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Institute
The term Hidden Champions has been invented in the 1990’s by management thinker
Hermann Simon to designate extremely well performing mid-size businesses, mostly coming
from Germanic countries (Simon, H., 2009). The present study aims to prove and confirm the
presence of such companies in France and to find possible differences and similarities
between Hidden Champions of the two countries. The main results show that the phenomenon
of Hidden Champions exists in France as well but that these companies are less numerous and
smaller in terms of revenues and in terms of employees. Industries in which they operate are
also very different although some similarities have been found. They nevertheless share
similar strategic vision and export-sales ratios with their German counterparts. Origins of
identified differences are partially investigated and elements of culture, administration and
history give first reflections on how to explain them. Finally, new debates and the
introduction to new tools for measuring the criteria concerning notoriety set by Simon are
presented in the last part.
Debate about alternative monetary systems – Silvio Gesell, John Maynard Keynes, Irving Fisher
(2013)
Due to the instability of current financial and monetary markets worldwide and the dysfunc-tions of current capitalism, this Master’s thesis studies alternative monetary systems. The ob-jective of this paper is to debate about historical as well as current alternative monetary sys-tems and to evaluate their concept, theory and success.
First of all, the theoretical approaches to the problems of monetary systems of Silvio Gesell, John Maynard Keynes and Irving Fisher will be analyzed. Furthermore, a critical acclaim will be subjected by discussing the advantages and disadvantages of these reforms. Finally, the theories of the three economists will be compared in order to define similarities and differ-ences. In the second main part, this thesis aims out exploring alternative monetary systems which have been implemented into practice. In the course of this analysis two historical case studies as well as seven current ones will be described and evaluated. The historical alterna-tive monetary systems are based on Gesell’s approach and the current systems represent com-plementary currency systems. The aim of this evaluation is to identify if alternative monetary systems can offer an added value for the economy and society. In the last chapter, this paper also aims out exploring if a global alternative monetary system could be established.
In conclusion, it can be said that all three economists developed alternative monetary systems which could have been very effective at that time. Nowadays, an adaptation of these systems is needed by changing them to complementary currencies instead of replacing the official cur-rencies or by guaranteeing the preservation of national sovereignty for instance. In addition, complementary currency systems can be very successful by stimulating the local economy as well as strengthening the community. Furthermore, they are able to offer a monetary stability, sustainability and reduction of international inequalities. Nevertheless, they have to be man-aged well and there has to be a democratic decision on the amount of complementary curren-cy that should be issued.
In summary, the introduction of complementary currency systems is recommended, because they are able to strengthen the economy as well as the community. If the economy is weak, these systems will have the potential to support the national currency by stimulating the local economy. Furthermore, these systems do not represent a high risk of financial failure due to low start-up costs.