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EN
Analysis of Roman sea loan from the modern perspective of Project Finance has been now conducted in the relation to the methods of gaining profit. In pecunia traiecticia interest where considered not as a remuneration for usage of creditors money but as the price for taking over the risk by the creditor. Thus the Latin phrase periculi pretium (D. 22,2,5) has become so famous. The unique character of the interest caused the evolution of the legal construction of the sea loan. At first it was necessary to agree on the fenus nauticum in the stipulation added to the loan. Then, jurisprudence confirmed the possibility of suing debtor for interest also on the ground of the mere pactum. Another aspect of the sea loan which implies the similarity with Project Finance was the privileged position of interest which were not constrained by the legal limits of interest as in the case of typical mutuum. Strict connection between the contract of sea loan and the risky venture one can easily notice when taking into consideration that the agents of creditor were participating in that venture together with the debtor. Moreover, the creditor received not only the loan and the interest but also a remuneration for time which his slaves spent with the debtor. The additional stipulation for agents participation and the character of liability of debtor’s heirs provide a new perspective of the sea loan as a mean to finance risky ventures in antiquity. Modern Project Finance resembles to high extent the ancient solution and that enables further studies on the topic.
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Późny kapitalizm i hazard

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PL
Relację pomiędzy późnym kapitalizmem a zjawiskiem hazardu cechuje szczególne sprzężenie zwrotne. Z jednej strony późny kapitalizm charakteryzuje się szeregiem atrybutów, które w istotny sposób przyczyniły się do dynamicznego rozwoju hazardu w XXI wieku. Wśród nich wskazać należy przede wszystkim na technologizację, globalizację i indywidualizację. Z drugiej natomiast strony wybrane aspekty późnego kapitalizmu sprawiają, że on sam coraz bardziej przypomina hazard. Centralne usytuowanie w jego ramach takich kategorii, jak dematerializacja, ryzyko oraz spekulacja sprawiają, że fenomen ten służyć może także jako egzemplifikacja (metafora) późnego kapitalizmu.
EN
The relationship between late capitalism and gambling appears to be a multidimensional connection. On the one hand, late capitalism provides a number of features which support the dynamic development of gambling in the 21st century. The crucial elements are technologisation, globalisation and individualisation. On the other hand, gambling is a metaphor for late capitalism. The basic categories of late capitalism, like dematerialisation, risk or speculation, make it strikingly similar to gambling. They use the same resources, logic and rules. In effect, the analysis of gambling is a useful tool to explore the wider social reality.
PL
Celem artykułu jest rozważenie kwestii, czy wobec aktualnego unormowania kodeksu cywilnego kategoria interesu ubezpieczeniowego może być stosowana również w odniesieniu do ubezpieczeń osobowych. W tym zakresie rozważania dotyczą pytania o dopuszczalność ukształtowania takiego stosunku ubezpieczenia, w którym ubezpieczający lub uposażony nie posiadają żadnego interesu w życiu osoby ubezpieczonej. W ramach artykułu autor dokonuje również analizy problematyki przenoszenia praw z umowy ubezpieczenia osobowego na podmioty niewykazujące żadnego związku z ubezpieczonym, w tym problematyki spotykanych również w Polsce praktyk wiatykalnych.
EN
The present article aims at cosidering the issue whether the category of insurable interest can be also applied to personal insurance under current civil code regulations. In this respect, the question is examined of the admissibility of establishing such an insurance relationship in which the insurance policyholder or the beneficiary do not have any interest in the life of the insured person. Furthermore, the author analyses the transfer of rights under the personal insurance contract to the entities totally unrelated to the insured person, including the viatical practices adopted in Poland, as well.
PL
After regaining indepedence, situation of the citizens of Cracow was frequently more difficult than during the war. Provisioning problems were caused by the ongoing fights and immense devastation. The authorities did their best to ensure efficient and all-encompassing. Unfortunately, the central government often left Cracow stranded. The mayor constantly asked for ratrions bit incomplete, deficient loads reached Cracow. The city struggled with financial problems and the government refused granting credits. People fought with profiteers who took advantage of market shortages and ran usurious businesses. Pepole were disappointed with a bad policy of the government that could not handle provisioning problems. If is difficult to make an unbiased eveluation when analyzing the issue. The situation was critical. Contrary to the opnion of people, the authorities did everything they could to provision the inhabitants of Cracow. It was manifested by the activites of the City Provisioning compamy as well as of the provisioning Offioce that bought products necessary for the inhabitants. The authorities opened shops for poor and ensured cheap bread and fuel. They also tried to influence the situation in the city by means of legislative procedures. Transportation of commody in short supply was prohibited. According to the inhabitans of Cracow, the hepl was insufficient. Dissatisfaction was manifested by more and more frequent eebellions and strikes. Queues in front of shops were changing into noisy manifestations, riots were taking place. Frequently, their course was dramatic as during the riots in November 1923.
EN
The article describes the best ways of investing. As far as capital markets are concerned, the basic financial instruments represent various degrees of risk. The investor has to decide which investment is proper for him, and in order to earn money one has to know about them. The investor has to know what risk he may and wants to run, in order to reach his investment’s aims. It should be remembered that the market is only an arena for possibilities, and not for guarantees.
EN
The article is a brief comparative work, whose subject are two different spec­ulative myths. The first is the myth of English theologian Alan Watts; the second – the Jewish philosopher Hans Jonas. Both myths refer to the issues of theodicy. This article attempts to present the main thesis of both myths. Furthermore, it shows the specific role of a myth in the context of issues of theodicy.
PL
Artykuł stanowi krótką pracę porównawczą, przedmiotem której są dwa różne spekulatywne mity. Pierwszy z nich, to mit  angielskiego teologa Allana Wattsa; drugi -   żydowskiego filozofa Hansa Jonasa. Oba mity dotyczą zagadnienia teodycei. Artykuł stara się przedstawić główne tezy obu wspomnianych mitów. Ukazuje ponadto szczególną rolę mitu, w kontekście zagadnienia teodycei.
EN
The aim of this paper is to analyse the issue of regulations against speculation and usury in the first years of the Second Polish Republic (1918-1920). The long period of World War I resulted in a major economic shock and long-lasting condition of shortages of commodities, including the necessities of life. This situation had a terrific impact on politics and forced the Polish legislator to react. As soon as 5 December 1918 a Decree on war usury was issued. The regulation in the field of war usury identified several types of illicit acts and contained basic rules of a particular procedure which was supplementary to the common penal procedures. Due to a low level of legislation, the regulation was defective and incoherent with the system of the law. Since the previous regulation was still in force, a dissonance between law on the books and law in action occurred. Furthermore, due to provisions contained in the Decree it was not possible to eliminate the discrepancy thanks to common rules of interpretation of legal texts such as lex posterior derogat legi priori.
EN
The aim of this paper is to analyse the issue of the influence of war on anti-usury legislation in the first years of the Second Polish Republic (1918–1921). The four years of World War I resulted in a major economic crisis and long-lasting shortages of numerous commodities, including raw resources and life necessities. This situation was a serious threat for the reborn Polish state therefore forced Polish legislator to react. As soon as on 5th December 1918 a decree on war usury was issued. Regulation in the field of war usury consisted of several types of illicit acts and basic rules of a particular procedure which was supplementary to common penal procedures. The main aim of the anti-usury legislation was to mitigate the negative consequences of shortages of goods caused by war. The economic impact on legislation was even more distinct in the Bill on combating war usury of the 2nd July 1920 which was the main anti-usury legislation in the interwar period as it remained in force until 1938
PL
Głównym celem niniejszego artkułu jest analiza problematyki wpływu wojny na regulacje antylichwiarskie w pierwszych latach II Rzeczypospolitej (1918–1921). Cztery lata I wojny światowej skutkowały znaczącym kryzysem ekonomicznym oraz długotrwałym niedoborem licznych dóbr, w tym surowców oraz artykułów pierwszej potrzeby. Ta sytuacja stanowiła poważne zagrożenie dla odrodzonego państwa polskiego, co zmusiło polskiego prawodawcę do reakcji. Już 5 grudnia 1918 r. został wydany dekret o lichwie wojennej. Regulacje składały się z kilku typów czynów zabronionych i przepisów szczególnych w dziedzinie postępowania karnego. Głównym celem przepisów antylichwiarskich było złagodzenie negatywnych następstw braku dóbr spowodowanego wojną. Wpływ gospodarki na prawodawstwo był jeszcze bardziej widoczny w ustawie z dnia 2 lipca 1920 r. o zwalczaniu lichwy wojennej, która była najważniejszym aktem w dziedzinie przeciwdziałania lichwie w II RP, jako że obowiązywała do 1938 r.
EN
The article investigates the scope of and the rationale for the use of derivatives by companies listed on the Warsaw Stock Exchange. The analysis applies to companies active in industries other than the financial sector and is based on data contained in these companies’ financial reports for the 2007-2010 period. The evaluation focuses on the type of derivatives used, their market value and how often they are mentioned in the companies’ financial reports. On the basis of the information gathered, the author determined the number of companies using derivatives as well as the popularity of these instruments. Ożga also examined the structure of risks hedged with the use of derivatives. He compared the results against data for selected developed and developing countries. The study showed that only a small percentage of companies hedge their exposure to market risk, the author says. Moreover, the study invalidated the hypothesis that a growing number of Polish companies use derivatives, which may indicate that companies incorrectly identify risk, do not know how to manage it, or do not understand the essence of hedging. The author also undertakes to evaluate risk management in Warsaw Stock Exchange-listed companies. To this end, he makes a distinction between hedging and speculation. The results of the analysis show that at least half the companies surveyed used derivatives for hedging purposes, Ożga concludes.
PL
Celem artykułu jest zbadanie skali oraz przesłanek wykorzystania instrumentów pochodnych przez przedsiębiorstwa niefinansowe notowane na Giełdzie Papierów Wartościowych w Warszawie. Podstawą analizy były dane zawarte w sprawozdaniach finansowych spółek giełdowych za lata 2007-2010. Ocenie poddano fakt wykorzystywania derywatów, ich rodzaj, wartość rynkową oraz cykliczność ich prezentacji w sprawozdaniach okresowych. Na podstawie zgromadzonych informacji określono liczbę jednostek wykorzystujących instrumenty pochodne, skalę ich stosowania oraz strukturę zabezpieczanych za ich pomocą ryzyk. Uzyskane wyniki zostały porównane z danymi pochodzącymi z wybranych krajów rozwiniętych i rozwijających się. Potwierdzono w ten sposób niski odsetek przedsiębiorstw, które zabezpieczają swoją ekspozycję na ryzyko rynkowe. Ponadto odrzucona została hipoteza o rosnącej skali wykorzystania instrumentów pochodnych, co może świadczyć o nieprawidłowej identyfikacji ryzyka w polskich spółkach, braku umiejętności zarządzania nim lub też o braku zrozumienia istoty hedgingu przez zarządzających. W artykule podjęta została także próba oceny zarządzania ryzykiem w polskich przedsiębiorstwach notowanych na GPW. W tym celu zdefiniowano dwa kryteria odróżniające hedging od spekulacji. Rezultaty analizy prowadzą do wniosku, że co najmniej połowa badanych podmiotów używała instrumentów pochodnych w celach zabezpieczających.
EN
The article presents the question of the post-war purchases made by Polish clerks in Berlin. The intention behind those purchases was to fill the gap on the Polish market, especially as far as cars are concerned. The mechanism of those purchases was described, together with the originators and participants and the offices and services that took part in the action or controlled it. The article also contains an appraisal of that action and depicts its scale.
PL
Artykuł podejmuje zagadnienie powojennych zakupów prowadzonych przez polskich urzędników w Berlinie, których celem było ściąganie deficytowych towarów, w tym samochodów. Przedstawiony został mechanizm jaki towarzyszył „berlińskim zakupom” – zaprezentowani zostali pomysłodawcy i uczestnicy akcji oraz urzędy i służby w nim partycypujące bądź je kontrolujące. Podjęto również próbę oceny zjawiska i jego skali.
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