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Krzysztof Opolski, Agata Gemzik-Salwach, Anna Horodecka, Andrzej J. Żuk, Justyna Chmiel, Małgorzata Kmak, Robert Zajkowski, Beata Żukowska, Aleksandra Borowska, Dominika Byrska,


A Word From the Editors: Humanism in the Economy. Introduction to the Special Issue “Humanistic Economy”

The special issue “Humanistic Economy” is a collection of articles which are a response to the increasingly frequent voices, for contemporary economics to be treated not only as a set of economic notions, but as a science, where human beings and their happiness are the main focus. The authors suggest the use of solutions from the area of psychology, sociology or cultural studies in economics, that allows to consider economics as a humanities science. This special issue has 13 articles that will be published in the next two issues of “Studia Humana,” Issue 2 and Issue 3.

Financialization and the Erosion of the Common Good

The phenomenon of financialization is multifaceted and can be considered from different points of view. The main purpose of the article is to show how financialization affects the erosion of the common good. To achieve this, various negative sides of financialization are described, referring to the eight principles of the common good: effective use of limited resources, freedom, prosperity, justice, responsibility, solidarity, primacy of interpersonal relations and institutional principle. Further considerations concern the presentation of possible solutions to the problem of financialization. Two perspectives are selected. First, the answer of Catholic social teaching to the phenomenon of financialization, as presented in the form of the Vatican document Oeconomicae et pecuniariae quaestiones from May 2018. Next, one of the main causes of financialization is shown: economic and financial theories, which has become the theoretical foundation for the phenomenon. On this basis, the need for new theoretical solutions based on the institutional approach in the science of economics and finance is discussed. Possible new alternative approaches, including the concept of financial personalism, are also recognized.

Multi-Factor Evaluation of the Financialization Degree of Polish Households in the Background of the Euro Area

The Author: Justyna Chmiel,
Financialization is a term that is becoming increasingly popular in the Polish literature. One of its important aspects, which is multidimensionality, is often emphasized. It is a process whose effects are visible at all levels of the economy. The effects of financialization could be seen both at the national level and in the basic economic unit, which is a household. Firstly, the purpose of this study is to analyze changes, which in literature are considered to be symptoms of financialization in Polish households. The second, no less important goal, is to compare the level of financialization of Polish households with the level characteristic for countries belonging to the euro area.

Social Trust as a Development Factor – Selected Aspects

The Author: Małgorzata Kmak,
The aim of the article is to present selected relationships between social trust and the development of a territorial unit. Social trust affects the level of coop-eration in society and decides about the competitiveness of a territorial unit [12, p. 7]. The main thesis of the article is the author’s conviction that there is a significant correlation between social trust and the activity of citizens, the con-sequence of which is the development of territorial units. This relationship ap-plies to different categories of units, the article mainly focuses on municipal units. The conclusions presented are a consequence of the analysis of infor-mation sources and surveys carried out in three cities: Cracow, Helsinki and Valletta. The socio-economic situation of Poland, Finland and Malta is varied, also due to historical and political conditions. Social trust in these cities de-pends on different factors. Everywhere, however, significantly affects the di-rection of urban development, accelerating and stabilising it. Trust is a compo-nent of social capital, which translates into the ability to build an innovative and modern economy. In countries where citizens trust each other, a sense of security increases which significantly affects well-being.

Unique Goals of Family Businesses and Their Absorption of Finance Instruments in the Financialization Era

Nowadays financialization seems to be an inherent and obvious phenomenon and it appears to have infected all industrialized economies. Within general phenomenon of financialization, three areas should be indicated: financialization as a system of capital accumulation, financialization of business entities and financialization of every day-life. In our paper we try to investigate family businesses that are unique due to the overlap of family and business subsystems in one entity. More specifically, we undertake to find out whether intertwining of family values with business objectives can influence the level of absorption of various finance instruments that are offered on nowadays financial market. Analysis revealed a few statistically significant relationships between perception of family firm objectives and absorption of basic and sophisticated finance instruments. It is the first to suggest, that family firms which are intrinsically-oriented, i.e. those more willing to keep independence or to keep long term survival, are less prone to absorb sophisticated finance instruments, e.g. private equity, venture capital, hybrid capital or they are less keen to become a public company. On the other hand, if a family firm is more oriented towards risk minimisation or keeping long term growth, then it is also more open for absorption of advanced finance instruments.

Stability in a Two-Dimensional Dynamical System of Endogenous Growth with Public Capital

The aim of this study is to present a stability in a two-dimensional dynamical system of endogenous growth with public capital. We assume the simple model of the economic growth, in which both private and public capital can influence on the rate of growth of knowledge. The public capital is rival but non excludable goods, i.e. there is a congestion in use of public capital. The model of growth is formulated as a two-dimensional dynamical system. Using mathematical methods of dynamical systems, we analyze growth paths as well as the stationary states of the system and their stability.

Endogenous Growth Model With Financial Intermediation

The Author: Dominika Byrska,
In this paper, we analyse the simplest possible three-dimensional model of endogenous growth to account for the relationship between financial intermediation and economic growth. In our setting, households maximize an interim utility function and firms maximize profit. Households can save money only through banks which offer firms investment loans. We show that under very general assumptions, investments realized by firms depend not only on savings accumulated by banks but also on financial intermediation technology φ(θ). Using mathematical methods of dynamical systems, we found stationary states of the system and study their stability.