Financial Globalization and Labor: Employee Shareholding or Labor Regression?

The authors review from a critical perspective the ‘patrimonial capitalism’ approach, as well as its analysis of wage-labor transformations in developed economies during the last thirty years. For this purpose, they take the economies of France and the United States as study cases. According to this approach, patrimonial financialization of working households has involved a radical transformation of the wage-labor nexus, paradigmatically exemplified by the concept of employee shareholding. The authors point out weaknesses of this approach, theoretical as well as empirical. Furthermore, they focus on an alternative interpretation that characterizes the nature of wage-labor nexus transformation in the French and U.S. economies as a wage adjustment. This wage adjustment is the result of the neoliberal policies developed to restore capital profitability after the crisis of the 1970s, and has caused an erosion of salary and social conquests attained by labor after the Second World War. Finances have acted as a lever of social reorganization among classes to achieve the objective of profitability recovery.patrimonial capitalism, financial globalization, employee shareholding, crisis, wage adjustment, USA, France

La influencia de la financiación sobre el gobierno corporativo de la empresa : el papel de los inversores institucionales

El objeto de este trabajo es analizar cómo el proceso de financiarización vivido por la economía mundial durante estas últimas tres décadas, atendiendo en particular al desarrollo y auge de los mercados financieros internacionales, ha alterado los criterios de gestión empresarial de las grandes sociedades no financieras de los países de la OCDE. Para estudiar esta influencia sobre los criterios de gestión empresarial, analizamos el papel que han adquirido los inversores institucionales, así como su creciente presencia en la estructura accionarial de las empresas. La masiva presencia de estos inversores institucionales en el capital de las empresas ha propiciado la adopción y extensión de los criterios de gestión propios del corporate governance, posibilitando (a través de los nuevos instrumentos de control garantizados por la liquidez de los mercados internacionales) la primacía de los objetivos financieros en el interior de estas organizaciones._________________________The aim of this paper is to analyze how the financialization of the world economy during the last decades –in particular, the growth and expansion of international financial markets– has modified corporate governance of large non financial companies in OECD countries. To study the influence of international financial markets on corporate governance, we analyze the prominent role achieved by institutional investors, as well as their growing presence on the capital structure of large non financial companies. The massive presence of institutional investors in companies’ capital structure has implied the adoption and extension of corporate governance principles. The adoption of these principles has permitted –by means of the controlling capacity exerted by liquidity– the preeminence of financial objectives within non financial companies

Todos los caminos conducen a Roma el peaje, también. Panorama de la institución en tiempo de Jesús. Su actualidad en Argentina. Córdoba

Todos los caminos conducen a RomaEl Peaje también. Panorama de la Institución en tiempo de Jesús. Su Actualidad en Argentina. Córdoba.Roma, uno de los pueblos más importantes de la Antigüedad, inició su vida como una aldea para culminar en una gran ciudad-estado, formando más tarde un vasto imperio.La extensión de sus tierras, que fueron adquiridas por diversos motivos, trajo aparejado en el ámbito económico-administrativo, la aplicación de distintas clases de impuestos por parte del Estado, que afectaron dentro del territorio imperial, a lugares tales como el Asia Menor, y en ella, a Judea, Galilea y otros sitios cercanos.Una de estas cargas en ese tiempo recayó sobre el Uso del Camino, que fue considerada como el pago al derecho del uso o paso de los caminos y puentes, y en relación a ello, mencionamos en la presente elaboración, a uno de los casos resonantes de la historia hebrea que se dio en el tiempo de Tiberio y Poncio Pilato, para arribar a la actualidad de la Argentina, donde este impuesto antiguo es llamado Peaje, y cuyo tratamiento lo realizan ciertas disposiciones a nivel nacional y la provincia de Córdoba

Comparative complete scheme and booster effectiveness of COVID‐19 vaccines in preventing SARS‐CoV‐2 infections with SARS‐CoV‐2 Omicron (BA.1) and Delta (B.1.617.2) variants: A case–case study based on electronic health records

Background: Information on vaccine effectiveness in a context of novel variants of concern (VOC) emergence is of key importance to inform public health policies. This study aimed to estimate a measure of comparative vaccine effectiveness between Omicron (BA.1) and Delta (B.1.617.2 and sub-lineages) VOC according to vaccination exposure (primary or booster). Methods: We developed a case-case study using data on RT-PCR SARS-CoV-2-positive cases notified in Portugal during Weeks 49-51, 2021. To obtain measure of comparative vaccine effectiveness, we compared the odds of vaccination in Omicron cases versus Delta using logistic regression adjusted for age group, sex, region, week of diagnosis, and laboratory of origin. Results: Higher odds of vaccination were observed in cases infected by Omicron VOC compared with Delta VOC cases for both complete primary vaccination (odds ratio [OR] = 2.1; 95% confidence interval [CI]: 1.8 to 2.4) and booster dose (OR = 5.2; 95% CI: 3.1 to 8.8), equivalent to reduction of vaccine effectiveness from 44.7% and 92.8%, observed against infection with Delta, to -6.0% (95% CI: 29.2% to 12.7%) and 62.7% (95% CI: 35.7% to 77.9%), observed against infection with Omicron, for complete primary vaccination and booster dose, respectively. Conclusion: Consistent reduction in vaccine-induced protection against infection with Omicron was observed. Complete primary vaccination may not be protective against SARS-CoV-2 infection in regions where Omicron variant is dominant.The acquisition of sequencing equipment and reagents used in this study by the Instituto Nacional de Saúde Doutor Ricardo Jorge was partially funded by the HERA project (grant no. 2021/PHF/23776), supported by the European Commission through the European Centre for Disease Control, and also partially funded by the Genome PT project (grant no. POCI-01-0145-FEDER-022184), supported by COMPETE 2020–Operational Programme for Competitiveness and Internationalisation, Lisboa Portugal Regional Operational Programme, Algarve Portugal Regional Operational, under the Portugal 2020 Partnership Agreement, through the European Regional Development Fund, and by the Portuguese Science and Technology Foundation. The Algarve Biomedical Center Laboratory received public funding through the Project ALG-D2-2021-06 Variants Screen in Southern Portugal–Monitoring Variants of Concern in Southern Portugal and the Portuguese Science and Technology Foundation national support through the Comprehensive Health Research Center (grant no. UIDP/04923/2020).info:eu-repo/semantics/publishedVersio

Seroprevalence of SARS-CoV-2 in a Cohort of Patients with Multiple Sclerosis under Disease-Modifying Therapies

Background: Disease-modifying therapies (DMTs) used to treat multiple sclerosis (MS) alter the immune system and therefore increase the risk of infection. There is growing concern about the impact of COVID-19 on patients with MS (pwMS), especially those treated with DMTs. Methods: This is a single-center prospective observational study based on data from the Esclerosis Múltiple y COVID-19 (EMCOVID-19) study. Demographic characteristics, MS history, laboratory data and SARS-CoV-2 serology, and symptoms of COVID-19 in pwMS treated with any DTM were extracted. The relationship among demographics, MS status, DMT, and COVID-19 was evaluated. Results: A total of 259 pwMS were included. The administration of interferon was significantly associated with the presence of SARS-CoV-2 antibodies (26.4% vs. 10.7%, p = 0.006). Although patients taking interferon were significantly older (49.1 vs. 43.5, p = 0.003), the association of interferon with the presence of SARS-CoV-2 antibodies was still significant in the multivariate analysis (OR 2.99 (1.38; 6.36), p = 0.006). Conclusions: According to our data, pwMS present a higher risk of COVID-19 infection compared with results obtained from the general population. There is no evidence of a worse COVID-19 outcome in pwMS. DMTs did not significantly change the frequency of COVID-19, except for interferon; however, these findings must be interpreted with caution given the small sample of pwMS taking each DMT

Comparative complete scheme and booster effectiveness of COVID‐19 vaccines in preventing SARS‐CoV‐2 infections with SARS‐CoV‐2 Omicron (BA.1) and Delta (B.1.617.2) variants: A case–case study based on electronic health records

Background: Information on vaccine effectiveness in a context of novel variants of concern (VOC) emergence is of key importance to inform public health policies. This study aimed to estimate a measure of comparative vaccine effectiveness between Omicron (BA.1) and Delta (B.1.617.2 and sub-lineages) VOC according to vaccination exposure (primary or booster). Methods: We developed a case–case study using data on RT-PCR SARS-CoV2-positive cases notified in Portugal during Weeks 49–51, 2021. To obtain measure of comparative vaccine effectiveness, we compared the odds of vaccination in Omicron cases versus Delta using logistic regression adjusted for age group, sex, region, week of diagnosis, and laboratory of origin. Results: Higher odds of vaccination were observed in cases infected by Omicron VOC compared with Delta VOC cases for both complete primary vaccination (odds ratio [OR] = 2.1; 95% confidence interval [CI]: 1.8 to 2.4) and booster dose (OR = 5.2; 95% CI: 3.1 to 8.8), equivalent to reduction of vaccine effectiveness from 44.7% and 92.8%, observed against infection with Delta, to 6.0% (95% CI: 29.2% to 12.7%) and 62.7% (95% CI: 35.7% to 77.9%), observed against infection with Omicron, for complete primary vaccination and booster dose, respectively. Conclusion: Consistent reduction in vaccine-induced protection against infection with Omicron was observed. Complete primary vaccination may not be protective against SARS-CoV-2 infection in regions where Omicron variant is dominant.Grant no. 2021/PHF/23776; POCI-01-0145-FEDER-022184; Project ALG-D2-2021-06info:eu-repo/semantics/publishedVersio

Comparative Effectiveness of COVID-19 Vaccines in Preventing Infections and Disease Progression from SARS-CoV-2 Omicron BA.5 and BA.2, Portugal

We estimated comparative primary and booster vaccine effectiveness (VE) of SARS-CoV-2 Omicron BA.5 and BA.2 lineages against infection and disease progression. During April-June 2022, we implemented a case-case and cohort study and classified lineages using whole-genome sequencing or spike gene target failure. For the case-case study, we estimated the adjusted odds ratios (aORs) of vaccination using a logistic regression. For the cohort study, we estimated VE against disease progression using a penalized logistic regression. We observed no reduced VE for primary (aOR 1.07 [95% CI 0.93-1.23]) or booster (aOR 0.96 [95% CI 0.84-1.09]) vaccination against BA.5 infection. Among BA.5 case-patients, booster VE against progression to hospitalization was lower than that among BA.2 case-patients (VE 77% [95% CI 49%-90%] vs. VE 93% [95% CI 86%-97%]). Although booster vaccination is less effective against BA.5 than against BA.2, it offers substantial protection against progression from BA.5 infection to severe disease.The acquisition of sequencing equipment and reagents used in this study by the Instituto Nacional de Saúde Doutor Ricardo Jorge was partially funded by the HERA project (grant no. 2021/PHF/23776) supported by the European Commission through the European Centre for Disease Control, and also partially funded by the GenomePT project (grant no. POCI-01-0145-FEDER-022184), supported by COMPETE 2020–Operational Programme for Competitiveness and Internationalisation, Lisboa Portugal Regional Operational Programme, Algarve Portugal Regional Operational, under the Portugal 2020 Partnership Agreement, through the European Regional Development Fund, and by the Portuguese Science and Technology Foundation. Algarve Biomedical Center Laboratory received public funding through the Project ALG-D2-2021-06 Variants Screen in Southern Portugal– Monitoring Variants of Concern in Southern Portugal and the Portuguese Science and Technology Foundation national support through the Comprehensive Health Research Center (grant no. UIDP/04923/2020)info:eu-repo/semantics/publishedVersio