RESUMEN: Orientar las políticas educativas durante el golpe parlamentar de 2016 caracterizó un rasgo emblemático de la influencia empresarial en la política educativa brasilera. Este artículo propone responder la siguiente pregunta: ¿cuál es el contenido, características y racionalidades subyacentes al proyecto de educación pública para la juventud propuesto por el empresariado y puesto en marcha con la reforma de enseñanza secundaria? Y ¿por qué podemos afirmar que ese proyecto combina con los intereses del capital en la fase actual de reproducción social e en el contexto de reestructuración productiva? Este análisis proviene de una investigación que utilizó fuentes primarias y secundarias, como documentos elaborados por fundaciones empresariales - con énfasis en Todos Por la Educación y en el Instituto Unibanco -; documentos legislativos y normativos; y las audiencias públicas de la MP 746/2016. El texto busca responder a la pregunta propuesta a partir de tres categorías analíticas: la pedagogía por competencias, o accountability y el protagonismo juvenil. Se concluye que la acción empresarial que promueve un proyecto educativo para la clase trabajadora se constituye en dispositivos que adecuan la formación de los jóvenes a las demandas de las nuevas organizaciones gerenciales del trabajo, consolidando la expansión de la racionalidad del capital del espacio de producción para el espacio de reproducción social - en este caso, la escolarización de los trabajadores - y se materializa en la escuela por medio de discursos y prácticas que encarnan esa racionalidad, como las competencias socioemocionales, o accountability y el protagonismo juvenil. RESUMEN 201 brasilera cuál contenido secundaria productiva secundarias normativos 7462016 746 746/2016 analíticas juvenil trabajo caso socioemocionales 20 746201 74 746/201 2 74620 7 746/20 7462 746/2 746/

ABSTRACT: The control over the Brazilian high school reform amidst the 2016 Parliamentary Coup became symbolic of the business community’s influence on education policies. This paper therefore attempts to answer the following question: What are the content, characteristics, and rationales behind the public education project for young people proposed by the business community and set in motion through the high school reform? How can we state that this project conforms to the interests of capital in the current stage of social reproduction within the framework of productive restructuring? This analysis arises from research that used primary and secondary sources: documents produced by corporate foundations, notably the organization Todos pela Educação [All for Education] and Instituto Unibanco; regulatory and normative documents; and public hearings on MP746/2016 [Provisional Presidential Decree 746/2016]. This paper seeks to answer the proposed question based on three analytical categories: competence pedagogy, accountability, and youth protagonism. It concludes that the business community’s action to promote an education project for the working class is a device to adjust the instruction of young people to the demands of new work management organizations, to consolidate the expansion of capital’s rationality from the point of production to that of social reproduction - in this case, the education of the working class - and materializes in school through discourses and practices that subjectivize this rationality, such as social-emotional skills, accountability, and youth protagonism. ABSTRACT 201 communitys s policies content characteristics restructuring sources foundations All Education Unibanco MP7462016 MP MP746 MP746/201 Provisional 746/2016. 7462016 746/2016 . 746 746/2016] categories pedagogy accountability protagonism organizations capitals case socialemotional emotional skills 20 MP746201 MP74 MP746/20 746201 746/201 74 2 MP74620 MP7 MP746/2 74620 746/20 7 MP7462 MP746/ 7462 746/2 746/

RESUMO: Pautar a reforma do ensino médio em meio ao golpe parlamentar de 2016 caracterizou um traço emblemático da influência empresarial na política educacional. Assim, este artigo se propõe a responder à seguinte pergunta: qual o conteúdo, suas características e as racionalidades subjacentes ao projeto de educação pública para a juventude proposto pelo empresariado e colocado em marcha com a reforma do ensino médio? E por que se pode afirmar que esse projeto se coaduna com interesses do capital na fase atual de reprodução social e no contexto da reestruturação produtiva? Esta análise tem origem em uma pesquisa com fontes primárias e secundárias: documentos elaborados por fundações empresariais - com destaque para o Todos Pela Educação e o Instituto Unibanco -; documentos legislativos e normativos; e audiências públicas da MP746/2016. O texto procura responder à pergunta proposta a partir de três categorias analíticas: a pedagogia das competências, o accountability e o protagonismo juvenil. Conclui-se que a ação empresarial que promove um projeto educacional para a classe trabalhadora se constitui em dispositivos que adequam a formação dos jovens às demandas das novas organizações gerenciais do trabalho, consolidando uma expansão da racionalidade do capital do espaço de produção para o espaço de reprodução social - nesse caso, a escolarização dos trabalhadores - e se materializa na escola por meio de discursos e práticas que subjetivam essa racionalidade, como as competências socioemocionais, o accountability e o protagonismo juvenil. RESUMO 201 Assim conteúdo produtiva secundárias normativos MP7462016 MP MP746 MP746/2016 analíticas juvenil Concluise Conclui trabalho caso socioemocionais 20 MP746201 MP74 MP746/201 2 MP74620 MP7 MP746/20 MP7462 MP746/2 MP746/

Abstract This case narrates the restructuring case of Viña Concha y Toro (CT), a Chilean holding company operating in the wine sector with a worldwide presence. The company's profitability decreased in 2016 mainly due to two risks: (i) the increase in the cost of its primary input (grapes) since a large part was purchased from independent farmers; and ii) fluctuations in exchange rates because more than 80 percent of its revenues are generated from international markets. VCT had to show its investors a good level of profitability in the long term, therefore, Alfonso Larraín, chairman of the Board and the decision-maker in this case, designed a strategic plan during the first months of 2017. This plan should allow the firm to increase its profitability, as well as having flexibility to face the risks imposed by the environment. The plan based on both saving operating costs and increasing revenues through premium brands. Alfonso knows the great challenge he faced, but he was doubtful about both the measures that he should implement in the following years and the impact that this new restructuring plan would cause internally in the company. In particular, Alfonso wondered: Were a corporate restructuring plan necessary? What actions should be planned to meet long-term objectives? And how would shareholders assess a change of course towards a restructuring policy?

Resumen Este caso relata las causas que impulsaron a Viña Concha y Toro (VCT), holding chileno con operaciones en la industria vitivinícola mundial, a diseñar un plan de reestructuración. La rentabilidad de la compañía disminuyó en el 2016 debido a dos factores principalmente: i) incrementos en el costo de la uva, que en gran parte VCT compraba a agricultores independientes; y ii) fluctuaciones cambiarias, dado que más del 80% de los ingresos de VCT se generaban en mercados internacionales. Alfonso Larraín, presidente del Directorio de VCT y el tomador de decisión del caso, sabía que VCT debía mostrar a sus inversionistas un buen nivel de rentabilidad en el largo plazo, por ello, se diseñó a inicios del 2017 un plan estratégico que permitiese mejorar la rentabilidad futura de VCT, así como tener mayor flexibilidad para enfrentar los riesgos que le impone el entorno. Este plan se enfocaba tanto en el ahorro de costos operacionales como en incrementar la comercialización de marcas premium. Alfonso, horas previas a la reunión con la Junta de Accionistas que iba a llevarse a cabo en la tarde del 24 de abril del 2017, sabía el gran desafío que tenía enfrente, pero dudaba tanto sobre las medidas que debía implementar como sobre el impacto interno que esta reestructuración causaría en la empresa. Específicamente, Alfonso se preguntaba: ¿Era necesario un plan de restructuración? ¿Qué acciones debería tener ese plan para cumplir los objetivos propuestos? Y ¿cómo valorarían los accionistas un cambio de rumbo hacia una política de restructuración?

Abstract: The emergence of tall buildings zones is perhaps the most significant territorial change of the recent urban dynamic with a clear predominance of tertiary and residential land uses of high economic cost that have contributed to revalorize urban land. The aim of this work is to analyze the process of urban verticalization in Mexico City between 1940-1980 as the most important process restructuring urban space; it is argued that this process has been widely favoured by two main factors: first, the urban economy tertiarization that arrived with the neoliberal model with a wide participation of foreign capital; and second, the local urban policy that among other things has elaborated land use norms that stimulates inversion and land speculation in central zones of high cost; giving rise to a urban space elitization that aggravates a socioeconomic and territorial structure historically unequal.

Resumen: El surgimiento de zonas con edificios en altura es la más destacada transformación te rritorial de la dinámica urbana reciente, con un predominio de usos de suelo terciarios y residenciales de alto costo económico, que han contribuido a una revalorización del suelo urbano. El objetivo de este trabajo es analizar el proceso de verticalización del espacio urbano en la Ciudad de México entre 1940-2018, como un importante proceso de modernización de su espacio urbano; se argumenta que este proceso ha estado su mamente favorecido por dos factores: la terciarización de la economía urbana durante el modelo neoliberal, con amplia participación de capital extranjero; y la política urbana local que entre otros aspectos ha emitido normas de uso de suelo que favorecen la in versión y especulación del suelo en zonas centrales de alto valor del suelo; dando lugar a una elitización del espacio urbano que agrava una estructura socio-económica-territorial histórica desigual.

Abstract The rise of rental as a form of access to housing has been observed throughout Latin America as part of a global dynamic that took place after the 2008 global crisis. Global corporate landlords and new management models related to the "shared economy" capable of connecting financial capital to digital platforms and concentrate dispersed income flows are emerging in private residential market benefiting from great regulatory. Meanwhile, rental is also on the rise in ‘urban popular territories’, expanding a lucrative ‘popular real estate market’, fueled by new illegalities, evictions and public policies of subsidized rental. We observe, also, the emergence of a new generation of public policies, focused on promoting social rental housing, especially through public-private partnerships that connect popular housing markets with finance, with an important impact on the restructuring of popular territories and the redefinition of housing as a service. Based on a review of literature and official documents and business prospectuses, interviews, and fieldwork in popular territories, especially in Chile and Brazil, we argue that rental housing may be the new frontier that connects finance and real estate, with the ability to reach the popular world, instrumentalizing and generalizing illegalities.

Resumen La ascensión del alquiler como forma de acceso a la vivienda se ha observado en toda América Latina, siendo parte de una dinámica global ocurrida luego de la crisis hipotecaria de 2008. En los mercados privados surgen propietarios corporativos globales y nuevos modelos de gestión relacionados a la “economía colaborativa” con gran flexibilidad normativa, capaces de articular capitales financieros a plataformas digitales concentrando flujos de renta dispersos. Sin embargo, el alquiler también está en aumento en los territorios populares, expandiendo un mercado inmobiliario popular lucrativo, alimentado por nuevas ilegalidades, desalojos y políticas públicas de subvención al alquiler. Asimismo, observamos el surgimiento de una nueva generación de políticas públicas centradas en promover la vivienda social de alquiler a través de asociaciones público-privadas que articulan mercados populares de vivienda con las finanzas, cuestión que tiene un importante impacto en la reestructuración de territorios populares y en la redefinición de la vivienda como servicio. En base a una revisión bibliográfica y de documentos oficiales y prospectos empresariales, entrevistas y trabajo de campo en territorios populares, especialmente en Chile y en Brasil, argumentamos que el arriendo puede ser la nueva frontera que conecta las finanzas y el sector inmobiliario, con la capacidad de alcanzar el mundo popular, instrumentalizando y generalizando ilegalismos.

This review article reflects on the history and growth of Cape Town from its founding to its present. In doing so, it identifies a sequence of six distinct attitudes towards urban growth and management. Such attitudes often remained unarticulated, for they appeared self-evident, even natural, to the society of their times. These attitudes coincide with the concept of Planning Doctrine, as proposed by Faludi, and lie silently behind actual policymaking and development of the day. Yet the Doctrine changes over time in response to political values, economic restructuring and settlement scale. Six doctrines dominated for a period of roughly 40 years each, termed by the author as corporate management; self-help; public works; town planning; up-scaling, and transformation.

Hierdie oorsigartikel reflekteer op die geskiedenis en groei van Kaapstad vanaf stigting tot vandag. Sodoende identifiseer dit 'n reeks van ses verskillende houdings teenoor stedelike groei en bestuur. Sulke gesindhede is dikwels nie uitgespreek nie, want dit was vanselfsprekend, selfs natuurlik, vir die samelewing van hul tyd. Hierdie houdings val saam met die konsep van die beplanningsleer soos voorgestel deur Faludi en lê stil agter die werklike beleidsvorming en -ontwikkeling van die dag. Tog verander die leerstelling oor tyd in reaksie op politieke waardes, ekonomiese herstrukturering en skaal. Ses leerstellings het oorheers vir 'n tydperk van ongeveer 40 jaar elk en word deur die outeur geïdentifiseer en bestempel as korporatiewe bestuur; selfhulp; openbare werke; stadsbeplanning; opskalering, en transformasie.

Resumo Objetivo: Empresas e credores podem adiar certas decisões devido a ações que exigem coordenação nas recuperações de empresas. Este artigo investiga atrasos na votação de planos de recuperação durante as assembleias gerais de credores no Brasil. Metodologia: Utilizando uma amostra de 120 planos de recuperação coletados manualmente, apresentamos análises descritivas e de regressão (mínimos quadrados ordinários, ou MQO, Poisson, regressões binomiais negativas e quantílicas) para mostrar as principais características dos atrasos na votação. Resultados: Nossos resultados revelaram que uma alta concentração de dívida entre as classes de credores está relacionada a menos atrasos. Além disso, um número maior de bancos e credores com garantia real que possuem direitos de crédito na recuperação está positivamente correlacionado com os atrasos. Por fim, argumentamos que os planos de recuperação que requerem tempo adicional para a votação estão relacionados a propostas de desinvestimento. Contribuições: Ainda faltam resultados empíricos baseados na avaliação de características dos vários credores e da proposta de recuperação apresentada no plano de recuperação da empresa. Este é o primeiro artigo no Brasil que explora como os conflitos de interesse entre as classes de credores podem estar relacionados aos atrasos. Nosso artigo contribui para a literatura desenvolvida por Gilson (1990), Gilson et al. (1990), Brown et al. (1993), Franks e Tourus (1994), Helwege (1999), Ayotte e Morrison (2009), Ponticelli (2012) e Ivashina et al. (2015) sobre as características dos atrasos na votação do plano de recuperação durante os casos de reestruturação. Corroboramos os resultados obtidos em trabalhos anteriores e fornecemos uma análise do papel desempenhado por cada classe de credores no atraso da votação do plano em empresas brasileiras.

Abstract Purpose: Firms and creditors may delay certain decisions in corporate reorganizations because of actions that require coordination. This paper investigates delays in voting on reorganization plans during claimholder general meetings in Brazil. Design/methodology/approach: Using a sample of 120 hand-collected reorganization plans, we present descriptive and regression (OLS, Poisson, negative binomial, and quantile) analyses to show the primary characteristics of delayed votes. Findings: Our results revealed that a high concentration of debt among the different classes of claimholders appeared to be related to fewer delays. Moreover, a higher number of banks and secured creditors with claims in the reorganization appeared to be positively correlated with delays. Finally, we argue that reorganization plans that require additional time to reach a vote are related to divestment proposals. Originality/value: There is still a lack of empirical results based on evaluations of multiple creditor characteristics and the reorganization proposals presented in firms’ reorganization plans. This is the first paper in Brazil to explore how conflicts of interest among different classes of creditors may relate to delays. Our paper contributes to the literature developed by Gilson (1990), Gilson et al. (1990), Brown et al. (1993), Franks and Tourus (1994), Helwege (1999), Ayotte and Morrison (2009), Ponticelli (2012), and Ivashina et al. (2015) regarding the characteristics of delaying reorganization plan votes during restructuring cases. We corroborate the results obtained by previous papers and provide an analysis of the role played by each class of claimholder in delaying plan votes for Brazilian firms

Resumo Objetivo: Este artigo apresenta uma análise teórica e empírica da literatura sobre falência e recuperação. Destacamos os principais artigos desenvolvidos na área e apresentamos um grupo de pesquisas realizadas após a aprovação da nova lei de falências no Brasil. Metodologia: Este artigo fornece uma pesquisa da literatura sobre falência e recuperação de empresas. Investigamos trabalhos clássicos e recentes na área e apresentamos os resultados de alguns estudos brasileiros, considerando o anúncio da lei de falências brasileira em 2005. Resultados: Demonstramos que a assimetria das informações, os problemas de coordenação e a heterogeneidade entre os credores são fundamentais para a resolução de dificuldades financeiras. Além disso, a escolha da reestruturação é feita de acordo com a alternativa de menor custo. Discutimos as implicações práticas das anotações na literatura analisando três casos de recuperação no Brasil e revelamos que a complexidade de cada caso pode influenciar a decisão de aprovar ou rejeitar o plano de recuperação. Contribuições: Investigamos a evolução da literatura sobre falências e recuperação e fornecemos uma pesquisa que explora a literatura internacional e brasileira.

Abstract Purpose: This paper presents both a theoretical and empirical review of the bankruptcy and reorganization literature. We point out the main articles developed in the field and present a group of studies carried out after the approval of the new bankruptcy law in Brazil. Design/methodology/approach: This paper provides a survey of the literature on bankruptcy and corporate reorganization. We investigate classic and recent papers in the field and present the results of some Brazilian studies that consider the announcement of the Brazilian bankruptcy law in 2005. Findings: We show that information asymmetry, coordination problems, and heterogeneity between creditors are pivotal to the resolution of financial distress. Moreover, the choice of restructuring is made according to the least-cost alternative. We discuss the practical implications of the literature by analyzing three cases of reorganization in Brazil and reveal that the complexity of each case can drive the decision to approve or reject the reorganization plan. Originality/value: We investigate the evolution of the bankruptcy and reorganization literature and provide a survey that explores both the international and Brazilian literature.

Due to the growth of Asian demand and production, Latin America is experiencing a boom in demand for commodities, which has led to an increase in exports of these goods. Argentina does not escape this context, in the case of minerals the activity exhibited an important development in the last years. While mining companies take advantage of this boom, governments are increasingly dependent on foreign investment for the extraction of these resources, as well as incomes from the activity. In this context of neo-extractivism, the Rio Colorado Potassium Project (PRC), developed by Vale, represented the largest mining enterprise in the country and the most important of its kind in South America. Budgeted at USD 6.3 billion, only 30% was executed, and since 2013 the work is paralyzed. However, in 2016, Vale takes up the feasibility study to propose a restructuring of the original design to a third of its capacity and make the plan attractive to new partners. This article analyzes PRC: origins, history, antecedents, conflicts of interest and perspectives around its potential reactivation to contribute to a serious and informed discussion on the subject. In particular, its economic, social and environmental sustainability is investigated.

Debido al crecimiento de la demanda asiática y de su producción, Latinoamérica vive un auge por la demanda de commodities lo que ha provocado el aumento de las exportaciones de estos bienes. En el caso argentino, el sector metalífero exhibió un importante desarrollo en los últimos años. Mientras las mineras aprovechan este boom, los gobiernos dependen cada vez más de la inversión extranjera para la extracción de estos recursos, así como de los ingresos producto de su renta. En este marco de neoextractivismo, el proyecto Potasio Río Colorado (PRC), desarrollado por la compañía Vale, representaba el mayor emprendimiento minero del país y el más importante de su tipo de Sudamérica. Presupuestado en USD 6.300.000, sólo se ejecutó un 30% y desde 2013 la obra está paralizada. No obstante, en 2016 Vale retoma el estudio de factibilidad para plantear una reestructuración del diseño original a un tercio de su capacidad y volver el plan atractivo a nuevos socios. Este artículo analiza PRC: orígenes, historia, antecedentes, conflictos de intereses y perspectivas en torno a su potencial reactivación para aportar a una discusión seria e informada sobre el tema. Particularmente, se investiga su sustentabilidad económica, social y medioambiental.

This article addresses the changes that are evident in the productive and labor dynamics in the Neuquén hydrocarbon basin over the past six years, product of the exploration and exploitation of unconventional reservoirs and the development of new technologies. Based on the consultation of secondary sources and interviews with different public and private actors, the context of restructuring of the sector and the implications in the organization of work are revised. It has been associated with the drop in international crude oil prices since 2014, which imposed adjustments in the structure and operations of the firms, as well as the deregulation, opening and new energy policy implemented since beginning of 2016, with impact on salary relationships. External and functional labor flexibility, the reorganization and intensification of work and the reduction of remunerations in operations in unconventional reservoirs, together with the subsidies for new gas prices at the wellhead, boosted the productive expansion from 2018. The advance of research allows to deduce that the new regime of accumulation focused on the liberalization of the economy, the elevation of gas tariffs and fuel prices in the domestic market, and the labor adjustment, opened to the transnational capital the opportunity to access the resources of the Vaca Muerta geological formation and from them generate business in different scales and corporate strategies.

El presente artículo aborda los cambios que se evidencian en la dinámica productiva y laboral en la cuenca hidrocarburífera Neuquina a lo largo de los últimos seis años, producto de la exploración y explotación de reservorios no convencionales y del desarrollo de nuevas tecnologías. A partir de la consulta de fuentes secundarias y de la realización de entrevistas a distintos actores públicos y privados, se revisa el contexto de reestructuración del sector y las implicancias en la organización del trabajo. Tales cambios se asocian a la caída operada en los precios internacionales del petróleo crudo desde fines de 2014, que impuso ajustes de estructura y operativos en las firmas; y a la posterior desregulación, apertura de la economía y nueva política energética instrumentada desde inicios de 2016, con impacto en las relaciones salariales. La flexibilidad laboral externa y funcional, la reorganización e intensificación del trabajo y la rebaja de las remuneraciones en las operaciones no convencionales, junto a los subsidios a los precios del gas nuevo en boca de pozo, impulsaron la expansión productiva a partir de 2018. El avance de investigación permite deducir que el nuevo régimen de acumulación centrado en la liberalización de la economía, la elevación de las tarifas de gas y los precios de los combustibles en el mercado interno, así como el ajuste laboral, abrieron al capital trasnacional la oportunidad de acceder a los recursos de la formación geológica Vaca Muerta y a partir de ellos generar negocios en distintas escalas y estrategias corporativas.

Resumo Neste artigo analisamos a composição da força de trabalho na Europa e sua evolução, centrando-nos na relação entre precariedade, desemprego e segurança social, desde a crise de 1970 aos nossos dias, com particular atenção para as mudanças ocorridas depois da crise de 1970, da crise 1981-1984 e da crise de 2008. Centrar-nos-emos na composição da força de trabalho interna e externa (migrações) bem como nos efeitos a curto e médio prazo dos programas sociais focalizados e seu impacto na restruturação da força de trabalho, que veio colocar em causa o pacto social erguido na Europa do Norte e centro no pós guerra e na Europa do sul depois da revolução portuguesa e da transição espanhola nos anos 70 do século XX. As fontes deste trabalho são quantitativas (estatísticas da Comissão Europeia, análise de balanços sociais de empresa, Eurostat e INE) e qualitativas (pesquisa da evolução das políticas sindicais, entrevistas, entre outras).

Abstract In this article we analyze the composition of the labor force in Europe and its changes, focusing on the relationship between precariousness, unemployment and social security since the crisis of 1970 until today, with particular attention to the changes that took place since the crisis of 1970, including the crisis of 1981-1984 and the crisis of 2008. We focus on the composition of the internal and external labor force (migrations) and on the short and medium-term effects of focused social programs and their impact on the restructuring of the labor force, which questioned the social pact raised in Northern and Central Europe in the post war period and in Southern Europe after the Portuguese revolution and the Spanish transition in the 1970s. The sources of this work are quantitative (statistics from the European Commission, analysis of corporate annual reports, Eurostat and INE) and qualitative (a study of the changes in union policies, interviews and others).

Globally, states use state-owned companies (SOCs) or public corporations to provide public goods, limit private and foreign control of the domestic economy, generate public funds for the fiscus, increase service delivery and encourage economic development and industrialisation. Particularly given its unique socio-political and economic dynamics, a country such as South Africa clearly needs this type of strategic enterprise. Yet, that does not mean that everything at our SOCs is as it should be. The beleaguered South African Broadcasting Corporation (SABC) has recently seen the resignation of board members, shareholder interference in its operational affairs, and a high turnover of chief accounting officers and other executive management members. Due to non-performance, it has also received several cash injections from its shareholder to enable it to continue to deliver its services. In addition, the shareholder minister took it upon herself to amend the SABC's memorandum of incorporation, conferring upon herself the authority to appoint, suspend or even dismiss key executive members. South African Airways (SAA), in turn, has had seven CEOs in less than four years, has had to be bailed out at a cost of R550 million, and has in addition been granted a R5 billion guarantee by the shareholder for a restructuring exercise. Other SOCs such as Eskom, the Post Office and Telkom have also experienced high board and executive management turnover, perennial underperformance necessitating regular bailouts, and challenges regarding the division of power between their boards and the various shareholder ministers. Another issue that seems to plague South Africa's SOCs is the appointment of board members and executive officials with questionable qualifications. By critically examining the corporate governance challenges besetting the SABC, SAA and Eskom in particular, this article seeks to explore the root causes of the corporate governance deficiencies of SOCs, and how their corporate governance can be enhanced. It is concluded that the challenges faced by the country's SOCs are twofold: firstly, the SOCs boards' lack of appreciation of the cardinal corporate governance rules, and secondly, the role of government as a single or dominant shareholder, which results in substantial political interference in the running of the SOCs. This dual problem requires a dual solution. To arrest the problem of poor corporate governance in SOCs, government as the shareholder should firstly appoint fit and proper directors, having followed a sound due-diligence process. Once it has established such properly skilled and competent boards, however, government should adopt an arm's-length approach to the affairs of the SOCs as a way of insulating these corporations from political interference.

RESUMO A contemporânea reestruturação econômica possui dois importantes componentes que articulados impactam na reconfiguração espacial que sofre o território brasileiro: são eles a logística de Estado e a logística corporativa voltadas para os transportes e funcionando como estratégias para o planejamento e para a gestão territorial (pública) e corporativa, com a finalidade de inserir e expandir a fluidez e a competitividade e alterar as configurações territoriais. Já os processos de expansão geográfica do capital contam com a atuação do poder público no atendimento das demandas corporativas por infraestruturas de transportes e armazenamento. Na mesma direção, a logística realizada pelas empresas, otimiza os sistemas de engenharia de transportes, a fim de minimizar novas construções e custos de produção. Este estudo mostra que a logística, enquanto inovação organizacional, serve para aumentar a fluidez e a competitividade territorial, interferindo no reordenamento de diversos espaços do território brasileiro.

ABSTRACT The contemporary economic restructuring has two important components that articulated impact on the spatial reconfiguration in Brazilian territory: they are, the state logistics and corporate logistics focused on transportation and functioning as strategies for planning and management territorial (public) and corporative, with the purpose of inserting and expanding fluency, competitiveness and changing territorial configurations. The process of geographical expansion of capital count with the participation of the public power in the service of corporate demands for transport and infrastructure. In the same direction, the logistics held by companies optimizes engineering systems of transport and storage, to minimize new constructions and production costs. This study, therefore, has as scope to show that the logistics, as organizational innovation, serves to increase the fluidity and territorial competitiveness, interfering in the reordering of various spaces in the Brazilian territory.

RESUMEN La contemporánea reestructuración económica posee dos importantes componentes que articulados impactan en la reconfiguración espacial que sufre el territorio brasileño: son ellos la logística de Estado y la logística corporativa volcadas al transporte y funcionando como estrategias para la planificación y la gestión (público) y corporativa, con la finalidad de insertar y expandir la fluidez y la competitividad y alterar las configuraciones territoriales. Los procesos de expansión geográfica del capital cuentan con la actuación del poder público en la atención de las demandas corporativas por infraestructuras de transporte. En la misma dirección, la logística realizada por las empresas optimiza los sistemas de ingeniería de transporte y de almacenamiento a fin de minimizar nuevas construcciones y costos de producción. La investigación, tiene como objetivo mostrar que la logística, como innovación organizacional, sirve para aumentar la fluidez y la competitividad territorial, interfiriendo en el reordenamiento de diversos espacios del territorio brasileño.

SUMMARY The specialized literature agrees that business restructuring processes, especially those involving staff reductions, lead to a worsening of psychosocial factors and are related to job insecurity, negatively affecting the welfare of workers. The PREISAP study aims to measure the impact of altered psychosocial risk factors on the level of perceived mental health, following the restructurings suffered by two Spanish companies in the period 2007-2014. Data collected from the medical examinations of 444 employees are analyzed using the PSICOVS2012 protocol. The psychosocial risk index (IFRP-Q) was evaluated and the presence of traumatic events was considered. The level of Mental Health (GHQ12), Perceived Health (SF36), Stress Level (FOIH), General Discomfort Index (IGM) and Paranoid Suspicion (IFC) were considered. The association between the personal / work characteristics and the type of restructuring with the welfare index is studied, indicating the p-values of each test, using Pearson’s Correlation Coefficient, Student’s t and Anova. Odd Ratio (95% CI) was calculated for the multivariable analysis. The results show altered values of psychosocial factors according to the type of restructuring, a worsening of general health and mental health, higher levels of stress and IGM; With significant differences according to gender, age and occupation. These data coincide with what is indicated in the literature, suggesting the need to act at a preventive level to promote healthy change processes.

RESUMEN La literatura especializada coincide en señalar que los procesos de reestructuración empresarial, sobre todo los que conllevan reducciones de personal, provocan un empeoramiento de los factores psicosociales y están relacionados con la inseguridad laboral afectando de forma negativa el bienestar de los trabajadores. El estudio PREISAP tiene como objetivo medir el impacto de los factores de riesgo psicosocial alterados sobre el nivel de salud mental percibida, tras las reestructuraciones sufridas por dos empresas españolas en el periodo 2007-2014. Se analizan los datos recogidos de los reconocimientos médicos de 444 empleados, aplicando el protocolo PSICOVS2012. Se evaluó el índice de riesgo psicosocial (IFRP-Q) y se consideró la presencia de acontecimientos traumáticos. Para medir el grado de bienestar laboral, se consideró el nivel de Salud Mental (GHQ12), la Salud Percibida (SF36), el nivel de Estrés (FOIH), el índice General de Malestar (IGM) y la Suspicacia Paranoide (IFC). Se estudia la asociación entre las características personales/laborales y tipo de reestructuración con el índice de bienestar, indicando los valores p de cada prueba, empleando el Coeficiente de Correlación de Pearson, la t de Student y Anova. Para el análisis multivariable se calcularon las Odd Ratio (IC 95%). Los resultados muestran valores alterados de los factores psicosociales según el tipo de reestructuración, un empeoramiento de la salud general y la salud mental, mayores niveles de estrés e IGM; con diferencias significativas según género, edad y ocupación. Estos datos coinciden con lo señalado en la bibliografía, lo que sugiere la necesidad de actuar a nivel preventivo para promover procesos de cambio saludable.

resumo A cultura do consumo, cujas raízes estão nas décadas finais do século XIX, vem se reestruturando sob a forma de uma cultura política do consumo. Nesta nova fase, as corporações vêm assumindo o lugar da política, concomitantemente ao enfraquecimento da noção de público a que essa própria cultura do consumo levou. Este artigo interroga os alcances e limites da crítica nesse contexto, com foco nos protestos que eclodiram no Brasil, em especial em junho de 2013. Sugere-se que esses protestos podem ser analisados a partir da perspectiva da cultura política do consumo em seu duplo movimento: na forma mesma em que se manifestaram; e na maneira como foram e ainda vêm sendo ressignificados pelos diferentes meios midiáticos, publicitários e acadêmicos. Discute-se, ao final, a ideia da democratização pelo consumo, no centro da qual pode se descortinar uma crise da própria democracia.

abstract Consumer culture, whose roots lay in the final decades of the nineteenth century, has been restructuring itself as a political culture of consumption. In this new phase, corporations are taking the place of politics, while the idea of publicness is concomitantly weakened by consumer culture itself. In this context, this article questions the scope and limits of criticism, focusing on protests that erupted in Brazil, especially in June 2013. It is suggested that these protests can be analyzed from the perspective of a double movement of the political culture of consumption, i.e., both in the way in which they were expressed and how they were, and still are, interpreted by the various media, advertisers and academics. At the end, the idea of democratization by consumption is discussed, at the center of which can be found a crisis of democracy itself

A crise das dívidas soberanas são uma das grandes disfuncionalidades da globalização financeira atual. A evolução dos mercados internacionais de crédito soberano adicionou complexidade aos processos de reestruturação das dívidas soberanas. Diferentemente das falências empresariais, o incumprimento das dívidas soberanas tem implicações macroeconômicas nacionais e globais de caráter sistêmico. A abordagem contratual vigente de reestruturação de dívidas soberanas pode ser cada vez menos potente para superar os problemas de ação coletiva. No entanto, esta é a única opção viável na atualidade. As propostas recentes feitas pela International Capital Market Association (ICMA) podem melhorar substancialmente dita abordagem. Mesmo sendo interessante como ideia, a alternativa estatutária é ainda impraticável.

摘要主权债务危机是当今金融全球化的一大功能障碍。国际主权信用市场的发 展演变增加了主权债务重组的复杂性。与企业破产不同，主权债务违约暗 含国家性及全球性、系统化的宏观经济问题。现行的采用合同方法对主权 债务进行重组的做法，有可能在克服集体性问题中越来越不够有效。然而 这是目前唯一可行的方法。国际资本市场协会近期提出的建议可以大幅度 完善这一方法。尽管制定法规章程是个不错的想法，但是作为替代措施， 这一构想目前仍然是行不通的。

RésuméLes crises d'endettement d'États souverains sont un des grands dysfonctionnements de la globalisation financière actuelle. L'évolution des marchés internationaux de crédit concédé à des États souverains a accru la complexité des processus de rééchelonnement des dettes de ces derniers. A la différence des faillites d'entreprises, les défauts de paiement des dettes d'États ont des implications macroéconomiques nationales et globales de caractère systémique. La démarche contractuelle en vigueur pour le rééchelonnement de telles dettes peut s'avérer de moins en moins efficace pour surpasser les problèmes d'action collective. Cependant, c'est la seule option viable actuellement. Les propositions récentes de l'International Capital Market Association (ICMA) peuvent améliorer substantiellement cette démarche. Bien que l'idée soit intéressante, l'alternative statutaire demeure impraticable pour le moment.

Sovereign debt crises constitute one of the most pressing shortcomings in the current state of financial globalization. The evolution of international sovereign credit markets has made sovereign debt restructuring processes more complex. Unlike in corporate bankruptcies, sovereign debt defaults entail systemic national and global macroeconomic implications. The current contractual approach to sovereign debt restructuring may become increasingly less effective in overcoming problems requiring collective action. However, this is the only viable option at present. Recent proposals from the International Capital Market Association (ICMA) could substantially improve this approach. Although interesting as an idea, the statutory alternative is still not feasible.

Las crisis de deudas soberanas constituyen una de las grandes disfuncionalidades de la globalización financiera actual. La evolución de los mercados internacionales de crédito soberano agregó complejidad a los procesos de reestructuración de deudas soberanas. A diferencia de las bancarrotas empresarias, los incumplimientos de deudas soberanas tienen implicaciones macroeconómicas nacionales y globales de carácter sistémico. El enfoque contractual de reestructuración de deudas soberanas vigente puede ser cada vez menos potente en superar los problemas de acción colectiva. Sin embargo, ésta es la única opción viable en la actualidad. Las propuestas recientes por parte del International Capital Market Association (ICMA) pueden mejorar sustancialmente dicho enfoque. Aunque interesante como idea, la alternativa estatutaria es aún impractcable.