ISSN 2047-8747 (Print) ISSN 2047-8755 (Online) Volume 8 Issue 3 (2019)

Volume 7 Issue 4 - Homage to René Thom – (the Elementary) Catastrophes, Art & Mathematics
A Review Article

K. Vela Velupillai
TSoCMAN is an elegantly produced, competently – even brilliantly and, at times, with a sense of humour – written book by an author who displays uncanny insights and impressive competence into, and in, arcane topics in (applied) mathematics, sensitive understanding of artists'imaginations and the tactile and visual powers of the curves of the human body in connecting them. Allan McRobie, the brilliant author, has joined Helen Weightman, the unusually imaginative photographer, in writing and illustrating a book of high quality which is, at the same time, an introduction to a special topic in (applied) mathematics – René Thom's theory of the seven elementary catastrophes (ECT) – as applied to interpreting the curves that are naturally formed by the human body6; in the process, the author and the photographer, also introduce us – the readers – to the creative visions of (a selected few) artists7, and help us to interpret these creations in terms of the mathematics of ECT.
Volume 7 Issue 4 - The Fundamental Roles of Small Business
Amin Amini
Many people think that voting rights in a general election, every few years, means democracy – regardless of the general trend of society, and how little say people have in matters concerning their day-to-day socio-economic affairs. Apart from voting rights of individuals, for sustainable democracy in a society, the socio-economic infrastructure and pattern should promote and facilitate fair distribution of financial and political power. Development of large-scale industries increasingly tends to enlarge the scope of authority. Concentration of investment, income and, as a result, political power seems to become extremely dangerous to the security and sustainability of the present democracies. Distribution of the concentrated economic and political powers is only possible by noncentralised investment and decision making. This article will attempt to investigate and explore the fundamental role of small business in democracy through political, participatory and sociology dimensions of investment.
Volume 6 Issue 4 - The Dynamics of Savings in Namibia
Bongile Simelane and Nicholas M Odhiambo
This paper examines the dynamics of savings in Namibia. It categorises savings providers in Namibia into two groups: formal savings and informal savings institutions. The study further identifies some of the challenges faced by savings providers in Namibia while mobilising savings. The analysis of the study shows that gross domestic savings as a percentage of GDP averaged around 16% in the 1980s and dropped to an average of 14% in the 1990s. This was largely due to a decline in the savings of general government. In the period 2004 to 2007, Namibia's saving rate improved and averaged around 20%, which is well above the Sub-Saharan Africa average of 16%. This increase was mainly due to high transfers from the Southern African Customs Union (SACU) and development aid. Namibia's savings rate when compared to other countries in the Southern African region was found to be fairly high attributed to the large mineral exports. Challenges that were found to hinder savings and growth in Namibia were the long distances between rural areas and urban centres which limited access to credit for small and medium enterprises and rural borrowers; informal savings providers experiencing competition from the banking sector; and formal savings providers experiencing limited competition.
Volume 7 Issue 2 - Corporate Governance in Small and Medium Sized Firms:
A Study of Scottish Enterprises
Kenny Crossan Elena Pershina, and Thomas Henschel
There have been a large number of studies examining how firms are governed and how they should be governed. However, these studies have mainly concerned themselves with large public limited firms. Given that most firms are small, there is a need to consider the governance requirements of small firms and how these may differ to the needs of larger organisation. The aim of this paper is to consider governance issues that are relevant to smaller firms and not just large firms. A detailed review of the relevant literature has been used to formulate an holistic model of governance applicable to SMEs. Eleven semi-structured interviews were conducted with senior decision makers in Scottish based SMEs to ascertain what these individuals understood by the term corporate governance, what factors influenced the implementation of governance within these firms and if governance was important when accessing finance. The findings suggest senior managers of small firms do understand the idea of corporate governance but they do not necessarily link the concept of governance to the management of their own firm. The most important influence on the governance of SMEs would appear to be the level of interaction that they have with externals.
Book Review by Kenneth Freidman
Volume 7, Issue 2 - Globalization and ts Discontents Revisited: Anti-Globalization in the Era of Trump
Joseph E. Stiglitz
W. W. Norton, New York, London 2018, p.527
ISBN: 978-0-393-35516-1

Economies are characterized by feedback loops. Economic theory, however, has long been a theory of equilibrium (the mathematics is easier), and it does not recognise positive (or negative) feedback. Given the propensity for positive feedback – from runaway nuclear reactions to cytokine storms to global warming – to be highly destructive, this is a crucial failure.

Book Review by Edward Price
Volume 6, Issue 1 - The End of Alchemy: Money, Banking and the Future of the Global Economy
Lord Mervyn King
Little Brown Book Group, New York and London, 2016.
ISBN: 978-0-393-24702-2

In The End of Alchemy: Money, Banking and the Future of the Global Economy, former Governor of the Bank of England Lord Mervyn King has written a very important book. Certainly the best to have been written by any senior policymaker in place during the 2007-8 financial crisis, its explanations of finance and economics are excellent.