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This chapter maps the scope of the ‘prohibition of restriction’ enshrined in Article 56 (1) EC — falling into two tests, the non-hindrance and the non-discrimination tests — in both intra-Community and third-country contexts. First, the operation of the non-hindrance and non-discrimination tests in an intra-Community context is analyzed. With respect to the ‘non-hindrance’ test this chapter in particular addresses the issue of whether and to what extent the doctrinal concepts developed by the Court in the context of other freedoms can be translated into the ambit of free movement of capital. Turning to the ‘non-discrimination test’, although Article 56 (1) EC does not explicitly mention the ‘prohibition of discrimination’, this omission is not to be understood as saying that within the ambit of free movement of capital, discriminatory conduct would not in principle be prohibited. In the second part of the discussion, the chapter assesses whether the construction set forth for an intra-Community context needs to be revised when it comes to third country capital movement. The discussion largely evolves around two points. First, the persuasiveness of teleological considerations based on the argument that free capital movement in a third-country context allegedly serves the Treaty aims to a lesser extent than it does in an intra-Community context is critically reviewed. Secondly, within the context of the non-discrimination test, the question of ‘comparability’ in principle of domestic/intra-Community and third country direct investment is examined.

This chapter looks at the ways in which the old ‘paternal’ model of market regulation came under growing pressure from the rise of a ‘national’ market in 18th-century England and examines the forms of protest elicited by this change. During the 18th century, farmers resisted the standard eight-gallon Winchester bushel despite numerous proclamations and campaigns to enforce compliance. The resistance to the ‘small bushel’ reveals much about the culture, values, and organization of the marketing of food in the 18th century and about the nature of authority/populace relations. The rise of the national market enhanced the market power of large-scale dealers and middlemen, which made increased food prices in many regions where formerly there had been food surpluses. The extensive food riots of 1766 saw the old paternal regulatory model of marketing fully invoked in almost all markets around the country.

This chapter discusses the New Deal housing policy and the making of national mortgage markets. Though Franklin Roosevelt was sympathetic to housing the poor, his policies aimed, primarily, to grow the economy and reduce unemployment. If this could be accomplished through housing the poor, all the better, but that was a secondary goal to restoring economic growth. Unlike the other housing programs of the New Deal, the Federal Housing Administration (FHA) promised and achieved this growth. By 1939, investment in residential housing was nearly back to its 1929 levels. The flood of funds, guaranteed profits, and standardized policies initiated through the FHA changed the way banks operated forever, turning mortgages into nationally traded commodities—and in the process changing the way Americans related to banks and debt.

Protectionism in the field of company law takes two main forms: firstly, action by governments to insulate national markets from foreign competition, mainly in markets for capital and corporate control; and secondly, action by company controllers to protect themselves from competitive forces in the same markets. There thus emerges an arena for the interplay of national (governmental) and corporate (managerial) self-interest, social policy, and internal market freedoms. The Treaty provisions on free movement of capital have more recently been recognized as an important tool in addressing the tensions involved. Even more recently their relevance has been thrown into doubt. This chapter explores the special problems of the capital freedom and examines its current and expected direction of development, taking account of the implications of developments in other fields of internal market law, notably horizontal application of freedoms of establishment and services and recent rapid developments in the complex field of corporate taxation. These have led to the most recent Court decisions on the boundary between capital and establishment, which are critically examined.

This chapter describes the regulation of market information. It begins with an overview of the market data that exchanges and other market centers publish, including transaction reports and last-sale data, quotations, and limit orders. It also discusses differences in the information published by various types of market center–e.g., order-driven, quote-driven, and hybrid trading systems, market makers, and dark pools. It then considers various policy arguments for regulation, including competition among market centers, the fragmentation and internalization of order flow, and the risk of adverse selection and market impact. The chapter ends with a discussion of the US and EU regulatory framework that governs the dissemination of market information with respect to equity securities (such as the US National Market System), debt securities, exchange-traded derivatives, and in the wake of the recent financial crisis, swaps and over-the-counter derivatives.

This chapter begins by discussing Lux' early death and how he had very little time to enjoy the victory after the supreme court delivered its verdict on the Lux v. Haggin trial. It then notes that Lux died during a decade of tremendous growth for the firm and a decade of critical developments in corporate America. Next, the chapter discusses that although Miller and Lux ranked among the country's largest corporations at the century's turn, both national market integration and specific regional industries tested the firm's power. It then explains that the growth of the Pacific Coast agribusiness between 1880 and 1920 adversely affected the company's production and marketing after 1900, and adds that politics and the natural landscape which the company had engineered exhibited severe and costly problems. Next, the chapter notes that the firm confronted a greatly transformed society, polity, economy, and landscape in the early twentieth century—most signs indicated big trouble ahead.

This chapter presents the world’s top media companies in 13 industries across 30 countries. The industries are measured by revenue, as well as by a measure called the power index. Following that, the world’s largest media firms are determined on the basis of revenues, market shares, and power index. The result show that platform media are by far the largest, and among them the largest, by the power index, are the companies owned by the Government of China, as well NTT, AT&T, Telefonica, Verizon, Deutsche Telekom, Grupo Carso, Vodafone, and Orange. Among content media, the top companies are, by power index, the Government of China, Google, the Murdoch group, Comcast, Globo, BBC, and Disney.

Social marketing research in rich countries around the world mainly focuses on behavior change as the product, with some important exceptions, as compared to subsidized product marketing, which is characteristic of low- and middle-income countries. The truth tobacco control campaign and Above the Influence national youth antidrug campaigns represent contrasting and important examples of large evaluations of social marketing. Organizations dedicated to the advancement of behavior change programs, practice, and evidence are important to the future of social marketing research. This chapter discusses systematic reviews and case examples of effective social marketing programs based on synthesis of existing evidence and illustrates the range of programs, research activities, and evidence and suggests future directions for social marketing research.

This chapter investigates how the Gilded Age and the challenge of industrialization affected property rights in America. It discusses the actions taken by the Supreme Court that showed its determination to defend the national market against parochial state-imposed obstructions. These included protection of entrepreneurs from unduly onerous restrictions and invalidation of state regulations that blocked interstate commerce. The chapter suggests that the court's property-conscious constitutionalism both fulfilled the vision of the framers linking individual liberty with security of private property and harmonised with the prevailing entrepreneurial ethic of the Gilded Age.

This chapter describes the economy in North Carolina, which is influenced by events at the national level. Indeed, because the U.S. economy is so highly integrated in national markets, much of North Carolina's change and development are linked to national trends. For example, national economic expansions and recessions are echoed at the state level by similar booms and busts. In addition, national technological, demographic, and production changes are mirrored at the state level. The chapter sets the national context for North Carolina's economy by tracing the nation's economic development since 1970. This analysis serves as the basis for evaluating North Carolina's economic progress. Although three and a half decades constitute but the blink of an eye in recorded history, life changed more dramatically between 1970 and 2005 than was the case in some earlier centuries. Like never before, people, countries, and economies became interrelated and interconnected.

This chapter investigates whether a global small world of business owners and corporate directors exists. It evaluates the descriptive power of the tools of the new science of networks to understand governance networks and examines how corporate control had changed in the 1990s and to whose advantage. The findings indicate that the global transnational graph is still strongly structured by national governance networks and that owners and directors are strongly connected to their national markets but loosely connected to other national governance networks.

This chapter explores the arguments that advocates of federal preemption rely upon to support their position in the preemption war. In addition to considering the obvious need to avoid direct conflicts between federal regulations and common law obligations, this chapter examines arguments based on the inefficiencies resulting from subjecting national markets to random after-the-fact changes in the rules in fifty different states, inefficiencies caused by uncertainty over the status of a product that has received government approval but is still subject to common law claims, reduced research incentives caused by the threat of expensive lawsuits, inefficiencies resulting from “overdeterrence,” and administrative inefficiencies suffered by federal agencies as a result of common law-inspired incentives.

This chapter exposes a particularly aggressive species of activist shareholder, hedge-fund activists, who are ready to take advantage of changes in proxy-voting and engagement rules to enhance their value-extracting power and to build private “war chests” that serve to enhance their value-extracting power even more. It examines the evolution and the current state of hedge-fund activism. After explaining this phenomenon’s origin and expansion, it investigates in particular Carl Icahn’s transition from the most representative corporate raider to one of the most “successful” hedge-fund activists in order to delineate vividly the characteristics and methods of the new value-extracting outsiders. It also examines how “co-investments” between hedge-fund activists and institutional investors are carried out.