that set out basic international standards for the protection of intellectual property rights. It has been determined that Article 61, Section 5, of the Agreement on Trade-Related Aspects of Intellectual Property Rights, or the TRIPS Agreement, lays down provisions on criminal proceedings. The author analyzed the provisions of the current criminal legislation of Ukraine, according to which the occurrence of criminal liability is possible in case of violation of property rights of owners, without taking into account personal non-property rights. The article also states that, in accordance with the provisions of the articles of the Criminal Code of Ukraine, a peculiarity of domestic criminal legislation on infringement of intellectual property rights is that this type of liability can occur only if the owner of the rights of property damage in a large, large or especially large size. With regard to the Institute of Industrial Property, the Criminal Code of Ukraine provides for liability for the unlawful use of an invention, utility model, industrial design or variety of plants, if the material damage was done, as previously stated, in a significant, large or particularly large sizes. The author has determined that the urgency of the solution requires the issue of extending legal protection to new and emerging technologies. As with this, the nature of the violations and the process itself change. Against this background, there is a serious challenge to the intellectual property system. In turn, the process of protection and protection of intellectual property may be enhanced by having an adequate and effective system of state mechanism for preventing and ending offenses. It can also be achieved by simplifying the process of proving infringement in the field of intellectual property, and thus the procedure for bringing the perpetrator to justice.

Building a Revolutionary State: The Legal Transformation of New York, 1776–1783 by Howard Pashman

Reviewed by: Building a Revolutionary State: The Legal Transformation of New York, 1776–1783 by Howard Pashman Allie Hacherl (bio) Keywords New York State, American Revolution, Loyalists, Property Building a Revolutionary State: The Legal Transformation of New York, 1776–1783. By Howard Pashman. (Chicago: The University of Chicago Press, 2018. Pp. 192. Cloth, $90.00, paper, $30.00.) While significant attention has been devoted to the development of a national system that united the thirteen colonies in rebellion against Great Britain, scholarship has infrequently addressed the experience of individual states shifting from colonial government to semi-stable self-government. No longer colonies, but not yet part of an integrated and independent nation, they were still charged with the task of building a legal system that could administer justice, authority, and order amid ongoing chaos and conflict. Howard Pashman explores the development of such a system in New York during its wartime status as a "revolutionary state." By focusing exclusively on the rebuilding of one state's legal system, Pashman argues that the most effective means of garnering support for the new "revolutionary regime" in New York was the redistribution of property (35). Not only did this practice unite revolting colonists in their need to fund war efforts, but it also accounted for the long-term personal security of its citizens and satisfied their desire to punish and expel loyalists. Pashman begins his work by situating the revolutionary state in its colonial context, briefly explaining the English legal principles on which the colonists had based their society as well as the role wealth played in colonial society and law. By establishing from the beginning of the work that New York's socioeconomic sphere consisted of "highly visible [End Page 350] wealth" and "large estates and wealthy landlords," his analysis of legal change incorporates a social lens that is critical to understanding the importance of redistribution in New York (23). This socioeconomic aspect of redistribution was further complicated by the British occupation of New York in 1776 and 1777. Because loyalists then had the backing of the British military in organizing their counterrevolutionary attacks, revolutionary New Yorkers in turn were more inclined to cooperate with their provisional government, namely the Committee for Detecting and Defeating Conspiracies. The Committee evaluated and enforced punishments for loyalists, and in doing so, formed the basis of authority for a new legal system in the revolutionary state. Though initial enforcement of the Revolution's aim took the form of imprisoning and deporting loyalists, such a large-scale practice was soon recognized as infeasible, and the Committee eventually turned to court proceedings to evaluate the degree to which loyalists had worked against the Revolution and could be punished. In 1777, the New York Provincial Convention determined redistribution to be official policy, solving the joint problems of abandoned property left by loyalists who fled and the need to provide for the revolutionary allies who stayed. From that point on, it became a legal method of stabilization for the new regime, and the Committee for Detecting and Defeating Conspiracies worked in tandem with the Commissioners of Sequestration to confiscate loyalist property and auction it off to citizens or repurpose it for government use. Pashman acknowledges the contradictory nature of forced property redistribution, which could be construed as the violation of property rights, but explains that the practice strengthened the legal system by creating a system of mutuality between "people who brought property and the revolutionary state that delivered it into their hands" (63). In explaining how the permanent expropriation of loyalists and sale of their land was the culmination of New York's efforts as a revolutionary state to secure the united support of citizens for the provisional government, Pashman does an excellent job building the narrative throughout and between each chapter. In addition, he repeatedly underscores that New Yorkers worked closely with the Committee for socio-emotional reasons beyond the desire for stability or the expression of revolutionary ideology. The longstanding social inequality of New York's land distribution inspired many citizens to criminalize former landlords or loan [End Page 351] agents who were loyalists to exact personal revenge against the past system and the present threat. As Pashman...

Perilaku Agresif Siswa SMP

This study is based on the phenomena that occur in the field that show symptoms of aggressive behavior in class VIII Pengadegan Middle School 3. Students who behave aggressively are students who understand the problem personally. This type of research is case study research and is used to reveal individual data. The subjects studied were 2 students taken from students who behaved aggressively with different causative factors for each individual. Data collection methods used are interview, observation, and documentation methods. While the data analysis uses technical interactive analysis of miles and huberman models. Aggressive behavior is a response to frustration, anger, fear by trying to hurt others. The forms of aggressive behavior carried out by the individual in responding to frustration, anger, fear, among others, attacking the physical, attacking an object, verbally or symbolically threatening and aggravating other people and demanding attitudes, violations of property rights or attacking other areas. The results showed that the two individuals who behaved aggressively both verbally and non-verbally were caused by several different backgrounds as well as factors that influenced both internally and externally.

Missing the Role of Property in the Prohibition of Insider Trading

For decades, legal scholars have evaluated the law and practice of insider trading through a property lens. Some have debated whether a property rationale is useful for explaining past cases or might make a useful framework for deciding tough cases in the future. Others have explored which market actors should be allocated property rights in inside information in order to increase the efficiency or liquidity of U.S. securities markets. Yet scholars seem to have missed the fact that officials have consistently relied on the violation of some party’s property rights to justify imposing liability for insider trading—including in classical theory of liability cases. Missing the role that property principles continually play in the doctrine has undermined the quality of the policy and doctrinal debate surrounding insider trading. Because there are costs associated with changing the current state of affairs, a discussion of how to allocate rights in inside information is incomplete without recognizing which parties currently hold title to the information. In addition, while many scholars are correct to reject a property rationale as useful for explaining the majority of past insider trading cases, it would be a mistake to dismiss the explanatory power of property principles entirely. If officials consistently rely on the violation of property rights in inside information to justify imposing liability, then property and related doctrines may help scholars and policy makers to understand what changes would be required to bring the regulation of insider trading into greater harmony with its doctrinal and statutory roots. With these opportunities in mind, this article identifies several ways that property principles motivate the U.S. insider trading regime. It concludes by highlighting some considerations that scholars and policy makers should take into account in future analysis.

Legal Mechanism of Land Tax: Modern Approach to Determination

Problem setting. Land tax is currently one of the local taxes, that is, it goes to the appropriate local budgets. It should be emphasized that this payment is part of the property tax. Analysis of recent researches. A lot of scientists, in particular: M. P. Kucheryavenko, N.O. Khristova, T.M. Shulga, O.A. Yalbulganov and others are trying to cover some aspects of modern legal regulation of land taxation. Article’s main body. The article is devoted to the study of the modern concept of land tax. The author considered Ukrainian legal regulation of land taxation with a wide range of taxpayers and the Swedish experience with the mass valuation of land plots, the method of obtaining estimates of market value indicators of a group of homogeneous objects using statistical processing of real market information. A thorough description of the land tax by its key elements has been made. The land tax rate is currently significantly different depending on whether or not a statutory monetary assessment of the land concerned has been made. The author made proposals for land reform in the context of taxation. Conclusions and prospects for the development. Therefore, nowadays the legal mechanism of the land tax needs improvement. It is necessary to establish at the legislative level a system of land valuation by objective criteria, to revise the existing approach to the determination of tax breaks for business entities engaged in agriculture. In addition, issues related to the established moratorium on the sale of land in Ukraine are becoming more and more urgent because, in addition to objective arguments, facts and public opinion, there is a decision of the European Court of Human Rights, which emphasizes the violation of property rights of persons during the actions of the moratorium. Attention to this issue by the European Court of Human Rights is an important signal for action for Ukraine because Ukraine is obliged to comply with the decision of this court. In addition, the experience of EU countries should be taken into account. Yes, there is a moratorium on the land market in Europe only in Belarus and Ukraine. In the pursuit of European standards, we consider it necessary to lift the moratorium on land sales in Ukraine. However, it should be borne in mind that in order to attract foreign investment for agricultural development without the sale of land, there is a need to develop an appropriate effective mechanism.

The European Court of Human Rights and the Protection of Arctic Indigenous Peoples Rights

Based on an ongoing case in Sweden, where Girjas Sami village sued the Swedish state for violation of property rights, this article examines the European Court of Human Rights’ potential influence in the Arctic region’s legal system when it comes to protection of property of Arctic indigenous peoples. This article shows that notwithstanding the historical background of the European Convention for the Protection of Human Rights and Fundamental Freedoms, the case law of the Court provides a solid foundation to advocate that the Court can take a more active role in protecting the rights of Arctic indigenous peoples. What is different in the case of indigenous peoples is that their rights pre-exist that of a modern state, and this does not correlate with the structure of the Convention, which seemingly leads to less protection under the Convention for indigenous peoples. This puts a higher level of responsibility both upon the applicants, as well as on the Court to scrutinize, and apply, the case law of the Court in line with the Convention and the adopted principle of interpretation.

Justice Without Law: Legal Status of Cryptocurrency in a Bankruptcy Case

Cryptocurrency is a brand new civil law object and its legal framework is in a formative stage. As of early December 2018, no federal law regulating activities with cryptocurrencies is enacted in Russia. Nevertheless, cryptocurrency issues have already appeared in court cases, in particular in connection with defense of creditors’ rights. An emblematic case in this respect is the recent personal bankruptcy trial of Ilia Tsarkov, which was held at the Moscow Arbitrazh Court. The bankruptcy trustee requested to include the bitcoins in possession of the debtor in the bankruptcy estate. The debtor objected to this, his key argument being that legal relations concerning cryptocurrencies (or bitcoins) were not regulated by Russian legislation and even the concept itself was not mentioned in any statute; thus bitcoins could not be legally treated as property. However, the second-instance court agreed with the trustee’s arguments and annulled the first-instance court ruling. The main argument was that, if principles of the Russian civil law were applied properly, then bitcoins should be treated as “other property”. In addition, the use of the first-instance court’s arguments opens the door for infringement of property rights of creditors. The first-instance court’s ruling is an obvious illustration of dominant textualism in Russian judiciary. The appellate court’s decision, on the other hand, demonstrates that said textualism could be overcome by judiciary actions at least in some circumstances such as defense of creditors’ rights. The treatment of cryptocurrency as “other property” by the court is in general agreement with the conception of the Ministry of Finance’s draft law “On digital financial assets”.

DAMAGE COMPENSATION AS THE WAY OF PROTECTION OF AUTHORS' PROPERTY RIGHTS: THE ECONOMIC AND LEGAL ASPECT

The objective of the article is to determine the economic and legal aspects of compensation for damages caused by the violation of the authors’ property rights in conformity with the national evaluation standards in the field of intellectual property, the legislation of Ukraine and its application. The subject of the study is the domestic experience of property reimbursement to authors in case of violation of their property rights to works. Methodology. The study is based on the analysis of Ukrainian legislation on ways to reimburse authors for property rights for works, including compensation for damages, and determination of their advantages and disadvantages. The peculiarity of three economic approaches – cost, comparative and profit, as well as their use in a certain situation for determination of the amount of damage inflicted to the author, is defined on the basis of economic analysis. The results of the study point out that the reimbursement of damages is the main way of property compensation for violation of property rights of the author. And in comparison with other methods, the reimbursement of real losses and lost profits is designed to a greater extent to protect the property interests of the author. It is concluded that over the weak development of the intellectual property market in Ukraine, commercial secret under contract terms in the field of intellectual property, a clear advantage is given to the profit approach. The approach, by means of various methods, will enable the most reasonable determination of the amount of damage. Practical implications. The development of reimbursement for the caused losses as a means to protect the property interests of authors in Ukraine demonstrates that the intellectual property market should be properly developed in line with European standards. This will allow authors to effectively use other methods of property compensation for violating property interests. In turn, this will allow choosing new methods of economic calculation of property compensation for a committed offense in the sphere of copyright. Originality. The comparative analysis of the ways of property compensation for the violation of authors’ property rights is the basis for domestic legislation development in the field of intellectual property in accordance with European standards.

Institutions and Managerial Task Allocation: Evidence from Chinese Entrepreneurs

This study presents theoretical and empirical analyses of the time allocation of entrepreneurs as a response to weak property rights protection. Using a nationwide random-sample survey of more than 3,000 entrepreneurs in over 100 cities in China, we find that entrepreneurs, responding to the violation of property rights, spend large proportions of their working time on lobbying activities to protect their businesses at a cost to management time. Moreover, the sensitivity of lobbying time to property rights protection is reduced if the entrepreneur is politically connected or if the firm is larger or older.

R. (ON THE APPLICATION OF BRITISH AMERICAN TOBACCO (UK) LTD) v SECRETARY OF STATE FOR HEALTH1

H1 Trade Marks – Goodwill – Copyright – Designs – Tobacco marks – Standardised packaging – Delegated legislation – Whether invalid – Judicial review – Proportionality – Whether violation of property rights – The nature of trade mark rights – Whether purely negative or conferring any positive right to use – Whether other IP rights negative or conferring any positive rights to use – Whether such trade mark or design rights expropriated or merely circumscribed – Whether compensation payable – Appeal to Court of Appeal

PERILAKU AGRESIF YANG DIALAMI KORBAN KEKERASAN DALAM PACARAN

The objective of this study is to determine the forms of aggressive behavior that received by victims of courtship violence and the factors that causes violence in long term courtship. The method used in this study is a qualitative research method with a phenomenological approach using data collection techniques by observing and interviewing. The sampling technique used in this study is snowball technique. Data analysis techniques follow this stages: analyzing all the data, categorizing data, preparing the psychological dynamics, connecting with the theoretical basis and drawing conclusions. Based on the results of the study, it shows the forms of aggressive behavior that received by victims of violence in courtship is verbal or symbolic aggression behavior, such as harsh words, words that is not worth to listen, mocking/scolding, threatening, insisting, and limiting intercommunication. In case of violation of property rights, is the property of the subjects used at one’s pleasure by their mate without permission. Physical assault is in the form of forced asking or confiscated subject as well as hitting or knocking head. While the reason for the victims to survive is feeling shy because everyone already knows their courtship relationship.Besides, the victim thinks and hopes theirmatewould be better and their relationshipwould be improved.

Private Property Rights versus Eminent Domain in Nepal: A reference to road widening drive in the Kathmandu valley

A road widening drive was really required in the Kathmandu valley to deal with its ballooning traffic volume. Initiated in 2011, the drive initially brought cheers to the denizens of the valley, who were choking due to traffic congestion. But the way roads were widened only added misery to many locals, mostly indigenous Newars. The drive rendered them homeless, and left them covered with dust. This article thus tries to analyze the highly political framework of 'eminent domain' and right to property in relation to road widening drive. This paper also tries to look into what the private property rights entail and the cases of violation of property rights of private individuals. Similarly, it will look into how the private property rights have been undermined by a government capable of physically taking away private property.

Awarding Damages as a Method of Protecting Civil Rights if Anti-monopoly Laws are Violated

The article addresses the issues of compensation for losses caused by violations of antimonopoly laws as a means of protecting civil rights. It is noted that protection of civil rights infringed as a result of violations of anti-monopoly laws is possible not only in courts but also by means of administrative procedure even without involvement of courts, because such protection can be exercised within the jurisdiction of the FAS of the RF under the current legislation. The author justifies the conclusion that anti-monopoly compensation proposed by the Anti-monopoly Authority as an alternative to damages is purely restorative, rather than punitive (penal) criterion of liability, even though it is applied in response to the violation of anti-monopoly legislation. The paper argues that the question concerning the content and composition of propitiatory consequences of an anti-monopoly legislation violation is directly related to the reasons of losses. It has been shown that the main criterion for the application of protection provided for by civil law is the fact that an administrative offense is linked to the existence of a civil legal relationship where the violation of property rights or the ground for awarding damages take place. According to this criterion the author classifies two types of relationships: 1) violation of anti-monopoly laws directly related to a civil relationship; 2) an anti-monopoly violation that does not have a direct link to a civil relationship where damage to property is caused indirectly (circumstantially). The author carries out a detailed analysis of separate types of grounds for awarding damages, such as the abuse of dominant position, acts of unfair competition and collusive tendering. The violation of the prohibition of the abuse of the right which has the same universal nature as the rule under Article 15 of the RF Civil Code is examined as a specific ground for awarding damages.

The Legality of Vertical Restraints by the Rule of Reason and the Character of the Specific Investments

Острота проблемы недоинвестирования в специфические активы, так же как и выгоды от применения вертикальных ограничивающих соглашений (ВОС), являющихся инструментом ее преодоления, во многом определяются тем, какой характер носят специфические инвестиции. В современной теории фирмы всё большее внимание уделяется проблеме поддержания стимулов к осуществлению так называемых кооперативных специфических инвестиций, которые существенно превосходят по степени рискованности эгоистические специфические инвестиции, подобные рассмотренным в модели О. Харта [Hart, 1995]. Это обусловлено тем, что при разрыве отношений между партнерами выигрыш от кооперативных инвестиций получает не сама инвестирующая сторона, а ее партнер.Однако существующие нормативные документы, регламентирующие процедуру сопоставления прои контрконкурентных последствий заключения ВОС в соответствии с правилом «взвешенного подхода», не предполагают учета характера специфических инвестиций. В результате при проведении оценки правомерности применения ВОС методом «взвешенного подхода» возникают серьезные проблемы, осложняющие антимонопольные разбирательства. Ярким примером может служить ход судебного процесса в отношении французской компании Pierre Fabre Dermo-Cosmetique SAS (PFDC)*, продолжавшегося в течение семи лет (с 2006-го по 2013 год). В статье содержится детальный анализ этого дела, а также сформулирован ряд рекомендаций по оценке правомерности ВОС в соответствии с правилом «взвешенного подхода», которые позволяют учесть характер специфических инвестиций.

R. (on the application of BRITISH AMERICAN TOBACCO (UK) LTD) v SECRETARY OF STATE FOR HEALTH

H1 Trade Marks – Goodwill – Copyright – Designs – Tobacco marks – Standardised packaging – Delegated legislation – Judicial review – Whether invalid – Proportionality – Whether violation of property rights – Whether goodwill attaching to trade marks protectable as “property” under the European Convention on Human Rights – Whether any wider rights granted by the Charter: The nature of trade mark rights – Whether trade mark or other intellectual property rights expropriated or merely circumscribed – Whether compensation payable – Whether unitary character of Community trade marks inviolable – Whether Parliament competent to make the relevant regulations

The morals of moral hazard: a contracts approach

Although moral hazard is a well‐known economic concept, there is a long‐standing controversy over its moral implications. The language economists use to describe moral hazard is often value‐laden, and implies moral judgments about the persons or actions of economic agents. This in turn leads some to question whether it is actually a scientific concept, or simply a convenient tool for criticizing certain public policies. At present, there is no consensus about the moral meaning of moral hazard, or about whether the concept can be salvaged by economists. As a first step toward resolving this problem, I suggest a contracts approach to moral hazard. I use the ‘title‐transfer’ theory of contract to clarify the moral content of moral hazard, thereby increasing its value to scholars in numerous disciplines. A contracts view is useful for economic policy discussions because it does not include hidden value judgments. At the same time, however, it is also valuable for ethicists because it directly explains a moral dimension of behavior under moral hazard, namely, the violation of property rights.

What Do the Decisions of the European Court of Human Rights Tell About Property Rights Across Europe?

Despite the important role that institutions play in explaining economic growth, there exist few objective quantitative measures of institutional quality. We propose a new quantitative index that allows comparing the strength of property rights across the member states of the Council of Europe. To construct the index, we analyzed all judgments of the European Court of Human Rights (ECtHR) related to property rights for all member states and identified whether the ECtHR had found a violation of property rights in the domestic courts’ decisions. The resulting data were used to calculate the likelihood of finding violation in the judgments of national courts. Assuming that the ECtHR is impartial and unbiased, higher probability of overruling the judgments of local courts from a given country implies that the level of property rights protection is low. Our constructed measure is highly correlated with a number of indices of property rights protection used in the literature and serves as a strong objective foundation for these indices. Furthermore, we found that the ECtHR had received more applications from countries with higher likelihood of national court judgments violating property rights.

A Smithian analysis of the Colombian economic growth

Statistical analyses show that, after controlling for the accumulation of productive factors, the joint effect of the diversification of manufacturing inputs and the urban population purchasing power has a positive and significant impact on the Colombian economic growth. Furthermore, there is statistical evidence that shortages or deficiencies of public infrastructure and public services, as well as the violations of property rights diminish economic growth. These results are consistent with the Smithian vision of economic development.