Society Finance Research Articles

Swedish Societal Transformation and the Question of Tax Incentives for Charitable Contributions to Civil Society1

Abstract The issue of how the Swedish welfare system should be organized in an increasingly market-driven economy has become an urgent one. The public sector’s retreat from its previous commitments through deregulation and new public management reforms, as well as the state’s ambition of highlighting non-profit actors as potential providers of welfare, can be understood as an illustration of two ongoing processes of transformation in Swedish society. The aim of this article is to place a legal doctrinal research methodology of the Swedish Income Tax Act´s incentive scheme for corporate and private donations to civil society at the intersection of these transformations (welfare and civil society). At the same time, it is in the understanding of the tax legislation and the advantages it can offer individuals, nonprofits or commercial actors, that changes can be brought about in both the patterns and our understanding of charity and giving. A question that arises in this context is whether it is meaningful to speak of a shift in the state’s control of the financing of civil society. The term nonprofit tax shift is introduced in the study to discuss this issue. The article also addresses how ideas, stances and policy initiatives are shaped and articulated in Swedish contemporary politics, including tax policy. The paper argues for the existence of a ressentiment driven discursive frontline, running parallel to the public dialogue on welfareand the role of nonprofits. Additionally, it examines whether these developments in tax policy have affected the notions of justice that were previously a significant consideration in designing the income tax system in Sweden.

Platinum Jubilee of the IEEE Transactions on Antennas and Propagation

The IEEE Transactions on Antennas and Propagation celebrated seventy years since its inception in 2022. This history concentrates on the last forty years of publication as the first thirty years is covered in an earlier article. The issues faced by each of the past eleven Editors-in-Chief since 1982 are outlined. In the first twenty years of this period, the main issue was the limited number of publishable pages which was determined by Society finances. The last twenty years have seen an exponential increase in submissions and the number of TAP pages published. The major reason for this increase has been the wireless revolution which began in the late 1990s. Other changes have been the editorial board has evolved from one or two non-North American members to today where it is now fully international and gender diverse.

Labor in the Age of Finance: Pensions, Politics, and Corporations from Deindustrialization to Dodd-Frank

Labor in the Age of Finance: Pensions, Politics, and Corporations from Deindustrialization to Dodd-Frank

John Huxtable Elliott (1930–2022)

John Huxtable Elliott (1930–2022)

Value Orientation and Significant Insights as well as Critical Review on Major Challenges and Significant Opportunities on Commerce and Management Education in India

It has been widely debated that while scholars like Nitin Nohria Dean Harvard Business School from Indian origin are leading the world’s top B-Schools; BSchools in India are struggling to find a place among the Top 100 Global Institutions. Out of top 100 institutions 55 are from USA followed by U.K and Canada. India’s expenditure on education as a % of GDP is more i.e. 4.1% compared to 3.6% in Japan and 3.8% in Russia. We often question on the quality of “Made in China “products, but China have clearly excelled India in terms of the quality of management education. There are 10 AACSB (Association to Advance Collegiate Schools of Business) accredited institutions in China as compare to none in India., when there are more than 2000 business schools in India as compared to around 230 in China. The management education in India is in pathetic state. Every year more than 1, 10,000 management graduates pass out from various B-Schools, but not even 5% of them reach the professional heights within 5 years of their career. India B-School concentrates on the quantity rather than quality. It had become money based rather than value based. Industry exposure forms a vital part of management studies and the present system does not provide adequate interfaces with the industry. . Commerce generally refers to the exchange of products, services, and anything that make these exchanges easier. In India, commerce education is a key factor in the country's economic growth. Students majoring in commerce often land jobs in industries including banking, insurance, finance, and foreign trade. Therefore, it is crucial to pay attention to this matter. Today's commerce education is facing several severe concerns, including an aging curriculum and increased student unemployment. To gain the full picture, significant studies and literature have been evaluated. It has been discovered that students are becoming less interested in studying commerce. For graduates in the business field, employment opportunities are many. There are numerous employment options available to them. People from all walks of life contribute to the function of finance and accounting in society. Everyday activities such as accounting and finance affect everyone. The leadership of an organization often determines its success. The capacity of regular employees and specialized people to efficiently support management with day-to-day operations by analyzing issues and offering solutions. Students who choose the commerce course can find employment in almost any sector that uses finance. Today, finance is used in practically all industries. Comparing with other top B-schools in India and abroad under the present curriculum, designed by the Indian Universities, the time allotted for industry exposure is about two to three months, which is comparatively low compared to the other top Bschools. Also there is a lack of coordination between Academic and Industry. This paper is an effort to examine the present scenario and drawbacks of management education in India. Also to find out ways to improve it, so that it can be considered at par with the global standards.

Financialisation and the authoritarian state: the case of Russia

Abstract Using the example of Russia, we argue that financialisation in an authoritarian state can take place primarily through formation in financial sector monopoly-like state-related structures controlled by a limited circle of the irreplaceable elite. It occurs because financialisation and new financial technologies in an authoritarian state increase both the opportunities and incentives for dominance of large state-dependent institutions in the financial sector. The authoritarian state and its elite are using financial and information technology developments in accordance with their goals, adopting and enhancing some financial practices and innovations from the experience of developed countries while rejecting, distorting or slowing down others. As a result, on the one hand, within the framework of the formation of such monopoly-like institutions, financialisation is proceeding actively, the role of finance and financial relations in society is increasing everywhere and the use of new financial technologies, digitalisation and financial inclusion are expanding. On the other hand, some financial markets remain underdeveloped because either they imply a certain degree of competition, diversity, institutional quality and independence from state voluntarism, or the state and authoritarian elite have not yet fully elaborated a strategy of integrating these financial markets into the orbit of their interests. Thus financialisation in DEEs with an authoritarian political regime can strengthen and facilitate the dominance of authoritarian elites. We draw these conclusions considering the example of financialisation in Russia in the last two decades, where the banking sector is at the core of the financial system.

From philanthropy to business: the economics of Royal Society journal publishing in the twentieth century

Scientific journal publishing has become a lucrative enterprise, for commercial firms and (some) society publishers alike; but it was not always thus. The Royal Society is the publisher of the world's longest-running scientific journal, and for most of the history of the Philosophical Transactions , its publication was a severe drain on the Society's finances. This paper uses the rich archives of the Royal Society to investigate the economic transformation of journal publishing over the course of the twentieth century. It began the century as a scholarly mission activity heavily subsidized by the Society, but ended it as a valuable income stream. Never-before-seen data reveal three phases: the end of the philanthropic model of circulation; the transition to a sales-based commercial model amidst the post-war boom in subscriber numbers; and the challenges facing that new business model once subscriber numbers went into decline in the late twentieth century. The paper does not directly address the open access movement of the twenty-first century, but is essential reading to understand the financial background.

Editorial Notes: Perspectives on the Islamic Economic and Financial System in the Contemporary World

The majority of submissions for this issue focused on the challenges faced by IBFIs as a result of the global spread of Covid-19. They discuss the trends in Islamic economics research, the importance of Islamic economics and finance to the modern economy, the performance of institutions and their employees, financial stability, waqf institutions, and the role of Islamic economics and finance in society. Only 12 of the dozen papers submitted for consideration were eventually chosen for publication. As usual, each manuscript will have to pass an initial review from our editor(s) before forwarding it to suitable reviewers. Some manuscripts would have to go through several rounds before being accepted. The reviewers' feedback was taken into consideration to provide the final decisions. Following that, the manuscripts would have to pass the editing stages, including proofreading and layout, where our editor(s) will intensely communicate with the authors if needed. It is to ensure that each published manuscript has undergone a quality check.

Financialization of education

In this paper, the author proposes and argued the concept of financialization of education, characteristic of the current phase of late capitalism, and shows its essence, which is, the subordination of education to financial capital and its actors. The work also demonstrates the influence of the financialization of education on society and on individuals. And concluded that financial capital subordinates the content, goals, and values of education and creates a social atmosphere in which education becomes a driver of society's finances. Therefore, financial capital forms stereotypes for the social behavior of the main groups and leads to the formation of a new type of person, the homo finansus. This process strengthens and accelerates the financing of the economy and society as a whole. This work also presents specific characteristics that distinguish the financialization of education in comparison with other social sectors and the characteristics that are associated.

Robert McNeill Alexander. 7 July 1934—21 March 2016

Neill Alexander graduated in natural sciences at the University of Cambridge in 1955. After a PhD at Cambridge and a lecturership at the University College of North Wales in Bangor, he was appointed to the chair of the Department of Pure and Applied Zoology at the University of Leeds in 1969. At that stage, he switched his research interests abruptly from fishes to the mechanics of legged locomotion. He conducted experiments with a variety of mammals, calculating forces, stresses and strains in muscle fibres, bones and tendons. His speciality became the application of mathematical models to animal locomotion, including repurposing the Froude number, devised by the Victorian engineer William Froude (FRS 1870) for use with ships, to estimate the speed of dinosaurs based on the spacing of their fossil footprints. Subsequent work included modelling the optimization of mammal performance and the minimization of energy costs. In 1992, following an announcement that London Zoo would have to close as a result of shortage of funds, Neill was appointed secretary of the Zoological Society of London. During the period of his secretaryship, the Society's finances recovered, with both its zoos (London and Whipsnade) breaking even in 1993 and the Society returning a surplus in each subsequent year. Neill was awarded the CBE in 2000. The National Portrait Gallery holds his portrait by John Arnison.

Methodological Bases Of Islamic Insurance

This article discusses in detail the methodological foundations of Islamic insurance. An Islamic bank is “a commercial organization that opens and maintains bank accounts in accordance with Islamic law, makes payments, raises funds for deposits, finances individuals and legal entities, and provides other banking services”. Sharia (Islamic law) requires these transactions to be legal. That is, permission from the Shari’ah production projects that are safe for the given society finances and pays or receives interest on any transactions prohibits.

고령사회와 금융의 역할에 관한 연구

본 논고는 고령화의 진전에 따른 국민자산형성을 위한 금융서비스의 기능강화차원에서 국내외의 금융상품 · 서비스 제공 현황 등을 분석하고 그 개선방안을 모색한 것이다. 사회의 고령화가 진행되고 있는 가운데, 금융 분야에서는 가계자산의 고령자 세대에 대한 지나친 편중 등으로 자산격차문제가 우려되고 있으며, 또한 치매고령자가 보유한 금융자산의 취급이 중장기적인 과제로 부각되고 있다. 이러한 고령사회에 대처하기 위해 정부도 국민의 안정적인 자산형성을 지원하기 위한 목적에 따른 자산형성관리지원제도를 구축함과 동시에, 자산의 세대간 이전을 촉진하기 위해 증여세제 혜택조치 등을 강구하고 있다. 금융업권에서는 투자일임서비스 및 신탁 관련 금융서비스의 다양화, 주택연금제도 활성화, 고령화 및 치매에 대비한 보험확대 등 다양한 서비스를 제공하고 있다. 그러나 인생 100세 시대의 자산형성 · 관리지원을 논의함에 있어서는 고령화와 더불어 라이프 스타일의 다양화를 전제로 현행 금융서비스와는 구별되는 새로운 금융서비스체계를 구축하는 것이 중요하다. 고령자와 생산연령인구의 생물학적, 경제적, 행동주의적 특성이 다르기 때문이다. 금융소비자의 육체적, 인지적 고령화는 새로운 금융접근성과 금융학대방지 체계마련을 요구하고 있다. 금융접근성은 비대면 금융을 보완하는 새로운 영업지점정책을 필요로 할 것이며, 금융학대방지를 위한 모바일 디지털감시와 실효적인 후견인제도의 활성화가 중요할 것으로 보인다. 또한 고령화는 근로기간 동안 모아둔 가계자산을 노후 소득화하는데 필요한 인출상품에 대한 수요와 가계자산의 관리 · 운용, 나아가 잔여재산의 상속 등 재산권 이전수요를 원스톱으로 제공하는 금융수요를 증가시킬 것이다. 이런 점에서 고령자의 자산관리 · 운용과 잔여자산의 재산권 이전이라는 이중적 목적을 동시에 가능케 하는 종합재산신탁서비스 등이 향후 고령친화 금융서비스체계를 구성하는 중요한 요소가 될 것으로 판단된다.

THE ROLE OF PRIVATE INDIVIDUALS IN THE FORMATION OF REVENUES OF NON-GOVERNMENTAL ORGANIZATIONS OF UKRAINE

Abstract. The peculiarities of forming budgets of non-governmental organizations in Ukraine owing to private individuals have been researched. The revenues of public organizations of Ukraine from membership contributions and charity of individuals from 2006 to 2019 have been analyzed. The inconsistencies of revenues of public organizations of Ukraine from sources related to private individuals have been discovered. The study of the structure of revenues of public organizations of Ukraine indicated the instability of the role of revenues from private individuals in it, with a significantly reducedthe share of membership fees and slightly increased share of income from charitable donations of individuals. This tendency may indicate an increase in the attractiveness of the activities of those non-governmental organizations of Ukraine, which benefit the entire society to individuals, as opposed of those whose activities are aimed solely at satisfying the interests of their members. Analysis of the revenues of political parties of Ukraine over the period 2016—2018 from charity of private individuals indicated a significant increase in the role of this source in the formation of budgets of political parties. It has been found that from 2006 to 2018 the role of individuals significantly increased in the formation of budgets of non-governmental organizations. Moreover, growth is observed i both nominal and inflation-adjusted prices. Analysis of public sector revenues from private individuals per unit of population showed that they were growing at a faster rate than aggregate revenues, which indicates an increase in charitable activities of the Ukrainian population. Accordingly, based on the conducted research and obtained results of analysis of revenues of public organizations and political parties of Ukraine from private individuals, it has been concluded that the role of private individuals in the formation of budgets of public organizations of Ukraine continues to increase. Keywords: public organizations, political parties, revenues of non-governmental organizations, civil society, civil society finances. Formulas: 0; fig.: 5; tabl.: 4; bibl.: 14.

Financial geography II: The impacts of FinTech – Financial sector and centres, regulation and stability, inclusion and governance

In this report, I review interdisciplinary research on the actual and potential consequences of FinTech, with emphasis on ideas from and for geographers, and three areas: financial sector and centres, financial regulation and stability, and financial inclusion and governance. I show that the consequences of FinTech are full of controversies, which are part of broader, long-standing debates on the role of finance in economy and society, and need to be approached from geographical perspectives. The intense fusion of fin and tech, arguably accelerated by the COVID-19 pandemic, complicates and elevates these controversies to a new level.

Methodological basis of state regulation of civil society finances

Civil society organizations can play an important role in the process of solving the significant social and economic problems at both the local and national levels. However, their contribution depends significantly on the environment in which they are functioning and on the current state of organizing of their finances. The current state of organizing and functioning of civil society finances depends on the state regulation process in this sphere. It is important that the state regulatory activity is carried out on the certain methodology. This article is devoted to the study of the basics of it. The purpose of the paper is to reveal the methodological basis of state regulation of civil society finances. The paper provides a comprehensive study of the methodological basis of state regulation of civil society finances in accordance with the generalized scheme of methodology of any activity. The main characteristics of state activity in the field of civil society finance regulation (features of state regulatory activity in the field of civil society finance, its principles, conditions and norms), logical structure of state regulatory activity in civil society finance (subjects, object of state regulatory activity, its forms, methods, means, results and consequences), as well as its time structure (phases, stages, stages) are studied. On the basis of the carried out research the author's scheme of methodological bases of the state regulation of finances of the civil society is formed. Implementation of the state regulation of civil society finances in accordance with the elements of the proposed scheme is important, because it has a great impact on the results and consequences for the population, the state, business and business structures and for the civil society itself.

THE SOCIAL PSYCHOLOGICAL PERSPECTIVE OF THE COMMUNITY ECONOMIC DYNAMICS IN THE PANDEMIC PERIOD: THE SUSTAINABLE ROLE OF ISLAMIC SOCIAL FINANCE (WAQF)

This article tries to discuss the role of waqf in the economic dynamics of society in the pandemic from a social psychological perspective, where human behavior is determined by social characteristics and situations. The concept that social situations are often stronger than personalities determines a person's behavior in social interactions, making a person able to make decisions that bring happiness to sustainable social interests. Through endowments the community expresses self-concern and care. Waqf as a source of socio-economic financing of modern society is able to sustain sustainable development. This research describes the massive waqf branding during the pandemic and opening a new waqf market. Data collection used by following online webinars on waqf for the period April - May 2020, literature reviews and providing descriptive data to present the main ideas through a qualitative approach. The findings of this study are waqf in the view of social psychology and the massive information through online webinars opening up new waqf opportunities that are a force for sustainable development. The limitations of this study open up opportunities in the future.

Finances of the civil society: the essence and place in the state financial system

Purpose. The aim of the article is to reveal the meaning of the concept of "finances of the civil society" and to outline its place in the financial system of the state. Methodology of research. A set of general and special research methods is used to achieve this goal: abstract and logical method, including methods of analogy and comparison, induction and deduction, scientific abstraction (to clarify the conceptual apparatus of the problem under study); graphical and systematic methods, logical generalization and systematization (to determine the place of finances of the civil society in the financial system of the state, as well as to visualize the movement of cash and non-monetary benefits in the civil society finance system). Findings. It is determined that the study of civil society finances should take into account such two main aspects as the financial resources of the CS and the management component. It is proposed that the term "financial resources of civil society institutions" should be understood as monetary funds available to CSOs that have a legitimate source of origin and are aimed at achieving the statutory goals of these institutions. The lack of a unified approach of the legislator to understanding the role of the management component for the finances of the CS is revealed. The interpretation of the category "finances of the civil society" as economic relations is aimed at optimizing the processes of formation, distribution and use of financial resources available to CSOs in order to ensure their statutory goals and improve the quality of the social environment. The necessity of classifying the finances of civil society to the finances of non-profit institutions and organizations, which respectively belong to the finances of economic entities, is substantiated. It is determined that CSOs interact with such economic entities as the state, households and enterprises in order to achieve certain goals and attract resources for activities. It is established that as a result of such interaction between them there are economic relations. In this case, all subjects of economic relations from such interaction receive benefits of both monetary and non-monetary nature. Originality. The concept of "finances of the civil society", which we understand as economic relations aimed at optimizing the formation, distribution and use of financial resources available to CSOs in order to ensure their achievement of statutory goals and improve the quality of the social environment, is substantiated and introduced into scientific circulation. Practical value. The obtained research results can be used for further research on the organization and functioning of civil society finances, as well as in the practice of non-governmental organizations of various kinds. Key words: civil society, civil society institutions, civil society finances, financial resources.

The state of revenues and expenditures of ukrainian civil society institutions as a reflection of the efficiency of the organization of civil society finances

Purpose. The purpose of the article is to investigate the peculiarities of the formation of revenues and expenditures of civil society institutions in Ukraine (in terms of NGOs and political parties) and to highlight them as a reflection of the effectiveness of the organization civil society finances. Design/methodology/approach. The work consists of several stages. Firstly, the author's understanding of the category "efficiency of civil society finances" is highlighted. It corresponds to the peculiarities of the functioning of civil society institutions in Ukraine and the world. The study itself consists in a step-by-step analysis of the peculiarities of the formation of revenues and expenditures of civil society institutions in Ukraine (in terms of NGOs and political parties) and their interrelation as a reflection of the effectiveness of civil society finances. Findings. The ratio of revenues and expenditures of Ukrainian NGOs and PPs in the study period characterized the state of the professionalism of financial reporting and planning. It is depends on the mechanism of state regulation and supervision of the finances of PPs and of other CSIs. Thus, improving the existing mechanism of state regulation in the field of finance of CSIs can be an important step towards not only improving the efficiency of finances of civil society, but also the transparency of the public sector. Originality/value. The article is an original complex study, the results of which will be useful both for the leaders of individual civil society organizations and for developers of the state strategy for building civil society. Thus, the population, civil society organizations, the state and civil society itself benefit from the study.

Social Effect of Financialization of Education

Author proposed and argued conception of financialization of education, typical for the modern stage of late capitalism, and shows its essence – subordination of the education to the financial capital; and its actors. The influence of the process of financialization of education on society and on the individual is shown. The author proves that financial capital subordinating the content, goals and values of education creates a social atmosphere in which education becomes a conductor for the financing of society. Thus, financial capital forms social stereotypes of behavior of the main social groups and leads to the formation of a new social type of person – homo finansus. This strengthens and accelerates the financialization of the economy and society as a whole. Specific features of financialization of education in comparison with other spheres of social sector and common features of education and other spheres are shown.

Демократичні інновації в Україні як чинник змін методології дослідження фінансів громадянського суспільства

Демократичні інновації в Україні як чинник змін методології дослідження фінансів громадянського суспільства