By H. Peyton Young
Governments and associations, maybe even greater than markets, be certain who will get what in our society. They make the the most important offerings approximately who can pay the taxes, who will get into collage, who will get therapy, who will get drafted, the place the detrimental waste sell off is sited, and what sort of we pay for public companies. Debate approximately those matters unavoidably facilities at the query of even if the answer is ''fair.'' during this publication, H. Peyton younger bargains a scientific clarification of what we suggest by way of equity in allotting public assets and burdens, and applies the speculation to genuine instances.
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The company grew to become the largest family-run chaebol (conglomerate) in South Korea. Its 50 subsidiaries included Hyundai Heavy Industries, Hyundai Motor, and Hyundai Electronics. Another subsidiary, Hyundai Civil Industries, won several major government contracts and was responsible for building much of Korea’s transport infrastructure in the 1960s and 1970s. In the 1980s, Chung was instrumental in reorienting the national economy from large government projects to consumerfocused segments.
During the post-war reconstruction, Chung made good use of his brother In-yung’s personal network. In-yung could speak English and was on friendly terms with a number of American military officers. Later, when growing Hyundai into a dominant conglomerate, Chung drew on the ideas of a close circle of associates, including his brother Chung Se-yung, founder of Hyundai Motors, and his sons: Chung Mong-koo, head of the Hyundai Kia Automotive Group, currently honorary vice-president of FIFA; Chung Mong-hun, at one point chairman of Hyundai Group; and Chung Mong-joon, the controlling shareholder of Hyundai Heavy Industries.
Whether this profit maximization should be short term or long term has been the subject of further discussion. However, the idea that the firm’s primary goal is to maximize its shareholder returns was a widely held one – and still is in many quarters. In the 1980s, stakeholder theory took the view that a firm’s impact on its other stakeholders – not just shareholders – is vital. Employees, customers, suppliers, financiers, governmental bodies, communities, trade unions, and industry bodies are all concerned with the firm’s operations.
Equity by H. Peyton Young