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With the changing model of production in recent years, small and medium industries (SMI) and microenterprises are the object of greater analysis in the economic literature, and governments are paying more attention to them in their development strategies. However, neoliberal positions have been used to explain their success, and the study ofthe SMI is turned into an argument in favor of the free market.This article seeks to define the terms of analysis. It emphasizes the heterogeneity of those productive units, and establishes the common elements which allow it to be treated as a universe with a certain degree of coherence not separate from socioeconomic phenomena as a whole. In addition, it compares different types of SMI in order tobetter understand its behavior and its potential as a factor in societal development. ; Con el cambio del modelo de producción de los últimos tiempos, las industrias pequeñas y medianas (PMI) y las microempresas con objeto de mayor análisis en la literatura económica, y los gobiernos les prestan más atención en sus estrategias de desarrollo. Sin embargo para explicar su éxito se acude a las posiciones neoliberales y el estudio de las PMI se trabsforma en una argumentación en pro del libre mercado. Este artículo busca precisar los términos del análisis. Resalta la heterogeneidad de esas unidades productivas y establece los elementos comunes que permite tratarlas como un universo con cierto grado de coherencia no ajeno a los fenómenos socioeconómicos en conjunto. Además, compara difentes tipos de PMI para entender mejor su comportamiento y sus potencialidades como factor para el desarrollo de la sociedad.

Landscape is the place where cultural heritage is projected and developed par excellence. Furthermore, landscape is where interaction between the human being and the environment happens, in an economical, social and cultural sense. Landscape is a substantial part of human culture and its best reflection at the same time, both in a spatial and temporal scale, taking into account its cumulative nature. Until a few years ago, academic interests ranged from landscapes with high heritage values to environmental reserves, laying aside the major part of the territory in which human culture actually is performed. These landscapes, commonly known as intermediate or ordinary, have started being relevant recently, as evidenced by the European Spatial Development Perspective (Potsdam, 1999) and the European Landscape Convention (Florence, 2000), where first guidelines for their valorisation and protection were established. Ordinary landscapes, beyond containing elements than can be defined as heritage objectively (both material and intangible) and constituting theirselves a synthesis of the relationships between local communities and their land (economical utilization, territorial organization, settlement patterns, mobility), are the really experienced landscapes, in other words, they are the places where people feel indentified and which contribute to maintain that identity. Their connection with culture exceeds formal and functional links, reaching symbolic and emotional spheres and taking part of the image that communities make of theirselves and of their traditions projected in folklore, literature, art and other cultural expressions. The role of intermediate landscapes is especially evident in medium-sized Mediterranean cities, where connection between the historic core and the country is widely more visible, in a literal and figurative sense. Their valorisation and future management is a challenge that must be faced both by politics spheres and research, conservation and diffusion actors of cultural heritage.

Este artículo trata sobre la fuente de la doctrina dantesca del homo medium. Proponemos dividir la argumentación en Monarchia, III, xv en tres momentos: el cosmológico y el antropológico –especialmente respecto al sector corruptible del mundo– como antecedentes del tercer momento, en donde Dante analiza al homo corruptibilis como el principio fundamental de la tesis política de la monarchia temporalis. Se realiza el intento de identificar las fuentes de la doctrina de Dante del homo medium. ; This paper deals with the source of Dante's doctrine of the homo medium. We propose to divide the argumentation of Monarchia, III, xv in three moments: cosmological, anthropological moment –specially the corruptible sector of the world– as antecedent of the third moment, in which Dante analyzes the homo corruptibilis as fundamental principle of the political thesis of the monarchia temporalis. An attempt is made to identify the sources of Dante's doctrine of the homo medium.

Este artículo trata sobre la fuente de la doctrina dantesca del homo medium. Proponemos dividir la argumentación en Monarchia, III, xv en tres momentos: el cosmológico y el antropológico –especialmente respecto al sector corruptible del mundo– como antecedentes del tercer momento, en donde Dante analiza al homo corruptibilis como el principio fundamental de la tesis política de la monarchia temporalis. Se realiza el intento de identificar las fuentes de la doctrina de Dante del homo medium. ; This paper deals with the source of Dante's doctrine of the homo medium. We propose to divide the argumentation of Monarchia, III, xv in three moments: cosmological, anthropological moment –specially the corruptible sector of the world– as antecedent of the third moment, in which Dante analyzes the homo corruptibilis as fundamental principle of the political thesis of the monarchia temporalis. An attempt is made to identify the sources of Dante's doctrine of the homo medium.

By approving Regulation 1606/2002, the European Commission entrusts the local European Union regulators with the difficult decision as to whether making the International Accounting Standards (IAS/IFRS) extensive for their Small and Medium sized Entities or not. International Financial Reporting Standard for Small and Medium-sizzed Entities (hereinafter IFRS for SMEs) was published in 2009, and the European Commission had also decided to seek the opinion of EU stakeholders on this Standard. We understand that the European accounting regulators' position should be based on the analysis of the extent to which current domestic standards allow useful financial information to be provided by and to these companies. Therefore, this paper presents empirical evidence regarding Spanish SMEs' characteristics, timely facing the harmonizzation process, in order to determine if the information provided according to the national standards accomplishes the required usefulness. Its purpose is to share facts and data about this kind of still underestimated companies, though of great economic and social significance in Spain and in Europe in general.

Having influenced by the British linguistic superiority, English bequeathed to people of India. Consequently, it got into some of the elite class. Due to the frequent use of English in science and technology and military elites it ran into higher education first then it was considered as medium of instruction at school level too. The current study investigated into the perceptions of the primary school teachers about induction, fortification and primacy of the English language as a medium of instruction in Vehari district. The population of the study were all the primary school teachers of Vehari region while sample of the study selected from all the city schools as well as from surrounding villages. Now a days, English is one of the main and compulsory subjects in Pakistan and was declared as a medium of instruction at school level officially in 2009 and college levels. But teachers at most of the schools practice code-switching while teaching English in the classrooms. For the last five years, English medium of instruction is now in practice, so keeping all the reviewed in the literature ahead, the current study attempted to examine the teachers' reflections about effects of English language as a medium of instruction at elementary level by surveying about the use of English language as medium of instruction at primary level. The earlier studies reviewed mostly about the implementation of English as a medium of instruction particularly regarding the hurdles and obstacles. As linguists working in language teaching in the classroom setting have meaningfully extended the scope of their research to redress the fundamental areas of classroom practices connected with teaching/learning of English as a medium of instruction. Moreover, the current study has significant suggestions for educational research for pointing out the loopholes and drawbacks in terms of English language implementation as instructional goal. The data was analyzed using SPSS version 21. The study concluded with some suggestions and pedagogical implication to the Policy makers, higher authorities and National accreditation for teacher education in Vehari and Pakistan.

International audience ; In a research undertaken in the early 2000s, we observed a change in existing regulations in the European Union (specifically, the appearance of Eurep Gap norms and mandatory traceability) faced by small and medium off-season fruit exporting companies from Uruguay and Argentina. For producers to be able to make the necessary investments, some of their main clients –we will refer in this paper to the prototypical case of the French supermarket Carrefour– changed the type of contract they used to sign with them (common in captive value chains) and adopted a type of contract more frequent in relational chains. The new contracts were based in a cahier de charges agreed with the producers regarding the changes to be implemented, offering a price stability guarantee as a counterpart for the period necessary to implement them. Did this mean that producers abandoned their traditional products and production modes? By means of a historical analysis of their exporting trajectories, the study of the chains –made from the point of view of the producers– revealed, on the contrary, that their resilience (understood as their ability to face difficult situations, remaining competitive) depended in the long term from a prudent combination of offensive strategies –as the one mentioned in the beginning– and defensive ones, based on maintaining old and local productions and distribution channels (not always), less profitable than exporting.

The international business environment is still changing dramatically and, although international growth may introduce added complexity it may be unavoidable for small and medium-sized enterprises (SMEs) mainly due to the increasing globalization of markets (Levitt 1983) and industries (Yip 2003). In the face of rapid globalization, SMEs are a vital part of the economic systems of both emerging and developed countries. As Veloso (1991) points out, this type of companies may be an important organ for increasing the level of competitiveness of emerging markets. Some studies, for example, Yasuf (2001), go to the extent of suggesting that growth and employment in developing countries depend on the fate of SMEs. The incentive and the legal structures within which firms must operate have been drastically altered. SMEs are no longer protected from foreign competition and local buyers and suppliers are becoming more sophisticated. To compete effectively, SMEs must adapt and reshape themselves to facilitate adjustments and enhance learning for their growth and economic development. This article provides a typology to explain the degree of internationalization of SMEs. At one extreme is tangible internationalization, which is short-term and depends on macro and microeconomics factors exogenous to firms; at the other is a combination of tangible and intangible internationalization, which implies a strong commitment by firms to become competitive at international levels.I argue that different forces have forced the internationalization not only of firms, but also of markets, so that SMEs can become global without a physical presence in foreign markets. Furthermore, it may be necessary for these companies to become global if they are to remain competitive in their local markets. As a result of this paradigm shift, internationalization is based not only on geographical aspects, which are closely related to firm internationalization, but also on intangible considerations, which are closely related to market internationalization.Tangible internationalization is a restricted approach defined as a physical presence in a foreign market; it consists mainly of foreign sales, foreign direct investment (FDI), physical presence in foreign markets, and foreign suppliers. It fluctuates with exchange rates, costs of inputs, and other resource endowments that are tied to a particular geographic location. On the other hand, intangible internationalization implies a change in the comprehensive approach to the way firms should reconfigure, develop and secure resources. Intangible internationalization requires facilitating learning at all levels of a firm to increase the stock of knowledge, and, therefore, to improve flexibility on the production side and increase the likelihood of developing new resources and processes, thus enhancing the firm's critical invisible assets (Itami and Roehl 1987). An SME should aim for both in order to take advantage of a physical presence in foreign markets and provide constant incentives to facilitate learning and new organizational capabilities and processes. Tangible internationalization is a short-term expansion in foreign markets because it takes advantage of temporary macro- and microeconomics conditions; it does not require changes at the firm level. On the other hand, a combination of intangible and tangible internationalization has a higher probability to be sustainable in the long term and mostly depends on the firm's actions to meet international standards.This article emphasizes 5 crucial aspects of that managers need to be aware of: I. A matter of having an strategic plan II. An internal perspective of the firm III.The need of expanding the knowledge bases of SMEs IV.How to access and secure resources: networks V.The entrepreneurial aspectsI. A Matter of Having an Strategic PlanWhile firms have an important degree of freedom to make their own decisions, the effect of the environment cannot be discounted. This matter becomes critically important in the context of emerging economies because firms are not only facing changes in the structure of the industry in which they operate, but also in the surrounding and institutional environments. To be aware of the different courses of action available, decision makers must understand all the pro-market reforms, not just those that most affect their own industry. According to Weick (1995), the strategic decisions that managers make depend on their cognitive structures and how they make sense of the environment. Managers need to understand any intended change in a way that makes sense or fits an interpretative schema or system of meaning (Bartunek 1984). Andrews (1980) compares the role of the owner-manager to an architect who is in charge of doing the synthesis. Senior managers have the role of analyzing, interpreting, and making sense of clues so as to formulate and implement strategies. Senior managers should act as catalysts to understand and create new interpretative frameworks that provide purpose and direction to the members of the organization (Westley 1990).Laying a Formal Foundation: Making the Implicit Explicit The fact that SMEs have inadequate organizational structures and managerial expertise is a real problem in a changing environment. SMEs do not have the same level of support to increase their competitiveness, and given the lack of managerial expertise, building an adequate structure is not a straightforward process, even though it is a central one. Formalizing routines and processes within firms to make them less dependent on a specific individual is key. This is an important concern because SMEs not only have a less highly developed structure, but their fate is closely linked to one or a few individuals who posses knowledge or resources that have not been made explicit to the rest of the firm.Nevertheless, in a changing environment managers need to be proactive and to rethink their approaches regarding the future activities of their firms. A mere replication of previous strategies may no longer be a valid option when firms are competing in the international arena. The future can be imagined and enacted and that companies must be capable of fundamentally reconciling themselves by regenerating their core competencies and reinventing their industry. The role of managers is not to plan for the future, but to manage the process of learning and to be open to the possibility that new strategies can emerge.II. Analyzing the Firm's ResourcesAn analytical examination of the resources of a firm may help to develop an understanding not only of possible short-run business strategies, but also of future diversifications (Montgomery and Wernerfelt, 1988), growth strategies (Penrose, 1959), and sustainability of long-term rents (Rumelt, 1984). SMEs can compete in the international arena, but they will face international competition from foreign SMEs as well as from multinational enterprises (MNEs). Focusing only on product-market strategies is not enough; instead, the long-term survival of a firm depends on the characteristics and endowment of its resources, which should be valuable and difficult to imitate (Mahoney and Pandian 1992; Grant 1991; Amit and Schoemaker 1993). To be able to compete, the manager-owners of SMEs must know the internal resources and capabilities of their companies. As Andrews (1980: 18-19) suggested, a firm should make its strategic plans "preferably in a way that focuses resources to convert distinctive competence into competitive advantage."Firms are a bundle of different kinds of resources and a set of commitments to certain technologies, human resources, processes, and know-how that manager-owners marshal. This issue is particularly important to the present study because it is not unusual that are controlled, managed, and run by one or a small group of individuals that have a deep, but tacit, knowledge of the firm. What is important is a clear identification—not just a vague idea—of the different resources on which a firm can depend.How to Reconfigure a Firm's Resources? Capabilities exist when two or more resources are combined to achieve a goal and they "emphasizes the key role of strategic management in appropriately adapting, integrating and reconfiguring the internal and external organization skills, resources, and functional competences to match the requirements of changing environment" (Teece et al. 1997: 515). It is important to note that the relative endowment of firms may not necessarily relate to their financial performance because "only the service that the resource can render and not the resources themselves provide inputs into the production process" (Penrose 1972: 25). It is the deployment of a combination of those services that are critical to the rent generation of the firm. Firms need to exploit the existing firm-specific capabilities and also develop new ones (Penrose 1959; Teece 1982; Wernerfelt 1984) to compete internationally and to grow. Over time, SMEs have seen the nature of their rents change; we should expect a shift from Ricardian to Schumpeterian rents. A company may not have better resources, but achieve rents because it makes better use of its resources (Penrose 1959). Rents depend not only on the structure of the resources, but also on the ability of firms to reconfigure and transform those resources. The above discussion leads to the formation of the following hypotheses:III. The Need of Expanding the Knowledge Bases of SMEsThe capacity to exploit a new set of opportunities depends partly on the strategic decisions made by managers. In some cases, these opportunities require at least a reconfiguration of the activities of the firm, but more often, they require the incorporation of new resources and, especially, the introduction of new processes.Firms are as systems of purposeful actions engaging in economic activities to achieve objectives, therefore, they must learn adapt and survive in a complex environment. Organizational learning is the process by which firms can cope with uncertainty and environmental complexity, and their efficiency depends on learning how the environment is changing and then adapting to those changes (March and Olsen, 1976).SMEs need to enhance their learning in two different aspects. First, internal knowledge should be coded and made available to selected members in the company. The manager-owner is knowledgeable about almost all aspects of the business (Mintzberg 1979), and his or her knowledge is personal in the sense that it is located in the mind and not always encoded or available to the rest of the firm. Routines should be created in order to secure the long-term existence of the firm because routines capture the experiential lessons and make that knowledge obtainable by the members of the organization that were not part of the history of the company (Levitt and March 1988).The second way SMEs need to enhance their learning is to make changes in their knowledge base. When socio-economic environments change, firms need to assess the change in order to reformulate how they react to new incentives. The first step is developing a capability to understand the new dynamics. When regulatory and competitive conditions change rapidly, persistence in the same routines can be hazardous because managers and employees use organizational memory or knowledge to make decisions and to formulate the present strategy of the firm.The effectiveness of decisions taken by an SME is greatly influenced by its knowledge base which, in turn, is the result of learning processes that are no longer applicable and may be misleading. Changes in the knowledge base are probably requisite for any firms competing in an industry with tradable products. Supporting infrastructure and routines may prove essential to increase the learning pace and to effectively integrate the new knowledge and reduce the inertia due to outdated knowledge.IV. How to Access and Secure Resources: NetworksSMEs, compared to larger firms, face major challenges in terms of securing and updating resources. Where internal resources are important to accounting for a firm's performance (Gnyawali and Madhavan, 2001), resources also can be secured within networks that may allow firms to be competitive locally and internationally. Increasingly, networking is seen as a primarily means of rising required resources. Resources, such as information, equipment, and personnel, can be exchanged in networks because of relationships between. Networks are important instruments to ease the constraints facing SMEs in terms of access to: a) capital markets to obtain long-term finance both locally and internationally, b) narrow and highly regulated labor markets, c) information and technologies, d) inefficient tax codes, and e) highly bureaucratic and expansive legal procedures. SMEs may be part of a network not only because it may find complementary resources, but also because owners and managers may have friendship ties with other owners and mangers. These non-economic reasons may be as important as economic ones.A Particular Kind of Network: Industry Clusters An extensive literature exists on the topic of industry clusters. Ricardo's "comparative advantages" can be considered as a pioneering concept of industrial clusters; and Marshall's exposition about externalities is based on industrial localization. Industrial clusters are characterized by having extensive interfirm exchanges and an advantageous environment to pursue business activities. Marshall (1961) argues that industry localization may be an important factor because a) it creates a market for workers with certain industry-specific skills, b) it promotes production and exchange of non-tradable specialized input, and c) firms may take advantage of informational spillovers. Krugman (1991) points out that given the existence of market imperfection, pecuniary externalities may also play an important role in determining the concentration of industry in a specific geographic location. Pouder and St. John (1996) argue that clustered firms have a greater legitimacy than firms outside a cluster. Clusters can provide a critical mass to counterbalance the political influence of large firms and to increase the pressure for investments that affect the productivity of the cluster. Furthermore, competition within clusters increases productivity and new firm development (Porter 1998).V. The Entrepreneurial AspectsIntangible internationalization requires facilitating learning by its employees in order to constantly transform the firm. Implementing mechanisms to expand the knowledge base and to diffuse information should allow SMEs to increase their capacity to develop new goods and services, and to compete in new markets. Key characteristics of this type of internationalization are common interests, trust and openness that allow employees to challenge assumptions. Intangible internationalization is a more difficult international expansion, but it provides sustainable competitive advantages. Consequently, SMEs would become competitive by reducing their costs, introducing new products and expanding their potential markets.It is not possible to engage in tangible internationalization without having a minimum level of intangible internationalization or being competitive without some degree of valuable, rare, in-imitable, non-substitutable resources (Barney 1991). SMEs should aim for both types of internalization in order to take advantage of physical presence in foreign markets and constantly provide the incentives to facilitate learning, new organizational capabilities and processes.Firms have different combinations of internationalization. In order to analyze how SMEs can take advantage of both tangible and intangible internationalization, the foundation of the potential competitive advantages need to be identified. Therefore, it is crucial to understand how firms deliver products that have value for customers, but also to understand what makes these firms different from the rest (Hall 1998). I argue that there are three major categories of differential that have a strong impact on the nature of internationalization of SMEs. The first is called firm differential, and includes a) organizational (team level), b) managerial (individual level), c) physical endowment and d) technological capabilities differentials. The second category is based on the home country characteristics and it is called country differential. The final category,market differential, takes into consideration the specific features of local markets and industries. These differentials deeply influence the role of owner-manager. There are three basic approaches that a SME can adopt while anticipating and responding to the needs of its customers. The first one is the approach of the Schumpeterian entrepreneur (Schumpeter, 1934), a leader who breaks away from routine and introduces either new goods/services or new production processes for existing goods/services. The second one is related to Porter's (1980) concept of cost leadership even though Porter studied larger firms from developed countries. The last style of owner-manager is the Kirznerian entrepreneur, who is a person alert to opportunities (see figure 1). This type of role implies that the owner-manager acts as a broker in order to take advantage of over-optimistic or over-pessimistic reactions of economic agents (Kirzner 1973); therefore, the owner-manager will act "in regard to the changes occurring in the data of the markets" (Mises 1949: 255).ConclusionIn the business literature, internationalization involvement usually results from one of two factors: a) the firm possesses some monopolistic advantage that it can use in another country, or b) the host country owns resources that are valuable to the foreign firm. While these reasons may be necessary and sufficient conditions for larger companies, is not necessarily the case for SMEs whom have no option but to internationalization.Those two factors do not necessarily apply to SMEs because they need to become international even if they do not compete in international markets. The average level of competitiveness of SMEs is below that of multinational enterprises. SMEs are faced with international competition whether they decide to internationalize or to remain "local." Even SMEs providing non-tradable goods face a "demand side" pressure to meet the characteristic of similar product sell in other countries. SMEs may not have the time required, according to this model, to meet world-class standards. ReferencesAmit, R. and Schoemaker, P. (1993). "Strategic assets and organizational rent". Strategic Management Journal,14(1):33-46. Andrews, K. (1980). The concept of corporate strategy. Homewood, Irwin. Barney, J. (1991). ¨Firm resources and sustained competitive advantage.¨ Journal of Management, 17(1): 99-120. Bartunek, J. (1984). "Changing interpretative schemes and organizational restructuring: the example of a religion order." Administrative Science Quarterly, 29(3):355-372. Child, J. (1972). "Organizational structure, environment and performance: the role of strategic choice". Sociology,6(1):1-22. Gnyawali, D. and Madhavan, R. (2001). "Cooperative networks and competitive dynamics: A structural embeddedness perspective." Academy of Management Review, 26(3):431-445. Grant, R. (1991). Contemporary Strategic Analysis: Concepts, Techniques, Application. Basil Blackwell, Cambridge, MA. Itami, H. and Roehl, T. (1987). "Mobilizing Invisible Assets". Harvard Business School Press. Kirzner, I. (1973). "Competition and entrepreneurship". University of Chicago Press, Krugman, P. (1991). "Increasing Returns and Economic Geography." The Journal of Political Economy, 99(3):483-499. Levitt, T. (1983). The globalization of markets. Harvard Business Review, 61(May-June): 92-102. Levitt, B. and March, J. (1988)."Organizational Learning." Annual Review of Sociology, (14):319-340. Mahoney, J. and Pandian, R. (1992). "The Resource-Based View Within the Conversation of Strategic Management." Strategic Management Journal, 13(5):363-380 . March, J. and Olsen, J.(1976). Ambiguity and choice in organizations. Bergen: Universitetsforlaget. Marshall, A., (1961 (1890)). Principles of Economics. London: Macmillan. Mintzberg, H. (1979). The structuring of organizations: a synthesis of the article. Englewood Cliffs, N.J.: Prentice-Hall. Mises, L. (1949). "Human action; a treatise on economics". Yale University Press. Montgomery, C. and Wernerfelt, B. (1988). "Diversification, Ricardian Rents, and Tobin's q". RAND Journal of Economics, 19(4):623-632. Penrose, E. (1959). The theory of the Growth of the Firm. John Wiley: New York. Penrose, E. (1972). The theory of the Growth of the Firm. Originally published in 1959, Oxford: Basil Blackwell. Porter, M. (1998). On Competition. Boston, MA: Harvard Business School Press. Porter, M. (1990). The competitive advantage of nations. Free Press: New York. Pouder, R. and St. John, C. (1996). "Hot Spots and Blind Spots: Geographical Clusters of Firms and Innovation."The Academy of Management Review, 21(4):1192-1225. Rumelt, R. (1991). "How much does Industry Matter?" Strategic Management Journal, 12(3):167-185. Schumpeter, J. (1934). The Theory of Economic Development. Harvard University Press. Teece, D. Pisano, G. and Shuen, A. (1997). "Dynamic Capabilities and Strategic Management." Strategic Management Journal, 18(7):509-533. Teece, D (1982). "Toward an economic theory of the multiproduct firm". Journal of Economic Behavior and Organization, 3:39-63. Veloso, P. (1991). "International Competitiveness and the creation of an enabling environment." International competitiveness, ed. By Irfan ul Haque, pp. 29-36. Washington, DC: Economic Development Institute of the World Bank. Weick, K. (1995). Sensemaking in organizations. Newbury Park, CA: Sage. Wernerfelt, B. (1984). ¨A resource based view of the firm.¨ Strategic Management Journal, 5(2):171-180. Westley, F. 1990. "Middle Managers and Strategy: Microdynamics of Inclusion." Strategic Management Journal,11(5): 337-351. Yasuf, S. (2001). "Globalization and the Challenge for Developing Countries." Policy ArticleWorking Paper 2618, the World Bank Yip, G. (2003). Total Global Strategy II. Prentice Hall, Upper Saddle River, New Jersey.Sobre el autorCoordinador Académico de Finanzas FACS, Universidad ORT Uruguay

Currently, "multimedia" seems to be an ordinary term with a clear meaning. It appears in specialized and mainstream media, in government and corporative documents, in advertising and colloquial conversations. Even though, a proper and specific meaning to be used in communication studies is far from being clear. In this paper, I criticize some of the canonical definitions and make an attempt to establish some useful points to start a discussion about the subject. Firstly, I discuss the definition according to which multimedia is just the co-occurrence of different message supports in a single platform because it reduces multimedia to a simple consequence of the device, without any communication aspect. Then, I discuss the confusion between technical features of the digital media and the multimedia itself. As any media, multimedia is much more than just the devices and technical features that make it possible. Therefore, we require a more comprehensive approach for the multimedia in the communication studies which includes a medial, semiotic and phenomenological analysis. ; Actualmente, "multimedia" parece ser un término ordinario con un sentido claro. Aparece en los medios especializados y en los medios principales, en documentos de gobierno y corporativos, en la publicidad y en conversaciones coloquiales. Sin embargo, un sentido apropiado y específico para ser usado en los estudios de comunicación está lejos de ser claro. En este artículo critico algunas de las definiciones canónicas e intento establecer algunos puntos útiles para comenzar una discusión acerca del tema.En primer lugar discuto la definición según la cual el multimedia es solo la co-ocurrencia de diferentes soportes de mensaje en una sola plataforma porque reduce el multimedia a una simple consecuencia del aparato, sin ningún aspecto comunicacional. Luego discuto la confusión entre características técnicas de los medios digitales y el multimedia en sí.Como todo medio, el multimedia es mucho más que tan solo los dispositivos y características técnicas que lo hacen posible. Por lo tanto, necesitamos un abordaje más comprensivo del multimedia para los estudios de comunicación que incluya un análisis medial, semiótico y fenomenológico.

Actualmente, "multimedia" parece ser un término ordinario con un sentido claro. Aparece en los medios especializados y en los medios principales, en documentos de gobierno y corporativos, en la publicidad y en conversaciones coloquiales. Sin embargo, un sentido apropiado y específico para ser usado en los estudios de comunicación está lejos de ser claro. En este artículo critico algunas de las definiciones canónicas e intento establecer algunos puntos útiles para comenzar una discusión acerca del tema. En primer lugar discuto la definición según la cual el multimedia es solo la co-ocurrencia de diferentes soportes de mensaje en una sola plataforma porque reduce el multimedia a una simple consecuencia del aparato, sin ningún aspecto comunicacional. Luego discuto la confusión entre características técnicas de los medios digitales y el multimedia en sí. Como todo medio, el multimedia es mucho más que tan solo los dispositivos y características técnicas que lo hacen posible. Por lo tanto, necesitamos un abordaje más comprensivo del multimedia para los estudios de comunicación que incluya un análisis medial, semiótico y fenomenológico. ; Currently, "multimedia" seems to be an ordinary term with a clear meaning. It appears in specialized and mainstream media, in government and corporative documents, in advertising and colloquial conversations. Even though, a proper and specific meaning to be used in communication studies is far from being clear. In this paper, I criticize some of the canonical definitions and make an attempt to establish some useful points to start a discussion about the subject. Firstly, I discuss the definition according to which multimedia is just the co-occurrence of different message supports in a single platform because it reduces multimedia to a simple consequence of the device, without any communication aspect. Then, I discuss the confusion between technical features of the digital media and the multimedia itself. As any media, multimedia is much more than just the devices and technical features that make it possible. Therefore, we require a more comprehensive approach for the multimedia in the communication studies which includes a medial, semiotic and phenomenological analysis. ; Facultad de Periodismo y Comunicación Social

Esta investigación ha tenido como objetivo describir las implicaciones del modelo de desarrollo endógeno propuesto por el gobierno bolivariano en la estructura del sistema productivo, desde la percepción de los gerentes de la PyME venezolana. Se diseñó una investigación de campo con enfoque cualitativo. Los resultados muestran que la implementación de las políticas públicas tiene un sesgo burocrático, con poca atención a los valores que las sustentan, e inequidad respecto al impulso que se da al movimiento cooperativo, en comparación con la atención prestada a la pequeña y mediana empresa. Existe una contradicción entre las políticas aplicadas y la orientación de complementariedad entre economía de mercado y economía social. ; The purpose of this research was to describe the implications of the endogenous development model proposed by the Bolivarian Government on the productive structure, through the perceptions of managers of small and medium enterprises. Our approach for the field work was qualitative. The results show an implementation with bureaucratic orientation, with few attention to values, and unfairness in the treatment of cooperatives and small and medium enterprises. There is a contradiction between the government policies and the principle of complementarity between social economy and market economy. ; 242-261 ; hmendoza1@uc.edu.ve ; hermel@cantv.net ; semestral

Programa de doctorado integrado de derecho interdepartamental ; La presente tesis se ha abordado desde la perspectiva de la protección al inversor, incidiendo especialmente, en los problemas del inversor minorista, derivados de la asimetría informativa que soporta éste con respecto al emisor; incidiendo, por tanto, en la mitigación de esa asimetría informativa, como solución parcial, por parte, tanto del legislador comunitario como estadounidense, incrementada con el acaecimiento de la crisis financiera, a través de diferentes medidas que tratan de corregir los fallos del mercado, entre las que destacan, las normas de transparencia. Igualmente, se ha abordado el acceso a la financiación en el mercado de valores, por parte de los emisores, tratando, a través de una perspectiva histórica, el origen y la ubicación del programa de notas a medio término –medium term note programmes-, en el contexto del mercado internacional de bonos. Asimismo, se han analizado las ofertas públicas de venta o suscripción de valores y su relación con los programas de valores de renta fija a medio plazo. Se han evaluado, dentro de los términos y condiciones generales de los valores del programa –notes-, que figuran en el prospecto o folleto, aquellos aspectos que resultan más relevantes, en relación con la protección del interés del inversor. Así, se han subrayado, especialmente, los elementos esenciales de la información relativa a los factores de riesgo que figuran en el programa de emisiones, alertando al inversor sobre aquellos aspectos que pudieran constituir "líneas rojas" que deberán ser tomadas en cuenta por éste en la valoración de su inversión. Asimismo, se examina la regulación americana relativa al mercado de valores, desde el ángulo de su objetivo fundamental que es la tutela del inversor, mediante el registro, como norma general, de las emisiones o del programa de emisiones en la SEC, cuando se trata de emisiones dirigidas al público inversor. Se estudian algunas excepciones a la obligación de registro cuando las emisiones no se dirigen al sector minorista, por lo que su protección no se encuentra comprometida, como el caso de emisiones bajo la Rule 144A y Regulation "S", de las que se realiza un breve análisis. Igualmente, se realiza un examen del régimen de las emisiones de valores dirigidas a financiar inversiones sostenibles, resaltando de manera especial el caso de los Green Bonds y los Social Bonds, dentro del marco del programa Medium Term Note, siempre en el escenario del mercado primario. Asimismo, se analizan los documentos más relevantes del programa de emisiones, que se contienen, bien en la fase de establecimiento del programa o pre-emisión, o bien, en la fase de emisión. En el seno de la primera fase, de establecimiento del programa, se subrayan de manera especial los contratos auxiliares con los colaboradores del emisor, diferenciando claramente la dirección de la emisión del contrato de colocación y aseguramiento y sus peculiaridades y aplicación en el programa de emisiones. Igualmente, se dedica especial atención al régimen vigente del folleto de emisión y, dentro de esta regulación, se presta singular énfasis al folleto de base, documento utilizado en supuestos de establecimiento de programas de emisiones MTN. Asimismo, se subrayan los aspectos más controvertidos, con respecto al contenido y responsabilidad del folleto y sus documentos complementarios, y de las carencias de las que adolece para constituir un auténtico instrumento de información para el inversor. Con igual perspectiva que el folleto, se analizan la nota de síntesis y el suplemento al folleto, destacando la sustancial mejora en su regulación actual, en cuanto a la protección del inversor, pero destacando, al mismo tiempo, sus deficiencias. Para conseguir la completa eficacia del sistema de información plena, se incide en la necesidad de mejorar el sistema de responsabilidad del emisor o persona responsable de la elaboración del folleto de emisión, según la normativa aplicable. En este sentido, se dedica un apartado a desarrollar sucintamente la responsabilidad civil derivada de falsedades u omisiones de hechos relevantes en el contenido del folleto de emisión, de acuerdo con la legislación española, en la medida en que en algunos supuestos, aunque escasos, el folleto se pueda encontrar sometido a dicha ley. Igualmente, se expone una revisión sintética de una reciente propuesta de la Comisión Europea sobre la regulación del folleto de emisión cuando los valores se ofrecen al público o son admitidos a negociación. Finalmente, se examina la fase de emisión propiamente dicha, en cuyo contexto se analizan los documentos que componen, habitualmente, las emisiones bajo el programa de notas a medio plazo, prestando especial atención al supuesto de las emisiones sindicadas. ; This thesis has been approached from the perspective of protecting investors, with special emphasis being placed on the problems faced by retail investors, arising from the asymmetry of the information they have compared to issuers. Emphasis has been placed on how both European and U.S. legislatures have mitigated this information asymmetry as a partial solution, even more so with the occurrence of the financial crisis, through different measures that attempt to correct market failures, including transparency rules. It also addresses issuers' access to finance in the stock market, discussing the origin and location of medium-term note programmes from a historical perspective in the context of the international bond market. It also analyses public offers for the sale or subscription of securities and their relationship with medium-term fixed-income security programmes. The most salient aspects included in the general terms and conditions for the programme's securities –notes– in the prospectus have been analysed in terms of protecting investor interest. In particular, it emphasises key pieces of information about the risk factors of the issue program, warning investors about which aspects may constitute "red lines" that must be taken into account in the valuation of their investment. It also examines U.S. security market regulations in terms of their fundamental objective, which is to safeguard investors by, as a general rule, registering issues or issue programmes addressed at the investing public with the SEC. It studies certain exemptions to the registration requirement in cases where the issues are not addressed at retail investors, and their protection is consequently not compromised, such as issues under Rule 144A and Regulation S, which are briefly analysed. It likewise reviews securities issues addressed at sustainable financial investors, particularly underlining the cases of Green Bonds and Social Bonds within the framework of the Medium-Term Note programme, always in the context of the primary market. It also analyses the most salient documents of issue programmes, both in the pre-issue phase of establishing the programme and in the issue phase. In the first phase, of establishing the programme, it particularly highlights ancillary agreements with the issuer's partners, clearly differentiating the special features of how the issue of the placement and underwriting contract is managed in the issue programme. Moreover, it pays special attention to the current system governing issue prospectuses and, within this regulation, particularly highlights the base prospectus, a document utilised when establishing MTN issue programmes. Likewise, it underlines the most controversial aspects in terms of the content of and accountability for prospectuses and their accompanying documents, and the gaps that prevent them from being a genuine information instrument for investors. With equal emphasis, it analyses the summary note and the prospectus supplement, highlighting the substantial improvements made to current regulations in terms of investor protection as well as their deficiencies. To get the most efficiency out of the full disclosure system, the thesis indicates the need to improve the accountability system for the issuer or person responsible for preparing the issue prospectus, under applicable regulations. In this context, a section is dedicated to briefly explaining civil liability for false statements or omissions of material information in issue prospectuses under Spanish law, to which, in some rare cases, prospectuses may be subject. It also includes a concise review of a recent European Commission proposal on issue prospectus regulation in the case when securities are being offered to the public or are admitted to trading. Finally, it examines the issue phase itself, analysing the documents regularly comprising issues under the medium-term notes programme, paying special attention to syndicated issues.