Interlocking Directorates of Banks and Industrial Companies in Hungary at the Beginning of the Twentieth Century
The article uses new archival research on the Hungarian Commercial Bank of Pest and industrial companies to examine the validity of existing interpretations of interlocking directorates in Hungarian bank-industry relations at the beginning of the twentieth century. The results show that interlocking hardly depended on capital relations, which suggests that board membership had not only a control or monitoring function. The lack of regular capital relations made bank hegemony, or even a significant bank influence, not concomitant with interlocking. The Hungarian Commercial Bank was not always able to represent its own interests effectively, not even in those cases when beside the interlocks the bank was a significant owner or creditor of industrial companies. The article concludes that a more complex interpretation of interlocking directorships in Hungary is essential.
From the Recent Literature
FAN 2006 awards. Anonymous. 2007. Nature Alberta 37(1):10-11. Federation of Alberta Naturalists, 11759 Groat Rd., Edmonton, AB T5M 3K6 (Including brief biography of Don Stiles on his receiving an Honorary Life Membership in the Federation of Alberta Naturalists for his many contributions to the work of naturalists' organizations in the Calgary area and Alberta generally and for his natural history studies as illustrated by a photograph of him banding a bluebird on his longterm nest-box trail.) MKM
The Use of Qualitative Information in Macro-Economic Policy Analysis
The majority of macro-economic policy models takes for granted that conflicts among objectives can be assessed by means of a tradeoff analysis. Such tradeoffs imply that sacrifices and benefits of various impacts of decisions can be measured on a cardinal scale, so that a conventional macro-economic utility or welfare analysis can be applied.