TAILIEUCHUNG - CORPORATE AFTERSHOCK 2 PHẦN 9

Từ nền tảng như vậy, tùy chỉnh các giải pháp rủi ro tín dụng có thể được cung cấp cho các tổ chức tài chính toàn cầu và các công ty công nghiệp và do đó có nguồn gốc tài sản trực tiếp từ các tổ chức này thay vì từ các ngân hàng đầu tư. xu hướng nhân khẩu học trên toàn thế giới, thực tế chính trị mới, và toàn cầu hóa đã âm mưu thực hiện quản lý đầu tư phức tạp và nguy hiểm. Trên khắp thế giới,. | 278 REGULATING CORPORATE INNOVATION AFTER ENRON were collective land and goods were owned in common. Such collective ownership regimes allow little scope for innovation. Private ownership and the associated institutions of fencing monitoring and protection made possible a much wider variety of management experiments. And as fencing technologies improved the consequences of successful and failed experiments could be more readily constrained to a person s own property. The entrepreneur gained the freedom to manage resources in a novel way. The greater scope of action made possible by privatization made it far easier to explore the technological and institutional frontiers. That advance in prudent risk taking greatly accelerated change. Institutional mechanisms for policing private property rights are an essential component of frontier risk management. In the early days of western settlement cowboys were virtually the only institutional device for policing borderless parcels of land of protecting the crops and animals on that land. But as the cowboys and cattle thieves became harder to distinguish the need for a more efficient fencing technology became evident. That technological innovation took the form of barbed wire an invention that not only helped protect property rights but also made it easier to distinguish between the cowboys patrolling those now-fenced boundaries and the trespassing cattle Note also that the institution of private property enlists non-owners in the risk management process. Those inventing and manufacturing barbed wire for example weren t concerned about reducing the risks associated with land management but rather with their selling a new product. Yet innovation did reduce such risks Contracts Once resources were under collective or private ownership owners sought to make arrangements about their transfer or use. These agreements evolved into modern contracts. The first contracts were highly ritualistic promises between chiefs .

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