Gearing up,crashing loud. Should we punish high-flyers for insolvency?

In the mid-1990s the recession is turning to a recovery. Around the world corporate bodies which fell victim to structural changes and high interest rates finally get buried. However, many feel that corporate funerals are not enough to clear away the litter of the past, crucifying people is required too.In the common law countries, where the treatment of bankrupts is tougher than in the U.S., and in continental Europe, where discharge of debts has been virtually unheard of until recently, the failed entrepreneurs' heads are wanted on the platter. A high level of debt and an extravagant lifestyle combine to provoke most demands for reprisals.This paper argues that these hallmarks of highflying provide neither retributive nor utilitarian grounds for punishing business bankrupts by limiting their access to discharge. Furthermore, it is argued that, from the point of view of distributive justice, wealth appropriated through leverage is ethically no worse than prosperity gained by hard work and parsimony — not even if the gearing eventually leads to insolvency.Jukka Kilpi is an Affiliate Member of The Securities Institute of Australia and pursues doctoral studies in business ethics. He has extensive experience in public administration and as an equities broker of a major bank.     

打造上海新的品牌展会--访上海市政府对外经济贸易委员会副主任马银芳

2004跨国采购洽谈会(中国上海)经过各方准备，于9月22日至24日在上海世贸商城举行。和以往相比，今年洽谈会有什么新特点?跨国采购的发展前景如何?带着这些问题，记者日前采访了上海市政府对外经济贸易委员会副主任马银芳。     

锻造自主品牌领军重卡市场-一汽"解放"总经理李长江访谈录

1月23日，解放2005营销年会在长春隆重举行。一汽解放汽车有限公司李长江总经理在会上发表了重要讲话。会后，笔者对李长江总经理进行了专访，现将访谈笔录整理如下。     

WTO总干事迈克·穆尔谈中国入世

世贸组织总干事--迈克·穆尔说:"现在,我们是一个名符其实的全球性组织." 中国终于正式加入世界贸易组织.从现在起,中国将受到国际贸易准则的约束.在未来的几年中,与过去20年迅速的经济改革相比,中国将经历更为显著的变革.就中国与世界贸易组织的未来前景问题,中欧之桥专栏记者采访了世界贸易组织总干事迈克·穆尔.     

独家专访海尔集团CEO--张瑞敏

我认为,中国的很多企业根本没有意识到入世所带来的挑战是怎么一回事儿?机遇在哪儿?甚至认为不应对挑战也有机遇.如果我们坐等机遇,就没有机遇,机遇只属于敢于主动应对挑战的人.因此,只有到国际市场上面对跨国大公司的挑战.这才有机遇可言.     

An Interview with Mr.Wang Zhukang,Chairman of Orient International(Holding)Co.Ltd.

Ｔｈｅｙｅａｒ１９９７ｃａｎｂｅｃａｌｅｄａｎｅｘｐｅｒｉｍｅｎｔａｌｙｅａｒｆｏｒｔｈｅＯｒｉｅｎｔＩｎｔｅｒｎａｔｉｏｎａｌ（Ｈｏｌｄｉｎｇ）Ｃｏ．Ｌｔｄ．．ＯｎＭａｒｃｈ２８,１９９７,ｔｈｅＯｒｉｅｎｔＩｎｔｅｒｎａｔｉｏｎａｌ（Ｈｏｌ...     

德国商贸部长沃纳·缪勒博士专访记

德国商贸部长沃纳·缪勒(Werner Mueller)博士自1998年以来在施罗德总理的内阁中任职.他把中国入世视为中国自1979年的经济改革以来采取的最重要行动,同时,他希望中国经济改革更深入一步.他也希望中国能采用国际通行的海关政策,尽快完善法制,并确保知识产权不受侵害.沃纳·缪勒博士将于10月底陪同施罗德总理率领高级商贸代表团访华.     

服务贸易:强弱对比与突破--访上海东浩国际服务贸易(集团)公司董事长黄耀文

中国入世后逐步而又迅速开放的服务贸易市场,有哪些机遇与挑战?中国服务贸易究竟该怎么办?带着这些疑团,记者日前走访了全国外经贸系统首家服务贸易企业--上海东浩国际服务贸易(集团)公司董事长黄耀文.黄董事长称:面对全球化和信息化以及跨国公司的严峻挑战,中国企业最重要的是要变弱者心态为强者心态;要顺应潮流发展,而不是逆潮流而动;要从封闭型思维转向开放型思维,从单向思维转向多向思维,学会从全球角度去观察、分析和处理问题.     

得天独厚服务为根--访东方基业国际汽车城董事长王晓京

9月29日，作为北京市政府规划批准的四大汽车交易市场之一的东方基业国际汽车城开业迎宾，18家4S汽车专卖店、63000平米的汽车销售交易大厅、一站式的服务平台．宝马汽车中国培训中心和定期举办的汽车沙龙……为京城爱车、赏车、购车、修车、学车的广大市民又提供了一个体验汽车快乐的好去处。     

Iceland,Small Country Witnessing Diversified H.E.Mr,Cooperation with China——Interview with Ambassador of Iceland H.E.Mr.Gunnar Snorri Gunnarsson

Located in the North Europe,Iceland is a very beautiful country. Although very small with an area of 103,000 sq.km and a population of 308,000, and quite different in most respects such as geographical location,size,history,climate and political structures,it has developed very good relations with China.For in- stance,Iceland was the first European coun- try to recognize China as a market economy. In many areas such as trade,investment, industrial cooperation,from fishing,food processing,tourism,information technol- ogy,geothermal,finance,etc.,Iceland has made pragmatic activities,for instance,last summer Icelandic and Chinese authorities concluded a feasibility study on negotiating Free Trade Agreement;in June an Iceland Business Forum was held,which groups to- gether over twenty Icelandic companies that have established offices in China;etc. In July,China's Foreign Trade inter- viewed H.E.Mr.Gunnar Snorri Gunnars- son,Ambassador of Iceland in Beijing. According to him,Iceland has developed diversified and active economic and trade cooperation with China in many areas.The following is a written interview with Mr. Gunnar Snorri Gunnarsson.     

Bright Prospects for India-China Trade An interview with Mr. Jaitley, Minister of Commerce and Industry, India

On the occasion of the Confed eration of Indian Industry [Cll] and Embassy of India, Beijing jointly sponsored "Made in India" Show at the China International Exhibition Center on October 16, 2003, China's Foreign Trade had the rare op-portunity to interview Mr. Jaitely, Min-ister of Indian Ministry of Commerce and Industry.On asking the reason for holding a single-country fair in Beijing, Mr. Jaitely