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Die Globalisierung der Wirtschaft ist ein unaufhaltsamer Prozess im Zuge eines immer rascheren Wandels durch technologische Innovationen. Die Herausforderungen an Untemehmen und Organisationen werden zunehmend komplexer und unterliegen schnelleren Veranderungen als bisher. Die transnationalen Kommunikationsmöglichkeiten werden in Zukunft eine immer wichtigere Rolle in einer Welt spielen, die nicht länger in ideologische Blöcke gespalten ist. Die entscheidenden Impulse fur die zukünftige Entwicklung userer Welt werden nicht mehr von einzelnen Nationen, auch nicht von starken Wirtschaftsräumen, sondern von einzelnen Untemehmensgruppen kommen, die globale Marktführerschaft innehaben.

Discusses the fact that scientific management′s character and Taylor′s legacy are often treated as ideology and technology for controlling labour. However, proposes that scientific management be located in the conflicts and institutionalized accomodations of market, democracy, rule of law, professional administration, and interrelated forms of culture and applied knowledge. Proposes that scientific management was shaped by and, in turn, helped to shape, the dynamic structure of modern capitalism′s core organizing modes. Illustrates this by discussing late‐nineteenth century changes in American municipal administration. Examines the Soviet attempt to appropriate scientific management without the core regimes which shaped it in the West. Argues that scientific management′s abiding character and Taylor′s legacy are found in the institutional evolution of modern capitalist societies, not in the rise and fall of command economies.

This paper links the literatures on the life-cycle hypothesis, homeownership, home equity and pensions. Empirically, the focus is on the EU and USA. The paper aims to explore the extent that seniors extract their home equity and discuss the financial instruments available for equity extraction.

The study uses data from the EU and USA to determine homeownership rates, house values and mortgage debt. With these values, the amount of seniors’ home equity is measured for each country. The usage of home equity extraction methods is reported and factors limiting their use are identified.

Seniors’ home equity is a substantial share of their total wealth. Estimates for 2013 are that their home equity equals about €5tn in the USA and over €8tn in large EU countries. The authors find that only a small share of seniors extracts their home equity. While there are supply side constraints in many countries, the evidence suggests that the cause of low extraction rates is the lack of demand. Various reasons for the lack of demand are discussed.

The increasing share of seniors in most countries’ population suggests that there will be increasing pressure on public pension systems. One among many options to address this issue is to impose a wealth test for eligibility, where wealth includes home equity. This study suggests that although home equity is substantial for many seniors, they are reluctant to access the funds.

The paper highlights the importance of home equity in the EU and USA and the factors that affect the primary methods of extraction.