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53-519: Its location near the Port of Buenos Aires meant the neighbourhood became a melting pot of different cultures during the 20th century, when millions of immigrants from Europe and Asia arrived to Argentina. In particular, many of its settlers originated from the Italian region of Liguria . The neighbourhood became a cornerstone for porteño culture, being an important site during the early development of

106-513: A national or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations. SOEs have a distinct legal structure, with financial and developmental goals, like making services more accessible while earning profit (such as

159-490: A new, much larger port in 1881. The Director of Riachuelo River Works, Luis Huergo , presented plans of his own design for a port of staggered docks. This plan, and a British design purchased by local businessman Eduardo Madero , were presented to Congress in June 1882. Obtaining financing from Baring Brothers , as well as the support of President Roca, Madero's plan received the endorsement of Senator Carlos Pellegrini (one of

212-661: A public objective. For that reason, SOEs primarily operate in the domain of infrastructure (e.g., railway companies), strategic goods and services (e.g., postal services, arms manufacturing and procurement), natural resources and energy (e.g., nuclear facilities, alternative energy delivery), politically sensitive business, broadcasting, banking, demerit goods (e.g., alcoholic beverages ), and merit goods (healthcare). SOEs can also help foster industries that are "considered economically desirable and that would otherwise not be developed through private investments". When nascent or 'infant' industries have difficulty getting investments from

265-495: A regular enterprise, state-owned enterprises are typically expected to be less efficient due to political interference, but unlike profit-driven enterprises they are more likely to focus on government objectives. In Eastern Europe and Western Europe , there was a massive nationalization throughout the 20th century, especially after World War II . In the Eastern Bloc , countries adopted very similar policies and models to

318-477: A state railway). They can be considered as government-affiliated entities designed to meet commercial and state capitalist objectives. The terminology around the term state-owned enterprise is murky. All three words in the term are challenged and subject to interpretation. First, it is debatable what the term "state" implies (e.g., it is unclear whether municipally owned corporations and enterprises held by regional public bodies are considered state-owned). Next, it

371-886: Is a fairly poor neighborhood that has had many regular occurrences of petty crimes reported. It has also been a centre for radical politics, having elected the first socialist member of the Argentine Congress ( Alfredo Palacios in 1935) and was home to many demonstrations during the crisis of 2001 . As of 2016, the health of over 1,000 La Boca citizens is threatened by the pollution of the Matanza-Riachuelo River (which contains high levels of arsenic and lead , due to centuries of unrestrained pollution). 34°38′08″S 58°21′53″W  /  34.63556°S 58.36472°W  / -34.63556; -58.36472 Port of Buenos Aires The Port of Buenos Aires ( Spanish : Puerto de Buenos Aires )

424-562: Is a viable argument for SOEs is debated. SOEs are also frequently employed in areas where the government wants to levy user fees , but finds it politically difficult to introduce new taxation. Next, SOEs can be used to improve efficiency of public service delivery or as a step towards (partial) privatization or hybridization. SOEs can also be a means to alleviate fiscal stress, as SOEs may not count towards states' budgets. Compared to government bureaucracy, state owned enterprises might be beneficial because they reduce politicians' influence over

477-764: Is approximately 70% of total employment. State-owned enterprises are thus a major factor behind Belarus's high employment rate and a source of stable employment. In most OPEC countries, the governments own the oil companies operating on their soil. A notable example is the Saudi Arabian national oil company , Saudi Aramco , which the Saudi government bought in 1988, changing its name from Arabian American Oil Company to Saudi Arabian Oil Company. The Saudi government also owns and operates Saudi Arabian Airlines , and owns 70% of SABIC as well as many other companies. China's state-owned enterprises are owned and managed by

530-469: Is contestable under what circumstances a SOE qualifies as "owned" by a state (SOEs can be fully owned or partially owned; it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as state-owned since governments can also own regular stock , without implying any special interference). Finally, the term "enterprise" is challenged, as it implies statutes in private law which may not always be present, and so

583-617: Is highlighted in the predominant local terminology, with SOEs in Canada referred to as a " Crown corporation ", and in New Zealand as a " Crown entity ". The term " government-linked company " (GLC) is sometimes used, for example in Malaysia , to refer to private or public (listed on a stock exchange) corporate entities in which the government acquires a stake using a holding company . The two main definitions of GLCs are dependent on

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636-726: Is operated by the state-owned General Port Administration. It was originally established in 1949 by President Juan Perón as the Dirección Nacional de Puertos (National Port Directorate), and oversaw all major port operations in Argentina. The entity was reorganized as the Administración General de Puertos by President Raúl Alfonsín on 4 September 1987. Chronic losses, which by the early 1990s averaged over us$ 60 million yearly, prompted its 1992 privatization by President Carlos Menem . Menem, however, vetoed

689-604: Is owned by the Province of Buenos Aires , is south of the city proper, and handles another 17 million metric tons. Passenger traffic at the port peaked during the golden era of immigration in Argentina (until 1930), when the port was the site of the Hotel de Inmigrantes . In later decades, this was limited mainly to tourist visitors to Argentina , as well as Argentine visitors to Uruguay . A fast ferry service operated by Buquebus and Ferrylíneas operates short routes to and from

742-508: Is separated from the estuary by the Buenos Aires Ecological Reserve . Puerto Madero represents the largest wide-scale urban project in the city of Buenos Aires, currently. Having undergone an impressive revival in merely a decade, it is one of the most successful recent waterfront renewal projects in the world. State enterprise A state-owned enterprise ( SOE ) is a business entity created or owned by

795-465: Is the port's most distinguishable architectural feature. The chief manufacturing firm located on the port district's premises is the Tandanor shipbuilding and repair facility. A worker cooperative since its 1999 bankruptcy, Tandanor operates with a Workers' self-management system, and remains the nation's largest shipbuilder. Puerto Madero , which served only ancillary port functions following

848-444: Is the principal maritime port in Argentina. Operated by the Administración General de Puertos (General Ports Administration), a state enterprise , it is the leading transshipment point for the foreign trade of Argentina . The current port is located in the city's Retiro ward, and is colloquially known as Puerto Nuevo (New Port). The Port of Buenos Aires handles around 11 million metric tons of cargo annually; Dock Sud , which

901-514: The Caminito , where tango dancers perform and tango-related memorabilia is sold. Other attractions include the La Ribera theatre, many tango music clubs, and Italian taverns . The area visited by tourists is only a few blocks long and has been built up for tourism very actively over the last few years, with many market stalls and restaurants catering to tourists. Outside this tourist area, it

954-570: The Compañia Argentina de Navegación Dodero from 1942. This fleet was nationalized in 1949 by President Perón, who established Flota Mercante del Estado (State Merchant Marine) while retaining the Dodero family as owners of the management concession. This partnership ended with the 1955 coup that deposed Perón, however, and its management was nationalized as Flota Argentina de Navegaceon de Ultramar . President Arturo Frondizi merged

1007-635: The Río de la Plata estuary limited seaborne access, as well. Merchant ships anchored several miles offshore, where passengers and cargo transshipped to shallow-draft vessels that approach the shore. Silt and other alluvial material from the Matanza River (south of Buenos Aires) prevented the opening of a sufficiently deep channel to facilitate shipping. Law 280, passed by the Argentine Congress in 1868, ordered technical studies to determine

1060-715: The State-owned Asset Supervision and Administration Commission (SASAC) . China's state-owned enterprises generally own and operate public services, resource extraction or defense. As of 2017 , China has more SOEs than any other country, and the most SOEs among large national companies. China's SOEs perform functions such as: contributing to central and local governments revenues through dividends and taxes, supporting urban employment, keeping key input prices low, channeling capital towards targeted industries and technologies, supporting sub-national redistribution to poorer interior and western provinces, and aiding

1113-611: The Uruguayan cities of Colonia del Sacramento and Montevideo ; Sturla transports tourists to and from Tigre , a popular weekend destination. The Benito Quinquela Martín Terminal, inaugurated in 2000, served 120 cruise ship arrivals with a total of 100,000 visitors in 2010. Buenos Aires itself was founded as a port by Captain Juan de Garay in 1580 for the Spanish Empire . It was stymied early on, however, by merchants from

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1166-531: The Viceroyalty of Perú , who had the port closed in 1595. The difficulty of transporting European goods from Lima fostered an active smuggling trade in Buenos Aires, and locals' reliance on contraband did not subside until after the 1776 establishment of the Viceroyalty of Río de la Plata . Following this concession, exports (mainly salted meat and cowhides ) flourished, and customs duties became

1219-534: The foreign exchange these shipments earned were key to the mercantile model of the time). They operated near or at capacity, however, and an expansion of the port was authorized in September 1907 by President José Figueroa Alcorta . Luis Huergo's dormant plans for staggered docks were approved in 1911, and work promptly began on the Puerto Nuevo (New Port). Located north of Catalinas Norte, this project

1272-407: The tango . Today, it is mostly known for being home to Boca Juniors , one of the two largest football teams in Argentina. La Boca is located in the south-east of the city, near its old port. Another of the 48 barrios , Barracas , lies to the west; San Telmo and Puerto Madero are to the north. In 1882, after a lengthy general strike, La Boca seceded from Argentina, and the rebels raised

1325-403: The Buenos Aires elite than the lower class citizens of La Boca. The land in and around La Boca was often controlled by the state or wealthy corporations in the first half of the 20th century, due to its location near the docks, making soccer pitches difficult to obtain for citizens. La Boca is a popular destination for tourists visiting Argentina, with its colourful houses and pedestrian street,

1378-526: The Genoese flag, which was immediately torn down personally by then President Julio Argentino Roca . Among sports fans, Boca is best known for being the home of the world-renowned football club Boca Juniors . The club plays its home matches in Estadio Alberto J. Armando, popularly known as La Bombonera (Spanish for "the bonbon box"). La Boca was home to the garra , or a fighting spirit that

1431-882: The Minister of Finance II, the Minister in the Prime Minister's Department in charge of the Economic Planning Unit, the Chief Secretary to the Government, Secretary General of Treasury and the heads of each of the GLICs (the Employees Provident Fund, Khazanah Nasional Berhad , Lembaga Tabung Angkatan Tentera (the armed forces pension fund), Lembaga Tabung Haji and Permodalan Nasional Berhad . Khazanah Nasional Berhad provided

1484-600: The New Port's inaugural in 1925, was re-established as the Corporación Antiguo Puerto Madero (Old Puerto Madero Corporation), on 15 November 1989. Beginning around 1994, local and foreign investment led to a massive revitalization effort, recycling and refurbishing the red brick, warehouses along the west side of the docks into upscale offices, lofts, retail space, restaurants, private university campuses and five-star hotels. Most development along

1537-539: The Senate's most powerful figures), and it was approved by both houses in October 1882. Drawing from an initiative first raised by Act No. 1257 October 1822, Madero contracted British engineer Sir John Hawkshaw to design the new facility. Conceived as four contiguous impounded docks the works began in 1884. The first dock was completed in 1888, and inaugurated on 28 January 1889, by the most prominent early supporter of

1590-1019: The USSR. Governments in Western Europe, both left and right of centre, saw state intervention as necessary to rebuild economies shattered by war. Government control over natural monopolies like industry was the norm. Typical sectors included telephones , electric power , fossil fuels , iron ore , railways , airlines , media , postal services , banks , and water . Many large industrial corporations were also nationalized or created as government corporations, including, among many others: British Steel Corporation , Equinor , and Águas de Portugal . A state-run enterprise may operate differently from an ordinary limited liability corporation. For example, in Finland, state-run enterprises ( liikelaitos ) are governed by separate laws. Even though responsible for their own finances, they cannot be declared bankrupt ;

1643-512: The area as a destination for foreign buyers, particularly those in the market for premium investment properties. The neighborhood's road network has been entirely rebuilt, especially in the east side. The layout of the east side consists currently of three wide boulevards running east–west crossed by the east side's main street, Juana Manso Avenue. The layout is completed with some other avenues and minor streets, running both east–west and north–south, and by several pedestrianised streets. The district

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1696-520: The eastern side consisted of new construction, as well as some of the most extensive parks in the city. Puerto Madero has been redeveloped with international flair, drawing interest from renowned architects such as Santiago Calatrava , Norman Foster , César Pelli and Philippe Starck , among others. Today one of the trendiest boroughs in Buenos Aires, it has become the preferred address for growing numbers of young professionals and retirees, alike. Increasing property prices have also generated interest in

1749-516: The end of 1871 provided that the federal government would be responsible for the supervision of works, but jurisdictional disputes continued. Only the 1880 Federalization of Buenos Aires , and the lands' subsequent federal control, resolved these disputes. German Argentine businessman Francisco Seeber had anticipated these developments by establishing the Catalinas Warehouse and Pier Company, Ltd., in 1872. The task of mooring ships

1802-645: The fleet and management entities into Empresa Líneas Marítimas del Estado (ELMA) in 1960; ELMA was stripped of its cargo preference at the Port of Buenos Aires in 1991, and unable to privatize the carrier, sold its fleet piecemeal. The New Port's electricity supply has been principally supplied by the Dr. Carlos Givogri power plant. Built in 1930 by the Italian Argentine Electric Company (CIAE), its 71 m (233 ft) eclecticist façade

1855-507: The form of Public Sector Undertakings (PSUs). The Malaysian government launched a GLC Transformation Programme for its linked companies and linked investment companies ("GLICs") on 29 July 2005, aiming over a ten-year period to transform these businesses "into high-performing entities". The Putrajaya Committee on GLC High Performance ("PCG"), which oversaw this programme, was chaired by the Prime Minister , and membership included

1908-530: The hinterland. The San Nicolás Agreement of 1852, whereby all customs duties were nationalized, was rejected by Buenos Aires leader Bartolomé Mitre , and led to a compromise in the form of the 1862 creation of the National Customs Administration. The Executive Branch negotiated the transfer of public lands necessary for the project with Buenos Aires authorities, as these belonged to the provincial government. The agreement signed at

1961-412: The leading application of the incomplete contract theory to the issue of state-owned enterprises. These authors compare a situation in which the government is in control of a firm to a situation in which a private manager is in control. The manager can invest to come up with cost-reducing and quality-enhancing innovations. The government and the manager bargain over the implementation of the innovations. If

2014-435: The most appropriate place for the construction of a modern port. Proximity to the city was deemed essential to maintain the central government's fiscal control of its operations, mainly exerted through the collection of duties . The distribution of these latter monies, the leading source of public revenue throughout the 19th century and as late as 1940, was the chief point of contention between Buenos Aires leaders and those from

2067-592: The negotiations fail, the owner can decide about the implementation. It turns out that when cost-reducing innovations do not harm quality significantly, then private firms are to be preferred. Yet, when cost-reductions may strongly reduce quality, state-owned enterprises are superior. Hoppe and Schmitz (2010) have extended this theory in order to allow for a richer set of governance structures, including different forms of public-private partnerships . SOEs are common with natural monopolies , because they allow capturing economies of scale while they can simultaneously achieve

2120-429: The paramount source of public revenue. Until the latter part of the nineteenth century, however, the natural harbor of Balizas Interiores (Interior Beacons) served as the main port. Before the current infrastructure was built, Buenos Aires had only a mooring or pier of shallow and low, swampy terrain. It was, moreover, of difficult access, as the city it served was located atop an incline , and heavy silt deposits on

2173-427: The plan, Carlos Pellegrini (who was now Vice President of Argentina ). The Panic of 1890 delayed these works, however, and they were completed only in 1897. The port, known as Puerto Madero , had by 1907 become insufficient to meet growing maritime traffic. Puerto Madero, and its complementary Catalinas docks, could handle a maximum of 30,000 tons of cereals daily ( cereals were the leading export of Argentina, and

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2226-399: The private sector (perhaps because the good that is being produced requires very risky investments, when patenting is difficult, or when spillover effects exist), the government can help these industries get on the market with positive economic effects. However, the government cannot necessarily predict which industries would qualify as such 'infant industries', and so the extent to which this

2279-428: The proportion of the corporate entity a government owns. One definition purports that a company is classified as a GLC if a government owns an effective controlling interest (more than 50%), while the second definition suggests that any corporate entity that has a government as a shareholder is a GLC. The act of turning a part of government bureaucracy into a SOE is called corporatization . In economic theory ,

2332-451: The question of whether a firm should be owned by the state or by the private sector is studied in the theory of incomplete contracts developed by Oliver Hart and his co-authors. In a world in which complete contracts were feasible, ownership would not matter because the same incentive structure that prevails under one ownership structure could be replicated under the other ownership structure. Hart, Shleifer, and Vishny (1997) have developed

2385-494: The sale of the Port of Buenos Aires itself, and it remained in the federal government's aegis. The Argentine maritime fleet was initially developed by Croatian Argentine businessman Nicolás Mihanovich , whose Argentina Navigation Company and related firms dominated local shipping during the late 19th and early 20th centuries. The firm was sold to a consortium led by a British shipping magnate, Lord Kylsant , and an Argentine investor, Alberto Dodero , in 1918, and would operate as

2438-469: The service. Conversely, they might be detrimental because they reduce oversight and increase transaction costs (such as monitoring costs, i.e., it is more difficult and costly to govern and regulate an autonomous SOE than it is the public bureaucracy). Evidence suggests that existing SOEs are typically more efficient than government bureaucracy, but that this benefit diminishes as services get more technical and have less overt public objectives. Compared to

2491-465: The state answers for the liabilities. Stocks of the corporation are not sold and loans have to be government-approved, as they are government liabilities. State-owned enterprises are a major component of the economy of Belarus . The Belarusian state-owned economy includes enterprises that are fully state-owned, as well as others which are joint-stock companies with partial ownership by the state. Employment in state-owned or state-controlled enterprises

2544-497: The state's response to natural disasters, financial crises and social instability. China's SOEs are at the forefront of global seaport-building, and most new ports constructed by them are done within the auspices of the Belt and Road Initiative . As of at least 2024, an Ethiopian SOE is Africa's largest and most profitable airline, as well as Ethiopia's largest earner of foreign exchange. In India , government enterprises exist in

2597-542: The term "corporations" is frequently used instead. Thus, SOEs are known under many other terms: state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, government-owned company, government controlled company, government controlled enterprise, government-owned corporation, government-sponsored enterprise , commercial government agency, state-privatised industry public sector undertaking, or parastatal, among others. In some Commonwealth realms , ownership by The Crown

2650-508: Was directed by Richard Souldby Oldham, Walker & Co., was delayed by the scarcity of material and financing brought about by World War I, and would ultimately require 15 years. This would add a breakwater , five more docks, and then a sixth, to the existing infrastructure, and when these additions were inaugurated in 1925, the Port of Buenos Aires was the largest in Latin America, and the southern hemisphere. The Port of Buenos Aires

2703-482: Was represented in the hard working, no nonsense people of the barrio and reflected by the most popular club Boca Juniors on the pitch. Throughout the first half of the 20th century, La Boca’s citizens was characterized for rejecting “art for arts sake” and adopting a workmanlike attitude to work and life, in contrast to the richer citizens to the north, often represented through their club River Plate. In 1907, La Boca became its own micronational republic. Their first attempt

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2756-522: Was short-lived, but two later attempts were more successful. The former lasted from 1923 to 1972 and the latter was established since 1986. Republic graffiti was still present in the barrio. Another of Argentina’s most popular clubs, River Plate , originally started in the La Boca. However, in 1938 the club relocated to the Núñez neighborhood on the northern edge of the city and became more identifiable with

2809-500: Was significantly eased with a new harbor, the first in Argentina to result from land reclamation , and of an extensive pier . The pier stretched several hundred meters into the river to facilitate the arrival of smaller vessels, and served both shipping and passenger traffic for two decades; honor of the Parish of Santa Catalina de Sienna, the harbor was christened Catalinas Norte . President Julio Roca then commissioned studies for

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