Korelsky, V. F. Fish, fishermen and fish industry in Russia / V. F. Korelsky. - Bremen : Krebs, [1993?]-.

-holding, -associations of enterprises with different forms of property. 4.3.1. Joint-Stock Forms of Capital in Countries with Developed Market Economy The analysis of legislative documents and of the structural and volume indexes of the “Sevryba” association testify to the fact that the transformation of the property relations in the Northern basin will, in the main, take the form of joint-stock companies. The foreign experience testifies to the effectiveness of the joint-stock form of organization of the economic activity, its proportion in countries with the developed market economy being 30-40% of the production assets. Individuals, enterprises, banks, foreign firms are share-holders. Thus, in Germany the total cost of shares (the joint stock capital) is divided as follows: people hold 20%, enterprises and firms hold 40%, ensuring companies hold 12%, banks hold 9%, the state holds 6% and foreign owners 13%. As a rule, workers buy shares of their enterprise with a discount as compared to the exchange (market) course. In our country the first joint-stock companies were formed by means of the transformation of the state property into the joint-stock property. In capitalist countries private property is transformed into joint-stock property. In 1970-1980s, in the USA there was a widescale sale of shares to workers. For more than a hundred years, in capitalist countries, joint-stock funds of working people have been created by means of selling shares of enterprises to workers. Before 1919, only 89 companies in the USA sold part of their joint-stock capital to workers. By 1927 about 800 thousand workers became share-holders, the total sum of the shares constituted a milliard dollars or 1% of the whole joint-stock capital of the corporations. For dozens of years only a small part of workers were share-holders, and they did not play any significant part in the development of capitalist countries. The situation changed drastically in 1970- 1980s when the capitalist countries opened up a new stage of the scientific and technical progress characterized by a widescale application of progressive technologies. In the USA the so-called participation plans of the personnel in the activities of their own companies are actively fulfilled. The aim of these plans is to create a special economic mechanism that would allow the workers to buy the joint-stock capital of the companies. The bank loans capital for the fulfillment of this plan. From the loan fund the means go to the owners of the companies. At the same time, a certain part of the joint-stock passes to a special fund headed by a specially appointed manager who represents the interests of workers. The companies make annual deductions from their profits to this fund, the whole sum being free from taxes. The fund repays the credit to the bank. Beginning with 1989 more than 10 million American workers, or about a quarter of those employed at the American corporations, started participating in the fulfillment of this plan. This 1 0 9