Journal articles on the topic 'Consolidation and merger of corporations Consolidation and merger of corporations Corporations'

The wave of mega-mergers sweeping the food, agribusiness, and retail grocery industry from seed to supermarket has accelerated consolidation and concentrated market power in the hands of only a few dominant corporations. Federal regulators have done little to curb the merger mania in these sectors, which will ultimately lower the prices farmers receive for crops and livestock and raise the prices consumers pay for food. But the consolidation also has significantly constrained the range of choices consumers have at the supermarket, prevented independent food innovators from surviving in the marketplace, amplified food safety problems, and presented challenges to the resiliency of the food system itself. This article examines the size, scale, and scope of recent mergers in the food, agribusiness, and grocery retail sectors and discusses the ramifications for consumers, farmers, and the food system.

The Banking industry is undergoing unprecedented changes driven by consolidation through mergers and acquisitions all over the world. India is no exception. Merger of State Bank of India (SBI) and its subsidiary banks have been for several years, and SBI has already merged State Bank of Saurashtra (2008) and State Bank of Indore (2010) with itself. SBI management proposes to merge its five remaining subsidiaries within the next two fiscal years. The present paper measures and examines technical efficiency of SBI and its subsidiaries before and after their hypothetical merger. The study has utilized the two basic DEA models – CCR (Charnes, Cooper and Rhodes) and BCC (Bankers, Charnes and Cooper) to measure technical efficiencies of selected major Indian commercial banks before and after merger of SBI and its associates for the financial year 2009-10.The results reveal that the merger proposal of SBI associates may bring in fully technical efficiency but not fully scale efficiency of the merged entity. In order to be fully technical and scale efficient, merged SBI has to reduce its present number of employees substantially and should follow the prudent operating practices of three peer banks namely Corporation Bank, Axis Bank and Federal Bank.

The world market economy is currently characterized by the tendency to globalization, which means that companies have to cooperate and tighten their relations. Companies working on the local market do not have many possibilities for development, so mergers and acquisitions (M&A also called consolidations or takeovers) can be a chance for them to cooperate with companies from all over the world. Consolidations (M&A) concern the aspect of management, corporate finance and corporate strategy dealing with buying, selling and merging of different companies. The main goal of mergers and acquisitions is usually an improvement of company performance and shareholder value over a long period of time. Mergers and acquisitions are similar corporate actions - they combine two previously separate companies into a single legal entity. In some cases, terming the combination a "merger" rather than an acquisition is done purely for political or marketing reasons. In a merger of two corporations, the shareholders usually have their shares in the old company exchanged for an equal number of shares in the merged entity.

We examine the current state of the US public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years have become much older; they invest differently, as the average firm invests more in R&D than it spends on capital expenditures; and compared to the 1990s, the ratio of investment to assets is lower, especially for large firms. Public firms have record high cash holdings and, in most recent years, the average firm has more cash than long-term debt. Measuring profitability by the ratio of earnings to assets, the average firm is less profitable, but that is driven by smaller firms. Earnings of public firms have become more concentrated—the top 200 firms in profits earn as much as all public firms combined. Firms' total payouts to shareholders as a percent of earnings are at record levels. Possible explanations for the current state of the public corporation include a decrease in the net benefits of being a public company, changes in financial intermediation, technological change, globalization, and consolidation through mergers.

The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.). The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management. It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever". We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization. It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.

The article outlines general characteristics of the sources of law, regulating relations associated with mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States respectively in the Russian legislation and the legislation of the United States and individual States. Both in Russia and in the USA there is a constitutional separation of powers between the Federal authorities and the Subjects of the Federation/States respectively. In both countries legal regulation of mergers and acquisitions of corporations is carried out first of all by a number of laws. These laws fall into three main groups: securities laws, antitrust (competition) laws and civil and joint-stock legislation in Russia and corporate laws in the US. All the three groups are federal laws in Russia, while in the US the first two are federal too, but the last one is state laws. It is necessary to highlight the important role of judicial decisions in the United States on legal regulation of mergers, acquisitions, takeovers in comparison with Russia, which is due to the differences in the legal systems of the states in question. However, although Russia is not a state of case law, such legal acts as the resolution of the Plenum of the Supreme Commercial Court will undoubtedly have an impact on law enforcement practice and, consequently, on the regulation of relevant relations. Of particular importance are the findings of the Constitutional Court, whose decisions may cancel acts or their separate provisions provided they are recognized as unconstitutional. Such acts are repealed. Decisions of courts and other bodies based on acts or their separate provisions, recognized by the Constitutional Court of the Russian Federation unconstitutional, are not subject to execution and shall be revised in accordance with the Federal law. The US case law implies existence of a hierarchy of precedents according to which decisions adopted by the higher courts are binding for cases adjudicated in lower courts. Judicial decisions have a major impact on the regulation of mergers and acquisitions of corporations, in particular, the state corporate Laws. The article analyses the main similarities and differences of sources of legal regulation of mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States.

Charles Perrow is interested in big organizations and how they shape communities, the distribution of wealth, power and income, and working lives. Today, organizations with over 500 employees employ more than half the working population in the United States. There were no such organizations in 1800. Referring to William Roy (Socializing Capital: The Rise of Large Industrial Corporations in America. Princeton, NJ: Princeton University Press, 1997) and Naomi Lamoreaux (The Great Merger Movement in American Business, 1895–1904. New York: Cambridge University Press, 1985) Perrow argues that corporate capitalism was entrenched in five short years (1898–1903) during which more than half the book value of all manufacturing capital was incorporated. The firms were made giant by consolidating the assets of several firms in the same industry.

Purpose – This paper aims to provide an examination of the ongoing internationalisation processes undertaken by 30 major multinational Colombian-owned firms. It also presents a theoretical overview and a conceptual framework for the understanding of internationalisation patterns from emerging countries’ multinational enterprises. Design/methodology/approach – This study is built based both on the results collected from comparative case studies based in the literature and empirical observations of Colombia’s patterns. This study observed the evolution in terms of commitment and investment decisions that 30 major Colombian companies have undergone specially within the past decade. Findings – Although, it was found that direct exports is the widespread entry mode of Colombian companies to foreign markets, most of the observed firms preferred the consolidation in host markets through Mergers & Acquisitions instead of using Greenfield investments or joint ventures. These observations might suggest similarities with the process of internationalisation of Asian tigers multinationals, which means that they are consolidating their internationalisation process based on their learning, linkages and leverages capabilities. Furthermore, Colombian companies are following the internationalisation pattern of other multilatinas. These companies have first explorer natural markets for them; in other words, they have first attempt to be established in markets that share psychic features, and similar institutional environments, as psychic and physical proximity reduces risk and facilitates foreseen return of investments, and therefore long-term capital accumulation. Research limitations/implications – This study has some limitations that suggest further research. First, although the observed firms share one main characteristic: being Colombian-owned multinationals, they belong to diverse fields, so this might pose difficultly for the creation of a framework that explains other multinationals drivers to internationalise. A second limitation is that this analysis does not deepen into the internationalisation patterns of multilatinas from countries other than Colombia; this leaves room for further research questions that might deal with the issue of analysing advantages and disadvantages in the internationalisation process of developing country multinational corporations (DCMCs). A third limitation is that this study does not have a longitudinal approach, so this paper does not intent to provide definitive information about cause-and-effect relationship regarding the drivers for DCMCs to internationalize, instead, this study is intended to provide an analysis of the outward foreign direct investment decisions of Colombian multinational firms. Practical implications – There is limited research based on primary data on accessing the internationalisation process of Colombian multinational companies. This paper offers a research framework and results which could be replicated in other Developing Country Multinational Corporation (DCMNC), and could also be studied longitudinally. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could possibly support managerial decisions. Originality/value – There is limited research based on primary data on accessing the process of internationalisation of Colombian multinational companies. This paper offers research framework and results which could be replicated in other DCMNC, and also could be longitudinally studied. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could eventually support managerial decisions.

Abstract. The paper is devoted to examination of consolidation factors in the banking sector in the context of Industry 4.0 and the complex global conditions associated with the global pandemic caused by COVID-19. The authors determine that the processes of consolidation in the banking sector were especially intensified in the XX century. The impetuses for this were namely the consolidation of industrial capital and expanding capacity of global markets, the growth of multinational corporations, the need to increase market capitalization of banks to expand lending capacity, increasing competition in the global banking market. The correspondence of banking sector development stages to the waves of «mergers and acquisitions» and «industrial revolutions» (Industry 1.0 — 4.0) was established during the research. It is substantiated that the influence of Industry 4.0 in the COVID-19 era provides opportunity to expect further growth in both the number and value of transactions in the banking sector. Examining the processes of banks consolidation in the global transformation of economic development, the authors found out that the main factors of Industry 4.0 and the COVID-19 pandemic influencing mergers and acquisitions in the banking sector are the following ones: impact of technology, introduction of artificial intelligence in customer service virtual banking and subordination of the goals of banking institutions to public values. The authors note that in the conditions of intensification of modern globalization processes, scientific and technological progress there is a negative impact of crisis phenomena on achieving the desired economic result, so considering the peculiarities of consolidation in the banking sector it is useful to take into account a number of current economic dynamics factors that will depend on the quality of economic situation assessment at different time intervals. The article considered numerous methodological approaches to assessing the factors influencing economic processes, which differ in the quality of information support, algorithms and mathematical complexity. Methodical tools are defined by the authors as a direction of further research. As a result of the research, the authors established that in order to understand the success of the consolidation process of bank capital, it is necessary to have a certain criterion that can demonstrate the degree of adaptation of the banking sector to the current economic environment. The obtained results indicate that it is system efficiency that should be chosen as such a criterion. The authors believe that in the modern technological way, the current concept of managing the activities of economic entities will be the «management of efficiency indicator», and not the management of the business as a whole or its individual business processes. Keywords: banking sector, consolidation, COVID-19, Industry 4.0, industrial development, mergers and acquisitions. JEL Classification G21, G32, G34, O14, O16 Formulas: 0; fig.: 3; tabl.: 1; bibl.: 24.

The fast-paced economic and political changes across the world are forcing India to be more globally-oriented. This paper traces these global changes in a historical perspective and examines how India can be integrated into the global economy. It discusses the primary growth engines at different phases of the world growth cycle and suggests the main area around which there is a need to reengineer the country for global competitiveness. While Western Europe and the US/Canada engineered the 18th and the 19th century growth respectively, the author sees the large emerging nations as the 21st century growth engines and purchasing power parity (PPP) as the new measure of economic growth. As India integrates into the world economy, there is a need for it to reposition itself as a country. From the domestic-oriented, self-sufficient license raj, it has come a long way to become a globally-oriented economy focusing on those key sectors of the economy where it has a resource advantage over other nations. The objective is to offer better products at lower prices. Exports to the most demanding markets, after all, are the key to success for a globally competitive economy. To achieve this objective, India needs to reengineer itself in the following areas: Industrial policy through ideology-free policy; privatization of public enterprises; incentives for quality; innovation and productivity; employment through growth; intellectual property rights; and environment policy. International trade through convertible currency anchored to dollar; target exports to selective markets; balanced trade with anchor partners; and focus on selective exports based on comparative advantage. Domestic industry through industry consolidation for scale efficiency; globalization of domestic markets; investment in quality and innovation; process reengineering; and reduction in unorganized sector. National infrastructure through upgradation of transport and logistics; information infrastructure capital markets; financial institutions; special economic zones and energy reliability. Of these, domestic infrastructure is the weakest link. The Indian industries must reposition themselves from the diversified domestic corporations to focused global enterprises. To be a global hub, they need quality and reputation and must, therefore invest in design and research, create brand equity, increase productivity, leverage human capital, get access to low cost capital, and organize global supply chain. The author concludes with the following observations: India is destined to become a major economic power in the 21s century. India's future, however, will depend on the geopolitical realignment of nations and the emergence of ‘triad’ markets. Design is a very strong competitive advantage for India. Public enterprises should not be disinvested and should instead be encouraged to go global along with the private enterprises not just through exports but through mergers and acquisitions. The Indian industries must reposition themselves from the diversified domestic corporations to focused global enterprises.

The article considers current trends of transnationalization in the light of globalization of the world economy. The sources and channels of foreign direct investments are analyzed. It is pointed out, that the degree of TNC penetration into other countries’ economies is described by a means of ranking companies called transnationality index. The key factors of the rapid growth of TNCs and their turning into one of the most important actors of the current market economy are identified. There seems to be a tendency to a greater consolidation of TNCs, which is evidenced by a growing number of mergers and acquisitions of economic entities. It is noted that an increase in foreign direct investments over the last decades has been related to a rapid growth of international corporations that make investments, have branches and subsidiaries in many countries of the world. It is stressed that a further study of transnationalization should be carried out to understand both positive and negative consequences of structural changes in the global economy. A particular attention should be paid to changes in ways and systems of interaction between strategically significant sectors of the economy. A primary purpose of the paper is to consider the current role of TNCs, and to assess the degree of TNCs’ impact on the dynamics of changes in the world economy and international economic relations in the context of transnationalization. The growth of TNCs, which is currently observed, has given a new impetus to integration processes in the world economy. Definitely, it is due to the fact that overseas branches seek to be an integral part of economies of host countries and become incorporated into domestic markets of other countries. Modern TNCs are a combination of national enterprises and foreign affiliates, that form a coherent global system, in which separate branches located in various countries, operate within a framework of unified global strategy. Another feature of TNCs is their severe competition not only in the world markets of goods and services, but also on capital, labour, technology, and information markets.

Over the last decade, managed-care companies have been consolidating on both a regional and national scale. More recently, nonprofit health plans have been converting to for-profit status, and this conversion has frequently occurred as a step to facilitate merger or acquisition with a for-profit company. Some industry observers attribute these managed-care marketplace trends to an industry shakeout resulting from increased competition in the sector. At the same time, these perceived competitive pressures have led to questions about the long-run viability of nonprofit health plans. Furthermore, some industry and government leaders believe that some nonprofits are already conducting themselves like for-profit health plans and question the state premium tax exemption ordinarily accorded to such plans. This paper examines related health policy issues through the lens of a case study of the proposed conversion of the CareFirst Blue Cross Blue Shield company to a for-profit public-stock company and its merger with the Wellpoint Corporation. Company executives and board members argued that CareFirst lacked access to sufficient capital and faced serious threats to its viability as a financially healthy nonprofit health care company. They also argued that CareFirst and its beneficiaries would benefit from merger through enhanced economies of scale and product-line extensions. Critics of the proposed conversion and merger raised concerns about the adverse impacts on access to care, coverage availability, quality of care, safety-net providers, and the cost of health insurance. Analyses demonstrate that CareFirst wields substantial market power in its local market, that it is unlikely to realize cost savings through expanded economies of scale, and that access to capital concerns are largely driven by the perceived need for further expansion through merger and acquisition. Although it is impossible to predict future changes in quality of care for CareFirst, analyses suggest that quality appears to be somewhat lower in for-profit national managed-care companies. Additional research is needed to assess the viability of true nonprofits, the potential effects of nonprofits and for-profit national managed-care plans on the evolution of local insurance andprovider markets, and methods for effective oversight of nonprofit healthplans.

Since the first days of the World Wide Web, artists like myself have been exploring the new possibilities of network interactivity. Some good tools and languages have been developed and made available free for the public to use. This has empowered individuals to participate in the media in ways that are quite remarkable. Nonetheless, the future of independent media is clouded by legal, regulatory, and organisational challenges that need to be addressed. It is not clear to what extent independent content producers will be able to build upon the successes of the 90s – it is yet to be seen whether their efforts will be largely nullified by the anticyclones of a hostile media market. Not so long ago, American news magazines were covering the Browser War. Several real wars later, the terms of surrender are becoming clearer. Now both of the major Internet browsers are owned by huge media corporations, and most of the states (and Reagan-appointed judges) that were demanding the break-up of Microsoft have given up. A curious about-face occurred in U.S. Justice Department policy when John Ashcroft decided to drop the federal case. Maybe Microsoft's value as a partner in covert activity appealed to Ashcroft more than free competition. Regardless, Microsoft is now turning its wrath on new competitors, people who are doing something very, very bad: sharing the products of their own labour. This practice of sharing source code and building free software infrastructure is epitomised by the continuing development of Linux. Everything in the Linux kernel is free, publicly accessible information. As a rule, the people building this "open source" operating system software believe that maintaining transparency is important. But U.S. courts are not doing much to help. In a case brought by the Motion Picture Association of America against Eric Corley, a federal district court blocked the distribution of source code that enables these systems to play DVDs. In addition to censoring Corley's journal, the court ruled that any programmer who writes a program that plays a DVD must comply with a host of license restrictions. In short, an established and popular media format (the DVD) cannot be used under open source operating systems without sacrificing the principle that software source code should remain in the public domain. Should the contents of operating systems be tightly guarded secrets, or subject to public review? If there are capable programmers willing to create good, free operating systems, should the law stand in their way? The question concerning what type of software infrastructure will dominate personal computers in the future is being answered as much by disappointing legal decisions as it is by consumer choice. Rather than ensuring the necessary conditions for innovation and cooperation, the courts permit a monopoly to continue. Rather than endorsing transparency, secrecy prevails. Rather than aiming to preserve a balance between the commercial economy and the gift-economy, sharing is being undermined by the law. Part of the mystery of the Internet for a lot of newcomers must be that it seems to disprove the old adage that you can't get something for nothing. Free games, free music, free pornography, free art. Media corporations are doing their best to change this situation. The FBI and trade groups have blitzed the American news media with alarmist reports about how children don't understand that sharing digital information is a crime. Teacher Gail Chmura, the star of one such media campaign, says of her students, "It's always been interesting that they don't see a connection between the two. They just don't get it" (Hopper). Perhaps the confusion arises because the kids do understand that digital duplication lets two people have the same thing. Theft is at best a metaphor for the copying of data, because the original is not stolen in the same sense as a material object. In the effort to liken all copying to theft, legal provisions for the fair use of intellectual property are neglected. Teachers could just as easily emphasise the importance of sharing and the development of an electronic commons that is free for all to use. The values advanced by the trade groups are not beyond question and are not historical constants. According to Donald Krueckeberg, Rutgers University Professor of Urban Planning, native Americans tied the concept of property not to ownership but to use. "One used it, one moved on, and use was shared with others" (qtd. in Batt). Perhaps it is necessary for individuals to have dominion over some private data. But who owns the land, wind, sun, and sky of the Internet – the infrastructure? Given that publicly-funded research and free software have been as important to the development of the Internet as have business and commercial software, it is not surprising that some ambiguity remains about the property status of the dataverse. For many the Internet is as much a medium for expression and the interplay of languages as it is a framework for monetary transaction. In the case involving DVD software mentioned previously, there emerged a grass-roots campaign in opposition to censorship. Dozens of philosophical programmers and computer scientists asserted the expressive and linguistic bases of software by creating variations on the algorithm needed to play DVDs. The forbidden lines of symbols were printed on T-shirts, translated into different computer languages, translated into legal rhetoric, and even embedded into DNA and pictures of MPAA president Jack Valenti (see e.g. Touretzky). These efforts were inspired by a shared conviction that important liberties were at stake. Supporting the MPAA's position would do more than protect movies from piracy. The use of the algorithm was not clearly linked to an intent to pirate movies. Many felt that outlawing the DVD algorithm, which had been experimentally developed by a Norwegian teenager, represented a suppression of gumption and ingenuity. The court's decision rejected established principles of fair use, denied the established legality of reverse engineering software to achieve compatibility, and asserted that journalists and scientists had no right to publish a bit of code if it might be misused. In a similar case in April 2000, a U.S. court of appeals found that First Amendment protections did apply to software (Junger). Noting that source code has both an expressive feature and a functional feature, this court held that First Amendment protection is not reserved only for purely expressive communication. Yet in the DVD case, the court opposed this view and enforced the inflexible demands of the Digital Millennium Copyright Act. Notwithstanding Ted Nelson's characterisation of computers as literary machines, the decision meant that the linguistic and expressive aspects of software would be subordinated to other concerns. A simple series of symbols were thereby cast under a veil of legal secrecy. Although they were easy to discover, and capable of being committed to memory or translated to other languages, fair use and other intuitive freedoms were deemed expendable. These sorts of legal obstacles are serious challenges to the continued viability of free software like Linux. The central value proposition of Linux-based operating systems – free, open source code – is threatening to commercial competitors. Some corporations are intent on stifling further development of free alternatives. Patents offer another vulnerability. The writing of free software has become a minefield of potential patent lawsuits. Corporations have repeatedly chosen to pursue patent litigation years after the alleged infringements have been incorporated into widely used free software. For example, although it was designed to avoid patent problems by an array of international experts, the image file format known as JPEG (Joint Photographic Experts Group) has recently been dogged by patent infringement charges. Despite good intentions, low-budget initiatives and ad hoc organisations are ill equipped to fight profiteering patent lawsuits. One wonders whether software innovation is directed more by lawyers or computer scientists. The present copyright and patent regimes may serve the needs of the larger corporations, but it is doubtful that they are the best means of fostering software innovation and quality. Orwell wrote in his Homage to Catalonia, There was a new rule that censored portions of the newspaper must not be left blank but filled up with other matter; as a result it was often impossible to tell when something had been cut out. The development of the Internet has a similar character: new diversions spring up to replace what might have been so that the lost potential is hardly felt. The process of retrofitting Internet software to suit ideological and commercial agendas is already well underway. For example, Microsoft has announced recently that it will discontinue support for the Java language in 2004. The problem with Java, from Microsoft's perspective, is that it provides portable programming tools that work under all operating systems, not just Windows. With Java, programmers can develop software for the large number of Windows users, while simultaneously offering software to users of other operating systems. Java is an important piece of the software infrastructure for Internet content developers. Yet, in the interest of coercing people to use only their operating systems, Microsoft is willing to undermine thousands of existing Java-language projects. Their marketing hype calls this progress. The software industry relies on sales to survive, so if it means laying waste to good products and millions of hours of work in order to sell something new, well, that's business. The consequent infrastructure instability keeps software developers, and other creative people, on a treadmill. From Progressive Load by Andy Deck, artcontext.org/progload As an Internet content producer, one does not appeal directly to the hearts and minds of the public; one appeals through the medium of software and hardware. Since most people are understandably reluctant to modify the software running on their computers, the software installed initially is a critical determinant of what is possible. Unconventional, independent, and artistic uses of the Internet are diminished when the media infrastructure is effectively established by decree. Unaccountable corporate control over infrastructure software tilts the playing field against smaller content producers who have neither the advance warning of industrial machinations, nor the employees and resources necessary to keep up with a regime of strategic, cyclical obsolescence. It seems that independent content producers must conform to the distribution technologies and content formats favoured by the entertainment and marketing sectors, or else resign themselves to occupying the margins of media activity. It is no secret that highly diversified media corporations can leverage their assets to favour their own media offerings and confound their competitors. Yet when media giants AOL and Time-Warner announced their plans to merge in 2000, the claim of CEOs Steve Case and Gerald Levin that the merged companies would "operate in the public interest" was hardly challenged by American journalists. Time-Warner has since fought to end all ownership limits in the cable industry; and Case, who formerly championed third-party access to cable broadband markets, changed his tune abruptly after the merger. Now that Case has been ousted, it is unclear whether he still favours oligopoly. According to Levin, global media will be and is fast becoming the predominant business of the 21st century ... more important than government. It's more important than educational institutions and non-profits. We're going to need to have these corporations redefined as instruments of public service, and that may be a more efficient way to deal with society's problems than bureaucratic governments. Corporate dominance is going to be forced anyhow because when you have a system that is instantly available everywhere in the world immediately, then the old-fashioned regulatory system has to give way (Levin). It doesn't require a lot of insight to understand that this "redefinition," this slight of hand, does not protect the public from abuses of power: the dissolution of the "old-fashioned regulatory system" does not serve the public interest. From Lexicon by Andy Deck, artcontext.org/lexicon) As an artist who has adopted telecommunications networks and software as his medium, it disappoints me that a mercenary vision of electronic media's future seems to be the prevailing blueprint. The giantism of media corporations, and the ongoing deregulation of media consolidation (Ahrens), underscore the critical need for independent media sources. If it were just a matter of which cola to drink, it would not be of much concern, but media corporations control content. In this hyper-mediated age, content – whether produced by artists or journalists – crucially affects what people think about and how they understand the world. Content is not impervious to the software, protocols, and chicanery that surround its delivery. It is about time that people interested in independent voices stop believing that laissez faire capitalism is building a better media infrastructure. The German writer Hans Magnus Enzensberger reminds us that the media tyrannies that affect us are social products. The media industry relies on thousands of people to make the compromises necessary to maintain its course. The rapid development of the mind industry, its rise to a key position in modern society, has profoundly changed the role of the intellectual. He finds himself confronted with new threats and new opportunities. Whether he knows it or not, whether he likes it or not, he has become the accomplice of a huge industrial complex which depends for its survival on him, as he depends on it for his own. He must try, at any cost, to use it for his own purposes, which are incompatible with the purposes of the mind machine. What it upholds he must subvert. He may play it crooked or straight, he may win or lose the game; but he would do well to remember that there is more at stake than his own fortune (Enzensberger 18). Some cultural leaders have recognised the important role that free software already plays in the infrastructure of the Internet. Among intellectuals there is undoubtedly a genuine concern about the emerging contours of corporate, global media. But more effective solidarity is needed. Interest in open source has tended to remain superficial, leading to trendy, cosmetic, and symbolic uses of terms like "open source" rather than to a deeper commitment to an open, public information infrastructure. Too much attention is focussed on what's "cool" and not enough on the road ahead. Various media specialists – designers, programmers, artists, and technical directors – make important decisions that affect the continuing development of electronic media. Many developers have failed to recognise (or care) that their decisions regarding media formats can have long reaching consequences. Web sites that use media formats which are unworkable for open source operating systems should be actively discouraged. Comparable technologies are usually available to solve compatibility problems. Going with the market flow is not really giving people what they want: it often opposes the work of thousands of activists who are trying to develop open source alternatives (see e.g. Greene). Average Internet users can contribute to a more innovative, free, open, and independent media – and being conscientious is not always difficult or unpleasant. One project worthy of support is the Internet browser Mozilla. Currently, many content developers create their Websites so that they will look good only in Microsoft's Internet Explorer. While somewhat understandable given the market dominance of Internet Explorer, this disregard for interoperability undercuts attempts to popularise standards-compliant alternatives. Mozilla, written by a loose-knit group of activists and programmers (some of whom are paid by AOL/Time-Warner), can be used as an alternative to Microsoft's browser. If more people use Mozilla, it will be harder for content providers to ignore the way their Web pages appear in standards-compliant browsers. The Mozilla browser, which is an open source initiative, can be downloaded from http://www.mozilla.org/. While there are many people working to create real and lasting alternatives to the monopolistic and technocratic dynamics that are emerging, it takes a great deal of cooperation to resist the media titans, the FCC, and the courts. Oddly enough, corporate interests sometimes overlap with those of the public. Some industrial players, such as IBM, now support open source software. For them it is mostly a business decision. Frustrated by the coercive control of Microsoft, they support efforts to develop another operating system platform. For others, including this writer, the open source movement is interesting for the potential it holds to foster a more heterogeneous and less authoritarian communications infrastructure. Many people can find common cause in this resistance to globalised uniformity and consolidated media ownership. The biggest challenge may be to get people to believe that their choices really matter, that by endorsing certain products and operating systems and not others, they can actually make a difference. But it's unlikely that this idea will flourish if artists and intellectuals don't view their own actions as consequential. There is a troubling tendency for people to see themselves as powerless in the face of the market. This paralysing habit of mind must be abandoned before the media will be free. Works Cited Ahrens, Frank. "Policy Watch." Washington Post (23 June 2002): H03. 30 March 2003 <http://www.washingtonpost.com/ac2/wp-dyn/A27015-2002Jun22?la... ...nguage=printer>. Batt, William. "How Our Towns Got That Way." 7 Oct. 1996. 31 March 2003 <http://www.esb.utexas.edu/drnrm/WhatIs/LandValue.htm>. Chester, Jeff. "Gerald Levin's Negative Legacy." Alternet.org 6 Dec. 2001. 5 March 2003 <http://www.democraticmedia.org/resources/editorials/levin.php>. Enzensberger, Hans Magnus. "The Industrialisation of the Mind." Raids and Reconstructions. London: Pluto Press, 1975. 18. Greene, Thomas C. "MS to Eradicate GPL, Hence Linux." 25 June 2002. 5 March 2003 <http://www.theregus.com/content/4/25378.php>. Hopper, D. Ian. "FBI Pushes for Cyber Ethics Education." Associated Press 10 Oct. 2000. 29 March 2003 <http://www.billingsgazette.com/computing/20001010_cethics.php>. Junger v. Daley. U.S. Court of Appeals for 6th Circuit. 00a0117p.06. 2000. 31 March 2003 <http://pacer.ca6.uscourts.gov/cgi-bin/getopn.pl?OPINION=00a0... ...117p.06>. Levin, Gerald. "Millennium 2000 Special." CNN 2 Jan. 2000. Touretzky, D. S. "Gallery of CSS Descramblers." 2000. 29 March 2003 <http://www.cs.cmu.edu/~dst/DeCSS/Gallery>. Links http://artcontext.org/lexicon/ http://artcontext.org/progload http://pacer.ca6.uscourts.gov/cgi-bin/getopn.pl?OPINION=00a0117p.06 http://www.billingsgazette.com/computing/20001010_cethics.html http://www.cs.cmu.edu/~dst/DeCSS/Gallery http://www.democraticmedia.org/resources/editorials/levin.html http://www.esb.utexas.edu/drnrm/WhatIs/LandValue.htm http://www.mozilla.org/ http://www.theregus.com/content/4/25378.html http://www.washingtonpost.com/ac2/wp-dyn/A27015-2002Jun22?language=printer Citation reference for this article Substitute your date of access for Dn Month Year etc... MLA Style Deck, Andy. "Treadmill Culture " M/C: A Journal of Media and Culture< http://www.media-culture.org.au/0304/04-treadmillculture.php>. APA Style Deck, A. (2003, Apr 23). Treadmill Culture . M/C: A Journal of Media and Culture, 6,< http://www.media-culture.org.au/0304/04-treadmillculture.php>

"If people don't trust their information, it's not much better than a Marxist-Leninist society." -- Orville Schell Dean, Graduate School of Journalism, UC Berkeley "Most people aren't very discerning. Maybe they need good financial information, but I don't think people know what good information is when you get into culture, society, and politics." -- Steven Brill,Chairman and Editor-in-chief, Brill's Content Once upon a time, not very long ago, advertisements were easy to recognise. They had simple personalities with goals not much more complicated than selling you a bar of soap or a box of cereal. And they possessed the reassuring familiarity of old friends or relatives you've known all your life. They were Pilgrims who smiled at you from Quaker Oats boxes or little tablets named "Speedy" who joyfully danced into a glass of water with the sole purpose of giving up their short life to help lessen your indigestion from overindulgence. Yes, sometimes they could be a little obnoxious but, hey, it was a predictable annoyance. And once, not very long ago, advertisements also knew their place in the landscape of popular culture, their boundaries were the ad space of magazines or the commercial time of television programs. When the ads got too annoying, you could toss the magazine aside or change the TV channel. The ease and quickness of their dispatch had the abruptness of slamming your front door in the face of an old door-to-door salesman. This all began to change around the 1950s when advertisements acquired a more complex and subtle personality and began straying outside of their familiar media neighborhoods. The social observer Vance Packard wrote a best-selling book in the late 50s called The Hidden Persuaders which identified this change in advertising's personality as coming from hanging around Professor Freud's psychoanalysis and learning his hidden, subliminal methods of trickery. Ice cubes in a glass for a liquor ad were no longer seen as simple props to help sell a brand of whiskey but were now subliminal suggestions of female anatomy. The curved fronts of automobiles were more than aesthetic streamlined design features but rather suggestive of a particular feature of the male anatomy. Forgotten by the new subliminal types of ads was the simple salesmanship preached by founders of the ad industry like David Ogilvy and John Caples. The word "sales" became a dirty word and was replaced with modern psychological buzzwords like subliminal persuasion. The Evolution of Subliminal Techniques The book Hidden Persuaders made quite a stir at the time, bringing about congressional hearings and even the introduction of legislation. Prominent motivation researchers Louis Cheskin and Ernest Dichter utilised the new ad methods and were publicly admonished as traitors to their profession. The life of the new subliminal advertising seemed short indeed. Even Vance Packard predicted its coming demise. "Eventually, say by A.D. 2000," he wrote in the preface to the paperback edition of his book, "all this depth manipulation of the psychological variety will seem amusingly old- fashioned". Yet, 40 years later, any half-awake observer of popular culture knows that things haven't exactly worked out the way Packard predicted. In fact what seems old-fashioned today is the belief that ads are those simpletons they once were before the 50s and that products are sold for features and benefits rather than for images. Even Vance Packard expresses an amazement at the evolution of advertising since the 50s, noting that today ads for watches have nothing to do with watches or that ads for shoes scarcely mention shoes. Packard remarks "it used to be the brand identified the product. In today's advertising the brand is the product". Modern advertising, he notes, has an almost total obsession with images and feelings and an almost total lack of any concrete claims about the product and why anyone should buy it. Packard admits puzzlement. "Commercials seem totally unrelated to selling any product at all". Jeff DeJoseph of the J. Walter Thompson firm underlines Packard's comments. "We are just trying to convey a sensory impression of the brand, and we're out of there". Subliminal advertising techniques have today infiltrated the heart of corporate America. As Ruth Shalit notes in her article "The Return of the Hidden Persuaders" from the 27 September 1999 issue of Salon magazine, "far from being consigned to the maverick fringe, the new psycho- persuaders of corporate America have colonized the marketing departments of mainstream conglomerates. At companies like Kraft, Coca-Cola, Proctor & Gamble and Daimler-Chrysler, the most sought-after consultants hail not from McKinsey & Company, but from brand consultancies with names like Archetype Discoveries, PsychoLogics and Semiotic Solutions". Shalit notes a growing number of CEOs have become convinced they cannot sell their brands until they first explore the "Jungian substrata of four- wheel drive; unlock the discourse codes of female power sweating; or deconstruct the sexual politics of bologna". The result, as Shalit observes, is a "charmingly retro school of brand psychoanalysis, which holds that all advertising is simply a variation on the themes of the Oedipus complex, the death instinct, or toilet training, and that the goal of effective communications should be to compensate the consumer for the fact that he was insufficiently nursed as an infant, has taken corporate America by storm". The Growing Ubiquity of Advertising Yet pervasive as the subliminal techniques of advertising have become, the emerging power of modern advertising ultimately centres around "where" it is rather than "what" it is or "how" it works. The power of modern advertising is within this growing ubiquity or "everywhereness" of advertising rather than the technology and methodology of advertising. The ultimate power of advertising will be arrived at when ads cannot be distinguished from their background environment. When this happens, the environment will become a great continuous ad. In the process, ads have wandered away from their well-known hangouts in magazines and TV shows. Like alien-infected pod-people of early science fiction movies, they have stumbled out of these familiar media playgrounds and suddenly sprouted up everywhere. The ubiquity of advertising is not being driven by corporations searching for new ways to sell products but by media searching for new ways to make money. Traditionally, media made money by selling subscriptions and advertising space. But these two key income sources are quickly drying up in the new world of online media. Journalist Mike France wisely takes notice of this change in an important article "Journalism's Online Credibility Gap" from the 11 October 1999 issue of Business Week. France notes that subscription fees have not worked because "Web surfers are used to getting content for free, and they have been reluctant to shell out any money for it". Advertising sales and their Internet incarnation in banner ads have also been a failure so far, France observes, because companies don't like paying a flat fee for online advertising since it's difficult to track the effectiveness of their marketing dollars. Instead, they only want to pay for actual sales leads, which can be easily monitored on the Web as readers' click from site to site. Faced with the above situation, media companies have gone on the prowl for new ways to make money. This search underpins the emerging ubiquity of advertising: the fact that it is increasingly appearing everywhere. In the process, traditional boundaries between advertising and other societal institutions are being overrun by these media forces on the prowl for new "territory" to exploit. That time when advertisements knew their place in the landscape of popular culture and confined themselves to just magazines or TV commercials is a fading memory. And today, as each of us is bombarded by thousands of ads each day, it is impossible to "slam" the door and keep them out of our house as we could once slam the door in the face of the old door-to-door salesmen. Of course you can find them on the matchbook cover of your favorite bar, on t-shirts sold at some roadside tourist trap or on those logo baseball caps you always pick up at trade shows. But now they have got a little more personal and stare at you over urinals in the men's room. They have even wedged themselves onto the narrow little bars at the check-out counter conveyer belts of supermarkets or onto the handles of gasoline pumps at filling stations. The list goes on and on. (No, this article is not an ad.) Advertising and Entertainment In advertising's march to ubiquity, two major boundaries have been crossed. They are crucial boundaries which greatly enhance advertising's search for the invisibility of ubiquity. Yet they are also largely invisible themselves. These are the boundaries separating advertising from entertainment and those separating advertising from journalism. The incursion of advertising into entertainment is a result of the increasing merger of business and entertainment, a phenomenon pointed out in best-selling business books like Michael Wolf's Entertainment Economy and Joseph Pine's The Experience Economy. Wolf, a consultant for Viacom, Newscorp, and other media heavy-weights, argues business is becoming synonymous with entertainment: "we have come to expect that we will be entertained all the time. Products and brands that deliver on this expectation are succeeding. Products that do not will disappear". And, in The Experience Economy, Pine notes the increasing need for businesses to provide entertaining experiences. "Those businesses that relegate themselves to the diminishing world of goods and services will be rendered irrelevant. To avoid this fate, you must learn to stage a rich, compelling experience". Yet entertainment, whether provided by businesses or the traditional entertainment industry, is increasingly weighted down with the "baggage" of advertising. In a large sense, entertainment is a form of new media that carries ads. Increasingly, this seems to be the overriding purpose of entertainment. Once, not long ago, when ads were simple and confined, entertainment was also simple and its purpose was to entertain rather than to sell. There was money enough in packed movie houses or full theme parks to make a healthy profit. But all this has changed with advertising's ubiquity. Like media corporations searching for new revenue streams, the entertainment industry has responded to flat growth by finding new ways to squeeze money out of entertainment content. Films now feature products in paid for scenes and most forms of entertainment use product tie-ins to other areas such as retail stores or fast-food restaurants. Also popular with the entertainment industry is what might be termed the "versioning" of entertainment products into various sub-species where entertainment content is transformed into other media so it can be sold more than once. A film may not make a profit on just the theatrical release but there is a good chance it doesn't matter because it stands to make a profit in video rentals. Advertising and Journalism The merger of advertising and entertainment goes a long way towards a world of ubiquitous advertising. Yet the merger of advertising and journalism is the real "promised land" in the evolution of ubiquitous advertising. This fundamental shift in the way news media make money provides the final frontier to be conquered by advertising, a final "promised land" for advertising. As Mike France observes in Business Week, this merger "could potentially change the way they cover the news. The more the press gets in the business of hawking products, the harder it will be to criticize those goods -- and the companies making them". Of course, there is that persistent myth, perpetuated by news organisations that they attempt to preserve editorial independence by keeping the institutions they cover and their advertisers at arm's length. But this is proving more and more difficult, particularly for online media. Observers like France have pointed out a number of reasons for this. One is the growth of ads in news media that look more like editorial content than ads. While long-standing ethical rules bar magazines and newspapers from printing advertisements that look like editorial copy, these rules become fuzzy for many online publications. Another reason making it difficult to separate advertising from journalism is the growing merger and consolidation of media corporations. Fewer and fewer corporations control more and more entertainment, news and ultimately advertising. It becomes difficult for a journalist to criticise a product when it has a connection to the large media conglomerate the journalist works for. Traditionally, it has been rare for media corporations to make direct investments in the corporations they cover. However, as Mike France notes, CNBC crossed this line when it acquired a stake in Archipelago in September 1999. CNBC, which runs a business-news Website, acquired a 12.4% stake in Archipelago Holdings, an electronic communications network for trading stock. Long-term plans are likely to include allowing visitors to cnbc.com to link directly to Archipelago. That means CNBC could be in the awkward position of both providing coverage of online trading and profiting from it. France adds that other business news outlets, such as Dow Jones (DJ), Reuters, and Bloomberg, already have indirect ties to their own electronic stock-trading networks. And, in news organisations, a popular method of cutting down on the expense of paying journalists for content is the growing practice of accepting advertiser written content or "sponsored edit" stories. The confusion to readers violates the spirit of a long-standing American Society of Magazine Editors (ASME) rule prohibiting advertisements with "an editorial appearance". But as France notes, this practice is thriving online. This change happens in ever so subtle ways. "A bit of puffery inserted here," notes France, "a negative adjective deleted there -- it doesn't take a lot to turn a review or story about, say, smart phones, into something approaching highbrow ad copy". He offers an example in forbes.com whose Microsoft ads could easily be mistaken for staff-written articles. Media critic James Fallows points out that consumers have been swift to discipline sites that are caught acting unethically and using "sponsored edits". He notes that when it was revealed that amazon.com was taking fees of up to $10,000 for books that it labelled as "destined for greatness", its customers were outraged, and the company quickly agreed to disclose future promotional payments. Unfortunately, though, the lesson episodes like these teach online companies like Amazon centres around more effective ways to be less "revealing" rather than abstention from the practice of "sponsored edits". France reminds us that journalism is built on trust. In the age of the Internet, though, trust is quickly becoming an elusive quality. He writes "as magazines, newspapers, radio stations, and television networks rush to colonize the Internet, the Great Wall between content and commerce is beginning to erode". In the end, he ponders whether there is an irrevocable conflict between e-commerce and ethical journalism. When you can't trust journalists to be ethical, just who can you trust? Transaction Fees & Affiliate Programs - Advertising's Final Promised Land? The engine driving the growing ubiquity of advertising, though, is not the increasing merger of advertising with other industries (like entertainment and journalism) but rather a new business model of online commerce and Internet technology called transaction fees. This emerging and potentially dominant Internet e-commerce technology provides for the ability to track transactions electronically on Websites and to garner transaction fees. Through these fees, many media Websites take a percentage of payment through online product sales. In effect, a media site becomes one pervasive direct mail ad for every product mentioned on its site. This of course puts them in a much closer economic partnership with advertisers than is the case with traditional fixed-rate ads where there is little connection between product sales and the advertising media carrying them. Transaction fees are the new online version of direct marketing, the emerging Internet technology for their application is one of the great economic driving forces of the entire Internet commerce apparatus. The promise of transaction fees is that a number of people, besides product manufacturers and advertisers, might gain a percentage of profit from selling products via hypertext links. Once upon a time, the manufacturer of a product was the one that gained (or lost) from marketing it. Now, however, there is the possibility that journalists, news organisations and entertainment companies might also gain from marketing via transaction fees. The spread of transaction fees outside media into the general population provides an even greater boost to the growing ubiquity of advertising. This is done through the handmaiden of media transaction fees: "affiliate programs" for the general populace. Through the growing magic of Internet technology, it becomes possible for all of us to earn money through affiliate program links to products and transaction fee percentages in the sale of these products. Given this scenario, it is not surprising that advertisers are most likely to increasingly pressure media Websites to support themselves with e-commerce transaction fees. Charles Li, Senior Analyst for New Media at Forrester Research, estimates that by the year 2003, media sites will receive $25 billion in revenue from transaction fees, compared with $17 billion from ads and $5 billion from subscriptions. The possibility is great that all media will become like great direct response advertisements taking a transaction fee percentage for anything sold on their sites. And there is the more dangerous possibility that all of us will become the new "promised land" for a ubiquitous advertising. All of us will have some cut in selling somebody else's product. When this happens and there is a direct economic incentive for all of us to say nice things about products, what is the need and importance of subliminal techniques and methods creating advertising based on images which try to trick us into buying things? A Society Without Critics? It is for these reasons that criticism and straight news are becoming an increasingly endangered species. Everyone has to eat but what happens when one can no longer make meal money by criticising current culture? Cultural critics become a dying breed. There is no money in criticism because it is based around disconnection rather than connection to products. No links to products or Websites are involved here. Critics are becoming lonely icebergs floating in the middle of a cyber-sea of transaction fees, watching everyone else (except themselves) make money on transaction fees. The subliminal focus of the current consultancies is little more than a repackaging of an old theme discovered long ago by Vance Packard. But the growing "everywhereness" and "everyoneness" of modern advertising through transaction fees may mark the beginning of a revolutionary new era. Everyone might become their own "brand", a point well made in Tim Peters's article "A Brand Called You". Media critic James Fallows is somewhat optimistic that there still may remain "niche" markets for truthful information and honest cultural criticism. He suggests that surely people looking for mortgages, voting for a politician, or trying to decide what movie to see will continue to need unbiased information to help them make decisions. But one must ask what happens when a number of people have some "affiliate" relationship with suggesting particular movies, politicians or mortgages? Orville Schell, dean of the Graduate School of Journalism at the University of California at Berkeley, has summarised this growing ubiquity of advertising in a rather simple and elegant manner saying "at a certain point, people won't be able to differentiate between what's trustworthy and what isn't". Over the long run, this loss of credibility could have a corrosive effect on society in general -- especially given the media's importance as a political, cultural, and economic watchdog. Schell warns, "if people don't trust their information, it's not much better than a Marxist-Leninist society". Yet, will we be able to realise this simple fact when we all become types of Marxists and Leninists? Still, there is the great challenge to America to learn how to utilise transaction fees in a democratic manner. In effect, a combination of the technological promise of the new economy with that old promise, and perhaps even myth, of a democratic America. America stands on the verge of a great threshold and challenge in the growing ubiquity of advertising. In a way, as with most great opportunities or threats, this challenge centres on a peculiar paradox. On the one hand, there is the promise of the emerging Internet business model and its centre around the technology of transaction fees. At the same time, there is the threat posed by transaction fees to America's democratic society in the early years of the new millennium. Yes, once upon a time, not very long ago, advertisements were easy to recognise and also knew their place in the landscape of popular culture. Their greatest, yet silent, evolution (especially in the age of the Internet) has really been in their spread into all areas of culture rather than in methods of trickery and deceit. Now, it is more difficult to slam that front door in the face of that old door-to-door salesman. Or toss that magazine and its ad aside, or switch off commercials on television. We have become that door-to-door salesman, that magazine ad, that television commercial. The current cultural landscape takes on some of the characteristics of the theme of that old science fiction movie The Invasion of the Body Snatchers. A current advertising campaign from RJ Reynolds has a humorous take on the current zeitgeist fad of alien abduction with copy reading "if aliens are smart enough to travel through space then why do they keep abducting the dumbest people on earth?" One might add that when Americans allow advertising to travel through all our space, perhaps we all become the dumbest people on earth, abducted by a new alien culture so far away from a simplistic nostalgia of yesterday. (Please press below for your links to a world of fantastic products which can make a new you.) References Brill, Steven. Quoted by Mike France in "Journalism's Online Credibility Gap." Business Week 11 Oct. 1999. France, Mike. "Journalism's Online Credibility Gap." Business Week 11 Oct. 1999. <http://www.businessweek.com/1999/99_41/b3650163.htm>. Packard, Vance. The Hidden Persuaders. Out of Print, 1957. Pine, Joseph, and James Gilmore. The Experience Economy. Harvard Business School P, 1999. Shalit, Ruth. "The Return of the Hidden Persuaders." Salon Magazine 27 Sep. 1999. <http://www.salon.com/media/col/shal/1999/09/27/persuaders/index.php>. Schell, Orville. Quoted by Mike France in "Journalism's Online Credibility Gap." Business Week 11 Oct. 1999. Wolf, Michael. Entertainment Economy. Times Books, 1999. Citation reference for this article MLA style: John Fraim. "Friendly Persuasion: The Growing Ubiquity of Advertising, or What Happens When Everyone Becomes an Ad?." M/C: A Journal of Media and Culture 3.1 (2000). [your date of access] <http://www.uq.edu.au/mc/0003/ads.php>. Chicago style: John Fraim, "Friendly Persuasion: The Growing Ubiquity of Advertising, or What Happens When Everyone Becomes an Ad?," M/C: A Journal of Media and Culture 3, no. 1 (2000), <http://www.uq.edu.au/mc/0003/ads.php> ([your date of access]). APA style: John Fraim. (2000) Friendly Persuasion: The Growing Ubiquity of Advertising, or What Happens When Everyone Becomes an Ad?. M/C: A Journal of Media and Culture 3(1). <http://www.uq.edu.au/mc/0003/ads.php> ([your date of access]).

Permasalahan utama di dalam bisnis selalu berhubungan dengan modal, baik modal kerja (working capital) maupun modal tetap perusahaan. Modal tetap pada perusahaan perseroan (corporation) biasanya terdiri dari saham istimewa (preference stock) dan saham biasa (commons stock). Saham istimewa, sesuai dengan namanya, diberikan kepada pemegangnya karena jasa-jasa tertentu kepada perusahaan. Pendapatan (return) dari saham istimewa ini diberikan dalam tetap (fix) sesuai dengan persentase yang telah ditetapkan. Biasanya sekitar 7%. Karena bersifat istimewa, walaupun rugi, pemegang saham istimewa akan mendapatkan return 7% dari jumlah nominal saham yang dipegang.Sebaliknya, bagi pemegang saham biasa saham yang terbanyak beredar (outstanding) ini return dalam bentuk deviden baru diberikan apabila perusahaan memperoleh laba (profit) yang diumumkan oleh manajer. Apabila perusahaan menderita kerugian, pemegang saham biasa akan ikut menanggung kerugian tersebut sehingga mempengaruhi modal yang ditanam dalam perusahaan.Modal kerja merupakan salah satu unsur penggerak utama dalam perusahaan. Di samping sebagai pengukur operasional perusahaan, modal kerja juga merupakan alat ukur untuk membiayai kewajiban jangka pendek (liquidity). Ukuran likuiditas minimal yang paling aman adalah 2 : 1. Artinya, setiap satu rupiah kewajiban dapat dibiayai dengan dua rupiah asset lancar.Meski ukuran ini mempunyai kelemahan, tetapi dalam praktik, terutama di perusahaan jasa perbankan, rasio likuiditas dijadikan salah satu ukuran kelayakan dalam pemberian pembiayaan (kredit) pada nasabahnya. Bank mengasumsikan bahwa dengan ukuran ini nasabah akan mampu membiayai kewajiban jangka pendek dengan kepemilikan aktiva lancar yang dimiliki.Untuk memperbesar kemampuan operasional, perusahaan juga lazim melakukan pinjaman dalam bentuk pembiayaan dengan pihak ketiga, baik lembaga keuangan bank maupun non-perbankan. Pinjaman yang dilakukan dapat dalam bentuk jangka pendek (kurang dari satu tahun) maupun jangka panjang (lebih dari satu tahun).Dalam praktik, batasan antara hutang jangka pendek dan jangka panjang sangat kabur. Karena, meskipun jangka pendek, tetapi karena adanya masalah kesulitan keuangan perusahaan, hutang tersebut dapat dijadwalkan kembali sehingga hutang jangka pendek dapat diperluas (extend)  dan berubah menjadi kewajiban jangka panjang.Dalam literatur akuntansi, dua pihak (kreditur dan investor) merupakan tujuan utama dalam pembuatan pelaporan keuangan. Konsep ini merupakan bagian dari peran akuntanasi, di mana akuntansi harus melayani siapa. Dalam konsep ini, peran kreditur relatif sama dengan investor meskipun dalam situasi likuidasi pelayanan pembayaran kewajiban (debt) lebih diutamakan daripada saham.Operasional perusahaan kadang-kadang tidak semulus yang diharapkan sehingga kewajiban kepada pihak ketiga terganggu. Kejadian ini mengharuskan perusahaan melakukan strukturisasi hutang yang diperlukan. Menurut Sjahdeini (Haryono, 2011) terdapat beberapa bentuk restrukturisasi hutang, di antaranya:Memasukkan modal baru oleh pemegang saham yang lama atau oleh pemegang saham yang baru melalui penempatan langsung (direct placement) atau melalui  bursa saham.2.        Melakukan konversi utang dengan convertible bond.Melakukan konversi utang menjadi modal perseroan (debt for equity conversion).Melakukan penjadwalan kembali pelunasan utang (rescheduling), termasuk pemberian masa tenggang (grace period) yang baru atau pemberian moratorium kepada debitur.Melakukan persyaratan kembali perjanjian utang (reconditioning)Melakukan pengurangan jumlah utang pokok (hair cut)Melakukan pengurangan tingkat suku bunga.Melakukan pengurangan jumlah bunga dan utang pokok yang tertunggak.Memberikan tambahan utang baru.Mengkonversi utang dengan surat utang yang dapat dipindah tangankan, baik suratutang jangka panjang menengah maupun jangka panjang.Melakukan penggabungan (merger) dengan perseroan lain.Melakukan peleburan (consolidation) dengan perseroan lain.Melakukan perjanjian akuisisi saham perseroan (aquisition of stock) oleh pihak lainMenjual aktiva yang tidak produktif atau yang tidak langsung diperlukan untukkegiatan usaha perseroan.Melakukan hal-hal lain yang tidak bertentangan dengan peraturan perundangundangan yang berlaku.Dalam tulisan ini dibahas tentang huruf b dan c di atas yaitu melakukan   convertible debt menjadi equity.

Augmented Reality—The Liminal Zone Within the larger context of the post-desktop technological philosophy and practice, an increasing number of efforts are directed towards finding solutions for integrating as close as possible virtual information into specific real environments; a short list of such endeavors include Wi-Fi connectivity, GPS-driven navigation, mobile phones, GIS (Geographic Information System), and various technological systems associated with what is loosely called locative, ubiquitous and pervasive computing. Augmented Reality (AR) is directly related to these technologies, although its visualization capabilities and the experience it provides assure it a particular place within this general trend. Indeed, AR stands out for its unique capacity (or ambition) to offer a seamless combination—or what I call here an effect of convergence—of the real scene perceived by the user with virtual information overlaid on that scene interactively and in real time. The augmented scene is perceived by the viewer through the use of different displays, the most common being the AR glasses (head-mounted display), video projections or monitors, and hand-held mobile devices such as smartphones or tablets, increasingly popular nowadays. One typical example of AR application is Layar, a browser that layers information of public interest—delivered through an open-source content management system—over the actual image of a real space, streamed live on the mobile phone display. An increasing number of artists employ this type of mobile AR apps to create artworks that consist in perceptually combining material reality and virtual data: as the user points the smartphone or tablet to a specific place, virtual 3D-modelled graphics or videos appear in real time, seamlessly inserted in the image of that location, according to the user’s position and orientation. In the engineering and IT design fields, one of the first researchers to articulate a coherent conceptualization of AR and to underlie its specific capabilities is Ronald Azuma. He writes that, unlike Virtual Reality (VR) which completely immerses the user inside a synthetic environment, AR supplements reality, therefore enhancing “a user’s perception of and interaction with the real world” (355-385). Another important contributor to the foundation of AR as a concept and as a research field is industrial engineer Paul Milgram. He proposes a comprehensive and frequently cited definition of “Mixed Reality” (MR) via a schema that includes the entire spectrum of situations that span the “continuum” between actual reality and virtual reality, with “augmented reality” and “augmented virtuality” between the two poles (283). Important to remark with regard to terminology (MR or AR) is that especially in the non-scientific literature, authors do not always explain a preference for either MR or AR. This suggests that the two terms are understood as synonymous, but it also provides evidence for my argument that, outside of the technical literature, AR is considered a concept rather than a technology. Here, I use the term AR instead of MR considering that the phrase AR (and the integrated idea of augmentation) is better suited to capturing the convergence effect. As I will demonstrate in the following lines, the process of augmentation (i.e. the convergence effect) is the result of an enhancement of the possibilities to perceive and understand the world—through adding data that augment the perception of reality—and not simply the product of a mix. Nevertheless, there is surely something “mixed” about this experience, at least for the fact that it combines reality and virtuality. The experiential result of combining reality and virtuality in the AR process is what media theorist Lev Manovich calls an “augmented space,” a perceptual liminal zone which he defines as “the physical space overlaid with dynamically changing information, multimedia in form and localized for each user” (219). The author derives the term “augmented space” from the term AR (already established in the scientific literature), but he sees AR, and implicitly augmented space, not as a strictly defined technology, but as a model of visuality concerned with the intertwining of the real and virtual: “it is crucial to see this as a conceptual rather than just a technological issue – and therefore as something that in part has already been an element of other architectural and artistic paradigms” (225-6). Surely, it is hard to believe that AR has appeared in a void or that its emergence is strictly related to certain advances in technological research. AR—as an artistic manifestation—is informed by other attempts (not necessarily digital) to merge real and fictional in a unitary perceptual entity, particularly by installation art and Virtual Reality (VR) environments. With installation art, AR shares the same spatial strategy and scenographic approach—they both construct “fictional” areas within material reality, that is, a sort of mise-en-scène that are aesthetically and socially produced and centered on the active viewer. From the media installationist practice of the previous decades, AR inherited the way of establishing a closer spatio-temporal interaction between the setting, the body and the electronic image (see for example Bruce Nauman’s Live-Taped Video Corridor [1970], Peter Campus’s Interface [1972], Dan Graham’s Present Continuous Pasts(s) [1974], Jeffrey Shaw’s Viewpoint [1975], or Jim Campbell’s Hallucination [1988]). On the other hand, VR plays an important role in the genealogy of AR for sharing the same preoccupation for illusionist imagery and—at least in some AR projects—for providing immersive interactions in “expanded image spaces experienced polysensorily and interactively” (Grau 9). VR artworks such as Paul Sermon, Telematic Dreaming (1992), Char Davies’ Osmose (1995), Michael Naimark’s Be Now Here (1995-97), Maurice Benayoun’s World Skin: A Photo Safari in the Land of War (1997), Luc Courchesne’s Where Are You? (2007-10), are significant examples for the way in which the viewer can be immersed in “expanded image-spaces.” Offering no view of the exterior world, the works try instead to reduce as much as possible the critical distance the viewer might have to the image he/she experiences. Indeed, AR emerged in great part from the artistic and scientific research efforts dedicated to VR, but also from the technological and artistic investigations of the possibilities of blending reality and virtuality, conducted in the previous decades. For example, in the 1960s, computer scientist Ivan Sutherland played a crucial role in the history of AR contributing to the development of display solutions and tracking systems that permit a better immersion within the digital image. Another important figure in the history of AR is computer artist Myron Krueger whose experiments with “responsive environments” are fundamental as they proposed a closer interaction between participant’s body and the digital object. More recently, architect and theorist Marcos Novak contributed to the development of the idea of AR by introducing the concept of “eversion”, “the counter-vector of the virtual leaking out into the actual”. Today, AR technological research and the applications made available by various developers and artists are focused more and more on mobility and ubiquitous access to information instead of immersivity and illusionist effects. A few examples of mobile AR include applications such as Layar, Wikitude—“world browsers” that overlay site-specific information in real-time on a real view (video stream) of a place, Streetmuseum (launched in 2010) and Historypin (launched in 2011)—applications that insert archive images into the street-view of a specific location where the old images were taken, or Google Glass (launched in 2012)—a device that provides the wearer access to Google’s key Cloud features, in situ and in real time. Recognizing the importance of various technological developments and of the artistic manifestations such as installation art and VR as predecessors of AR, we should emphasize that AR moves forward from these artistic and technological models. AR extends the installationist precedent by proposing a consistent and seamless integration of informational elements with the very physical space of the spectator, and at the same time rejects the idea of segregating the viewer into a complete artificial environment like in VR systems by opening the perceptual field to the surrounding environment. Instead of leaving the viewer in a sort of epistemological “lust” within the closed limits of the immersive virtual systems, AR sees virtuality rather as a “component of experiencing the real” (Farman 22). Thus, the questions that arise—and which this essay aims to answer—are: Do we have a specific spatial dimension in AR? If yes, can we distinguish it as a different—if not new—spatial and aesthetic paradigm? Is AR’s intricate topology able to be the place not only of convergence, but also of possible tensions between its real and virtual components, between the ideal of obtaining a perceptual continuity and the inherent (technical) limitations that undermine that ideal? Converging Spaces in the Artistic Mode: Between Continuum and Discontinuum As key examples of the way in which AR creates a specific spatial experience—in which convergence appears as a fluctuation between continuity and discontinuity—I mention three of the most accomplished works in the field that, significantly, expose also the essential role played by the interface in providing this experience: Living-Room 2 (2007) by Jan Torpus, Under Scan (2005-2008) by Rafael Lozano-Hemmer and Hans RichtAR (2013) by John Craig Freeman and Will Pappenheimer. The works illustrate the three main categories of interfaces used for AR experience: head-attached, spatial displays, and hand-held (Bimber 2005). These types of interface—together with all the array of adjacent devices, software and tracking systems—play a central role in determining the forms and outcomes of the user’s experience and consequently inform in a certain measure the aesthetic and socio-cultural interpretative discourse surrounding AR. Indeed, it is not the same to have an immersive but solitary experience, or a mobile and public experience of an AR artwork or application. The first example is Living-Room 2 an immersive AR installation realized by a collective coordinated by Jan Torpus in 2007 at the University of Applied Sciences and Arts FHNW, Basel, Switzerland. The work consists of a built “living-room” with pieces of furniture and domestic objects that are perceptually augmented by means of a “see-through” Head Mounted Display. The viewer perceives at the same time the real room and a series of virtual graphics superimposed on it such as illusionist natural vistas that “erase” the walls, or strange creatures that “invade” the living-room. The user can select different augmenting “scenarios” by interacting with both the physical interfaces (the real furniture and objects) and the graphical interfaces (provided as virtual images in the visual field of the viewer, and activated via a handheld device). For example, in one of the scenarios proposed, the user is prompted to design his/her own extended living room, by augmenting the content and the context of the given real space with different “spatial dramaturgies” or “AR décors.” Another scenario offers the possibility of creating an “Ecosystem”—a real-digital world perceived through the HMD in which strange creatures virtually occupy the living-room intertwining with the physical configuration of the set design and with the user’s viewing direction, body movement, and gestures. Particular attention is paid to the participant’s position in the room: a tracking device measures the coordinates of the participant’s location and direction of view and effectuates occlusions of real space and then congruent superimpositions of 3D images upon it. Figure 1: Jan Torpus, Living-Room 2 (Ecosystems), Augmented Reality installation (2007). Courtesy of the artist. Figure 2: Jan Torpus, Living-Room 2 (AR decors), Augmented Reality installation (2007). Courtesy of the artist.In this sense, the title of the work acquires a double meaning: “living” is both descriptive and metaphoric. As Torpus explains, Living-Room is an ambiguous phrase: it can be both a living-room and a room that actually lives, an observation that suggests the idea of a continuum and of immersion in an environment where there are no apparent ruptures between reality and virtuality. Of course, immersion is in these circumstances not about the creation of a purely artificial secluded space of experience like that of the VR environments, but rather about a dialogical exercise that unifies two different phenomenal levels, real and virtual, within a (dis)continuous environment (with the prefix “dis” as a necessary provision). Media theorist Ron Burnett’s observations about the instability of the dividing line between different levels of experience—more exactly, of the real-virtual continuum—in what he calls immersive “image-worlds” have a particular relevance in this context: Viewing or being immersed in images extend the control humans have over mediated spaces and is part of a perceptual and psychological continuum of struggle for meaning within image-worlds. Thinking in terms of continuums lessens the distinctions between subjects and objects and makes it possible to examine modes of influence among a variety of connected experiences. (113) It is precisely this preoccupation to lessen any (or most) distinctions between subjects and objects, and between real and virtual spaces, that lays at the core of every artistic experiment under the AR rubric. The fact that this distinction is never entirely erased—as Living-Room 2 proves—is part of the very condition of AR. The ambition to create a continuum is after all not about producing perfectly homogenous spaces, but, as Ron Burnett points out (113), “about modalities of interaction and dialogue” between real worlds and virtual images. Another way to frame the same problematic of creating a provisional spatial continuum between reality and virtuality, but this time in a non-immersive fashion (i.e. with projective interface means), occurs in Rafael Lozano-Hemmer’s Under Scan (2005-2008). The work, part of the larger series Relational Architecture, is an interactive video installation conceived for outdoor and indoor environments and presented in various public spaces. It is a complex system comprised of a powerful light source, video projectors, computers, and a tracking device. The powerful light casts shadows of passers-by within the dark environment of the work’s setting. A tracking device indicates where viewers are positioned and permits the system to project different video sequences onto their shadows. Shot in advance by local videographers and producers, the filmed sequences show full images of ordinary people moving freely, but also watching the camera. As they appear within pedestrians’ shadows, the figurants interact with the viewers, moving and establishing eye contact. Figure 3: Rafael Lozano-Hemmer, Under Scan (Relational Architecture 11), 2005. Shown here: Trafalgar Square, London, United Kingdom, 2008. Photo by: Antimodular Research. Courtesy of the artist. Figure 4: Rafael Lozano-Hemmer, Under Scan (Relational Architecture 11), 2005. Shown here: Trafalgar Square, London, United Kingdom, 2008. Photo by: Antimodular Research. Courtesy of the artist. One of the most interesting attributes of this work with respect to the question of AR’s (im)possible perceptual spatial continuity is its ability to create an experientially stimulating and conceptually sophisticated play between illusion and subversion of illusion. In Under Scan, the integration of video projections into the real environment via the active body of the viewer is aimed at tempering as much as possible any disparities or dialectical tensions—that is, any successive or alternative reading—between real and virtual. Although non-immersive, the work fuses the two levels by provoking an intimate but mute dialogue between the real, present body of the viewer and the virtual, absent body of the figurant via the ambiguous entity of the shadow. The latter is an illusion (it marks the presence of a body) that is transcended by another illusion (video projection). Moreover, being “under scan,” the viewer inhabits both the “here” of the immediate space and the “there” of virtual information: “the body” is equally a presence in flesh and bones and an occurrence in bits and bytes. But, however convincing this reality-virtuality pseudo-continuum would be, the spatial and temporal fragmentations inevitably persist: there is always a certain break at the phenomenological level between the experience of real space, the bodily absence/presence in the shadow, and the displacements and delays of the video image projection. Figure 5: John Craig Freeman and Will Pappenheimer, Hans RichtAR, augmented reality installation included in the exhibition “Hans Richter: Encounters”, Los Angeles County Museum of Art, 2013. Courtesy of the artists. Figure 6: John Craig Freeman and Will Pappenheimer, Hans RichtAR, augmented reality installation included in the exhibition “Hans Richter: Encounters”, Los Angeles County Museum of Art, 2013. Courtesy of the artists. The third example of an AR artwork that engages the problem of real-virtual spatial convergence as a play between perceptual continuity and discontinuity, this time with the use of hand-held mobile interface is Hans RichtAR by John Craig Freeman and Will Pappenheimer. The work is an AR installation included in the exhibition “Hans Richter: Encounters” at Los Angeles County Museum of Art, in 2013. The project recreates the spirit of the 1929 exhibition held in Stuttgart entitled Film und Foto (“FiFo”) for which avant-garde artist Hans Richter served as film curator. Featured in the augmented reality is a re-imaging of the FiFo Russian Room designed by El Lissitzky where a selection of Russian photographs, film stills and actual film footage was presented. The users access the work through tablets made available at the exhibition entrance. Pointing the tablet at the exhibition and moving around the room, the viewer discovers that a new, complex installation is superimposed on the screen over the existing installation and gallery space at LACMA. The work effectively recreates and interprets the original design of the Russian Room, with its scaffoldings and surfaces at various heights while virtually juxtaposing photography and moving images, to which the authors have added some creative elements of their own. Manipulating and converging real space and the virtual forms in an illusionist way, AR is able—as one of the artists maintains—to destabilize the way we construct representation. Indeed, the work makes a statement about visuality that complicates the relationship between the visible object and its representation and interpretation in the virtual realm. One that actually shows the fragility of establishing an illusionist continuum, of a perfect convergence between reality and represented virtuality, whatever the means employed. AR: A Different Spatial Practice Regardless the degree of “perfection” the convergence process would entail, what we can safely assume—following the examples above—is that the complex nature of AR operations permits a closer integration of virtual images within real space, one that, I argue, constitutes a new spatial paradigm. This is the perceptual outcome of the convergence effect, that is, the process and the product of consolidating different—and differently situated—elements in real and virtual worlds into a single space-image. Of course, illusion plays a crucial role as it makes permeable the perceptual limit between the represented objects and the material spaces we inhabit. Making the interface transparent—in both proper and figurative senses—and integrating it into the surrounding space, AR “erases” the medium with the effect of suspending—at least for a limited time—the perceptual (but not ontological!) differences between what is real and what is represented. These aspects are what distinguish AR from other technological and artistic endeavors that aim at creating more inclusive spaces of interaction. However, unlike the CAVE experience (a display solution frequently used in VR applications) that isolates the viewer within the image-space, in AR virtual information is coextensive with reality. As the example of the Living-Room 2 shows, regardless the degree of immersivity, in AR there is no such thing as dismissing the real in favor of an ideal view of a perfect and completely controllable artificial environment like in VR. The “redemptive” vision of a total virtual environment is replaced in AR with the open solution of sharing physical and digital realities in the same sensorial and spatial configuration. In AR the real is not denounced but reflected; it is not excluded, but integrated. Yet, AR distinguishes itself also from other projects that presuppose a real-world environment overlaid with data, such as urban surfaces covered with screens, Wi-Fi enabled areas, or video installations that are not site-specific and viewer inclusive. Although closely related to these types of projects, AR remains different, its spatiality is not simply a “space of interaction” that connects, but instead it integrates real and virtual elements. Unlike other non-AR media installations, AR does not only place the real and virtual spaces in an adjacent position (or replace one with another), but makes them perceptually convergent in an—ideally—seamless way (and here Hans RichtAR is a relevant example). Moreover, as Lev Manovich notes, “electronically augmented space is unique – since the information is personalized for every user, it can change dynamically over time, and it is delivered through an interactive multimedia interface” (225-6). Nevertheless, as our examples show, any AR experience is negotiated in the user-machine encounter with various degrees of success and sustainability. Indeed, the realization of the convergence effect is sometimes problematic since AR is never perfectly continuous, spatially or temporally. The convergence effect is the momentary appearance of continuity that will never take full effect for the viewer, given the internal (perhaps inherent?) tensions between the ideal of seamlessness and the mostly technical inconsistencies in the visual construction of the pieces (such as real-time inadequacy or real-virtual registration errors). We should note that many criticisms of the AR visualization systems (being them practical applications or artworks) are directed to this particular aspect related to the imperfect alignment between reality and digital information in the augmented space-image. However, not only AR applications can function when having an estimated (and acceptable) registration error, but, I would state, such visual imperfections testify a distinctive aesthetic aspect of AR. The alleged flaws can be assumed—especially in the artistic AR projects—as the “trace,” as the “tool’s stroke” that can reflect the unique play between illusion and its subversion, between transparency of the medium and its reflexive strategy. 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Shown at 9th Biennale de Paris, Musée d'Art Moderne, Paris, France.