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

others. Thus, the total cost of shares (joint-stock capital) in the FRG is distributed as follows: people possess 20%, enterprises and firms 40%, insurance companies 12%, banks 9%, the state 6%, and foreign owners possess 13%. As a rule, employees are entitled to buy shares of their own enterprises at a discount as compared to the exchange (market) course. In capitalist countries the establishment of joint-stock funds of workmen by selling shares of enterprises to them has been in practice for more than a century. The problems connected with the establishment of joint-stock companies are much more complicated than we thought, since the end goals are different. Thus, in our country the goal is to attain a greater freedom in economic activity, not to be controlled by ministries and departments, and get considerable tax exemptions and other privileges. The practice of foreign countries is quite different, namely, they try, by establishing joint-stock companies, to acquire additional financial resources for the fulfillment of some projects (say, prospecting of natural resources and the exploitation of their deposits). Mixed-property companies a part of whose capital is possessed by the state are very popular in the West. They appear as a result of purchasing of a part of shares of an enterprise by the state or as a result of building enterprises by the state with the participation of private capital. The management of such enterprises is similar to that of joint-stock companies. The combining of the state capital and the private capital extends the sphere of state regulation. A concern is the most popular form of corporation in industry whose distinctive feature is diversified activity. Modem concerns combine dozens and even hundreds of enterprises, research institutes, educational institutions, proving grounds, inculcation departments and many other links that ensure smooth functioning of a diversified mechanism. The characteristic feature of a concern is the combination of strict centralized control of capital investments, of research and design work and the finances in conjunction with a considerable independence of enterprises, departments and agencies and with decentralized management in accordance with groups of products or regions. Corporations occupy a leading position in the economy of Western countries, their share constitutes the mqjor part of goods and services. Most of the modem corporations (transnational and national) are joint-stock companies, and this makes it possible to mobilize quickly the financial resources by selling the shares. Corporations may be state-oriented as well as private. In the former case, the controlling block of shares belongs to the state. Corporations as a form of organization of economic activity presuppose the concentration of management functions in the hands of professional hired managers. Cartels and trusts are the predecessors of monopolistic associations such as holding companies and concerns. Juridically, the establishment of a trust means passing over the control of previously independent enterprises (in the form of a controlling block of shares or a special confidence certificate) to a group of leading enterprisers, who established the trust, united into the so-called confidence council. The process of centralization of capital was not complete in the trust since the total profit was 1 6 6