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Global accounting and advisory firms are reckoning on an increase in privatization

Global accounting and advisory firms are reckoning on an increase in privatization to boost the initial public offering market, from which they often get commissions. “The increase in deal value year-on-year indicates that the IPO market performance is strong,” said Mayur Pau, MENA Financial Services IPO Leader, EY (formerly Ernst & Young). “The most important impetus for the regional IPO market will likely be from the privatization drive across the region leading to the listing of government or quasi-government enterprises.”

Source: CPI Financial

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Diversifying Public Ownership. Constructing Institutions for Participation, Social Empowerment and Democratic Control (by Andrew Cumbers)

This paper advocates a form of economic democracy based around diverse forms of public ownership. It does not prioritize one particular scale but recognizes the importance of decentralized forms of public ownership, to encourage greater public participation and engagement, mixed with higher level state ownership, for strategic sectors and planning for key public policy goals (e.g. tackling climate change). It takes a deliberately pluralistic definition of public ownership, recognizing both state ownership and the role that cooperatives and employee ownership could play in a more democratic economy.

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Understanding the basics of (securities-based) financial systems. Daniela Gabor, UWE Bristol.

The claim is that capital markets can provide new solutions to age-old development challenges (homelessness, access to education, clean water, crime prevention and helping disadvantaged children). Securities markets connect institutional investors that care about social/environmental impact with those in need of support. The aim is that ‘building movements of belief’ through institutional investment can achieve development goals. This short paper asks what is at stake in this new systematic attempt to re-engineer domestic financial systems. It suggests that securities-market based finance is a Trojan horse for financial globalisation.