Anglo-Irish relations in the twentieth century can be described as being close but tortuous. This paradox is fused with Ireland's geographical location - both isolated from Europe and in close proximity to the main island of the British archipelago. Using a geopolitical analysis based on the theories of Sir Halford Mackinder, this book provides a new understanding of the strategic imperatives that have driven British policy throughout the turbulent events of the twentieth century. Containing material which has only recently been released by the Public Record Office, this book brings an entirely new perspective to the reality of Irish neutrality, and the pivotal importance of Northern Ireland in the Battle of the Atlantic during the Second World War. Furthermore, using US archival material, it gives a new insight into Ireland's geopolitical importance in the First World War, and her contribution to victory against the German U-boats.
Capitalism is historically pervasive. Despite attempts through the centuries to suppress or control the private ownership of commercial assets, production and trade for profit has survived and, ultimately, flourished. Against this backdrop, accounting provides a fundamental insight: the ‘value’ of physical and intangible capital assets that are used in production is identically equal to the sum of the debt liabilities and equity capital that are used to finance those assets. In modern times, this appears as the balance sheet relationship. In determining the ‘value’ of items on the balance sheet, equity capital appears as a residual calculated as the difference between the ‘value’ of assets and liabilities. Through the centuries, the organization of capitalist activities has changed considerably, dramatically impacting the methods used to value, trade and organize equity capital. To reflect these changes, this book is divided into four parts that roughly correspond to major historical changes in equity capital organization. The first part of this book examines the rudimentary commercial ventures that characterized trading for profit from ancient times until the contributions of the medieval scholastics that affirmed the moral value of equity capital. The second part deals with the evolution of equity capital organization used in seaborne trade of the medieval and Renaissance Italian city states and in the early colonization ventures of western European powers and ends with the emergence in the market for tradeable equity capital shares during the 17th century. The third part begins with the 1719-1720 Mississippi scheme and South Sea bubbles in northern Europe and continues to cover the transition from joint stock companies to limited liability corporations with autonomous shares in England, America and France during the 19th century. This part ends with a fundamental transition in the social conception of equity capital from a concern with equity capital organization to the problem of determining value. The final part is concerned with the evolving valuation and management of equity capital from the 1920s to the present. This period includes the improvement corporate accounting for publicly traded shares engendered by the Great Depression that has facilitated the use of ‘value investing’ techniques and the conflicting emergence of portfolio management methods of modern Finance. Equity Capital is aimed at providing material relevant for academic presentations of equity valuation history and methods, and is targeted at researchers, academics, students and professionals alike.
This book provides a comprehensive and rigorous treatment of academic and practitioner approaches to equity security valuation. Guided by historical and philosophical insights, conventional academic wisdom surrounding the ergodic properties of stochastic processes is challenged. In addition, the implications of a general stochastic interpretation of equity security valuation are provided. Valuation of Equity Securities will also be a good reference source for students and professionals interested in the theoretical and practical applications of equity securities.
This volume examines geopolitics by looking at the interaction between geography, strategy and history. This book addresses three interrelated questions: why does the geographical scope of political objectives and subsequent strategy of states change? How do these changes occur? Over what period of time do these changes occur? The theories of Sir Halford Mackinder and Nicholas Spykman are examined in order to provide an analytical narrative for five case studies, four historical and one contemporary. Taken together they offer the prospect of converting descriptions of historical change into analytic explanations, thereby highlighting the importance of a number of commonly overlooked variables. In addition, the case studies will illuminate the challenges that states face when attempting to change the scope of their foreign policy and geo-strategy in response to shifts in the geopolitical reality. This book breaks new ground in seeking to provide a way to understand why and how the geographical scope of political objectives and subsequent strategy both expands and contracts. This book will be of much interest to students of geopolitics, strategic studies, military history, and international relations.
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