Abstract The bankruptcy of Lehman Brothers had a strong impact on the whole financial system and started the worst recession since the Great Depression. However, it was not the first crisis in the history of the USA. The purpose of this article is to present the history of investment banking during the main crises in the US history and their impact on the American economy. The article presents the following: a definition of investment banking, theoretical aspects of crises, changes in banking system regulations, and the history of the most important American investment banks, including the infamous Lehman Brothers.
{"title":"American Investment Banking in the Context of Great Economic Crises","authors":"Dominika Hempel","doi":"10.1515/SHO-2017-0004","DOIUrl":"https://doi.org/10.1515/SHO-2017-0004","url":null,"abstract":"Abstract The bankruptcy of Lehman Brothers had a strong impact on the whole financial system and started the worst recession since the Great Depression. However, it was not the first crisis in the history of the USA. The purpose of this article is to present the history of investment banking during the main crises in the US history and their impact on the American economy. The article presents the following: a definition of investment banking, theoretical aspects of crises, changes in banking system regulations, and the history of the most important American investment banks, including the infamous Lehman Brothers.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"35 1","pages":"47 - 60"},"PeriodicalIF":0.0,"publicationDate":"2017-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49292497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The subject of the article are currency reforms that were carried out after the Second World War in the Polish state. The first legal regulations from 1944 - 45 concerned the unification of the money circulation, which in practice meant the exchange of occupation money for the new currency. However, the repayment of financial claims made before the outbreak of the war was regulated by a decree of 1949. Another monetary reform concerned the new, socialist economic policy of the Polish state. The basis for it was the Act of October 28, 1950 on the change of the monetary system. After this reform, periodic changes in prices and wages were introduced, which were not based on strictly legislative solutions. In practice, these ordinances were in the nature of new monetary reforms. The Act of 1950 was repealed by the Act of 7 July 1994 on the denomination of the zloty.
{"title":"Currency Reforms in the Polish State After 1945. Legaleconomic Issues","authors":"R. Jastrzebski","doi":"10.1515/SHO-2017-0007","DOIUrl":"https://doi.org/10.1515/SHO-2017-0007","url":null,"abstract":"Abstract The subject of the article are currency reforms that were carried out after the Second World War in the Polish state. The first legal regulations from 1944 - 45 concerned the unification of the money circulation, which in practice meant the exchange of occupation money for the new currency. However, the repayment of financial claims made before the outbreak of the war was regulated by a decree of 1949. Another monetary reform concerned the new, socialist economic policy of the Polish state. The basis for it was the Act of October 28, 1950 on the change of the monetary system. After this reform, periodic changes in prices and wages were introduced, which were not based on strictly legislative solutions. In practice, these ordinances were in the nature of new monetary reforms. The Act of 1950 was repealed by the Act of 7 July 1994 on the denomination of the zloty.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"35 1","pages":"97 - 111"},"PeriodicalIF":0.0,"publicationDate":"2017-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48547275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The subject of this article is financial crime among workers, in particular industrial workers who were supposed to be the “vanguards” of the new political system created in Poland after the year 1944. The paper will concentrate on theft in industrial plants and its motivations. This text also discusses the speed with which these negative – both for the economy and the Polish society – phenomena were shaped in the times when the experience of occupation and the new political experiences created unique circumstances their emergence.
{"title":"Financial Crime Among Polish Workers in the Years 1945-1956","authors":"J. Chumiński","doi":"10.1515/SHO-2016-0006","DOIUrl":"https://doi.org/10.1515/SHO-2016-0006","url":null,"abstract":"Abstract The subject of this article is financial crime among workers, in particular industrial workers who were supposed to be the “vanguards” of the new political system created in Poland after the year 1944. The paper will concentrate on theft in industrial plants and its motivations. This text also discusses the speed with which these negative – both for the economy and the Polish society – phenomena were shaped in the times when the experience of occupation and the new political experiences created unique circumstances their emergence.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"85 - 104"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67055096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This is a speech by superintendent Tomasz Trawinski, the regional police commander in Poznań, who opened the first of the series of conferences devoted to the history of financial crime in Poland. The present threat of escalating financial crime is not only the concern of the agencies established for fighting this abnormality, but also of other institutions which can potentially be of help in fulfilling this task. In this field, the Polish police is open to new forms of cooperation and one of them is the collaboration with academic and scientific centers.
{"title":"National Academic Conference – Financial Crime in Poland","authors":"T. Trawiński","doi":"10.1515/sho-2016-0001","DOIUrl":"https://doi.org/10.1515/sho-2016-0001","url":null,"abstract":"Abstract This is a speech by superintendent Tomasz Trawinski, the regional police commander in Poznań, who opened the first of the series of conferences devoted to the history of financial crime in Poland. The present threat of escalating financial crime is not only the concern of the agencies established for fighting this abnormality, but also of other institutions which can potentially be of help in fulfilling this task. In this field, the Polish police is open to new forms of cooperation and one of them is the collaboration with academic and scientific centers.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"3 - 6"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67054629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Financial crime was one of the recurring themes in crime stories written in the period of socialist Poland. The writer who first undertook this subject was Leopold Tyrmand in his book “The Man with the White Eyes” (1955). The publication of this book is considered one of the symptoms of the cultural “thaw” and the end of real socialism. Tyrmand shows crime which develops when the state, cooperative and private businesses meet, but also the corruption and powerlessness of Citizen’s Militia. During Władysław Gomułka’s administration (1956–1970), this problem often recurred e.g. in the books written by Anna Kłodzińska and Barbara Gordon. Very often the villain was the “fraudulent director”. Both the meat scandal and the leather scandal were described in crime novels. Edward Gierek’s administration (1970–1980) was the time when the theme of financial crime was abandoned, but it returned after the introduction of martial law in 1981. This time, it was pointed out that it was the previous administration that had committed frauds. Crime novels accurately described the economic abnormalities of socialist Poland, the hampering of individual initiatives and the omnipresent corruption, but they also reflected the state’s policy towards the people in power who were illegally gaining wealth.
金融犯罪是社会主义波兰时期犯罪小说中反复出现的主题之一。首先提出这个主题的作家是利奥波德·泰尔曼(Leopold Tyrmand)，他在1955年出版了《白眼睛的人》(The Man with The White Eyes)一书。这本书的出版被认为是文化“解冻”和真正社会主义终结的征兆之一。《Tyrmand》展示了国家、合作社和私营企业相遇时滋生的犯罪，也展示了公民民兵的腐败和无能。在Władysław Gomułka执政期间(1956-1970)，这个问题经常出现，例如在安娜Kłodzińska和芭芭拉戈登所写的书中。反派往往是“欺诈导演”。“肉丑闻”和“皮革丑闻”都曾出现在犯罪小说中。1970年至1980年，爱德华•吉雷克(Edward Gierek)政府时期，金融犯罪的主题被抛弃，但1981年实行戒严令后，金融犯罪主题又重新出现。这一次，有人指出，是上届政府犯下了欺诈行为。犯罪小说准确地描述了社会主义波兰的经济畸形，个人主动性的阻碍和无处不在的腐败，但它们也反映了国家对非法获取财富的当权者的政策。
{"title":"Financial Crime in Crime Fiction in Socialist Poland","authors":"Dorota Skotarczak","doi":"10.1515/SHO-2016-0003","DOIUrl":"https://doi.org/10.1515/SHO-2016-0003","url":null,"abstract":"Abstract Financial crime was one of the recurring themes in crime stories written in the period of socialist Poland. The writer who first undertook this subject was Leopold Tyrmand in his book “The Man with the White Eyes” (1955). The publication of this book is considered one of the symptoms of the cultural “thaw” and the end of real socialism. Tyrmand shows crime which develops when the state, cooperative and private businesses meet, but also the corruption and powerlessness of Citizen’s Militia. During Władysław Gomułka’s administration (1956–1970), this problem often recurred e.g. in the books written by Anna Kłodzińska and Barbara Gordon. Very often the villain was the “fraudulent director”. Both the meat scandal and the leather scandal were described in crime novels. Edward Gierek’s administration (1970–1980) was the time when the theme of financial crime was abandoned, but it returned after the introduction of martial law in 1981. This time, it was pointed out that it was the previous administration that had committed frauds. Crime novels accurately described the economic abnormalities of socialist Poland, the hampering of individual initiatives and the omnipresent corruption, but they also reflected the state’s policy towards the people in power who were illegally gaining wealth.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"33 - 44"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67054915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Nationalization and the introduction of state-controlled economy led to the emergence of abnormal social phenomena, including system-specific crimes. Economic transformations were the foundation of the systemic revolution carried out in the first decade after the Second World War, therefore they were the subject of interest for the Ministry of Public Security. That is why financial crimes were treated just like political crimes, which was also justified by legal provisions, as no specific definition of this type of crime existed. This allowed the authorities (secret police, prosecutor’s office, courts, media) to interpret the events according to their will and current political needs, and, as a result, to administer various overt or covert repressions (death penalty, imprisonment, forced cooperation with the secret police).
{"title":"Financial Crime in the Operational Work of the State Security Service Until 1956 – Lower Silesian Perspective","authors":"Robert Klementowski","doi":"10.1515/SHO-2016-0008","DOIUrl":"https://doi.org/10.1515/SHO-2016-0008","url":null,"abstract":"Abstract Nationalization and the introduction of state-controlled economy led to the emergence of abnormal social phenomena, including system-specific crimes. Economic transformations were the foundation of the systemic revolution carried out in the first decade after the Second World War, therefore they were the subject of interest for the Ministry of Public Security. That is why financial crimes were treated just like political crimes, which was also justified by legal provisions, as no specific definition of this type of crime existed. This allowed the authorities (secret police, prosecutor’s office, courts, media) to interpret the events according to their will and current political needs, and, as a result, to administer various overt or covert repressions (death penalty, imprisonment, forced cooperation with the secret police).","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"129 - 148"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67055117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract It might seem natural to think that the socialist model of the economy, and a reality where collective property prevailed, eliminated the problem of financial crime. But did it really? This paper, which presents the scale of this type of crime as reflected by GUS (Polish Central Statistical Office) statistics, is an attempt at answering this question. At the same time we would like to present the “3 Cs” model (circumstances, character, chance), in which all the “C” factors occurred simultaneously, but on each occasion each of these had a different impact on the particular criminal act.
{"title":"Financial Crime in Socialist Poland and Its Causes in the Light of Polish Central Statistical Office (GUS) Statistics","authors":"L. Błażejczyk-Majka, R. Macyra","doi":"10.1515/SHO-2016-0002","DOIUrl":"https://doi.org/10.1515/SHO-2016-0002","url":null,"abstract":"Abstract It might seem natural to think that the socialist model of the economy, and a reality where collective property prevailed, eliminated the problem of financial crime. But did it really? This paper, which presents the scale of this type of crime as reflected by GUS (Polish Central Statistical Office) statistics, is an attempt at answering this question. At the same time we would like to present the “3 Cs” model (circumstances, character, chance), in which all the “C” factors occurred simultaneously, but on each occasion each of these had a different impact on the particular criminal act.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"7 - 32"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/SHO-2016-0002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67054816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The article refers to the economic consequences of the post-war division of Europe into the capitalist West and communist East. One of the consequences of this division was the creation of peculiar crime phenomenon on the eastern side of the “iron curtain”, which consist on exploit the prices and goods availability differences between wealthy West and backward East of Europe. This being the case of illegal movement of goods, begun from the 1940s, between those two worlds. In article you can find the outline of characteristic for the whole Polish “People’s” Republic period smuggling conducts. The key subject of following text is first of all the problem of car smuggling in the 1980s, which wasn’t researched by polish historians before. In this interesting for us times in Western Europe (West Germany, Austria, France) and in Scandinavia at least few groups of organized crime were active in a areas of car stealing and smuggling a luxury goods into Poland. The essence of following article are the presentation of these groups, their bosses, criminal practices and techniques and indication of the cooperation between polish car smugglers and western countries citizens. Sources for this text are based first of all on operational and investigation records of former Security Service collected in archives of the Institute of National Remembrance.
{"title":"“Autogangs”. Car Smuggle to Communist Poland in the 1980s","authors":"K. Nawrocki","doi":"10.1515/SHO-2016-0010","DOIUrl":"https://doi.org/10.1515/SHO-2016-0010","url":null,"abstract":"Abstract The article refers to the economic consequences of the post-war division of Europe into the capitalist West and communist East. One of the consequences of this division was the creation of peculiar crime phenomenon on the eastern side of the “iron curtain”, which consist on exploit the prices and goods availability differences between wealthy West and backward East of Europe. This being the case of illegal movement of goods, begun from the 1940s, between those two worlds. In article you can find the outline of characteristic for the whole Polish “People’s” Republic period smuggling conducts. The key subject of following text is first of all the problem of car smuggling in the 1980s, which wasn’t researched by polish historians before. In this interesting for us times in Western Europe (West Germany, Austria, France) and in Scandinavia at least few groups of organized crime were active in a areas of car stealing and smuggling a luxury goods into Poland. The essence of following article are the presentation of these groups, their bosses, criminal practices and techniques and indication of the cooperation between polish car smugglers and western countries citizens. Sources for this text are based first of all on operational and investigation records of former Security Service collected in archives of the Institute of National Remembrance.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"167 - 182"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67054769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The article describes a failed attempt to attribute financial crime – embezzlement of the money belonging to the Greater Poland Headquarters of the Local Council of the Polish Scouting and Guiding Association – to scoutmaster Jan Poplewski. However, from the very beginning, the security services were interested in his anti-systemic activity, i.e. inspiring illegal activities among young scouts in the Stalinist period. This story serves as an example for exploring the underresearched problem of attributing various crimes to the opponents of the system, in order to discredit them and use this fact for propaganda purposes. The scale of this problem is impossible to estimate at present, but sometimes it is possible to describe individual cases – for example the case of scoutmaster Jan Poplewski.
{"title":"Scoutmaster Jan Poplewski – An Example of Attributing Financial Crime to Opponents of the Communist Regime","authors":"Bartosz Kuświk","doi":"10.1515/SHO-2016-0011","DOIUrl":"https://doi.org/10.1515/SHO-2016-0011","url":null,"abstract":"Abstract The article describes a failed attempt to attribute financial crime – embezzlement of the money belonging to the Greater Poland Headquarters of the Local Council of the Polish Scouting and Guiding Association – to scoutmaster Jan Poplewski. However, from the very beginning, the security services were interested in his anti-systemic activity, i.e. inspiring illegal activities among young scouts in the Stalinist period. This story serves as an example for exploring the underresearched problem of attributing various crimes to the opponents of the system, in order to discredit them and use this fact for propaganda purposes. The scale of this problem is impossible to estimate at present, but sometimes it is possible to describe individual cases – for example the case of scoutmaster Jan Poplewski.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"183 - 192"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67054945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The birth of the “Solidarity” Independent Self-governing Trade Union in 1980 was accompanied by a strong revisionist movement. The Polish society expected punishment for the previous administration, led by Edward Gierek, as it was their policy up to that point that resulted with enormous external debt and ubiquitous shortages of consumer goods. A lot was said about wastefulness, corruption and professional negligence, both in the state administration and in the managements of Polish companies. And these opinions were somehow justified, as evidenced by the results of audits performed by the Supreme Audit Office (Najwyższa Izba Kontroli, NIK) in the years 1976–1980. Information recorded in the audit documentation was in line with the social attitudes. Due to formal and legal conditions back then, NIK auditors could not inspect the most important companies, however they managed to prove that the scale of illegal actions committed by directors and managers was large and increased year by year.
{"title":"Professional Negligence, Mismanagement and Malpractice. Polish Companies in the Light of Supreme Audit Office Materials in the Years 1976-1980","authors":"K. Lesiakowski","doi":"10.1515/sho-2016-0009","DOIUrl":"https://doi.org/10.1515/sho-2016-0009","url":null,"abstract":"Abstract The birth of the “Solidarity” Independent Self-governing Trade Union in 1980 was accompanied by a strong revisionist movement. The Polish society expected punishment for the previous administration, led by Edward Gierek, as it was their policy up to that point that resulted with enormous external debt and ubiquitous shortages of consumer goods. A lot was said about wastefulness, corruption and professional negligence, both in the state administration and in the managements of Polish companies. And these opinions were somehow justified, as evidenced by the results of audits performed by the Supreme Audit Office (Najwyższa Izba Kontroli, NIK) in the years 1976–1980. Information recorded in the audit documentation was in line with the social attitudes. Due to formal and legal conditions back then, NIK auditors could not inspect the most important companies, however they managed to prove that the scale of illegal actions committed by directors and managers was large and increased year by year.","PeriodicalId":32183,"journal":{"name":"Studia Historiae Oeconomicae","volume":"34 1","pages":"149 - 166"},"PeriodicalIF":0.0,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67054676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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