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Think Tanks in an Emerging India: A Struggle for Relevance?

Samir Saran, President of the Observer Research Foundation (ORF) in New Delhi, India, explores the Future of Think Tanks and Policy Advice around the World.

Samir Saran

Open Access

Exploring the Predictive Power of News and Neural Machine Learning Models for Economic Forecasting

Forecasting economic and financial variables is a challenging task for several reasons, such as the low signal-to-noise ratio, regime changes, and the effect of volatility among others. A recent trend is to extract information from news as an additional source to forecast economic activity and financial variables. The goal is to evaluate if news can improve forecasts from standard methods that usually are not well-specified and have poor out-of-sample performance. In a currently on-going project, our goal is to combine a richer information set that includes news with a state-of-the-art machine learning model. In particular, we leverage on two recent advances in Data Science, specifically on Word Embedding and Deep Learning models, which have recently attracted extensive attention in many scientific fields. We believe that by combining the two methodologies, effective solutions can be built to improve the prediction accuracy for economic and financial time series. In this preliminary contribution, we provide an overview of the methodology under development and some initial empirical findings. The forecasting model is based on DeepAR, an auto-regressive probabilistic Recurrent Neural Network model, that is combined with GloVe Word Embeddings extracted from economic news. The target variable is the spread between the US 10-Year Treasury Constant Maturity and the 3-Month Treasury Constant Maturity (T10Y3M). The DeepAR model is trained on a large number of related GloVe Word Embedding time series, and employed to produce point and density forecasts.

Luca Barbaglia, Sergio Consoli, Sebastiano Manzan

Chapter 1. Issues of Historical and Managerial Research

This chapter introduces the main methodological issues in the formation and development of the History of Management Thought (HMT). Here are the main questions that the history of management thought should answer: “Why and for What purpose has one or another management idea been proposed?” Why was it proposed at specifically this time and place? “Which conditions and circumstances have affected the emergence of a new management idea?” Here emphasis is being made on the relevance of increasing scientific validity in management decisions, the general and specific characteristics of HMT as a scientific, applied and educational discipline, the role and place of HMT in the history of science, issues of organization of research and methods of HMT development, source study and other issues of HMT are disclosed. Here the reader will get acquainted with the three main concepts of management thought—the models of the police, legal, and cultural states.

Vadim I. Marshev

Chapter 2. The Origins of Management Thought: From Fifth Millennium B.C. to the Fifth Century

This chapter describes the main sources and origins of global management thinking over the centuries, from the emergence of the first human civilizations to the early feudalism era. Managerial aspects of the ancient world’s management monuments—treatises of thinkers, statesmen, leaders of economies, and social, religious, and military leaders—are disclosed. The objects of comparative analysis of views on economic management were representatives of ancient states—Egypt, Front Asia, China, India, Greece, and Rome. This chapter also briefly describes management ideas in the Old and New Testaments.

Vadim I. Marshev

Chapter 3. World Management Thought in the Fifth to Nineteenth Centuries

This chapter further describes the main directions and works that reflect the development of management ideas, attitudes, and concepts in Western countries in fifth to nineteenth centuries. This chapter is perhaps one of the first special treatises on management, the authors of which were organizers of industries, statesmen, academics, high school teachers, including the first business schools. The objects of comparative analysis of views on economic management were representatives of a number of European countries, as well as well-known creators of management ideas—classics of political economy, philosophy, law. The chapter ends with characteristics of the famous treatise “The Doctrine of Management” by Lorenz von Stein.

Vadim I. Marshev

Chapter 4. The Emergence and Formation of Management Thought in Russia (Ninth to Eighteenth Centuries)

This chapter examines genesis, formation, and the development of management thinking in Russia of the ninth to eighteenth centuries. The authors of ideas here are state and religious figures, academics, representatives of various Russian categories, and classes, including representatives of the nascent third word. The sources were ancient records and tales, legislation, monographs of scientists and thinkers, archival documents, and memoirs. Of particular interest is the Sylvester’ treatise “The Domostroy,” containing many original ideas of household management. Among the heroes and creators of Russia’s management thought of this period are princes, emperors and representatives of imperial families, statesmen, advisers to emperors, and scientists such as Yurij Krizhanich, Ivan Pososhkov, and Michail Lomonosov.

Vadim I. Marshev

Chapter 8. Actual Problems and Concepts of Management

In the previous chapters of the textbook, the material was mainly presented “in the language” of two different parameters (or coordinates): either a time period (with a quantum from 1 year to a millennium), or regions of the world. This chapter speaks in terms of “current managerial problems” that have an ancient history but still remain relevant in the countries of the world. Naturally, in the process of the problem statement, one had to refer to both time and regions, but already as parameters of secondary importance.The materials of this chapter reflect the development of management thought in solving topical management problems in areas such as Organizational Culture, Leadership, Management Ethics, and Digitalization of Management.

Vadim I. Marshev

Chapter 5. Management Thought in Russia in 1800–1917

This chapter of the textbook reflects the development of management thought in Russia in the 1800–1917. At this time, the works of M. Speransky appeared, for the first time, сameralist branches at Russian universities were opened, treatises on management of higher school and materials of the-trade and industry and Industrial Congresses (which focused on relevant issues of management) were published, and management reforms led by Russian government officials were implemented. The objects of comparative analysis of views on the management of the Russian state and private economy were representatives of four major socio-political movements in Russia that existed in Russia during the period under review—the revolutionary democrats, the populists, the bourgeoisie, and the proletariat. In addition, this chapter discusses various forms of creating and developing management ideas—the opening of commercial and legal schools, special training courses in management, holding major all-Russian trade and industrial congresses, etc.

Vadim I. Marshev

Chapter 18. Attachment 1: BHP DLC

On June 29, 2001, BHP Limited and Billiton Plc completed the formation of a Dual Listed Companies structure, or DLC. To affect the DLC, BHP Limited and Billiton Plc entered into certain contractual arrangements which were designed to place the shareholders of both companies in a position where they effectively had an interest in a single group that combined the assets and was subject to all the liabilities of both companies. BHP Billiton Limited and BHP Billiton Plc had each retained their separate corporate identities and maintained their separate stock exchange listings. BHP Billiton Limited had a primary listing on the ASX and secondary listings in London, Frankfurt, Wellington, Zurich and, in the form of ADSs, on the New York Stock Exchange. BHP Billiton Plc has a primary listing in London and secondary listings in Johannesburg and Paris.

Don Argus, Danny Samson

Chapter 2. Organisational (Business) StrategyStrategy

Every successful organisation has at its foundation a sound and sensible strategy. Strategy defines purpose, goals and the means for achieving these. It exists in large organisations at a number of levels, from whole of organisation level to business unit and department, ultimately linked to team and individual goals and plans if it is to be fully mature and effective. Strategy is discussed in terms of its capability to guide decisions, from a strategy formulation perspective, using BHP and NAB as examples of large business, that variously were successful strategically, but not always so. Competitive strategy and ways of effectively implementing strategy are discussed. In the appendix to this chapter, we examine operational effectiveness, as it relates to implementation of strategic direction and strategic initiatives.

Don Argus, Danny Samson

Chapter 6. NAB (A): Banking and Financial ServicesNAB (A): Banking and Financial Services, 1960–2020

The changes in strategy, leadership approach, governance, services, technologies and almost every other aspect of business life make the banking/financial services industry a most interesting one to examine with the wisdom of hindsight. Lessons can be effectively learned in all these realms from past successes and mistakes in this sector. The recent Royal Commission and scandals such as the alleged 23 million breaches at Westpac reported in late 2019 make leadership, governance and strategy in the financial sector a very much live issue, with very many challenges to overcome.

Don Argus, Danny Samson

Chapter 10. BHP (B): Steel

Whilst the original strategy may have been mining, much capital was directed to steel making. The BHP steel strategy was based on the fact that the Australian market was just large enough for one steelmaker at optimum economic scale of operation. If two steelmakers became established in Australia, one would not survive. BHP became one of the most integrated of the integrated steelmakers in the world. This business was successful for decades, yet the time came for a decision to demerge the steel business and exit that industry.

Don Argus, Danny Samson

Chapter 7. NAB (B): NAB’s Acquisition StrategyNAB (B): NAB’s Acquisition Strategy

NAB’s acquisition strategy had generally been aimed at enhancing the Group’s position within its chosen markets through the purchase of retail banks with strong retail customer franchises. It had also focused on building key capabilities and developing critical mass in selected financial services activities through acquisitions and internal growth. NAB’s ability to participate in further rationalisation of the banking industry in Australia had been constrained by the prohibition of the merger of major banks in Australia by the Commonwealth Government. So it looked elsewhere. An international network was built by the end of last century, and plans to go and grow further were in progress.

Don Argus, Danny Samson

Chapter 2. A Political Economy of the Price Index 1913–1990

This chapter reviews the consumer price index over time, presenting eight generations of the CPI. The chapter focuses on the Fordist period (1945–1970). This period is characterised by a multiplicity of political pressures and ended in a sort of paroxysm with the publication by the major Trade Union affiliated to the communist party (the “CGT”) of an alternative indicator (1972–1998).

Florence Jany-Catrice

Uzbekistan’s Neopatrimonial State and Authoritarian Regime: From Karimov to Mirziyoyev

This chapter is focused on analysing the processes and elements that have shaped the particular neopatrimonial and authoritarian nature of the Uzbek state, from its origins and early consolidation under Karimov to the transformations during Mirziyoyev’s presidency. These factors have predominantly developed in the domestic sphere, due to the high degree of autonomy from outside influence of Uzbek authorities and elite networks, compared to other Central Asian cases, such as Kyrgyzstan, Tajikistan or Turkmenistan. This tendency may vary in the future, if the development strategy of “openness” started by President Mirziyoyev is finally consolidated.

Rubén Ruiz-Ramas, Javier Morales Hernández

Chapter 16. Strategic Policy Planning at the Local Level: A Flemish Performance Starring Regional Government

This chapter illustrates how intergovernmental fusion challenges local government reform in Flanders. In this northern part of Belgium, regional and local governments are closely interwoven. For decades, this fusion has put the Flemish government in a leading role as far as local strategic policy planning is concerned. Since the 1990s, field administrations have steered their local counterparts to very divergent planning practices as a prerequisite for granting state money to various local policy branches. But this sectorial subsidisation caused so-called planning burden for local governments that hindered them from strategically planning in a holistic manner. The Flemish government recently endeavoured to coordinate its intergovernmental steering practice in ten policy fields. Drawing upon empirical data acquired by document analyses and interviews in these fields, this chapter aims at finding out if the regional field administrations have now streamlined and also limited their top-down steering to support the local reform towards holistic planning. At first sight, our analysis pointed to goodwill on their part to support the reform. However, a closer look revealed that strong path dependency towards their own historic-institutional logic clearly ruled in case of conflict. If possible, field administrations prefer to hang on to their way of steering and thus keep on playing a starring role in local strategic planning.

Ellen Wayenberg

Chapter 9. Legalizing Artificial Intelligence

Current boardroom technologies concentrate on the production and distribution of information that boards want to assist in their supervisory and strategic roles which mean that many of these technologies do not tender the advantages of AI systems themselves but instead engender the data which is the necessary lifeblood that AI needs. Advanced analytics based on AI algorithms categorize more complex patterns than is possible by human intervention, predominantly in the context of identifying fraud and money laundering in the financial services context. AI can be considered as property and so making the obligation of the clients, owners, or producers if the damage is caused because of it. The European Parliament passed a resolution proposing a form of legal personhood for Artificial Intelligence regardless that legal personality is not lightly conferred in any jurisdiction. As AI entities function at an increasing distance from their developers and owners, these AI entities confront conventional legal frameworks for attribution and liability. This author (Georgios I Zekos) considers that there is a need for attributing legal personhood to AI entities, in their present configuration, in an analogous way that of traditional corporations and the only difference is that of their virtual dimension of function because humans are creating AI entities and put them in operation and so the occurrence of AI entities put in function by other AI entities is for the future where it is supposed to have a legal personhood attributing liability for the original AI entities and be forced in an AI way by AI entities in an AI world.

Georgios I. Zekos

Chapter 5. Risk Management Developments

Risk is a tool which makes possible the decision-maker to get knowledge about the event with destructive effects and so, the decision-maker via the analysis of risk makes the event more certain and obtaining control on it. Moreover, risk is the net negative influence of the exercise of vulnerability, regarding both the prospect and the effect of occurrence. Risk management is the procedure of identifying risk, assessing risk, and taking steps to moderate risk to a tolerable point. Furthermore, Risk sharing or risk controlling are central justifications for joining strategic alliances. Credit risk surfaces from the prospective that one participant to a financial tool is triggering a financial loss for the other participant by neglecting to discharge an obligation. Managing risk is one of the key objectives of companies operating globally and managers normally correlate risk with negative result.

Georgios I. Zekos

Chapter 3. Management and Corporate Governance

Corporate governance refers to the relationships among the different internal and external stakeholders implicated with the governance processes planned to assist a corporation in order to accomplish its objectives. DLT adoption by market participants will involve which means that there is a likelihood that new kinds of corporation stakeholders will appear such as the token holders. Hence, these new players will lead to alterations in the securities’ issuance and trading, in the shareholder’s involvement, but also to a reinforcement of the rights awarded to the different corporation stakeholders and so a new role will be recognized to corporate stakeholders. Public blockchain systems are “trust-minimized,” but “trust-shifting”—which indicates the need to trust in others than the officers and directors of a bona fide corporation and so in these systems that operate money, smart contracts, and possibly many other critical human practices which means that people continue to lead and make vital decisions on behalf of others.

Georgios I. Zekos

New Solutions in the European Financial Market and their Impact on the Polish Market

The aim of the study is to analyze the impact of new European regulations, which include: Capital Requirements Package IV Directive, Capital Requirements Regulation, banking union and capital union on the market in Poland. Special attention was paid to the impact of the new regulations on the banking sector in Poland and the small- and medium-sized enterprises. Poland, as an EU member state, is obliged to implement the guidelines presented in the Capital Requirements Package IV Directive, Capital Requirements Regulation, while as far as banking union is concerned, it has the possibility to join it on the basis of close cooperation. The capital union has not been established so far; therefore, it is not possible to talk about its real impact on the market in Poland; however, it is possible to predict the potential effects of its establishment. The article consists of five main parts covering the following issues: characteristics of the European financial market, introduction of new European regulations concerning financial market, analysis of the impact of new regulations on the banking sector in Poland and analysis of the impact of new regulations on the sector of small- and medium-sized enterprises in Poland. The author argues that the new European regulations increase the stability of the banking sector in Poland and access of small- and medium-sized enterprises to capital.

Małgorzata Mikita

Towards Business Services 4.0 - Digital Transformation of Business Services at a Global Technology Company

The digital transformation brought new opportunities as well as challenges to the business services sector. New digital technologies like cognitive automation, blockchain, or process mining could facilitate all significant business aims service centres. These could contribute not only to the efficiency metrics of operation but to the effectiveness of the business as well. The different levels of digital transformation presented in this paper all contribute to these benefits, and the future holds new opportunities with the further advancement of cognitive solutions. These technologies have already proven their capabilities, but their implementation is always difficult and should be custom-made. Quantitative and qualitative research was conducted to discover business practices related to the digitalisation of the business services sector in a Central and Eastern European country. This paper provides insight into a major Hungarian-based business services centre with three unique cases of digital technology implementation projects. Through these cases, the paper reveals the process of selection and introduction as well as outcomes of digitalisation projects in the examined company. The paper ensures an overview of new technologies that could be used in the sector to build a framework called Business Services 4.0.

Robert Marciniak, Peter Moricz, Mate Baksa

What Do You See in Your Bot? Lessons from KAS Bank

The introduction of robotic process automation (RPA) has created an opportunity for humans to interact with bots. While the promise of RPA has been widely discussed, there are reports suggesting that firms struggle to benefit from RPA. Clearly, interactions between bots and humans do not always yield expected efficiencies and service improvements. However, it is not completely clear what such human-bot interactions entail and how these interactions are perceived by humans. Based on a case study at the Dutch KAS Bank, this paper presents three challenges faced by humans, and consequently the perspectives humans develop about bots and their abilities to perform work. We then provide a set of five practices that are associated with the management of the interactions between humans and bots.

Ilan Oshri, Albert Plugge

Chapter 5. Imagining Brexit: The UK’s China Policy After the Referendum

This chapter examines British policy towards China from the ‘Brexit’ referendum of June 2016 to the UK’s departure from the EU on 31 January 2020. It takes as its framework the question of the impact on Western policymaking of contrasting perceptions of China as threat and/or opportunity in the post-Cold War period. After a brief historical overview of the UK’s China policy up to 2016, it examines how China policy developed after the Brexit referendum, based primarily on analysis of policy papers, statements and speeches from the government, and with particular reference to a number of high-profile issues, from the Belt and Road Initiative to the question of Chinese companies’ involvement in the development of 5G networks in the UK. It concludes that the ideas of China as an economic opportunity for the UK were strongest in the immediate aftermath of the Brexit referendum, but diminished somewhat over time as security and normative concerns became more prominent and China policy became more contested domestically. The chapter also concludes that, for the most part, ‘non-Brexit’ factors have had the greatest impact on the UK’s China policy, in contrast to the tendency to look at every issue of British foreign policy through a Brexit lens.

Tim Summers

Chapter 9. The Impact of Brexit on the Relations of UK Universities with East Asia

This chapter discusses the impact of Brexit, the withdrawal of the UK from the European Union, on UK universities’ relations with East Asia. Following the referendum in June 2016, the UK Government has developed a series of policies in response to Brexit while the negotiations between the UK and EU are still ongoing. This chapter assesses the likely impact of these policies on UK universities’ main activities, namely student recruitment and student and staff mobility, research funding, recognition of qualifications and transnational education (TNE) activities/operations, in particular in East Asia. The findings suggest that Brexit will have a positive and indirect impact on UK universities’ relations with East Asia, in particular with the People’s Republic of China, in terms of student recruitment and student and staff mobility, research collaboration, including funding and TNE activities/operations. Brexit will not have an impact on the mutual recognition of academic and professional qualification between the UK and East Asian countries. This chapter also identifies a number of factors that influence UK universities’ relations with East Asia that are not related to Brexit, but to more general economic, social, political and cultural trends. The most important of these factors are the ongoing trade war between the United States and China and the COVID-19 pandemic, which affect the number of students from East Asia in the UK, and a growing competition from East Asian universities.

Pei Hsi Susan Lin

Chapter 4. US and EU Perspectives and Responses to China’s Strategic Challenge

The United States and European Union (EU) have both come to recognise how China’s growing economic and military power, in conjunction with its authoritarian domestic policies, poses a strategic threat not only to their own interests but also to the values of the post-war liberal international order. Nonetheless, they have been unable to present a cohesive response to this challenge as a result of troubled trans-Atlantic relations as well as growing divisions within the EU, fuelled in part by China’s expanding influence in Europe. This paper offers recommendations on how the United States and Europe might be able to repair trans-Atlantic relations and work to counter China’s state-driven technology policies, reform the WTO and establish standards for global infrastructure development. On the security front, they should uphold the 2016 international court ruling and directly challenge China’s maritime claims by conducting more frequent joint naval operations in the region. Finally, they need to work with NGOs to publicise China’s gross human rights violations while expanding ties with Taiwan to bolster its democracy against Chinese coercion. These efforts should underscore that China can no longer benefit from the current system by taking advantage of its rules and norms but should, instead, abide by and help to maintain and strengthen this rules-based order.

Robert Wang

Chapter 4. Civilian Government Agencies

“Civilian Government Agencies” describes the array of U.S. government agencies encountered on the ground in peace and relief operations including the traditional foreign affairs departments—State, USAID, Defense, Commerce, and Agriculture—but also Treasury, Justice, Homeland Security, and Health and Human Services. Although this chapter deals mostly with U.S. agencies, it also includes sections on agencies in the United Kingdom, Sweden, Japan, and Canada. We have focused on efforts to improve the capacities of civilian agencies in complex operations. We have also included material on the legal authorities and appropriations constraints that agencies operate under, coordination across agencies, and monitoring and evaluation, as well as a section on humanitarian response under USAID’s general direction.

Lauren Van Metre

Chapter 2. Literature Review

To answer the central question of this study, “When and why do states that have the military capability to use force to disrupt or destroy a proliferating state’s nuclear facilities choose to take no action, use military force, or pursue coercive diplomacy?” the research first discusses the contributions and shortcomings of the existing proliferation literature. This critique contextualizes the foundation of nuclear proliferation literature before transitioning from the study of the aggregate to the individual effects of proliferation by discussing Matthew Kroenig’s power-based Differential Effects of Nuclear Proliferation Theory, which argues nuclear proliferation has varying effects on differently situated power-projecting states and these differing effects account for the variations in their proliferation responses.

Brian K. Chappell

Open Access

Chapter 2. Bubbles

In the latter half of the 1980s, Japan’s export-led growth strategy reached an impasse. To avoid a trade war with the United States and to stop the hyper-appreciation of the yen, it tried to rectify its trade imbalance by stimulating domestic demands. The country also embarked on financial deregulation. These resulted in asset price bubbles, which was much bigger than the ones in the United States in the 2000s.

Ryozo Himino

Open Access

Chapter 5. Crisis

The seven in-between years ended with a banking crisis, which brought Japan to the brink of a systemic meltdown. The crisis was contained with massive capital injections in banks, much-enhanced resolution tools, stronger disclosure and provisioning, and the new supervisory agency. The crisis, however, resulted in credit crunch, recession, bankruptcy, unemployment, and suicide and left deep scars in the Japanese economy and society.

Ryozo Himino

Chapter 7. Photography in British Political History

This chapter examines the role of photography within British politics, from the first photograph of a British prime minister in office to the dramatic events of the 2016 EU referendum. With reference to 20 historic photographs taken over the last 160 years, we decipher just how photography has changed the political landscape through the capturing of unique moments that other mediums fail to convey, with a particular focus on premiership. We discuss how the artistic nature of photography, one which tells us more about the subject than the artist, vastly enhances our visual understanding of the past and can teach us more about the candid realities of political history than previous mediums. Impacts of major photographical developments on politics, from the advent of pictorial journalism to colour printing to social media, are also explored apropos of the use of photography by press and politicians to shape political narratives, and the impact it can have on public perception of events.

Sir Anthony Seldon, Raymond Newell

Chapter 8. Architectural Power

Producing fine architecture is a fine art. How citizens perceive the design of government buildings is at the heart of politics. This is because prominent and lasting physical features such as these constitute the locale of official governing and thereby become central public images of what that governing is about. Hence the term ‘architectural power’ refers to how these structures can have significant influence on citizen attitudes towards the regimes that occupy them. On the one hand, the effect can intimidate citizens and construct authoritative obedience. On the other hand, they can ingratiate citizens and support sentimental allegiance. The former is regarded as ‘hard’ power and the latter ‘soft’. These dual outcomes are examined in detail in state capitols and city halls in the United States. Factors studied are horizon prominence, ground footprint, physical height, external facade, entry portals, governing chambers, ritual spaces, and displayed objects.

Charles T. Goodsell

Chapter 6. Migration

One of the key areas of concern for the UK has been its high net migration. Insights into understanding migration, its motivations and impact are assessed, alongside a brief presentation of UK immigration statistics, its poor image in the public eye and the persistent UK labour market inequality. Migration can have a positive or negative impact for the UK as a whole and also for particular indigenous groups, depending on the economic aspect analysed. Therefore, understanding the evidence in relation to migration is important, as this is highly significant for deciding which form of Brexit to favour. The effect of migration is discussed in relation to many key economic aspects for the UK, including demographics, jobs, business and sectors of activity, skill levels, wages, employment, fiscal contributions, housing and, quintessentially, productivity. The design of a post-Brexit migration system is analysed, comparing it mainly to the Australian points-based visa system, and its consequences for UK business and productivity are summarised alongside recommendations—principally related to the need for its flexibility—aimed at addressing some of UK employers’ major concerns of skill shortages and the economy suffering post-Brexit. Migrant labour can make a positive contribution to our nation if government, business and the research community work together to help design a migration policy appropriate to our country’s needs.

Philip B. Whyman, Alina Ileana Petrescu

Chapter 8. Economic Policy After Brexit

One area almost completely ignored by economic studies, and yet which has possibly the greatest potential to influence whether Brexit will ultimately be viewed as a policy success or failure, concerns the flexibility of UK policy formation. Depending upon the final form that Brexit takes, it has the potential to present policy makers with additional policy instruments which are not currently available and which have the potential to transform the national economy. Active forms of industrial and procurement policies are the most obvious examples and are examined in some detail in this chapter. Similarly, this chapter discusses macroeconomic options to reduce uncertainty and provide a solid foundation to encourage higher rates of investment and capital formation than have been the norm in the UK for decades.

Philip B. Whyman, Alina Ileana Petrescu

Chapter 2. The Fiscal Impact of Brexit

The fiscal impact of Brexit is an area where even detractors concede that the UK will gain from withdrawal from the EU, as smaller (if any) contributions will be made to cover the UK’s share of EU programmes. The precise nature of this fiscal benefit is, however, uncertain. This is partly due to the way in which the EU budget is only finalised ex post facto, as relative gross national income only becomes known after the fact, whilst prior commitments are often only realised into payments after a time lag. Calculations additionally depend upon assumptions related to the UK budget rebate and whether gross or net contributions are used in calculations, or additionally, whether EU or UK Treasury figures are deemed to be the most appropriate for the particular application of the data. Future budgetary developments need to be estimated, for any comparative forecast to be accurate, and the final form of trade agreement reached with the EU will have a significant effect upon the size of fiscal gain, as some of the options contain fiscal payment implications. The size of the financial settlement is broadly known, albeit that aspects will remain indeterminate for a number of years. Finally, this chapter notes that whilst potentially significant, the direct fiscal gain from Brexit is likely to be relatively modest when compared to any impact upon GDP (and thereby overall fiscal balance) arising from Brexit’s broader economic impact.

Philip B. Whyman, Alina Ileana Petrescu

Chapter 1. The Elusive Economic Consensus over Brexit

This chapter examines the range of studies that have been produced to predict the likely economic impact of Brexit. It considers the suggestion that a broad consensus exists amongst economists, that Brexit would prove damaging to the UK economy, and notes that this claim was based primarily upon a small sub-set of studies rather than reflecting the more complicated range of forecasts produced by economists more generally. This chapter examines the methodologies adopted by this group of more influential studies and highlights a number of flaws which have weakened the robustness and reliability of their conclusions.

Philip B. Whyman, Alina Ileana Petrescu

Chapter 3. Brexit and Trade

The impact of Brexit upon trade has been the primary concern for most economists since the lowering of trade barriers and resulting reductions in trade costs are viewed as overwhelmingly positive. The economic theory relating to trade integration and growth is considered, before noting the results of those studies which have sought to estimate the impact of EU membership over time. One conclusion drawn from the evaluation of the evidence is that trade integration would appear to have positive economic results, but that the UK has had a much lower rate of benefit than other EU member states, perhaps due to the fact that most of its exports are destined for other parts of the globe and hence it is less tightly integrated into the European market. Potential effects arising from the re-imposition of tariff and non-tariff barriers are examined, noting that different sectors are likely to experience quite different effects. Finally, the conclusions reached by a range of studies into the possible trade effects of different variants of Brexit are examined and broad conclusions reached.

Philip B. Whyman, Alina Ileana Petrescu

Chapter 4. Foreign Direct Investment (FDI) After Brexit

The inflow of foreign direct investment (FDI) is typically associated with a range of economic benefits, ranging from enhanced technological and innovation spillovers, which may in turn have positive productivity and employment effects, to offsetting the immediate balance of payments effects caused by the UK’s large trade deficit. The chapter examines the theoretical determinants of FDI flows and seeks to place the impact of Brexit into context. It notes the FDI performance of the UK, both prior to the 2016 referendum, and in the short time period thereafter, before assessing the evidence presented concerning the possible effect that Brexit may have upon future FDI. Evidence is gleaned from economic studies but also attitude surveys conducted with international investors. The policy response to international investor concerns is considered, and since the UK car industry has been identified as having particular exposure to Brexit, this industry is discussed in a little more detail.

Philip B. Whyman, Alina Ileana Petrescu

Chapter 5. Regulation

Regulation has been identified as one area where Brexit may deliver economic benefits. Sections of business opinion have long criticised the EU for the negative impact of its regulations upon the business community, and therefore the chapter examines the potential for a shift towards national rather than supra-national regulation to deliver economic gains. Evidence is presented relating to the relative ranking of UK regulatory burdens, and that the vast majority of UK firms do not export to other EU member states and yet remain constrained by single market regulations. The chapter evaluates the evidence, produced by a handful of studies, which have sought to contrast the economic cost-benefit rations produced by national as opposed to EU regulations, before considering policy responses in the form of significant regulatory liberalisation (‘Singapore on Thames’), gains that might be made through repatriation of certain regulations and the significance of the choice facing UK negotiators, concerning whether to pursue regulatory divergence or concede EU demands for regulatory compliance (the so-called level playing field).

Philip B. Whyman, Alina Ileana Petrescu

Chapter 11. Political Science and the Arts as Allies and Strange Bedfellows: A Chapter in Five Parts

What relevance do pub choirs, comedy or flashmobs have for political science and area studies? This chapter proposes deliberate ways the creative arts and its associated embodied practices help policy practice and theory. It uses case study exploration of public servant executive education training to argue that the arts inspire positive change in at least four discrete areas: (a) promoting practical policy innovation through open mode thinking strategies and somatic practices; (b) revealing new knowledge to be deployed by practitioners and theorists; (c) improving leadership processes through attention to concepts and practices of performance; and (d) surfacing new ways of framing policy challenges and achieving conflict resolution. Arts metaphors have blurred usefully for some time into modern policy and political science texts, but this chapter concludes that a return to the substantive connective tissue between the creative arts and political science—beyond metaphor—is not only warranted, but desirable.

Catherine Althaus

Open Access

Brexit and Biobanking: GDPR Perspectives

At the time we wrote this chapter, we undertook the almost impossible task of providing a legal analysis of an event (Brexit) that had not happened and might never have happened. This chapter nonetheless contributes to the edited collection in that it reports on the then legal position in the UK, and presents an analysis of two possible immediate post-Brexit legal futures, for data protection law as applicable to biobanking in the UK. These post-Brexit futures are the position if the draft Withdrawal Agreement is ratified and comes into force, and the position if it does not (a so-called ‘No Deal’ Brexit). The chapter concludes with some thoughts on possible longer term futures. The main message is the deep uncertainties surrounding Brexit and what it means in both legal form and in practice.

Andelka M. Phillips, Tamara K. Hervey

Chapter 4. Insights from Operationalizing the Systems of Provision Approach

This chapter is concerned with applications of the SoP approach in practice and is oriented around the themes of social policy and social reproduction. The chapter first explores some of the contributions of the SoP approach to wider areas of scholarship, including consumption studies and understandings of social policy. The chapter then turns to explore more specific SoP applications focusing on selected areas of everyday life covering housing, water, health services and ‘fast’ fashion. The cases are mostly with reference to UK but with some case study material from South Africa, and the fashion case study relates to global supply chains. The chapter highlights the diversity in the materiality of what is provided, and the SoPs by which each of these reaches consumers or end users, across sectors and locations. This diversity across these cases clearly demonstrates that the drivers of consumption cannot be reduced to simple assumptions that are universally applicable. Furthermore, in the act of ‘consuming’, the consumer engages in an extensive chain of social relations but in ways of which they can be mostly unaware. The SoP approach unveils what is generally hidden from the consumer at the point of consumption.

Kate Bayliss, Ben Fine

Chapter 6. Emerging Powers and International Trade Law

This chapter explores approaches of emerging powers to international trade law and is structured in a comparable way to Chap. 5 . The chapter starts with a brief description of emerging powers’ earlier involvement—in some cases non-involvement—in the world trade order throughout the GATT years (1948–1994). This first part (A.) asks whether Brazil, China, India, and South Africa can be characterized as rule-takers or rule-makers during that period. The second part (B.) analyses whether their rise in economic power has led to an increased importance of emerging powers within the international trade order and its law-making processes. In its third and main part (C.) the chapter examines several examples of how emerging powers have sought to make WTO agreements more just according to our three-dimensional human rights approach and whether they succeeded.

Andreas Buser

Chapter 7. General Conclusions

This concluding section provides a summary of the main findings and closes with a brief outlook on the further evolution of the rule of international law.

Andreas Buser

Chapter 3. Institutional Change in British Chambers of Commerce

The chapter follows the historical and current development of British chambers of commerce from their beginnings as organisations of the private-law type with voluntary membership and presents the evolution of their services and organisation over the last 250 years. Central to this development have been the respective service packages that they have been able to offer to their members. An important dynamic of British chambers lies in the fact that, through their involvement in government policy (in regional economic development, training programmes etc.) the chambers have received considerable financial resources. At the same time, this partnership with the government has weakened members’ ties to the association. The chapter divides the history of British chambers of commerce into three broad quasi-stable phases of service development (1783–1835, 1850–1950, and 1980–2012) interrupted by periods of more rapid change. Between 1835 and 1850 chambers responded to the reform of the election franchise at national and local level. The changes that took place between 1950 and 1980 were mainly the outcome of industries collapsing as a result of foreign competition, globalisation, and the failure of the British version of corporatist structures, a period that was brought to an end by the Thatcher government that took office in 1979. The current phase, while in many ways less a stable period than one of continuing change, has seen market-driven dynamics emphasising members’ demands to an even greater extent. The chapter also addresses the more recent turbulence associated with the UK’s withdrawal from the EU.

Robert J. Bennett

Chapter 3. Hegemony, Power and International Law

All powers are States but some States are more powerful than others. This chapter is meant to elaborate on one of the central ideas behind this book, that power indeed matters for international law and that there is an intimate connection between power and law. Building on that assessment it evaluates increased power of emerging powers and their potential to influence international law. Finally, the chapter connects the phenomenon of emerging powers with earlier calls for a New International Economic Order and shows that BRICS keep with Third World rhetoric and argue for moderate reform.

Andreas Buser

Chapter 7. Responding to the Fiscal Challenge Launched by the Major Digital Enterprises: A Digital Security and Equity Issue

After the economic and legal order, the power acquired by certain digital enterprises, particularly American and increasingly Asian ones, is calling into question two other regalian missions of the state, at the heart of its digital security: to levy taxes and to mint coins. However, these two areas could also prove to be powerful instruments for regaining our digital security, whether individual or collective. While multinationals use “traditional” methods to optimize their taxation, they also take advantage of the specific characteristics of the digital sector: the difficulty of locating the value added created in the digital economy, due to the decoupling that these enterprises can easily operate between their place of establishment and place of consumption (e.g. the fact that they can easily operate between their place of residence and place of consumption), and the fact that they have a high proportion of intangible assets, which makes it more difficult to value them on the books. The so-called “Irish double” or “Dutch sandwich” strategies; the prevalence in this economy of the intermediary model, which captures the margin to the detriment of traditional players.

Walter Amedzro St-Hilaire

Systemic Risk Dynamics in the EU—A Conditional Capital Shortfall Approach

Systemic risk measurement has been a topic of main interest throughout the last years, particularly in the aftermath of the 2008 crisis. This paper addresses systemic risk dynamics in the European Union, during the 2004–2019 interval, focusing on the banking and real estate sectors. We examine the above-mentioned dynamics via daily estimates deriving from a Conditional Capital Shortfall approach. The results we obtain represent, first and foremost, a tool for analysing the dynamics of systemic risk in the targeted financial markets. The banking sector displays specific risk patterns and ranges, that support the assumption of it being a primary source of systemic instability. Systemic risk in the real estate sector runs lower. We find that the crisis period corresponds to an increase in risk in both sectors and notice certain common patterns which suggest potential co-movement episodes.

Cristina Georgiana Zeldea

A Critical Review of Policy Instruments for Promoting Innovation in Manufacturing Small and Medium Enterprises (SMEs) in South Africa

The growth, productivity and competitiveness of small and medium enterprises (SMEs) are dependent on their innovation capabilities and performance. It is in recognition of this truism that governments have adopted different policy instruments to promote innovation in SMEs. This chapter provides a critical review of policy instruments for promoting innovation in manufacturing SMEs in South Africa. There is scant evidence-based analysis of how various national policy instruments influence innovation performance of manufacturing SMEs in the country. National policy instruments that impact on innovation by manufacturing SMEs are identified based on a review of literature, a firm-level survey, two stakeholders’ workshops, as well as interviews with policy-makers and representatives of SMEs, we identify. The study shows that the instruments have not been effective in promoting innovation in SMES because of weak policy mix and inconsistency, weak capacity of government to adjust policy instruments to target systemic innovation deficits, and institutional disarticulation within government departments. The suggestion is a reconfiguration of policy instruments and related institutional arrangements to focus on the challenge of enhancing the innovation performance of the enterprises.

John Ouma-Mugabe, Kai-Ying Chan, Hendrik C. Marais

The Vulnerabilities of the Risk Assessment Model Elaborated by the Basel Committee for Banking Supervision

We are going to present a series of limitations that exist in the methodology for determining the capital adequacy ratio at the credit institutions and investment firms level. To that effect, a series of problematic aspects that taken into account in the methodology for calculating the capital adequacy ratio will be presented, econometric demonstrations will be presented for some of the identified situations, and solutions for the remedial of such deficiencies will be proposed.

Paul Baranga, Iulian Zalinca

Chapter 12. Technological Revolutions and Financial Capital Markets

Global financial markets are undergoing a drastic change that makes it clear that without innovation most business and financial models could soon become obsolete. A recent overview of the global financial system described the current system as a

Vikram Dhillon, David Metcalf, Max Hooper

Chapter 5. Domestic-Internal Pressures and Malaysia’s UNPKO

A state’s relative powerPower position does not necessarily pre-condition its internationalInternational action and reaction to systemicSystemic imperativesImperative. This chapter explores the reasons why states with similar structures and relative powerPower behave differently when it comes to UNPKOUnited Nations Peacekeeping Operations (UNPKO). As in the case of MalaysiaMalaysia, the leaders’ perceptions of powerPower can be suggestively more important than the actual powerPower of a state. By deliberating on the Prime Ministers’Prime Minister perception and nationalPower powerNational power and their level of dominance over state institutions and other domestic political apparatus, it accordingly finds that the Prime MinistersPrime Minister of MalaysiaMalaysia held dominant control, structurally and practically, over state institutions and subsequently Malaysia’sMalaysia UNPKOUnited Nations Peacekeeping Operations (UNPKO). Additionally, the changing internationalInternational securitySecurity environmentInternational security environment also motivated the Prime MinistersPrime Minister to seize available opportunities to exert and amplify Malaysia’sMalaysia visibility and influence among the internationalInternational communityInternational community. This chapter concludes that MalaysiaMalaysia needed to make up the lack of its hard powerPower with softSoft power powerPower and internationalInternational prestigePrestige through UNPKOUnited Nations Peacekeeping Operations (UNPKO). Additionally, since the Prime MinistersPrime Minister could overrule politico-military decisions, and those of civil society, they reduced these institutions merely to the executive level as well as supplementing and augmenting their perceptions of co-religionist and humanitarianHumanitarian causes. Collectively, both wielded weak influence on the Prime Ministers’Prime Minister decisions over Malaysia’sMalaysia UNPKOUnited Nations Peacekeeping Operations (UNPKO).

Asri Salleh, Asmady Idris

Chapter 3. UNPKO: Structure and Process

An understanding of the structure, principles of engagement, doctrinal and financial aspects of UNPKOUnited Nations Peacekeeping Operations (UNPKO) is important in order to understand the background of Malaysia’sMalaysia UNPKOUnited Nations Peacekeeping Operations (UNPKO), its national defencePolicy policyNational Defence Policy (NDP) and the related domestic decision-makingDecision-making hierarchy and processes. Upon the examination of Malaysia’sMalaysia foreignPolicy policyForeign policy stance vis-à-vis UNPKOUnited Nations Peacekeeping Operations (UNPKO), classified according to specific themes of Malaysia’sMalaysia foreignPolicy policyForeign policy orientations, this chapter offers general pointers of key principles which underpin the authorizationAuthorization, operation and management of a UNPKOUnited Nations Peacekeeping Operations (UNPKO) and, consequently, that of MalaysiaMalaysia. This chapter argues that Malaysian foreignPolicy policyForeign policy was markedly dictated by systemicSystemic pressures. Accordingly, Malaysia’sMalaysia foreignPolicy policyForeign policy stances, in general, during the Cold War era were inherently pro-WestPro-West and anti-Communist before it was distinctively moderated by its neutralityNeutrality stance and later by its globalizationGlobalization stance, especially in the post-Cold WarPost-Cold War era. This chapter concludes that these stances influenced Malaysia’sMalaysia participation in UNPKOUnited Nations Peacekeeping Operations (UNPKO) so much that the pattern of Malaysia’sMalaysia UNPKOUnited Nations Peacekeeping Operations (UNPKO) shows the dynamism and pragmatism of its behaviour on the internationalInternational stage.

Asri Salleh, Asmady Idris

Chapter 12. Return to First Solutions or Extra-Constitutional Means of Bridging the Divide: Remedies III (The How, Continued)

The final chapter of the text, Chapter 12 (“Return to First Solutions or Extra-Constitutional Means of Bridging the Divide: Remedies III (The How, Continued)”) continues where the previous chapter left off focusing on the “how” of constitutional reform. Given the difficulty of amending the Constitution via the two Article V routes provided by the Framers, this chapter focuses on extra-constitutional means of changing the structure of government, including a return to first solutions (parties and leadership), electoral reform proposals, changes to federal and state statute, and institutional reforms. In this context, the chapter also includes an argument made by E.E. Schattschneider that scholars do themselves no favors when they consider this strictly a structural problem because it is, in his view and at its root, not only a structural problem but more importantly, theoretical and political as well.

Jeanne Sheehan

Chapter 7. The Strategy of Majority Rule: Paradox III and Semi-Solution II

This chapter (“The Strategy of Majority Rule: Paradox III & Semi-Solution II”) focuses on the third great paradox of our system—the fact that Thomas Jefferson, a man who we think of as a small “d” democrat and a revolutionary, a man who favored limited government and states’ rights, turned out to be the one most capable of turning Madisonian government on its head and making it work. Jefferson understood what his predecessors did not, and what too few of his successors have—that in order to govern in a system so divided the president’s best option was (and is) to use extra-constitutional means (i.e., a party leadership strategy) to form a moderate, majority coalition. While Jefferson did this to an admirable degree in the end, as talented as he was, even he was unable to make the government work or fully resolve the tension between democracy and leadership that is embedded in our system and continues to inhibit governmental responsiveness, accountability, and effectiveness today.

Jeanne Sheehan

Chapter 6. A Necessary Evil: Paradox II and Semi-Solution I

This chapter, entitled “A Necessary Evil: Paradox II and Semi-Solution I,” focuses on the difficulties the Framers faced when they turned from establishing to running the government. Very early in American history public officials recognized how difficult it would be to govern in the Madisonian system. As a result, they looked to parties for assistance, an institution largely ignored in the Constitution and much-maligned throughout early American history. This chapter explores the duality of the Framers views regarding political parties, beginning with the second great paradox of our Constitution: While those who framed the government were openly critical of parties, very shortly after the birth of the republic these same individuals realized the institution was essential to its existence. In addition, the chapter addresses the fact that as critical as they were (and are), parties are not a panacea. This is why they are labeled a semi- or partial solution to the challenge of Madisonian government.

Jeanne Sheehan

Chapter 4. The Real Plan: The Successful Struggle to Consolidate Economic Governance

The Real Plan led to the control of hyperinflation in Brazil. The reforms underpinning the Brazilian struggle against inflation include privatization, trade liberalization, and monetary and fiscal reforms represented in the issue of a new currency, the Real. There were two elements that made possible the final consolidation of economic governance; first, after the Real Plan was implemented, there was a credible threat of hyperinflation. Second, there was a consensus on the political measures needed to address such threat. With this new set of policies in place, economic governance was consolidated since the possibilities for vested interests to affect the outcome of economic policies was substantially reduced. The complementarity between policies that helped to control hyperinflation illustrates a successful consolidation of economic governance.

Alejandro Angel

Chapter 6. Institutionalizing Mexican Economic Policies: Limiting Presidential Discretion

Mexican presidents enjoyed significant latitude in the definition of economic policies. Chiefly, discretion over monetary policy through the central bank. Changes in the nature and functions of the Bank have been successful in limiting presidential discretion over monetary policy. Other reform seeking to curtail presidential discretion was a fiscal rule, intended to reduce presidential discretion in the definition of deficits and public debt. This reform appeared in a contentious presidential campaign when a populist leader, presumably fiscally profligate, was set to win the election. However, since those expectations did not materialize, the reform lost the political backing necessary to being effectively enforced. Deficits have persisted irrespective of the economic cycle. The foundering of the fiscal rule allowing deficits indicates the failure to consolidate economic governance.

Alejandro Angel

Chapter 8. A Failure to Act or What’s Most Remarkable: Paradox IV

The final chapter in Part II (“A Failure to Act or What’s Most Remarkable: Paradox IV”) begins by addressing what many scholars see as the key paradox of the US government: given how little citizens know about government and politics, how is it that the United States has continued, unabated, for more than two centuries? Following the realist school, instead of criticizing citizens for a lack of knowledge, this chapter moves in another direction and focuses on a related, more pressing dilemma and paradox: how remarkable it is that the United States has continued unabated for more than two-hundred years given how unresponsive and impotent the system is. Using case studies such as immigration reform and gun control, this chapter makes the case that it is not only a lack of knowledge that drives people to fall prey to demagogues and charlatans, it is also frustration with a system that is unable to address or take meaningful action on critical issues. While the academy has spent a good deal of time discussing where the people fall short—and fall short we do—it is incumbent on us to spend at least as much time discussing where the system falls short, how it has contributed toward their frustrations, and how it can be remedied.

Jeanne Sheehan

Chapter 5. The Chilean Pension System: Contentious Economic Governance

The new pension system is considered an important legacy of the military government. It sought to change how Chileans retired. Given its identification as a positive legacy of the authoritarian regime, the debate about it has been rife. In the aftermath of the early 1980s crisis, authorities sought to stabilize the financial system but a new transformation was evident. Capital markets played an increasingly significant role in the allocation of capital. Despite the potential for a consolidation of this pattern of economic governance, these reforms have failed to become complementary. The association between the pension system and the military regime has prevented a compromise around it. The continuous debate around pensions in Chile underscores how lack of political consensus affects economic governance.

Alejandro Angel

Syntactic and Semantic Impact of Prepositions in Machine Translation : An Empirical Study of French-English Translation of Prepositions ‘à’, ‘de’ and ‘en’

This paper presents a study about ambiguous French prepositions, stressing out their roles as dependencies introducers, in order to derive some translation heuristics into English, based on a French-English set of parallel texts. These heuristics are formulated out of statistical observations and use some up-to-date results in Machine Translation (MT). Their originality mostly relies upon two items: (1) The importance given to syntax and dependency relations, along with lexicons, the latter being well browsed by the present literature in the domain (2) The existence of intrinsic semantics in prepositions, something rather discarded in NLP literature devoted to statistical MT, that tends to point at the most appropriate translation. An experiment has been run on corpora in both languages, using a dependency parser in the source language, and results looked to be encouraging for a “step by step approach” for MT improvement.

Violaine Prince

Towards a Global Order Based on Principles of Fairness, Solidarity, and Humanity

We are delighted to offer the fourth (2019) volume of the EtYIL. It has come at a time when the international community is in the grip of the COVID-19 pandemic and its grave socio-economic impacts, killing hundreds of thousands of people, infecting millions, and impoverishing many more worldwide, especially those at the bottom of the economic ladder leading a hand-to-mouth existence. The spread of the disease and the subsequent lockdown has raised many questions of international law, including in the areas of international public health regulation, human rights, international economic law, and institutions. Most, if not all, states have declared ‘war’ against the disease, imposed restrictions on international travel, introduced mandatory quarantine procedures, and banned the exportation of COVID-19-essential personal protective equipment (PPE) and other medical supplies—to name only a few. COVID-19 has not only tested the adequacy of international law and its institutions in responding to universal health emergencies, but also exposed the deficit in the commitment of sovereign states to global values and genuine cooperation.

Zeray Yihdego, Melaku Geboye Desta, Martha Belete Hailu

Africa and the Regulation of Transnational Arms Brokering: Challenges to Implement International Standards

African countries face an ongoing threat from the consequences of unregulated arms brokering but this cannot be solved by remedial action in Africa alone. Cases show that criminal justice and United Nations Security Council responses to mass atrocities and other serious violations of international law can sometimes ensure accountability and expose the complicity of those involved in international trading, brokering and shipping of arms used by the perpetrators. However, every state also has a responsibility in the first place to prevent such complicity by strictly regulating the conduct of those involved in the arms trade and cooperating with other states to do so. It is evident from the examples cited that, to be effective, both reactive and proactive approaches require a considerable investment of resources, political will and international cooperation, especially in relation to arms brokering which can involve an opaque and complex network of transnational arrangements. The newly established Arms Trade Treaty (ATT) obligates its 110 state parties to regulate arms brokering but leaves open the choice of specific means of regulation and how to define the term “brokering.” Specific standards and procedures for cooperation to regulate the brokering of firearms, or small arms and light weapons, have been established by states at regional and multilateral levels, but national legislation and actual law enforcement and cooperation amongst most African states still lag far behind those in most other world regions or are absent, exposing African populations to further risks from unregulated arms brokering.

Brian Wood, Peter Danssaert

Commentary

Trilateral Negotiations Over a Dam on the Blue Nile: US Meddling and the ‘Role’ of the UN Security Council

The Grand Ethiopian Renaissance Dam (GERD), under construction on the Blue Nile within Ethiopia, is 73% complete, and began reservoir filling in July 2020. A few months following the filling, Ethiopia aims to undertake power generation testing using two turbines (out of a planned total of 13 when it reaches full capacity). Upon completion, Ethiopia aspires to generate 5150 MW of electricity, making the GERD the largest hydroelectric power plant on the African continent. The cost of the project is fully funded by Ethiopia without any foreign aid or loans. When in operation, the GERD is projected to provide 65 million Ethiopians with access to electricity and support Ethiopia’s development endeavours directly as a source of revenue through energy exports to neighbouring countries, and indirectly as a critical input for industrialisation. However, the two riparian countries downstream, Egypt and Sudan, have expressed various degrees of concern, and in some cases open hostility, towards the project.

Zeray Yihdego

Chapter 4. The Regulation of Hedge Funds in the United Kingdom and the Impact of Brexit

The main aim of the current chapter is the assessment of whether the UK regulator of hedge funds managed or not to find a fund-friendly (Quaglia, L. [2015]. The Politics of ‘Third Country Equivalence’ in Post-Crisis Financial Services Regulation in the European Union. West European Politics, Vol. 38, Issue 1, p. 168) manner for the transposition of the AIFMD, in order that the United Kingdom can continue being an attractive market for hedge funds, particularly when taking into consideration Brexit. As a consequence, in the beginning of the chapter the regulation of hedge funds in the United Kingdom will be examined; then, the new regulation on the alternative investment funds, the regulatory bodies of FCA and PRA, finally, the European Union Withdrawal Agreement Act of 2020. The importance of this theme, resides in the fact the United Kingdom represents one of the most important markets for alternative investment funds, and particularly for hedge funds, from an international point of view. There are two key reasons for this: innovative and fund-friendly legislation. These being said, increased interest on this subject will be paid by all global actors both on legal grounds and from a financial point of view. However, all these preliminary aspects will change a lot after the Brexit, when it is important to find out whether the United Kingdom will decide or not to remain an EEA (European Economic Area) country. The impact of the European Union Withdrawal Agreement on the United Kingdom and on hedge funds will be therefore analyzed in the last part of the chapter.

Ana Maria Fagetan

Chapter 3. Regulation of Hedge Funds in Selected Single European Jurisdictions: Italy, France, Ireland, Luxembourg, Malta, and Switzerland—The Impact of the AIFM Directive

This chapter examines the laws and regulations governing hedge funds in Italy, France, Ireland, Luxembourg, Malta, and Switzerland in order to contrast and compare, at least to a certain extent, the position in these above-mentioned different jurisdictions. Therefore, this chapter provides a comparative summary of the legal forms applicable to hedge funds in six jurisdictions, five EU member states plus Switzerland. The author has chosen Ireland, France, Luxembourg, Malta, and Italy because they are relevant from the point of view of the diversity of regulatory frameworks that coexist in the EU. In addition, the chosen European countries represent the countries with highly developed financial sectors inside the EU. Although Switzerland is not an EU member, it is also included in the analysis, mainly because, in the international financial world, Switzerland is an important player and accordingly, especially as a consequence of its foreign policy, many, if not all global financial organizations are to some extent present in Switzerland. The analysis focused mainly on the post-crisis period, when the implementation of the AIFMD, UCITS IV and V, and MiFID II has started. Currently regulation turned into a key strategic factor as it enhanced increased transparency, which lead to the enforceability of compliance and thus protects booth clients and investors. In light of this, regulation needs to be comprehended as a major responsibility in risk prevention and investor protection. Particular interest was given to the shaping of the local regulatory framework dealing with hedge funds, focusing mainly on investor protection and transparency, which have climbed up on the international political agenda of each country, in order to comprehend if tighter regulations have a beneficial impact on the hedge funds industry or not. Also, particular attention was paid to Brexit, a subject of fervent discussion for the last four years, at least, and which will continue to be one of the most disputed issues for some years from now on.

Ana Maria Fagetan

Chapter 6. Regulation of Hedge Funds in the US

This chapter addresses key aspects in US securities law: the extent to which regulation drives investment increases or not for hedge funds; the extent to which it mitigates risks ensuring thus investors protection at the same time, increasing performance. In July 2010, the United States Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (hereinafter, the “DFA” or “Dodd–Frank”) as a response to the problems raised by hedge funds. Standing as a key piece of regulation, the Dodd–Frank highly impacted the hedge fund industry. Also, the present chapter addresses the premises of hedge fund reforms, particularly in terms of exemption from registration for hedge funds advisers and reporting requirements, which culminated with the enactment of the “Dodd-Frank Act.” The chapter represents a survey and research regarding the hedge funds regulation in the United States, but also a general presentation of how hedge funds together with their managers are, to a large extent, exempted from regulation. At the same time, since 2017, the Trump administration has been pursuing a largely deregulatory agenda, including a proposed repeal of some provisions of the Dodd–Frank Act. The most significant proposals affecting investment advisers are described and thoroughly analyzed in the last part of this chapter.

Ana Maria Fagetan

Chapter 7. Marriage and Asymmetric Information on the Real Estate Market in Roman Egypt

In this paper, I study the nature of asymmetric information on the real estate market in Roman Egypt, that is selling and mortgaging land and houses, the most significant element in the estates of almost individuals at the time. In order to do that, I examine two prefectoral edicts taken respectively by the prefect Marcus Mettius Rufus in 89, and by Servius Sulpicius Similis in 109. Those two edicts dealt with a general register of individuals’ property rights over real estate mostly and this register was called the bibliothêkê enktêseôn. One of the main issues on those two edicts was the rights that some wives could have on pieces of real estate owned by their husbands. As far as asymmetrical information is concerned, the prefects were very concerned by the legal capacity of the seller to alienate the piece of property sold, or the piece of property mortgaged, especially when a married man sold a piece of real estate or borrowed some money by giving real estate as security, something which should happen very often. One cannot know for sure whether his wife had or had not rights over the piece of real estate. This came from the fact that the society of Roman Egypt was deeply unequal, hierarchical and segregated from a legal point of view. The Roman obsession for clear-cut social and legal boundaries within the Empire went against legal unification of personal statuses and this was a potential obstacle to economic transactions. My paper shows that this state of fact created some asymmetric information on the real estate market of Roman Egypt.

François Lerouxel

Chapter 14. Concluding Remarks

People who participate in economic life, whatever the circumstances, need information, as Pablo Revilla rightly remarks in the opening of his chapter. They find part of this information themselves. For example, each participant in the economy is, in theory, capable of deciding upon their own objectives and consumer choices. But other kinds of information must inevitably be provided by third parties. In a perfectly efficient economic model, there would be the best possible allocation of information. There would be no inequalities in the distribution of information, or, if there were, the purpose of these would be to enable the perfect distribution of this asset among different participants.

Jean Andreau

Chapter 3. Managing Economic Public Information in Rome: The Aerarium as Central Archive of the Roman Republic

Every state needs a central archive to store and preserve all its bureaucratic production. In Rome the aerarium populi Romani was the repository for official documents throughout the republican period. Consequently, it was the place where magistrates, senators and private citizens could look for economic public information, reducing the risk of asymmetric information. The administration of the aerarium was the main duty or provincia of the quaestores urbani. Through their assistants, the urban quaestors acted in Rome as the general accountants of the civitas. One of their most important tasks, therefore, was the supervision of all public income and expenses, thus assuming the role of comptrollers of the Republic. The urban quaestors had to supervise the accounts of all magistrates after they had completed their offices, both in Rome and in the provinces of the Empire. Just as the public income ended up in the aerarium, the money for every payment the state had to make came from the treasury. As a result, it was expected that all expenses were to be controlled and recorded by the urban quaestors. All official documents generated by the Roman republican administration (senate, magistrates, assemblies, courts, etc.) were recorded and kept in the aerarium, and consequently the urban quaestors had to ensure their accuracy and preservation as a sort of public notaries. As a matter of fact, it was indeed the deposit of a document in the aerarium that turned it into a public document. Some of these official documents kept in the aerarium were: senatorial decrees; lists of the allies and friends of the Roman people; lists of the census; perhaps minutes of magistrates; public contracts with private persons; lists of debtors and creditors of the state; certificates of property; lists of citizens with their tax obligations; probably the minutes of the comitia; minutes of trials or legal processes which implied fines to be paid to the state or rewards for informers; and so on.

Alejandro Díaz Fernández, Francisco Pina Polo

Chapter 5. Income Tax Evasion Prior to Withholding

World War II brought with it a substantial increase in federal income tax rates, and introduced income tax withholding for wage income. Rates increased prior to withholding, so an examination of tax payments paid prior to and subsequent to withholding can offer some insight into the degree to which taxes were evaded prior to withholding. The data reveal a substantial increase in number of returns filed, taxable income reported, and income taxes paid due to the implementation of withholding, indicating that a substantial amount of tax evasion prior to withholding was reduced because of withholding. The additional income tax revenue that resulted from withholding undoubtedly had a substantial impact on the increase in the size of the federal government following World War II.

Randall G. Holcombe, Robert J. Gmeiner

Chapter 3. Does Technology Drive the Growth of Government?

I consider technology as a partial explanation of the historical shift towards big government. The late nineteenth century and early twentieth century saw a fundamental change in the production technology for large government, and for large institutions more generally. Large institutional structures require a certain degree of communications, organization, and coordination. Only in the late nineteenth century did these structures become possible and big government was one result of that expansion of the production possibilities frontier.

Tyler Cowen

Chapter 18. The European Central Bank

This chapter suggests that the European Central Bank´s (ECB’s) changed role over the last 10 years can be conceptualized by three modes of crisis handling: Denial, Mission Creep, and Mission Leap. The ECB was never intended to be a lender of last resort, but with the financial crisis, this was precisely what eurozone financial institutions needed. As the crisis evolved, member states themselves needed a sovereign lender of last resort, something the ECB was explicitly designed not to be. TheECB has “muddled forward” to a position of considerable strength. In terms of outcomes, the monetary union is moving forward (Scenario 3thus, “muddling through” (Scenario 2) almost seems too weak a description of the constitutionally messy process that led the ECB through the crisis.

Ingrid Hjertaker, Bent Sofus Tranøy

Chapter 3. Liberal Intergovernmentalism

The chapter recapitulates the basic assumptions and propositions of liberal intergovernmentalism on national preferences, intergovernmental bargaining, and the establishment of European institutions and applies them to the special context of integration crises. It then reviews how liberal-intergovernmentalist analyses explain the three major recent crises of the EU: the Euro, Schengen, and Brexit crises. The chapter argues that liberal intergovernmentalism offers only a partial account of state crisis preferences. Whereas it accounts convincingly for the variation of national interests in the Euro and Schengen crises, this is not the case in the Brexit crisis. The biggest deficit of liberal intergovernmentalism is its failure to theorize a feedback mechanism of integration that could account for the emergence of integration crises and their outcomes as consequences of earlier integration decisions.

Frank Schimmelfennig

Chapter 38. Responding to Crises—Worries About Expertization

The chapter discusses challenges arising from the growing role of experts and expert knowledge in policymaking. It identifies a series of distinguishable epistemic and democratic worries about “expertization.” Examples are drawn from EU governance, in particular economy policy and debates over EU’s democratic deficits. It is argued that worries about larger expert influence on EU policymaking should be taken seriously, and that several of the listed problems have become more urgent in a time when the Union faces multiple crises. Still, good governance requires significant amounts of expert input. The solution thus is not to debunk expertise, but to organize and institutionalize expert arrangements in better ways. The chapter suggests a reform approach and takes up implications for different scenarios of EU integration.

Cathrine Holst, Anders Molander

Blockchain in Construction Practice

The construction industry is one of the most important sectors of most economies. However, the sector has been plagued with many challenges, including low productivity, lack of collaboration, inadequate/insecure information sharing, and lack of trust between participants. To overcome some of these challenges, blockchain, one of the emerging technologies has been hailed as a solution for sharing and distributing information securely. While blockchain has been widely popularized in the financial fields through well-established cryptocurrencies such as Bitcoins and Ethereum, the same cannot be said of the construction industry. The application of blockchain in the construction sector is yet to be widely documented in academic literature. This study explores the application of blockchain technologies in the construction sector. Specifically, the operational principles, applications, associated benefits, and weaknesses of blockchain in construction practice are examined in this paper. The paper concludes that there is definitely a huge potential in the adoption of blockchain in different construction processes.

Barbara Aleksandra Adamska, David Blahak, Fonbeyin Henry Abanda

Chapter 7. An Interdisciplinary Approach to Money as Cultural Capital and a Total Social Fact

Money is a social invention that goes far back into human historyHistory; its trace can be found in most societies, however constituted and organised, and whether or not they form states. It is not a specific feature either of modern capitalist societies or of the way the West evolved towards that modernity. The study of money requires us, then, to break away from the traditional conception that reduces it to its use as an economic instrument for marketMarket transactions. Based on an interdisciplinary approach, this chapter aims at elucidating what can be called the nature of money. To define it, we first distinguish between the generic properties of every money and its different and not specifically monetary uses. Then currency is grasped through its three functional forms—account, monetisation and payment—which are reproduced by their dynamic looping. Further we examine the three states in which a currency can be observed—embodied, objectified and institutionalised—and the way each of these states generates a particular form of monetary trust—methodical confidence and hierarchical confidence. Finally, correlating the two preceding points of view, we outline two of its features which most of the time are discarded: value is granted to a money only in the societal environment where it functions as a cultural capital; as an operator of societal totalisation, money, save in periods of crisis, allows the distributive—social and territorial—dimensions of every monetary regime to be concealed.

Bruno Théret

Traditional Knowledge and Local Expertise in Landslide Risk Mitigation of World Heritages Sites

Landslide mitigation in UNESCO and other heritage sites requires an approach that safeguards the site. This approach is put in place in order to avoid any modifications of the original status in terms of authenticity and integrity. To do so, any mitigation project has to provide effective solutions—very often innovative—to be combined with original architecture and environment. The harmonisation of advanced solutions with historical heritage then requires a mitigation project (sometimes pioneering), with a design that minimises the impact of new intervention. This possibly will aid in recovering traditional materials and/or solutions or the re-use of original construction techniques. In low income Countries, the usage of original construction techniques ensures maintenance by local workers, hence enhancing sustainability. The present research investigates 10 UNESCO and other heritage sites affected by landslides, in an attempt to understand whether traditional techniques and local expertise may play a role in mitigating the expected damage and, at the same time, maintaining the original authenticity and integrity of the site. The investigation demonstrates that the mitigation of landslide risk through traditional techniques can help in the preservation of the integrity and authenticity of the heritage site, enhancing local job opportunities and ensuring long term maintenance. A similar result can also be achieved when making recourse to modern low impact measures (e.g. Nature-Based Solutions). Evidently, it is not always possible to apply the cumulative body of knowledge, know-how, practices and representations maintained and developed by peoples with extended histories, to all typologies of mass movements. The best focus is found in the application to shallow landslide phenomena, with limited involved volumes.

Claudio Margottini, Daniele Spizzichino

Central Asia—Rockslides’ and Rock Avalanches’ Treasury and Workbook

More than 1000 large-scale rockslides, rock avalanches and DSGSDs exceeding ca. 1 million cubic meters in volume have been identified in the Central Asia region embracing the Pamir, Tien Shan, and Dzungaria mountain systems that belong to six states—Afghanistan, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Most of the catastrophic slope failures are prehistoric and quantitative parameters (area of the deposits, total area affected, volume, runout, height drop, etc.) of about 60% of them have been measured. Arid climate and lack of forestation provide preservation of landforms created by such slope failures of various types and good expressiveness of outcrops eroded in the landslide deposits. The case studies from this region are very didactic and the Kokomeren River basin in Central Tien Shan was selected for a 2 weeks long field training course—the Kokomeren Summer School on Rockslides and Related Phenomena that has been running annually since 2006.

Alexander Strom, Kanatbek Abdrakhmatov

Chapter 26. Social Assistances

The main feature of the social assistances is the idea of providing money to Turkish citizens in need of assistance from the State budget.

Tankut Centel

Chapter 25. Private Pension System

The private retirement fund system in Turkey was put into effect as of 2001 with the Private Pension Savings and Investment System Act No. 4632. This system, as a complement to the public social security system, aims to provide an additional income to individuals during retirement by directing their savings for retirement towards investment. Thus, the welfare of the retired individual will be increased and at the same time, a long-term resource will be created to increase employment and contribute to the economy.

Tankut Centel

Chapter 21. General Health Insurance Coverage

The determination and management of health policies in Turkey has a fragmented appearance. Accordingly, different institutions have undertaken different tasks in the field of health. As a matter of fact, although the basic task is convened in the Ministry of Health, it is seen that various public institutions and private organizations are active in health services.

Tankut Centel

Chapter 23. Benefiting from Health Services

The rate of premium to be paid to benefit from the general health insurance is 12.5% of the premium earnings for insured workers, independent workers, public officials and insured taken to countries where there is no social security contract with Turkey for employment. 5% of this is paid by the insured and 7.5% by the employer (art. 81 para. 1/f SIGHIA).

Tankut Centel

Chapter 5. Financial Structure and Funding of Social Insurance

Funding a social security system is a complicated subject, which incorporates significantly complex problems, under the economic conditions of Turkey, as in other countries. A significant portion of problems on this subject is related with the sources of income. Accordingly, the ratio of Turkey’s social security expenses including the medical care, social assistance, and pension expenses to the gross domestic product exceeded beyond 11%. Thus, the social security expenses of Turkey are between those of countries having mid-level and high level of income. Similarly, Turkey’s ratio of public pension expenses to the gross domestic product is very high because of the elderly and dependent population. Hence, the ratio of population turned the age 65 years or higher to the population aged between 20 and 64 years is 10% in Turkey, whereas the ratio of public pension expenses to gross domestic product is about 6%.

Tankut Centel

Chapter 4. Administrative Structure and Inspection of Social Insurance

Nowadays, the social security institutions constitute a remarkable social and economic potential because of the budget they have, the personnel they employ, and the medical care facilities they own. These cannot be taken out of control and be isolated from the democratic order. Accordingly, within the free zone provided by the legal order, the social security institutions’ administrative bodies shall be provided with a certain level of freedom. Otherwise, the risks of controlling the power of social security institutions by the central authority and the risk of the use of this power by the central authority in the way not complying with the objectives of social security may arise.

Tankut Centel

Chapter 8. An Introduction to Europe’s Decade of Crises: Solidarity in Practice

This chapter provides an overview of the crises faced by the EU over the past decade. It seeks to reveal the logical sequence of events that has led European citizens towards a lack of trust in political institutions, as well as in solidarity from other member states. However, it also reveals that political institutions face a difficult task in satisfying citizens’ needs and expectations during and after crises, especially when at the same time populist influence over citizens is strong. The two case studies detail events in the UK and Italy that have led to decisive action against the establishment and highlights cases where solidarity has failed the European Union because citizens have to a certain extent felt failed by the European Union.

Sarah K. St. John

Chapter 11. Islamic Dimensions of Egyptian Social Policy Productive Mechanisms or Mobilized Discourses?

This chapter argues that social policy in Egypt appears to be based upon Islamic discourse but in the practical sense, the actions of both the state and Muslim non-state actors deviate from the actual purpose of Islamic social policy. This is apparent when examining the following: the historical roots of social policy in Egypt and Islamic discourse regarding the alleviation of poverty from different ideological perspectives; from socialism with an Islamic spirit under Nasser, semi-liberalism during the time of Sadat, to a vague sort of neo-liberalism under Mubarak. They have politicized Islamic discourse in order to legitimize biased and ineffective social policies that do not consider the interest of the poor and do not advocate for sustainable social solidarity, cohesion or the well-being of laypeople.

Amany M. El-Hedeny

Chapter 8. The Three Worlds of Welfare Capitalism: A Lesson from Algeria

After the seminal work of Titmuss (1974) who discusses the ways to do social protection, many researchers have analyzed and compared welfare state systems around the world. One of the most influential contributions in this field is the book of Gosta Esping Andersen (1990) who assumes that there exist three worlds of welfare stats: the universal, the liberal-residual and the corporatist one. The Esping Andersen book has become a classic reference in the debate about social protection. This article contributes to the debate by providing an economic evaluation of the Algerian social protection system relying Esping Andersen typology. We will discuss how the Algerian government attempts to use a social protection system to provide a better life for the citizens and ultimately to avoid Arab-spring-inspired events.

Walid Merouani

Chapter 2. Foundations of Social Policy and Welfare in Islam

This chapter aims to elaborate various aspects of Islamic social teachings with regard to social policy and welfare in two main areas of values and principles as well as instruments and practices. Adopting a ‘social theology’ approach, the authors provide the reader with a conceptual framework to understand the status of Islamic teachings in the social policy atmosphere of various Muslim societies. After explaining the main sources of deriving Islamic rules, the chapter illustrates a set of values and principles (like takaful, tawazun and avoidance of tadawul) which underpin and guide the practice of social welfare in Islamic teachings. Based on the above mentioned principles, this chapter briefly examines a series of strategies and solutions for providing social welfare according to Islamic teachings, including Zakat, Khums and Waqf. These practices are mostly of a redistributive nature and include both obligatory and non-obligatory actions by the Islamic state and individual Muslims.

Ali Akbar Tajmazinani, Zahra Mahdavi Mazinani

Chapter 3. The Government and Telecommunications: A Complex History

On the morning of 7 March 1876, the United States Patent Office issued the Scottish-born inventor Alexander Graham Bell a copyright license for an apparatus that would eventually come to be known as the telephone. The license for the new contraption was reportedly issued less than 2 h before another inventor, Elisha Gray of Western Union—then the dominant telegraphy company in America—would have been granted a patent for a very similar device (Martin 1991, p. 1). This striking account is indicative of the early development of the telephone. Its evolution was essentially the outcome of a series of historical accidents and a complex combination of technical, commercial, political and ideological interests expressed—often aggressively, other times more subtly—by a variety of actors.

Joseph Fitsanakis

Chapter 12. Monetary System and Economic Growth

The new round of consumer price index (CPI) surge in China coincides with the first anniversary of the decease of Milton Friedman.

Qiren Zhou

Chapter 3. Rural Reform: A Review of Changes in Economic Institutions

China’s economic reform is extensively changing the form and efficiency of property rights for resource utilization. The background of this significant reform is the failure and slackening of the previous socialist economic model. This article discusses the experience of rural reform, the beginning of this great change.

Qiren Zhou

Chapter 5. Property Rights of Agricultural Land and Land Requisition System: A Major Reform Faced by Urbanization

This paper studies the transfer rights of agricultural land in the process of urbanization. The focus is the restrictions and options faced by redefining the agricultural land transfer right rather than its right of use.

Qiren Zhou

Risks and Threats Arising from the Adoption of Digital Technology in Treasury

The importance of Treasury management, within a commercial bank has increased significantly over the last couple of years. After the 2008 financial crisis the role and responsibility of a Treasury department has changed in terms of scope and strategic importance, evolving from a transactional cash manager to the guardian of the balance sheet. In order to meet this broader strategic mandate, Treasurers must therefore consider ways to become more effective and streamlined, while reducing time-consuming operational activities. Digitalisation can address many of the traditional Treasury challenges and provide a number of commercial and competitive benefits as well. However, to successfully adopt digital technologies and related digital innovations, Treasury requires a well-defined digital transformation plan. The Smart Digital Treasury Model (SDTM) was developed to provide a comprehensive roadmap to assist a Treasury’s digital transition towards a next generation ‘smart’ Treasury department. This paper explores a key building block of the SDTM, which addresses the risks and threats that can arise from the adoption of new digital technology. The reason for focusing on this aspect is that many of the digital risks have no direct reference points with conventional banking activity or security measures. The result of this research is an approach that articulates Treasury specific digital risks and threats, as well as describes a risk management process that can be deployed as part of the digital transformation. The digital landscape is evolving the whole time; therefore, digital risk management activity in Treasury can’t be seen as a once-off exercise, but needs to evolve in line with market developments.

Johan von Solms, Josef Langerman

Chapter 4. Development of the Education System

The education system in Saudi Arabia has developed over time and the process started in the early years of the establishment of the kingdom. The education system evolved during the time of various monarchs since the founder King Ibn Saud. It has developed from a rudimentary, disorganized and limited system to a widespread, organized and complex system with a network of schools, colleges, universities and professional institutions. In the process it became more effective but continued to face problems and challenges. A key question has been on the lack of improvement in the quality of the public education system and why it remained ignored for long.

Md. Muddassir Quamar

Legal Aspects of Cruises

This general report conducts a comparative study mainly on the following issues: (1) the importance of cruise business, (2) general and specific rules applicable to cruises, (3) cruise passengers as consumers, (4) package travels, (5) labour rules on cruises’ workers, (6) rules on ports that are relevant to cruises, including taxes, costs and rates charged to cruises in different ports, (7) rules on environmental impact of cruises, (8) jurisdiction, arbitration, and choice of law in cruise contracts, and (9) general conditions used by companies offering cruise services, aiming at discovering which the existing sources of law on these matters are and whether they are appropriate and sufficient or not

Cecilia Fresnedo de Aguirre

Chapter 7. Silicon Forest, the Tier-2 Stagnation

Several attempts have been made to developing Oregon and the Silicon Forest into an IT technology hub but these have not achieved the intended impact. Looking for a wider perspective than Oregon and high-tech relationship only, adding the impact of this relationship in other areas like housing market, political decisions, unemployment, or transportation and beyond, looking for the potential links between these external factors reveals the reasons that have prevented Oregon to become a Tier-1 technological hub.Analysis of past events and developments allow gathering information that provides a better understanding of the present situation, and furthermore, to predict the closer future. Or being less aggressive, try to understand why Oregon and Silicon Forest is not fostering as an IT technological hub and it seems that has reached its maximum capacity already.

Jessie Truong, Jose Banos Sanchez, Mohammad Al Gafly, Shreyas Vasanth, Smarajit Chakraborty, Tugrul U. Daim, Dirk Meissner

Chapter 15. Blue Bonds and Seascape Bonds

Green bonds, particularly blue bonds applied to the marine sector, are a newly emerging conservation finance instrument. The author presents an historical overview, provides more details on the instrument’s mechanisms, outlines the size of the instrument, presents one case study, and then undertakes both a financial analysis and a policy analysis, along with a future outlook. The case study examines the Seychelles’ Blue Bond. The Seychelles has undertaken several innovative financing schemes, including the Seychelles’ Climate Adaptation and Impact Investment Debt Swap. The Seychelles’ Blue Bond is the first blue bond with funds ring-fenced to fund “sustainable fisheries and marine projects.” The USD$25 million financing arrangement includes the bond issuance, along with assistance from the World’s Bank International Bank for Reconstruction and Development (IBRD) and the Global Environment Facility (GEF).

Brian Joseph McFarland

Chapter 7. Government Domestic Budgetary Expenditures

Government domestic budgetary expenditures are a significant financing mechanism for the conservation of tropical coral reefs and such financing can be structured by taxation, environmental fines, or unique initiatives such as lottery sales or conservation license plates. The author presents an historical overview, provides more details on the instrument’s mechanisms, outlines the size of the instrument, presents three case studies, and then undertakes both a financial analysis and a policy analysis, along with a future outlook. The three case studies are: Australia’s Great Barrier Reef Marine Park; the Papahānaumokuākea Marine National Monument; and the Chagos Archipelago. Each of these three areas are among the largest expanses of coral reefs in the world. While the Great Barrier Reef Marine Park and the Papahānaumokuākea Marine National Monument are relatively well-financed via government domestic budgetary expenditures, the Chagos Archipelago is underfunded.

Brian Joseph McFarland

Chapter 12. Ecotourism

Tropical beaches and their offshore coral reefs are some of the most popular, idyllic destinations in the world and provide a range of ecotourism activities from diving and snorkeling, to shell collecting, sunbathing, and recreational fishing. The author presents an historical overview, provides more details on the instrument’s mechanisms, outlines the size of the instrument, presents five case studies, and then undertakes both a financial analysis and a policy analysis, along with a future outlook. The five case studies are: the Galápagos Islands; ecotourism in Belize; the Bonaire National Marine Park; the Palau National Marine Sanctuary; and Lady Elliot Island. While the Galápagos Islands do not have much coral reef cover, the Islands are one of the most iconic places on Earth, is often on the bucket list for international travelers, and is home to a tremendous amount of endemic species. Belize, although a relatively small country located in Central America, has an extraordinary collection of terrestrial and marine biodiversity. The Bonaire National Marine Park generates a relatively substantial sum of revenue from reef-based tourism and the reefs are an important part of Bonaire’s culture. The Palau National Marine Sanctuary, which encompasses 475,077 square kilometers, helps to fund Palau’s marine conservation. Palau has many leading accomplishments including the world’s first shark sanctuary and the first nation-led, crowdsource funding campaign called “Stand with Palau.” Lady Elliot Island, the “home of the manta ray,” is a spectacular ecotourism lodge located on the Southernmost island of the Great Barrier Reef and within the well-preserved Green Zone.

Brian Joseph McFarland

Chapter 13. Debt Conversions

Debt conversions, which were more commonly known as debt-for-nature swaps, have been used a handful of times for the conservation of tropical coral reefs. In the past, debt conversions were implemented more so for the conservation of tropical rainforests. The author presents an historical overview, provides more details on the instrument’s mechanisms, outlines the size of the instrument, presents three case studies, and then undertakes both a financial analysis and a policy analysis, along with a future outlook. The three case studies are: the Seychelles’ Climate Adaptation and Impact Investment Debt Swap; Debt-for-Nature Swaps in the Philippines; and the Jamaica Debt-for-Nature Swap and the Environmental Foundation of Jamaica. The Seychelles’ Climate Adaptation and Impact Investment Debt Swap had numerous first of its kind, including the first debt-for-nature swap that generated cash flow to the marine environment, the first that used impact capital, the first that was negotiated in the Paris Club, and the first to incentivize policy commitments that were tied into the legal agreement. The Philippines, which is part of the Coral Triangle, is home to one of the largest and most diverse areas of tropical coral reefs. In the late 1980s and early 1990s, the World Wildlife Fund (WWF) helped orchestrate several debt-for-nature swaps in the Philippines. The swaps agreement called for the Philippines to invest into local conservation activities, including the direct implementation and management of the El Nido Marine Sanctuary and the Tubbataha Reef National Park. The Environmental Foundation of Jamaica (EFJ) was involved with one of the first debt swaps done between the U.S. Government and a territory in the Caribbean and the very first one in the English-speaking Caribbean. Since 1993, EFJ has received ~3700 proposals, funded 1300+ projects, and these projects have received a total of USD$43.93 million.

Brian Joseph McFarland

6. The Power of Storytelling

Once upon a time, long, long ago, in a small village, deep in the mountains of a faraway land, there lived a master potter. He was renowned far and wide for his craftsmanship. Nobody in the land was able to make pottery like him. Never had there been a person who possessed such artistic genius. It made him a living treasure. Because of his remarkable craftsmanship, his workshop grew and grew, drawing visitors from far and wide. But the incessant pressure to produce new masterpieces made work increasingly stressful for the potter. His energy was waning. The continuous pressure he was working under began to show. And as the potter’s fingers became bent with arthritis, it became increasingly difficult for him to model the clay. With his failing health, his creative spark began to diminish. As he realized that his time on Earth was coming to an end, he wondered how much longer he would be able to continue as before. What would happen when he was no longer there? Would his children be able to continue his work? Was anyone of them good enough to be his successor?

Manfred F. R. Kets de Vries

Chapter 10. Case Studies

AI is improving the healthcare experience, bringing success to those who can leverage and adapt to a new health and care delivery paradigm. This chapter contains real-world case studies where applications of machine learning are being used to solve real-world problems in digital health.

Arjun Panesar

Open Access

Chapter 4. “Your Successful Man of Letters Is Your Successful Tradesman”: Fiction and the Marketplace in British Author’s Guides of the Late Nineteenth and Early Twentieth Centuries

As Christopher Hilliard has noted, the 1890s and 1900s saw in Britain the development of a flourishing “literary advice industry” of which the “first goods were guidebooks” (Hilliard in To Exercise Our Talents: The Democratization of Writing in Britain. Harvard University Press, London and Cambridge, MA, 2006, p. 20). Examples include Arnold Bennett’s How to Become an Author (1903), Walter Besant’s The Pen and the Book (1899), E. H. Lacon Watson’s Hints to Young Authors (1902), and Leopold Wagner’s How to Publish a Book (1898). As this chapter will explore, these authors’ guides mix technical advice on the rules of fiction with practical advice on the workings of the publishing industry and the financial side of authorship—and in so doing, I shall argue, both reflect and help contribute to dramatic changes in public understandings of the nature of authorship and the relationship between the writer and marketplace.

Paul Vlitos

Open Access

Chapter 22. Open Government Data in Russia

This chapter provides a brief overview of the history and current state of open government data in Russia. First, it discusses the concept of “open data” and defines the basic principles of open government data. It further describes the institutional, legal, and infrastructural frameworks for the development of open government data in Russia. The chapter discusses the main sources of open data, the availability of key datasets, and the current situation around future development of the open data agenda in Russia. Finally, it provides examples of projects and cases of interaction with government agencies based on open data.

Olga Parkhimovich, Daria Gritsenko

The Tricky Nature of State-owned Enterprises: The Impact of Government Ownership

State-owned enterprises (SOEs) are a well-known form of government operation in the market. Incorporated by the government under the umbrella of private corporate law, they might seem, at first glance, similar to privately owned firms. However, government ownership is not a neutral feature. Understanding its nature and impact is key to any discussion about regulation of SOEs’ corporate governance and activities. In a nutshell, it is all about the delicate balance between public-policy objectives and maximization of profits and shareholder value when combined on a corporate platform. This never-ending inherent contradiction at the heart of an SOE, with its pitfalls and benefits, is the basis for this suggested analysis of the existing regulation of SOEs in Israel and specific SOEs’ corporate governance issues, and for an outline of the path to needed change.

Avital Birger

Israel’s Law and Regulation After the Gas Discoveries

In 2016, the Israeli High Court of Justice (HCJ) delivered its most influential ruling on administrative regulation to date. Following the biggest natural gas discoveries in Israeli history, by a group of multinational energy corporations, the court was petitioned to rule on the legality of a regulatory agreement made between these corporations and the Israeli government. Issues covered in this agreement included pricing, exportation, taxation, timetables, corporate holdings, transportation, competition, investments, and regulatory stability. The HCJ’s important ruling on the legality of the gas agreement extensively discussed the regulatory functions of Israel’s administrative authorities, as well as the regulatory contract doctrine, which enables governmental regulators and private entities to engage in an enforceable agreement that stipulates the terms under which the private entity can operate in the market. This chapter analyzes this precedential ruling and its implications for business entities, regulators, and regulatory law. It shines a light on the circumstances leading up to the signing of the regulatory contract, taking the reader through the major legal landmarks in the regulation of natural gas in Israel, all pointing to the pressing corporate need for regulatory stability as the main rationale for the agreement.

Sharon Yadin

Chapter 6. The Parodis After Italian Unification

This final chapter discusses the role of private bankers in the development of credit and financial systems in the first decades of Italian unification. To this end, the chapter presents the case of the Parodi Bank of Genoa, whose role was very important thanks to its connections to national and international financial networks. Indeed, the success of their activities in the 1870s and 1880s was mainly due to financial investments in banks, railways, and insurance companies. Despite the fact that they behaved as the international haute banque, the Parodis collapsed during the crisis of 1893.

Luciano Maffi

Chapter 3. Banking Institutions

This chapter analyzes the role of Banking Institutions, with particular attention to the Kingdom of Sardinia, where a structural change began thanks to the role of the private bankers. It was an evolutionary process that had already matured in numerous other economically more advanced European countries. The changes involve public debt management, credit and financial institutions, and money supply. The causes can be traced back to the increase in national and international commercial traffic, to industrial and infrastructural development: new dynamisms that require complex intermediation systems for payments. This chapter also presents the role that the banking institutions of the Kingdom of Sardinia had in growth and development of Italian unification (not just political unification).

Luciano Maffi

Chapter 4. Financial Intermediation: The Rothschilds and the Private Bankers in the Kingdom of Sardinia

This chapter illustrates the relevance of the relational network connecting the Parodi banking house with international economic actors, such as the Rothschilds, the Avigdor, the Leoninos, the Hambros, the De la Ruë brothers, and the Torlonia. The purpose of the relationships is the placement of national and international government loans. Here, therefore, is a clearer description of how the nineteenth-century credit-finance machine moves thanks to a complex mechanism of multiple gears, some of which show their indispensable function. I analyze how the placement of the Sardinian loans (1849–1850) is very important in understanding the skills of Sardinian bankers.

Luciano Maffi

4. Religious Changes in Kamakura-Era Japan

This chapter investigates how the internalized culture, characterized by the worldview based on others nearby, was formed in Japan in the context of cultural history from the end of the ancient age through the medieval age. The evolution of the internalized beliefs and values of Japan is examined in the interactions of two major incidents: religious reform, the birth of Kamakura new Buddhism, related to culture, and the decline of the ritsuryō (law and order) system, the centralized and nationalized economic system, related to the institution. The decline of the centralized ritsuryō economic system accelerated the marketization of the economy, and religious reform implemented in tandem with the decline of the ritsuryō system led to the simplification of practice (igyō-ka) as a method of the salvation of the masses, in order to help the struggle of the people with accelerated marketization. The enormous impact of the simplification of practice was the birth of kyūdō (true-way pursuing) behavior in the occupational and daily life of individuals. Individuals were motivated to pursue religious attainment and merits in occupational activities.

Juro Teranishi

6. Cultural Foundations of Tokugawa Economic Growth

The mechanism for the economic growth of Tokugawa Japan has long been an enigma. How did sustained growth occur without relying on foreign trade and the development of industrial technology? The effect of technological progress in agriculture, the most promising candidate as an explanatory variable, had already been denied in the 1970s. Most technology utilized in Tokugawa agriculture had been inherited from past eras, and the impact of new developments such as the improvement of rice varieties were insufficient because of the lack of an effective mechanism of diffusion. Not only does technical progress fail to explain the mechanism of growth, recent analyses focusing on institutional factors have been by and large unsuccessful.

Juro Teranishi

Chapter 13. The Effects of Digital Transformation Process on Accounting Profession and Accounting Education

Information and Communication Technology (ICT) has been developed very rapidly, so our age has been characterized as the information age. Rapid technological developments cause significant changes in micro and macroeconomic levels. With the rapid change in ICT, mobilization has become a valuable tool in our age when knowledge is the most valuable asset. ICT can be described as a range of information, electronics and telematics technologies, using modern microelectronics, telecommunications, and computing to improve all kinds of appliances, techniques and processes that influence different areas of human life. Recently, associated with the digital transformation process, many enterprises have begun to use modern cost and management accounting tools through institutional integrated information systems. ICT competencies are one of the basic technical skills required by accounting graduates. To meet this requirement and help students to be ready for working life, the accounting programs of universities are required to include ICT software tools in accounting courses. Studies show that integrated information technologies are used in accounting courses as limited. Students who take accounting education must be educated to know the data analytics for analyzing masses of big data, to be knowledgeable about data security and cybersecurity, to be prepared for developments in transition to digitalization. The profession of accounting is one of the professions that have to keep up with the change in the world which is in the process of rapid digitalization. It is thought that it is important to ensure equipped with the latest technology of students who are studying in the field of accounting. New technologies emerging in current accounting education are required to support the learning development of students. Therefore, the use of digital technology tools used in accounting in accounting education processes should be encouraged. Digital technologies must play a supportive role in development in the learning process of students in accounting education. In some universities, these information technology tools and systems are used to assist teaching in accounting courses to teach their students to accounting concepts at the basic level. In this study, Documentary Research Method, which is one of the qualitative research approaches, was used. Documentary Research Method; It refers to collecting and organizing previously obtained, archived, organized, and documented data from various sources (library, internet, etc.) with an archive search, establishing meaningful connections on the data instead of operational analysis and making some inferences. Thus, it is aimed to contribute to the literature with this study.

Bilal Zafer Berikol, Mustafa Killi

Chapter 5. Voluntary Associations and Collectivity: A View from the East and the West

This chapter incorporates evidence for voluntary associations of bakers from the eastern Mediterranean to help explore the evidence for collectivity among Roman bakers in the west. In the study of voluntary associations of Roman craftsmen, collegia have loomed large. These formal trade associations are not, however, ubiquitous and it is unclear what exact role they played in regulating the industry, if they did at all. Moreover, we have evidence that some forms of collectivity did exist independently of formal associations, including rogatores inscriptions and collective fines of pistores in places where we have no evidence for collegia. Small-town collectivity among bakers took a very different form and function than the associations of large cities; members tended to be more homogenously modest in their means. Their aims were more focused on managing social perceptions and providing social benefits for the bakers than on creating opportunity for increased profits or mitigating operating costs.

Jared T. Benton

Chapter 2. An Introduction to Bioactive Natural Products and General Applications

Nature has been a powerful source of potential medicinal plants with natural bioactive products for a long time period. The plants are known to contain quantum of various active principles of therapeutic value and possess biological activity against a number of diseases. These plants synthesized phytochemicals, serving as their natural defence system and also used in medicine, dye colours, fragrant, pharmaceutical, agrochemicals and flavouring. They also possess antimicrobial properties that are correlated with their ability to manufacture several secondary metabolites with antimicrobial properties like phenols, phenolic acids, flavonoids, alkanoids, tannins, quinones, coumarins, saponins, terpenoids, triterpenoids, glycosides and organic acids. Today, an increasing research interest in the herbal medicine field has been gaining popularity in both developed and developing countries. The bioactive compounds are provided by chemical diversity and natural plant products as purified compounds or as plant crude extracts. The extracts (crude) existed as a combination of different bioactive phytocompounds combined with various polarities and their partition still remains a challenge in the process of identification and characterization. Since bioactive natural products have diverse range of uses, the present book chapter constitutes a review on their distribution and geographical sources, phytochemistry, delivery technology, medicinal properties and their general potential applications in agricultural plant protection and pharmaceutical field.

Tijjani Ahmadu, Khairulmazmi Ahmad

Chapter 4. International and Domestic Ecosystems

In this chapter I focus on the importance of the press and the rating agencies in our re-engagement with investors and the markets. The local press also proved more and more relevant as the support of the domestic public opinion proved an essential ingredient of a successful return to the international markets. I start by explaining the roles that are played in bond markets by different types of news outlets: the wires and the press. They play an important role in building consensus within the bond investor community. In consequence, it is crucial to have a proper communication strategy and it is very helpful to be assisted by professionals. Following each transaction, we looked to explain its rationale to the press. The rating agencies play a crucial role as investors skim through their reports looking for clues of their future rating actions. I emphasize the importance of managing the downside in the sovereign ratings. I illustrate the difference between Portugal and Ireland in what concerned the management of the rating agencies before 2012. I emphasize the importance of keeping an active dialogue and an open communication but also of arguing every decision.

João Moreira Rato

Chapter 5. Restarting the Engines

This chapter describes the re-opening of bond markets for Portuguese issuances and how it was possible. The process is presented in the context of the European peripheral bond market conditions at the time. In January 2013, following a roadshow in the US, we tapped an existing bond and came back to the medium to long term debt markets. The bond increase had a 35% participation coming from the US, showing that our diversification strategy was starting to bear fruits. I explain how the primary and secondary markets for government bonds work and the role the investment banks play. I emphasize the importance of liquid secondary bond markets for competitive bond pricing and investor participation. The process was still fragile. To keep the secondary market stable, it was important to avoid negative headline news that could trigger selling pressure by investors. It was crucial that the situation in Portugal evolved in a predictable manner in order to avoid the bond price instability experienced during periods of panic selling.

João Moreira Rato

Chapter 3. Investors

This chapter focuses on describing the interactions with the investor community during the process of rebuilding trust in Portugal. In the fall of 2012, we were ready to start meeting with investors and organize roadshows. It was to be the start of a medium to long term process aimed at restoring credibility with the investor community. To do so we chose a transparent, candid and fact-based approach. Given our massive financing needs for the next few years we were looking for repeated support from investors, so building trust was essential. I describe our first roadshows and meetings with investors that influenced deeply our style when interacting with investors: London, Tokyo and New York. The topics discussed with investors would change with circumstances in Portugal and in different investor geographies. The fall of 2012 saw massive protests in Portugal and social cohesion became an important issue for investors. I explain how different types of investors play different roles at different stages of the market normalization process.

João Moreira Rato

Chapter 6. Bumps on the Road

In this chapter I describe the spring and the summer of 2013 when Portugal went from issuing again a new long-term bond and extending the maturities of its European official loans to a political crisis that threatened to jeopardize our work and bring the sovereign back to the situation of 2012. The situation in the Portuguese government bond market is placed in the context of the evolution of that in Ireland and Greece. In May 2013, Portugal issued a new ten-year bond. It was able to attract more conservative investors to its bond market and to continue to diversify investor participation. But it was still facing a wall of redemptions for the next few years. This still conditioned the type of market access available for Portugal. European support, in the form of the maturity extension of official loans, was crucial to smoothen the redemption profile and to potentiate future investor involvement in the Portuguese bond market. A political crisis during the summer of 2013 risks jeopardizing our efforts for a market-based exit from the Troika program. This chapter describes how bond market conditions were dragged into the domestic political situation.

João Moreira Rato

Chapter 2. Warming Up

In this chapter, I explain the economic and social situation in Portugal at the beginning of 2012. The situation is dramatic, characterized by very high levels of unemployment, especially among the youth. I describe the Portuguese Debt Management Office that I am about to lead: the Treasury and Debt Management Office for Portugal (“IGCP”). In London, before joining the IGCP, I started preparing for the job. I had very useful preparatory meetings with professionals that had followed closely the emerging markets crisis of the 1990s. Our first challenge was to decide how to present the Portuguese situation to investors in view of re-establishing credibility in the markets. Our second challenge would be to rebuild a diversified investor base. We had to look for new investors to replace the investors that used to buy Portuguese government bonds before the crisis and were burnt by price moves, rating downgrades and orders to sell coming from their bosses and shareholders. In the meantime, the European government bond market situation started to contaminate Spain and Italy, triggering Draghi’s “whatever it takes” speech. The fact that our Troika funding would only last up to September 2013 triggered our first transaction: a bond exchange.

João Moreira Rato

Chapter 1. Background

This chapter describes the economic situation in Portugal following the Global Financial Crisis. Flows coming from the European Central Bank via the Target 2 system enabled Portugal to keep twin deficits in its external and fiscal accounts. It allowed Portugal to continue accumulating domestic and external debt. This accumulation of debt and the negative evolution of the European government bond market conditions led Portugal to request financial assistance from the Troika in April 2011. In doing so, it was following Ireland and Greece, which had requested assistance in 2010. The assistance program was designed with the aim of stabilizing both public and external debt flows. During the first year of the program, the new government managed to stabilize the macroeconomic situation. But during the same period, discussions around a second program for Greece introduced the possibility of private bondholders haircuts in Europe. This possibility originated a succession of negative sovereign rating reactions and government bond prices in the periphery to get to more distressed levels. In this context, I explain what my motivation was to join the Debt Management Office. My mission was to design and implement a plan to re-establish market access for Portuguese government bonds.

João Moreira Rato

Chapter 8. Success

This chapter describes the final steps taken to ensure full bond market access. Portugal organized the first Portuguese auction process for medium to long term bonds since requesting the Troika’s assistance. In May 2014, Portugal exited the Troika program with no need for further assistance. It did not ask for the last disbursement from the Troika. Market conditions for Portuguese bonds continued to improve. A USD transaction was executed that helped to reinforce Portugal’s cash buffer. Our description of the Portuguese economic adjustment with a strong contribution from exports became widespread. We managed to attract several different investors to our markets. They have sustained us throughout. I discuss what could have been the alternative if Portugal would have had to request continued support from Europe. This alternative would have been costlier for the Portuguese population and put the nascent economic recovery at risk. The Portuguese public opinion was conscious of the value of market access and it became consensual across party lines. It had been crucial to gain access to a diversified investor base and maintain a constant and credible dialogue with investors both directly and through the press. It was key to keep actions predictable when dealing with investors in the markets.

João Moreira Rato

Chapter 6. Third Mode—Oligarchy Transformed, the Republic Reduced

The political tumult of the 1960s and 1970s ushered in a period of rapid reorganization of oligarchic rule alongside multiple realignments in the party-political arena. With the federal government’s retreat from market regulation, the privatized provision of public goods and increasingly regressive taxation led to unprecedented extremes of economic and social inequality that combined with the financialization of the economy and the dynamism of the financial sector to construct a new mode of oligarchic rule. This chapter explains how high returns to capital and super-rents deriving from market power and monopolies created a new financial oligarchy and a step-change in the private command of public policy, leaving the oligarchy largely unaccountable to democratic government. In the financial crisis of 2008–2009, this oligarchy retained its profits while socializing its losses, and the exclusionary consequences effectively split the republic into ‘two nations’.

Joe Foweraker

Chapter 4. First Mode—The Federal Patrimonial State

This chapter describes the first mode of oligarchic rule in the United States as it emerged from the narrowly oligarchic and strongly federal nature of the Constitution, with a focus on the extensive scope accorded to states’ rights and powers in the initial absence of a federal administrative State. What was not foreseen in the Constitution was the growth of political parties and party patronage as the means of oligarchic manipulation of politics and policymaking in the localities. Together these tendencies led to a sui generis pattern of patrimonial party-State formation that promoted a combination of a constricted but competitive representative politics with the ruthless exclusion of poor whites, women and racial minorities. The chapter further explains how the core features of this mode of rule, namely its private influence over public affairs and its exclusionary capacities, survived the Civil War and Reconstruction.

Joe Foweraker

Chapter 3. The Interwar Period

This chapter begins with a description of the complicated economic situation after World War One. We contrast the Czech and Hungarian responses to hyper-inflationary pressures. After a short portrayal of Wladyslaw Zawadzki, we present the life and work of two eminent Czech economists Alois Rašín and Karel Engliš. We portray the founder of economic science in Slovakia, Imrich Karvaš. Portrayals of three Hungarian economists, Elemér Hantos, Ákos Navratil, and Farkas Heller, close this chapter.

Julius Horvath

Chapter 2. From Beginning Until the World War I

In the Central European region, political economy–related writings emerged from around the sixteenth century. First, we briefly introduce the early works mentioning authors as Wernherus, Lyczei, Copernicus, Gotomski, and others. In more detail, we present Martinus Szent-Ivany, especially a section of his book Curiosiora et Selectiora on the political economy. Next, we portray literature of the eighteenth and the early nineteenth centuries. We shortly mention Fryderyk Skarbek, Michal Baludjanski, and others. We present the life and work of Mátyas Bél, Gregorius Berzeviczy, Marton Schwartner. In the last section, we present works till the beginning of World War One, especially of Gyula Kautz, Béla Földes, Albín Bráf. We close with a short treatise on the early impact of Adam Smith and the Austrian school in Central Europe.

Julius Horvath

5. Evolving to the Global Rule of Three

The chapter offers insights into the transition of the Rule of Three from local to national, regional, continental, and global, which is illustrated with numerous industry examples. Competitive markets evolve in a predictable fashion across industries and they go through similar life cycles. Many generalists that are dominant in their countries or regions are unable to have the same success when the market globalizes. There is generally one global survivor from each of the three major economic zones. For a company to survive and succeed as a global, full-line generalist, they must be prominent in at least two of the three legs of the global triad. If a country has a large stake in an industry, it may be home to two or even all three full-line players. Niche companies/specialists in a globalizing market have four options: (a) they can expand internationally and become a global niche player, (b) they can remain domestic as a superniche company, (c) they can launch new specialist businesses, or (d) they can let themselves be acquired at a premium. Many specialists will experience at least two of these options, if not more, in the coming decades.

Jagdish Sheth, Can Uslay, Raj Sisodia

Chapter 17. Margaret Thatcher and the Heath Premiership: Recent History Re-written

The aim of this chapter is to consider how the Heath premiership was used and abused by the Thatcher administrations of 1979–1990. The chapter adopts a framework grounded in narrative theory to explore how, from the early 1980s onwards, Thatcher re-wrote recent British history to present herself as a radical break with an era of consensus. Moreover, the chapter assesses the significance of how Thatcher would present the ‘failure’ of the Heath premiership alongside her critique of idea of consensus. Ultimately, the aim of the chapter is to showcase how the reputation of the Heath premiership was strongly influenced by the negative rhetoric used by Thatcher. She created a clear divide between the failed consensual approach of the Heath premiership and the successful conviction style of politics associated with Thatcherism.

Antony Mullen

Chapter 16. The Conservative Party Leadership Election of 1975

The aim of this chapter is to examine how and why Edward Heath was removed from the leadership of the Conservative Party in 1975. This chapter focuses on three core issues. First, it explains how, in order to replace Heath, the 1922 Executive Committee of Conservative backbenchers campaigned for a change to the leadership selection rules so as to permit a challenge to his leadership. Second, having created the means to evict Heath, this chapter considers the difficulties that his critics had in finding a viable challenger, as possible candidates such as Edward du Cann, William Whitelaw and Keith Joseph, all decided not to stand against him. Third, this chapter identifies how and why Margaret Thatcher emerged as an unlikely challenger, before profiling the campaigning period and the ballots as a means of identifying why Heath was defeated but also why Thatcher was selected as his replacement. [152]

Emily Stacey

2. Preparation

To organize a successful hackathon many things have to be considered, planned, and prepared in advance. This chapter gives an overview of the most important points you should consider when planning. This ranges from simple things like date, duration, topic, and number of participants to the right location, your team, technology, sponsors, costs, and legal aspects that should be considered already during the planning.

Andreas Kohne, Volker Wehmeier

Chapter 7. Social Security Policy

The aim of this chapter is to assess the approach of the Heath premiership in relation to social security. The chapter argues that the Heath government entered power with a broad approach towards social security to which, for the most part, they adhered. The chapter argues that despite the brevity of their time in office, social security saw a plethora of new pieces of legislation which had an underlying ideological coherence. The chapter emphasises their challenge to universalism and their interpretation of welfare as a ‘safety net’, and in doing so, it identifies the centrality of selectivity and self-provision to their policy ideas. As this was the era in which many of the Beveridge strictures were challenged, the chapter highlights the importance of the Heath premiership as a catalyst for the future trajectory of social security policy.

Ruth Davidson

Chapter 2. The Conservative Party Leadership Election of 1965

The aim of this chapter is to explain how and why Edward Heath was selected to be the first democratically elected leader of the Conservative Party in July 1965. The chapter considers the following three issues. First, it explains the significance to the Conservative Party of the leadership succession crisis of October 1963, in which Harold Macmillan was replaced as party leader (and prime minister) by Douglas-Home in circumstances which invalidated the customary processes of consultation to determine the leadership. Second, it identifies the changes and decisions that Douglas-Home made once in opposition (between October 1964 and July 1965) to make sure that no future leader of the Conservative Party should have their legitimacy questioned in the way that he was. Third, it provides explanations as to how and why Heath won the leadership election of July 1965 rather than the pre-contest favourite, Reginald Maudling.

Thomas McMeeking

Chapter 5. Competition and Credit Control, Monetary Performance, and the Perception of Macroeconomic Failure: The Heath Government and the Road to Brexit

The aim of this chapter is to reappraise three perspectives that exist in relation to the Heath premiership and economic management. First, the chapter considers whether the Heath premiership betrayed the liberal economic ideas implicit within the Selsdon agenda (agreed upon by the Conservatives when in opposition) via a number of high profile U-turns in economic policy once in office. This common assertion is challenged via analysis of Competition and Credit Control (CCC), which is argued to have made a significant contribution to the erosion of the Keynesian consensus vis-à-vis economic management. Second, the chapter examines the Heath governments supposedly poor record in tacking inflation. comparing it to that of the Thatcher era. Third, the chapter scrutinises the macroeconomic objectives of the Heath administration contextualising its disappointing economic performance.

James Silverwood

Chapter 13. The Labour Party in Opposition

This chapter considers the Labour Party in opposition between 1970 and 1974 in order to establish how they set about regaining office. The chapter opens up with an assessment on the strengths and weaknesses of the Wilson administrations of 1964–1970 as a way of understanding why they were back in opposition and the challenges that they faced in constructing a political recovery. The remainder of the chapter focuses in on the following themes: first, the issue of party leadership and the wider public face of the party; second, how their policy platform evolved during opposition; and third, how unified the Labour Party appeared. The chapter showcases the policy renewal and party management challenges that Wilson faced between 1970 and 1974, and in doing so, it identifies how despite the evident limitations of the Heath administration, support for both Labour and Conservatives went down in the General Election of February 1974. [158]

Timothy Heppell

Chapter 12. Heath, Powell and the Battle for the Soul of the Conservative Party

The aim of this chapter is to consider the most complex relationship of the Heath era within the Conservative Party politics, that is, the relationship between the Heath and Enoch Powell, and the challenge that emerged from the politics of Powellism. The chapter opens by identifying the cult of Powell, by assessing his conduct in the General Election campaign of 1970. Not only did the press afford Powell the level of coverage that was normally reserved only for party leaders, but the unexpected victory of the Conservatives could be linked to the appeal of Powellism. The chapter justifies this claim by utilising the academic research that argued that Powell(ism) tapped into latent anti-immigration feeling and was a contributing factor to the swing from Labour to Conservatives, especially amongst working-class voters (the chapter also explores the fears within Conservative circles that had they lost the General Election of 1970 and Heath had resigned, how could they stop Powell from gaining the party leadership).

Gillian Peele

Chapter 14. Edward Heath: Leadership Competence and Capability

The aim of this chapter is to reassess Edward Heath from a leadership competence and capability perspective. The chapter utilises a modified version of Stephen Skowronek’s account of leadership in ‘political time’ to the evaluation of Heath as Prime Minister. It is conducted via the following approach. First, by drawing upon his speeches as Leader of the Opposition between 1965 and 1970, the chapter identifies Heath as an affiliate of the political regime he inherited after the General Election of 1970. Second, by drawing upon archival research in the National Archives, the chapter characterises the regime difficulties Heath encountered in office, paying close attention to problems of economic management, worsening industrial relations, electoral dealignment, the fracturing of the party system and growing anti-immigration sentiment. Third, the chapter concludes that Heath is best characterised as a ‘disjunctive’ leader. We conclude by offering an evaluation of the performance of Heath as Prime Minister, which recognises the challenges he was confronting, and strategies available to him and disjunctive leaders in general, and the unique circumstances of the Heath government in particular. [183].

Christopher Byrne, Nick Randall, Kevin Theakston

Open Access

Chapter 4. The Double Democratic Deficit

This chapter will sketch how the EU has reacted to the financial crisis and in particular to the unfolding sovereign debt crisis, revealing major flaws in EMU’s architecture. It will not only address these design flaws but attempt to evaluate the underlying causes, reasons and motives of the architects and decision takers by comparing the more “federalist” Werner Plan with the more “intergovernmental” blueprint of the EMU of the Maastricht Treaty, connect it with the paradigm change on economic governance discussed by Schulmeister in Chap. 2 and show the consequences for the crisis and its management in terms of efficiency, equity and democratic accountability.

Bettina De Souza Guilherme

Open Access

Chapter 10. The 2011 Crisis in Italy: A Story of Deep-Rooted (and Still Unresolved) Economic and Political Weaknesses

Italy went through an economic and political crisis in 2011. The trigger was the Sovereign debt crisis that shook the Eurozone due to its incomplete structure. The ingrained causes were the long-term structural problems that have plagued the Italian economy for a long time, leaving it vulnerable to external shocks. The reaction to the crisis took the form of austerity measures and reforms implemented by a technocratic Government. These policies, carried out with no external financial assistance, were meant to send a signal to markets and stop the spiral of distrust and negative self-fulfilling expectations, but they did not address the sources of the problems. Since then much has been done at both national and European levels, but it is still not enough to guarantee resilience. Italy needs to finally solve its structural problems, and the European Monetary Union (EMU) needs to complete its architecture, starting with the completion of the Banking Union. Considering the increasing social discontent and political intolerance, failing to act now might imply severe consequences when the next crisis hits.

Simone Romano

Open Access

Chapter 23. Proposals for Reforms and Democratization of the EMU

In this part of the book, we discuss proposals to improve architectural and crisis management lacunas. While other partners of the network present own proposals, this chapter has the objective to sketch out proposals, which have been discussed or are still in the pipeline at the top level of European Union (EU) decision-takers and institutions to remedy lacunas, errors and omissions of the Economic and Monetary Union (EMU) architecture. A main argument advanced is that the reforms with a focus on “risk-avoidance” and stronger “surveillance” and “monitoring” had more success, while any reforms based on the principle of “risk-sharing have encountered major resistance, both for the financial market regulation and for the fiscal framework.

Bettina De Souza Guilherme

Kapitel 4. C

Der Cashflow ist eine betriebswirtschaftliche Kennzahl, anhand derer die im Betrachtungszeitraum erwirtschafteten liquiden Mittel dargestellt werden. Der Cashflow bezeichnet in seiner allgemeinsten Form die Differenz zwischen Einzahlungen und Auszahlungen.

Christian Glaser

Kapitel 15. V

Der Value-at-Risk ist ein insbesondere im Bankenumfeld weit verbreitetes Risikomaß zur Messung von Marktpreisrisiken. Er gibt den mit einer bestimmten Wahrscheinlichkeit maximal zu erwartenden Verlust für eine festgelegte Zeitspanne an. Im Leasinggeschäft wird mit dem Value-at-Risk insbesondere der mögliche Verlust durch Schwankungen beim Marktwert oder dem zugrunde liegenden Refinanzierungszinssatz ermittelt.

Christian Glaser

Kapitel 9. L

Die Lastschriftenquote stellt den Anteil der Kunden dar, bei denen die monatlichen Leasingraten automatisch über einen Lastschrift- oder Abbuchungsauftrag eingezogen werden.

Christian Glaser

Kapitel 16. W–Z

Die Werberendite stellt die Kosten für sämtliche Werbemaßnahmen einer Periode ins Verhältnis zum Zuwachs bei der Barwertmarge, die auf die betrachteten Werbemaßnahmen zurückgeführt werden (können).

Christian Glaser

Kapitel 8. K

Die Kapitaldienstfähigkeit ermittelt die nach Abzug aller Belastungen zur Verfügung stehenden finanziellen Mittel, um sowohl Zinsen als auch Tilgungsraten für Kredite bzw. Leasingverträge bezahlen zu können. Die Kapitaldienstfähigkeit lässt sich typischerweise entweder über das EBITDA oder über den Cashflow ermitteln (vgl. Riebell 2015, S. 958 ff.).

Christian Glaser

Kapitel 3. B

Die Barwertmarge (franz. „marge“ = „Spielraum“ bzw. „Spanne“) ist eine der zentralen Kennzahlen für Leasinggesellschaften und bezeichnet den ermittelten Unterschiedsbetrag zwischen den barwertigen Forderungen in Form der Leasingraten und etwaigen barwertigen Restwertansprüchen (Restobligo) einerseits und den barwertigen Aufwendungen für die Refinanzierung andererseits. Teilweise werden auch noch weitere variable Kosten, etwa barwertige Aufwendungen für die Angebots- und Auftragsabwicklung bzw. sonstige Kosten berücksichtigt. Im Folgenden wird die Barwertmarge aber in ihrer allgemeinsten Form näher behandelt und zusätzliche barwertige und variable Kosten nicht weiter berücksichtigt.

Christian Glaser

Kapitel 2. A

Die ABC-Kundenanalyse bewertet die Beziehungen zu Leasingnehmern anhand des Anteils der Abschluss- bzw. Bestandsvolumina oder des Ertrags bzw. der Barwertmarge am Gesamtbestand. Sie ist damit ein Maß für die Aktivität und Wichtigkeit einzelner Kunden oder Kundengruppen und wird häufig zur Priorisierung von kundenspezifischen Maßnahmen, etwa im Marketing, herangezogen.

Christian Glaser

Chapter 1. The Imperative of Adjusting the Phillips Curve

This chapter describes the historical evolution of the Phillips Curve from an empirical relationship between wage inflation and unemployment to a complex model comprising inflation persistence, inflation expectations and output gap. Then it provides an overview of the current explanations for the flattening of the Phillips Curve after the Great Recession. The final section exposes the frequent measurement errors associated with the short-term Phillips Curve and builds the case for an alternative measure of economic slack.

Liviu Voinea

8. A “Middle Way” Between the Free Market and Full Equality: A Pay Ratio

The gulf between the highest and lowest paid, and the concomitant increase in socio-economic inequality, has become a political issue in various countries during the last decade, but particularly the United Kingdom and the United States. While the 2008 global financial crash heralded a decade of austerity and economic hardship, the salaries of many senior corporate managers and CEOs have increased at an unprecedented rate. The restraint and sacrifices demanded of ordinary working people have not been replicated in company boardrooms or among bankers. However, while critics of corporate excess have generally focused on raising the minimum wage, and higher taxes on high earners, this chapter suggests a rather different approach to curbing increasing inequality of incomes, namely a pay ratio—pre-distribution, rather than the more orthodox redistribution.

Peter Dorey

Chapter 6. Agents of Transgovernmental Policy Transfer

This chapter sets out the empirical findings of primary research taken from interviews and government documents in the US, the UK and Australia. The empirical findings suggest that the UK’s use of US welfare-to-work policy was predicated upon the superiority of the US regime of experimentation and evaluation: the use of evaluations in particular is seen to be the most crucial element adopted by the UK and showcased in the New Deal. Subsequently, I show how the qualitatively different relationship between the UK and Australia was nevertheless founded upon a mutual regard for evidence-based policy. Interview data supports claims that the UK-Australia relationship is culturally and historically based, yet also show how this relationship is politically contingent. Importantly, the research indicates that the 1989 JET program (Jobs, Education, Training for Sole Parents) in Australia was, in fact, heavily based on a US policy. Finally, the chapter turns to the identification—deserving of further research—of an elite policy transfer network with Australia, New Zealand, the UK, Ireland, the US and Canada as members.

Tim Legrand

Chapter 7. The Genesis of Transgovernmental Networks

In the final empirical chapter, I elaborate the formation, evolution, operation and outcomes associated with a specific Anglosphere transgovernmental policy transfer network—The Windsor Conference—to render in detail how a typical network of this sort operates and to draw out the wider vista of subsequent policy network collaboration, especially with respect to those within the Anglosphere. In Part I, the case study highlights the impact that transnational policy networking can have on the dissemination of policy ideas amongst a cohort of elite policy officials. It provides an overview of the origins and evolution of the network; initial insights into the structure and format of the network; outcomes associated with the network; and reflections on future empirical research. Part II of the chapter sets out a broader vista of Anglosphere networks to have emerged since the WCPN that fall into the same transgovernmental network template. These findings offer an opportunity for critical reflection on the intersection of the concepts of policy transfer and transgovernmentalism, and it is contended that the case yields valuable empirical insights into the murky processes of transgovernmental policy transfer, policy learning and discrete regulation.

Tim Legrand

Chapter 2. The “Invasion Peril” in Light of the Topodynamic Theory, and Some Recent Statistics

The present concerns about irregular migration flows are hereby addressed in a long-term historical perspective through the lens of the topodynamic theory. Various cases of migrations and invasions that have had significant historical consequences are evoked (the fall of the Roman and Byzantine empires; the Mongol and Manchu invasions of China, etc.). The conventional thinking concerning the gears of the invasion mechanics is checked on the basis of recent facts and statistics in order to draw general conclusions.

Luc-Normand Tellier, Guillaume Marois

Chapter 12. Effects of Immigration on Local Housing Markets

This chapter surveys the international evidence regarding the impact of immigration on local housing markets. The theoretical framework provided highlights with the complexity of housing markets and the importance of distinguishing between the ownership and use of the stock of dwellings vis-à-vis the residential real estate market. Evidence from eight countries, and from meta-analysis shows that immigration leads to higher house prices and rents, and lower housing affordability. On average, a 1% increase in immigration in a city increases rents by 0.5–1%, the effect on prices being about double that. There is a large variance around this, related inter alia to the period, spatial scale and local economic conditions. Additionally, the housing impact of immigration depends on the demographic and economic composition of the immigrant flow, on macroeconomic conditions and expectations, on the institutional factors influencing the price elasticity of the supply of new dwellings and on how the native born react to immigration. The tendency of the native born to move from areas where migrants settle can lead to relative house price declines in these areas. Overall, immigration has been a minor contributor to sharply rising house prices in contemporary fast growing agglomerations.

William Cochrane, Jacques Poot

Chapter 3. Climate Tipping Points and Climate Irreversibility

In this chapter information is provided which indicates that increasing warming of the atmosphere due to continuing carbon emissions will cause a situation where a tipping point is reached which will make the climate change irreversible. The nature of these tipping points is explained in some detail.

Max F. Platzer, Nesrin Sarigul-Klijn

Chapter 2. Metamorphoses of Liberalism in the Twentieth Century

The utility-driven, individualist vision of the nineteenth century is subject to relevant criticism in the following century, under the influence of different circumstances: the consolidation of German nationalism; the evolving industrial structures, with consequent concentration of economic power and growth of trade unions; the Great War and, then, the difficulty to go back to pre-war societal structures and economic and monetary arrangements; the economic Depression and the pressure for a larger role of the State; and the affirmation of Marxist socialism in the Soviet Union. Philosophical developments—Croce’s idealism—emphasize the ethical contents of the liberal idea, which is seen as not necessarily coincident with economic liberalism. As a consequence of these circumstances, liberalism takes different directions: the first emphasizes the issues of market failure, wealth distribution, State presence in the economy. The second has libertarian, anti-statist accents, taking however distance from the “scientific” Neo-classical School. The third inserts powerful elements of market economy and competition into the German statist tradition. Pigou, Keynes and Beveridge can be considered as liberal economists who react to the imbalances of a liberal society: Pigou, by insisting on capitalism’s negative “externalities”, to be addressed by the State through the use of coercive devices for directing self-interest into social channels; Keynes, by facing the system’s inability to assure full employment and to address the inequality in wealth and income distribution, and by emphasizing economics as a moral science; Beveridge, by enlarging the field of liberalism through a long list of services that is up to the State budget to provide, even beyond full employment (the Welfare State). In a different direction move the economists of the Austrian School and its main exponent, Hayek. His individualistic stance, however, is far from the classical laissez-faire and the positivist, scientific attitude of neo-classical economists. A rational system of preferences, based on utility and stated in mathematical form, is not possible, given the dispersed bits of knowledge which are available, but market provides the necessary connection between “uninformed” economic agents through the system of prices. In order to operate, market competition requires absence of any central planning: only a set of basic rules intended to be instrumental to the pursuit of individual needs. The Chicago School, with Friedman, reiterates with emphasis this libertarian attitude, particularly focussing on the monetary constitution, as an instrument of stability and of keeping money out of authorities’ discretion. Ordoliberalism is a typical turn of liberalism in interwar Germany, whose influence seems however lasting and well alive in our days. The State is at the very centre of the economic system, and regulates and protects market competition. The State must act so as to de-proletarianize the social structures of capitalism, by enhancing workers’ freedom and responsibility and not imprisoning them in a welfare state. Ordoliberalism represents a strong turn towards normative, as opposed to positive, economics. As such, and similarly to the German Historical School of the previous century, it is unsuitable to be studied as a formal “model”. It’s rather a prescriptive scheme of structure and organisation of the economic system.

Alessandro Roselli

Chapter 1. Ideologies and Political Economy in the Nineteenth Century

According to Schumpeter, the roots of economics are to be found in social philosophy and in the concrete business experience of daily life, particularly in eighteenth-century’s Britain. The discussion of economic activity takes different turns in Britain and Germany: in the former, intermingling those two roots, it is based on an individualistic point of view; in the latter, on the State as the centre of social and economic life. Adam Smith, philosophically motivated by Moderate Enlightenment, is seen as the founder of the Classical School of political economy, and the embodiment of a “cosmopolitan” economic liberalism, valid at any time and place. Later in the nineteenth century, political economy is heavily influenced by positivism, and economic phenomena are studied similarly to natural sciences. The attention of the neo–classical economist is focused on individual’s marginal utility, and the whole equilibrium of the economic system is explained in mathematical terms, as with Walras and Pareto, implicitly supporting a conservative view of society. In Germany, the central role of the State finds a Hegelian basis and political economy is characterized by an accentuated historicism, through the works of the protectionist List, and of the exponents of the Historical School of Economics, in a sort of economic “nation-building”. The centrality and development of the nation, and an insistence on social reform in a non-Marxian approach, are emphasized within a framework of path-dependence. The same Hegelian root can be found in Marx and his historical materialism. Social classes, already present in the analysis of the Classical School and then disregarded by neo-classics, are seen in a totally different, confrontational perspective, resulting from society’s capitalistic structure: a structure to be deterministically overcome by the proletarian revolution or by the fall of the capitalist’s rate of profit.

Alessandro Roselli

The Tax Code as an Emergent Phenomenon

Tax systems are the primary means of financing government spending and activity. Public finance economists have developed a number of rules and principles over time for optimal tax practices. However, few governments rely primarily, if at all, on these rules and principles in their tax code. I argue that this is because tax codes are emergent phenomena, and a snapshot of the tax code at any moment reveals the outcome of an ongoing process to satisfy the desires of many competing interest groups. Furthermore, tax reform, an attempt to “clean up” a messy tax code, is itself an emergent process. Knowing this helps us understand why tax reform processes rarely move tax codes closer to the economists’ ideal.

Jeremy Horpedahl

Chapter 7. Banking Southern Cone Dictatorships

This chapter studies the role the financial actors—multilateral, bilateral, and private creditors—played in the context of the dictatorships in Argentina, Brazil, Chile, and Uruguay. While, at some point, all these lenders supported the economic and political survival of the Southern Cone dictatorial regimes, the assistance of the private international financial sector (foreign commercial banks), in particular, was key as it became the main lender to the regimes starting in 1977, when the Carter administration and some European countries limited the official or publicly backed loans to those dictatorships in an effort to pressure them to decrease their human rights violations.

Juan Pablo Bohoslavsky

Chapter 2. Business and the Military in the Argentine Dictatorship (1976–1983): Institutional, Economic, and Repressive Relations

This chapter analyzes the relationships between sectors of the business community and the armed forces during the dictatorship that lasted from 1976 to 1983 in Argentina, the most repressive period in the country’s history. First, the chapter highlights the important role of the business-military alliance and its intellectual and institutional dimensions. Second, it underlines the economic and financial relationships between the military and big business, showing that, even in an increasingly complicated macroeconomic situation, several companies and economic groups derived significant benefits from them. Third, it analyzes evidence demonstrating that a sector of the business leadership actively participated in repressive policies, many of which targeted workers and trade-union leaders who disappeared, were killed, imprisoned, or tortured.

Victoria Basualdo

Chapter 4. Authoritarian Rule and Economic Groups in Chile: A Case of Winner-Takes-All Politics

No Latin American dictatorship had a closer relationship with big business than that of Chile helmed by Augusto Pinochet (1973–1990). This dictatorship aimed to radically transform the Chilean economic model its Marxist predecessor created, as well as the import substitution industrialization model built decades earlier. New policies included the reversal of the agrarian reform program, laws limiting the power of labor unions, and mass privatizations. The last led to the concentration of several economic sectors in the hands of a small group of large business groups. We study Pinochet’s policies favoring both the business groups that existed before 1973 and the new ones created around exports and retail. Our analysis allows us to understand how the persistence of wealth concentration during the post-1990 democratic regime is linked both to the continuity of dictatorial institutions, such as the 1980 Constitution, and to the perdurance of business practices acquired in dictatorship, such as anti-union, monopolistic, and collusive corporate practices.

Carlos Huneeus, Tomás Undurraga

Chapter 9. The Fight Against Poverty and the Right to Development in Poland

This chapter seeks to provide a comprehensive breakdown of issues pertinent to combating poverty in Poland. The report provides a brief historical profile of social rights development, the right to development in Poland, with a presentation of their current shape they assume in law and practice against the backdrop of their application as the tools to prevent, combat existent areas of poverty and to stimulate an improvement of everyday life conditions of the poorest, to invigorate economic growth, thereby exerting an influence on boosting the whole society living standards. Not only does the present report rely on the analysis of the acts of domestic law, but having regard for the international law standards that bind Poland, it does also attempt to canvass its actual implementation.

Katarzyna Łasak

Chapter 6. The Fight Against Poverty and the Right to Development: The Ghana National Chapter

Development has no end; the journey to that place of sublime comfort exists in perpetuity; and with this in mind, the world must remain ever resilient in our march towards development, as we strategically pull down the walls of engrained and radical poverty. This paper investigates Ghana’s outlook on development and the fight against poverty, through the lenses of the Constitution, Statutory Laws, International Law applicable in Ghana, National Policies, Government Institutions, Case Law and Development Programmes; highlighting the areas of significant improvement and marking out the ailing parts that need pruning.The opener to this Chapter takes an in-depth view into the bond between Ghana’s municipal law and the law of nations (international law) and discerns ways by which Ghana’s law unites with conventions, treaties, principles, customs and usages of public international law, which contribute immensely to the expansion of the pathways to development; at the same time exploring a wealth of multilateral treaties signed or ratified by Ghana at the sub-regional, regional, and global levels. It proceeds to discuss the local measures and mechanisms to attain enhanced development in Ghana, especially, the role of judicial and quasi-judicial bodies in promoting the right to development through adjudication and enforcement of human rights claims. However, the argument is made that the rights which usually come to the fore are civil and political; with a dearth of judicial activism in advancing purely economic, social and cultural rights. The paper also brings to light, Ghana’s methodological approach towards the realization of the Sustainable Development Goals (SDGs) and various bilateral deals with foreign countries to further her developmental interests.

Raymond A. Atuguba

Kapitel 2. Definitorische Grundlagen

In einem ersten Schritt sollen die Grundlagen für den weiteren Verlauf der Arbeit gelegt werden. Um eine einheitliche Basis zu gewährleisten und einen ersten Rahmen zu schaffen, werden in den folgenden Kapiteln wichtige Modelle sowie Begrifflichkeiten kurz erläutert und konkretisiert.

Marcus Mursch

Kapitel 3. Rahmenbedingungen für ein mittelständisches Kreditinstitut als Vorbereitung auf die Szenario-Analysen

In den folgenden Kapiteln erfolgt die Darstellung und Fixierung der Rahmenbedingungen für die unter Punkt vier durchgeführten Szenario-Analysen. Aufbauend auf einem Querschnitt zu den historischen und aktuellen Bedingungen in Europa und Japan erfolgt die Beschreibung des strukturellen Aufbaus der Mustersparkasse. Diese Mustersparkasse dient als Basis für alle Berechnungen dieser Arbeit.

Marcus Mursch

Kapitel 4. Szenario-Analysen und kritische Würdigung der klassischen Zinsbuchsteuerung eines mittelständischen Kreditinstituts am Beispiel der Mustersparkasse

Die in den folgenden Kapiteln durchgeführten Analysen erfolgen mit individuell generierten Zinsstrukturkurven auf Basis historischer Echtdaten. Es wird grundsätzlich zwischen zwei Zinsstrukturkurven (Japanszenario, Europaszenario) unterschieden. Wie sich die entsprechenden Kurven zusammensetzen wird in den entsprechenden Kapiteln erläutert.

Marcus Mursch

Sustainable Employment Relations in Nepal: Beyond the Rhetoric, Ideal and Rational Human Resource Management

In Western literature, employment relations/human resource management (ERs/HRM) is a widely debated area. Most of the debate was focus on strategic HRM, integration, and devolvement, pluralist and unitary, soft, and hard HRM. However, from the research perspective, the basic conceptualization has not been changed. The new wave of sustainable ERs research emerged, realizing the problems of inclusiveness and multiple stakeholders of organizations. The Nepalese economy and business, national culture, and institutions vary widely to the West. Therefore, difficult to emulate the ERs framework originated in the West to conceptualize Nepalese ERs. The paper aims to discuss the Nepalese organizational context, to examine the impact of contextual factors conceptualize ERs, and to discourse on approach to ERs for Nepalese organizations. A wide range of literature is reviewed from scattered sources to IRs conceptualization in the Nepalese context. The paper finally suggests sustainable ERs for Nepalese organizations compatible with Sustainable Development Goals (SDGs). Therefore, a substantial discourse is required institutionally to achieve these goals.

Dev Raj Adhikari

Chapter 5. Critical Infrastructure

Critical Infrastructure represents an umbrella term used by governments to group all those resources that are essential for the economic, financial, and social system of a country. The Presidential Policy Directive 21 (PPD-21): Critical Infrastructure Security and Resilience, issued by the President of the United States in 2013, advances a national unity of effort to strengthen and maintain secure, functioning, and resilient critical infrastructure. PPD-21 identifies 16 critical infrastructure sectors: chemical sector; commercial facility sector; communication sector; critical manufacturing sector; dams sector; defense industrial base sector; emergency services sector; energy sector; financial service sector; food and agriculture sector; government facilities sector; health case and public health sector; information technology sector; nuclear reactors, materials, and waste sector; transportation system sector; and water and wastewater system sector.

Roberto Di Pietro, Simone Raponi, Maurantonio Caprolu, Stefano Cresci

Chapter 4. Private Enforcement of COB

The chapter examines the interplay between private law and the statutory conduct of business regulation. The striking characteristic of the relationship between the UK’s private law and COB is dissonance in their requirements and causation assessments. The UK’s private law recognizes a contract as the most important basis for determining whether there was mis-behaviour. However, the COB mandatory requirements overrides the contract and are applied to financial institutions irrespective of what is in the contract. With respect to causality assessment between the financial institution’s misbehaviour and a consumer’s loss, private law requires tight tests to be passed but the regulator determines whether there is a fair and recognizable causality. Due to such dissonance in requirements and causation assessment, situations arise where COB determines certain acts of a financial institution to be subject to sanctions while private law does not accept that compensation is required. With such cases, it is difficult to say that there is harmonious interplay between private and public enforcement. The chapter also examines credit rating agency (‘CRA’) regulation which is one of the areas where statutory regulation and private law overlaps. In CRA regulation, unification of standards is not enough but also lessening the burden of proof is needed to improve the complementarity between the two institutions. In South Korea, because COB is adopted through legislation and so binds the court, the standards that apply to ‘mis-selling’ disputes are the same between private law and regulation. Regarding enforcement, the South Korean regulator’s enforcement approach focuses more on breaches of procedures than substance. But the court adopts the substance of regulation as the reference for its adjudications. It is deemed that private enforcement focusing on substance of regulation is complementing public enforcement which focuses on procedures.

Junghoon Kim

Chapter 3. Public Enforcement of COB

The chapter analyses the public enforcement of the conduct of business regulation of South Korea and the UK. The UK’s public enforcement by the regulator is a compliance-focused approach. This approach relies on the goodwill of financial institutions and focuses on helping to improve the internal control system to facilitate compliance. However, as the UK regulator has admitted, the compliance-oriented enforcement strategy failed to internalize the regulatory objectives into the norms of the regulated. Based on such failure, the UK has adjusted its stance one click toward a deterrence-focused enforcement by adopting the Senior Management and Certification Regime, which makes individuals at financial institutions more accountable. South Korea has experienced failure in its deterrence-focused enforcement strategy. South Korea’s deterrence-oriented and legalistic enforcement focused on compliance, not of the spirit but the process. Sanctions on breaches of processes set by the proxy rules made the regulated also focus on only complying with ‘letters of rules’. The unreasonable situations, where the COB regime has produced results distant from the objective, have bred hostility and ignorance towards it. As a conclusion, the chapter proposes a balanced enforcement approach which involves the following: first, proactive sanctions with sufficient deterrent effects against regulatory breach; second, being outcome-focused; and third, responding and adapting to its performance and changing environments. The chapter also extends into prudential regulation by analysing failures in liquidity regulation in both countries and confirms that balanced enforcement is needed in prudential regulation as well.

Junghoon Kim

Chapter 2. Rule-Making of COB

The chapter evaluates the effectiveness of conduct of business regulation ‘on books’ through a comparative study of rule-making between the UK and South Korea. Based on the analysis of the two countries’ rulebooks of COB, it is found that they have contrasting rule-making approaches. As the name of ‘principle-based regulation’ suggests, the UK formulates rules as purposive and vague rule-types. To complement uncertainty, a weakness of such rule-types, the UK has adopted Guidance consisting of informative and non-binding rule-types. However, in South Korea all rules are formulated to be precise and clear. The contrasting rule-making styles of the two countries created different regulatory outcomes. In South Korea, the precise and clear rules created the problem of rigid interpretation and application of ‘letters’ of rules. This has led to results that are distant from the objective of the regulatory rule, and a decline in the rationality of the regulatory regime. In the UK, by using various rule-types such as Principles, Rules and Guidance, they have created a foundation where the regulatory regime can pursue stability and rationality, although a good rulebook does not necessarily guarantee the achievement of the two values.

Junghoon Kim

Chapter 3. Solvency II, the European Government of Insurance Industry and Private Health Insurance

This chapter considers the political battles that led to the far-reaching reform of solvency rules governing insurance activities in the EU, between 1994 and 2016. Then we review their main implications for a particular segment of this industry, namely private health insurance. Focusing on the prudential regime laid down in EU law and regulation, we show that the adoption of Solvency II is likely to be a critical shift for the sector. Indeed, and while previous directives were essentially preoccupied with finding common rules to organize competition within the Single Market, Solvency II developed as a more conceptual architecture, with rules, requirements and standards intended to become ingrained in insurers’ daily activities. This shift was essentially legitimized as providing greater transparency and safety to financial investors and policyholders. Yet, we argue from the vantage point of private health insurance that this statement is open to doubt, and that greater financialization of entire segments of the industry could happen instead as a result of the implementation of Solvency II.

Cyril Benoît

Chapter 11. River Basin Policy and Management

This chapter presents a brief overview on how Chile uses and manages water resources, responding to challenges that arise from the objectives of social and economic development, as well as environmental sustainability. Considering that the current system of water resources management is the result of a process that started in the nineteenth century, an analysis of the origins of these early uses and regulations is presented. Subsequently, the legal and institutional framework that shapes the current water management system is described, and the hydraulic infrastructure and the administrative organizations that perform such management in practice is discussed. Furthermore, the answers provided by the current system to the new requirements derived from economic dynamics are analyzed, in the context of growing problems of water shortages and of social concern for the environment. Finally, the chapter presents the main conclusions and pending issues that must be addressed to devise an adequate management system that attends to the complex demands of society.

Humberto Peña

Chapter 17. Environmental and Recreational Uses

Ecological valuation, nature conservation and environmental protection have acquired significant importance in Chile, as knowledge and awareness of environmental sustainability increase, and the need to maintain ecosystem services provided by river basins becomes more evident. In this chapter we review the legal and institutional framework related with environmental and recreational uses of water, including the Water Code and other regulatory legal bodies, such as the SEA (Service of Environmental Evaluation), the Environmental law, the general law for fishing an aquaculture, as well as regulations about recreational fishing, and the maritime, fluvial and lacustrine policy. We also describe the available legal measures to promote a more sustainable use of water, including shortage decrees, non-consumptive water rights, temporary reductions of uses, fees for non-use of water rights and other penalties. The chapter also discusses the concepts of ecological, environmental and reserve flows, and aspects related to the protection of aquifers and wetlands. Finally, conflicts between water rights and environmental and recreational uses are commented, with a focus on fishing, tourism, ancestral uses, and conservation and water use exploitation in national parks.

Francisco Riestra, Agustín Silva, Christian Valenzuela

Chapter 5. Privatization of Public Utilities: Results from the UK Experiment

PrivatizationPrivatization was the tide of policymaking in major developed countries of the world from the 1980s onward. The United Kingdom (UK) was a pioneer in its continuous privatizationPrivatization of all public utilitiesPublic utilities and the introduction of clever schemes, such as unbundlingUnbundling, the power pool, franchising, concessions, and mutualization. These devices extended worldwide as methods of undertaking the institutional reform of public utilitiesPublic utilities. This chapter principally analyzes UK public utilitiesPublic utilities reform in electricityElectricity, water, railways, airports, and postal services. In practice, the performance of utilities reform could be improved by increasing the number of new entrants and diversifying services. However, the traditional concept of a “universal service” has deteriorated in some markets. Even if the ownershipOwnership of privatized utilities is transferred to foreign companies, management levels should be monitored by the independent regulatory authorities to maintain transparency.

Munenori Nomura

Chapter 4. Federalism and Federal-State Relations

Since its early history the Supreme Court has repeatedly faced challenging issues pertaining to the division of constitutional authority between the federal and state legislatures, federal versus state courts, and, ultimately, the struggles related to the federal government’s efforts at maintaining supremacy over the states. Chief Justice Marshall had federalism in mind in such watershed decisions as Marbury v. Madison, Gibbons v. Ogden, and McCulloch v. Maryland. The same is true of scores of other justices, especially conservatives during the 1990s. This chapter therefore examines the Court’s overall pattern of policy-making in federalism cases from Marshall to recent years.

Charles M. Lamb, Jacob R. Neiheisel

Chapter 2. The Presidency and Presidential Power

Over time Congress has delegated some of its powers to the president and both the Supreme Court and the public have tended to accept these delegations as legitimate. However, without the powers that the Constitution gives Congress and the Supreme Court, arguably America would not have a democracy as that concept is commonly understood among students of politics and, to a lesser degree, the general public. We highlight this vital theme in this chapter, and in doing so, trace High Court decisions on presidential power from the Civil War period to the present.

Charles M. Lamb, Jacob R. Neiheisel

Chapter 2. An Idea—And More Than an Idea: Climate Engineering in Research and Decision-Making

This chapter offers a concise summary of the current state of Climate EngineeringClimate Engineering, introducing these emerging technologies as existing, to a large degree, so far only in the minds of people and the calculations for climate modelsClimate model. As well as outlining the ideas on which these approaches are based which date back decades, in some cases centuries, the chapter outlines the currently few political discussions of CE at the margins of climate policy. Kreuter discusses this peculiar state of affairs and explores the relevance of social construction in this context based on the state of the art of social science analysis of CE.

Judith Kreuter

Chapter 4. Spheres of Government in Totalitarian, Welfare and Neo-Liberal States

Neo-liberals treat many economic issues and problems as matters of conflict between the voluntary organization of society for the purpose of achieving individual ends based on methodological individualism, and the artificial organization of society to attain the common good based on methodological collectivism. In doing so, their goal is to demonstrate that free-market capitalism is superior to centrally planned systems, because it ensures the conditions of voluntary exchange, economic prosperity, economic freedom, and freedom in general. However, while neo-liberals strongly oppose state actions aimed at achieving the common good, they are tolerant of expanding the role of the government and increasing public expenditures, provided that they help establish and sustain the conditions of free-market capitalism. When it comes to the role of the state in society, this chapter concludes that the question is not whether or not government intervention is desirable, as it is essential for both centrally planned economies and free-market systems; the question is what type of government intervention is desirable.

Birsen Filip

Chapter 2. The Importance of Hayek and Friedman to the Neo-Liberal Concept of Freedom

Friedman and Hayek’s respective concepts of freedom have been among the most influential tools used to promote the adoption of free-market economic values, principles, reforms and policies around the world. Their economic views, as well as their emphasis on the importance of individual and economic freedom, not only influenced the economic policies and reforms of the Reagan and Thatcher administrations, but also the views and visions of other neo-liberal economists, libertarian philosophers, world leaders, and the masses. Given the major roles that Friedman and Hayek played in the development of liberal thought, as well as the discipline and profession of economics, their work merits close attention from anyone seeking to understand their influential concept of freedom, the global spread and success of neo-liberalism, and its destructive outcomes.

Birsen Filip

Chapter 3. Creating a Tourism Site with Contentful: Part One

After creating two sites with GatsbyJS in the past two chapters, it’s time to create a site about the World Heritage place in India, known as Hampi. We will be using a CMS called Contentful in the project to display the data stored in it. We will also store the blogs in Contentful, which will be used in the site.

Nabendu Biswas

Chapter 5. Taxing Marijuana

Some experts want cannabis, especially marijuana, prohibited while others want it legalized along with a marijuana tax to pay for its ostensible harms. Although they cite alarming studies that tell of marijuana’s negative effects—that it is as a gateway to harmful drugs, mental illness, and crime—innumerable studies question whether those harms occur. They show instead that marijuana is mostly harmless, and that it is an effective treatment for dozens of medical conditions. That leaves no case for taxing it, but those who believe in the necessity of expanding government revenue are not likely to let go of what could be a lucrative moneymaker.

Michael Thom

Chapter 4. Taxing Tobacco

Smoking—and increasingly, vaping—is accused of imposing unnecessary healthcare costs on society that justify a tobacco tax. But tobacco’s societal impact is more complicated than what the conventional wisdom dictates. Many of the health risks from tobacco use are overstated. While they have undeniably shorter life expectancies, tobacco users save governments money—a lot of it. Research is also clear that tobacco taxes have little to no effect on smoking. But thanks to experts and interest groups, tobacco taxes aren’t likely going away. Too many government programs cannot afford fewer smokers, nor can experts and special interest groups funded with grants from tobacco tax revenue.

Michael Thom

Chapter 4. Observations and Recommendations for Future Stabilization

This project began in March 2017 as the U.S. Army’s Peace Keeping and Stability Operations Institute (PKSOI) considered a review and possible update to the 2009 Guiding PrinciplesGuiding Principles for Stabilization and Reconstruction. The case of post-U.S. Civil War Reconstruction was chosen, as there are longer-term outcomes to assess, rather than a currently evolving, dynamic contemporary case, such as Afghanistan or Iraq. The U.S. Army was not only the lead, but the sole stabilizing actor in concert with the Executive and Legislative Branches of the domestic Federal government following the Civil War, rather than playing a supporting role to the Department of State or the United Nations, as recommended for today’s conflicts. These observations and recommendations are solely those of the author.

Diane E. Chido

Chapter 3. Stabilization and Reconstruction End States

As the Army tends to plan strategically for long-term success in complex engagements, troops on the ground are tasked with series of shorter-term, outcome-focused missions. The objective is to complete the mission successfully and return for the next tactical order to complete operational requirements that will lead to overall strategic victory. As effective as this approach may be for effective combat success, it is critical to recognize the incompatibility of this approach for stabilization.

Diane E. Chido

Chapter 10. Hypallactic Debt Management: The Rhetoric of Exchange in Wyatt and Shakespeare

Early modern English literary writers often associated political, financial, erotic and honour debts with a particular rhetorical figure—hypallage, the figure of ‘exchange’. This essay looks at paradoxical exchanges of persons and things in the tragic lyric representations of Thomas Wyatt’s ‘The piller pearisht’ (c. 1540) and William Shakespeare’s sonnet 87 (1609), before turning to the miraculous reversals of debt relations in two of Shakespeare’s late plays, Cymbeline, King of Britain (1609–10) and The Winter’s Tale (c. 1611). Hypallage emerges in this reading as a coordinating figure by means of which Shakespeare organises a complex of linguistic, ethical, legal and epistemic insights, and through which, ultimately, we are able not to resolve, but to repose in, the illegible and contradictory character of the debt relation.

Andrew Zurcher

Chapter 9. Capillary Obligations: Fletcher’s Island Princess and the Global Debts of the East India Company

While we typically think of the English East India Company as investors, they were first a network of debtors. From 1600 to 1630, a sum of nearly three million pounds was committed to the EIC by merchants seeking a monopoly on the spice trade in the Indian and Pacific Oceans. Analysing scenes of imprisonment and the rhetoric of ‘deserving’ in John Fletcher’s The Island Princess (1621), the first English play set explicitly in the Pacific, this essay examines how Londoners made sense of their globalised debt and the early shift towards imperialism it revealed. Reframing investment in terms of debt relations, and imprisonment in terms of imperialism, this essay joins others in this volume by moving beyond the Thames towards the development of global debt.

Benjamin D. VanWagoner

Open Access

Chapter 26. South Africa as a Development Partner: An Empirical Analysis of the African Renaissance and International Cooperation Fund

As South Africa looks to consolidate its role as a development partner, it remains an open question whether it can maintain a strong presence in Africa while facing significant challenges at home. With the economy struggling to grow and the government increasingly cutting back on expenditure, one has to wonder whether these cuts are translating into a reduction of its role as a development partner in Africa. With the eagerly awaited South African Development Partnership Agency in mind, this chapter examines data from the African Renaissance and International Cooperation Fund (ARF) between 2003 and 2015. It shows empirically that, despite increasing allocations and disbursements in the years following its inception, the global financial crisis and domestic challenges have taken their toll on the ARF’s activities.

Philani Mthembu

Open Access

Chapter 23. US Multilateral Aid in Transition: Implications for Development Cooperation

The United States, whose leadership through the Marshall Plan created the basis for modern-day development cooperation, has veered abruptly from its traditional role. An analysis of US funding trends shows that it has increasingly shifted from collective to specific interests, even as it has increased its multilateral aid. The United States is now actively shunning multilateral settings as part of its America First foreign policy, even when multilateral policies reinforce the international development priorities of the Trump administration, and its growing geopolitical competition with China is spilling into development assistance. This chapter explores the implications for development cooperation and whether these changes signal a more durable shift in US perspective.

Tony Pipa

Open Access

Chapter 19. South Africa in Global Development Fora: Cooperation and Contestation

Since 1994, post-apartheid South Africa has embraced its Southern and African identity, with its foreign policy reflecting its aim to engage in international fora to advance Southern principles and the African voice. It also developed instruments to undertake South-South cooperation that focused largely on sharing its own lessons from its political transformation with post-conflict countries. This chapter explores the tensions between cooperation and contestation in South Africa’s involvement in global development and in its own development cooperation. South Africa has worked on global reforms with large emerging powers, but their interests are not always aligned with those of Africa. South Africa and Africa have derived leverage from their numbers and the related legitimacy in selecting what initiatives of more influential actors they will support.

Elizabeth Sidiropoulos

Open Access

Chapter 7. Calculating Marginal and Non-marginal Welfare Measures

This chapter focuses on the calculation of marginal and non-marginal welfare measures. It outlines how the calculation of welfare measures is related to the specified model and the assumptions underlying that model. It further describes how the calculation of these measures is affected by the inclusion of preference heterogeneity, including the incorporation of interaction terms to capture observed preference heterogeneity or random parameters to capture unobserved preference heterogeneity. Finally, it discusses how these measures can be aggregated and compared.

Petr Mariel, David Hoyos, Jürgen Meyerhoff, Mikolaj Czajkowski, Thijs Dekker, Klaus Glenk, Jette Bredahl Jacobsen, Ulf Liebe, Søren Bøye Olsen, Julian Sagebiel, Mara Thiene

6. Patent Management by Industry

Successful patent management differs from industry to industry. This chapter provides examples from the pharmaceutical, chemical, crop-science, life-science, and consumer goods industries, as well as from electrical engineering and telecommunications, automotive and mechanical engineering, nanotechnology, computer science, financial services and fintech, and the transport and logistics industries. It delves into the peculiarities of each of these sectors and looks at what conventions are used around patenting. While doing so, case studies illustrate the industry-specific characteristics of patent management in each domain, also touching specifics with regard to Start-ups and SMEs.

Oliver Gassmann, Martin A. Bader, Mark James Thompson

Chapter 7. Regulatory Issues in Cryptocurrency Usage

Cryptocurrency has emerged as a new form of digital currency based on blockchain technology, but it is still in its infancy. There is a need for effective regulation surrounding cryptocurrency to have a quicker maturity and wide accessibility to everyone which could result in more efficiency in its usage. This chapter explores cryptocurrencies’ emergence and acceptance in line with its regulatory challenges. This chapter will help to better understand benefits, challenges and existing regulations behind cryptocurrencies. Besides, the chapter pinpoints other economic promises drawing from cryptocurrency advancement.

Abdolhossein Zameni, Nafis Alam

Chapter 4. The Potential of Smart Contracts for Murabahah Home Financing: Towards an Integrated Model

The Islamic finance industry has witnessed an increasing interest in the FinTech wave. While progress has relatively been made in the areas of Robo-advisory, sandbox, payment system and investment, among others, the applications of these Islamic finance FinTech business models have been in isolation. They lack the depth of using the power of FinTech to harness their relationships. Yet the literature remains silent on this important gap. This chapter tries to develop a Smart Contract model for the Islamic banking FinTech industry, using home financing as a case study. The study validates the model through interviews. The majority of experts opine that the model is viable and acceptable, and has great potential in future. The findings are expected to set a new research direction for integrated FinTech models that can be instrumental in further enhancing the efficiency of the Islamic banking and finance industry.

Mohamed Cherif El Amri, Mustafa Omar Mohammed, Ruslan Sabirzyanov

Chapter 10. Utilizing Blockchain Technology for Post-Trade Securities Settlement: A Framework for Islamic Capital Markets in the GCC Region

Financial digital innovations have attracted the attention of millions. Over decades, innovations have contributed significantly to the evolution and development of financial markets changing the ways how financial institutions interact with each other. Currently, market players predict that new technology such as blockchain could change the market and particularly the securities market. This study presents a framework for post-trade securities settlement utilizing blockchain technology for the GCC region with particular reference to the Islamic capital markets. To achieve this goal, the qualitative research design was adopted to specifically examine the challenges in the current post-trade securities settlement in Islamic capital markets with two unique case studies from Saudi Arabia and Bahrain. The study finds that the main issues are limitation in operating hours, the involvement of unintegrated multiple intermediaries, and associated high costs. From the Sharı̄‘ah perspective, the current practice of contra trade is considered unlawful and therefore the profit generated from such activities is not acceptable. Further, the research finds that blockchain based on the distributed ledger technology (DLT) with no centralized authority could enhance the speed of current securities clearing and settlement process by cutting down the number of intermediaries and improving the reconciliation process. Apart from that, blockchain technology will provide a unique database of recorded listed securities and will allow for real-time tracking of the chains of ownership and successive ownerships of listed securities. Additionally, the system enables the immediate, final and simultaneous transfer of funds and securities without limitation in working hours, thus solving the Sharı̄‘ah issue of the current practice of contra trade. From the legal perspective, the research finds that the technology will fit into the current legal structure of the GCC region with little amendments. With the political will on the part of the GCC governments for digitization, particularly the two jurisdictions considered in this study, it is expected that the region would adopt blockchain technology for post-trade securities settlement to enhance market practices.

Leisan Safina, Umar A. Oseni

Chapter 4. Labour’s Policies to Transform the British Political Economy

The chapter focuses on Labour’s policies under Corbyn, which aimed to promote a radical transformation of the British political economy. The first section briefly describes how the chapter takes a different view to that of mainstream accounts of Corbynism in political science literature. The second section summarises important components of Labour’s 2017 and 2019 manifestos. The third section evaluates criticisms directed at Labour’s economic policies. The possibility of strong opposition to the implementation of these policies if Labour had come to power is also discussed. The fourth and final section draws on socialist writings and the book’s Coxian/Gramcian theoretical approach to reflect on Labour after Corbyn and the future of dissent for the Left.

Prapimphan Chiengkul

Austerity and Access to Justice: Exploring the Role of Clinical Legal Education in Cambridge

I graduated from Oxford University in 1972 frustrated by my three years study of the law. In common with many students entering university I thought that I would be embarking on a ‘relevant’ course of study—encountering laws, processes and personnel relating to my personal experience of the scope and impact of the legal system. In short, I thought that my studies would, to an extent, reflect my limited knowledge of life derived from the working class community in which I had lived. How wrong this proved to be (Richard Lewis, ‘Clinical Legal Education Revisted’ (2000) 13 Dokkyo International Review 149, 150).

Jodi Gardner, Mary Spector

Chapter 10. Der Staat im Wirtschaftskrieg

Im zehnten Kapitel werden die Möglichkeiten von Staaten in einem Wirtschaftskrieg analysiert. Autoritären Staaten fällt es besonders leicht, eigene nationale Unternehmen zu instrumentalisieren, was bereits im Wirtschaftskrieg der Unternehmen beschrieben wurde. Dem Staat sind verschiedene Instrumente aus seiner Gestaltungskraft und seinem Machtmonopol zugänglich. Direkte Mittel, wie zum Beispiel die Geld-, Fiskal- oder Zollpolitik, werden ebenso dargestellt wie indirekte Mittel, insbesondere das extraterritoriale Durchsetzen von Recht oder staatlicher Terrorismus. Drei Beispiele beleuchten derartige Auseinandersetzungen, zwei davon analysieren den Antagonismus in Europa vor und nach dem Ersten Weltkrieg aus ökonomischer Sicht, ein drittes verweist auf die Risiken von Währungskriegen.

Ulrich Blum

Automatic Extraction of Locations from News Articles Using Domain Knowledge

With the increasing amount of digital data, it is becoming increasingly hard to extract useful information from text data, especially for resource-constrained languages. In this work, we report the task of language-independent automatic extraction of locations from news articles using domain knowledge. The work is tested on four languages namely, English and three resource-constrained languages: Assamese, Manipuri and Mizo, the lingua francas of three neighboring North-Eastern states of India namely Assam, Manipur, and Mizoram respectively. Our architecture is based on semantic similarity between similar words based on the popular word embedding, word2vec model coupled with the domain knowledge of the aforementioned regions. The model is able to detect the best possible detailed locations.

Loitongbam Sanayai Meetei, Ringki Das, Thoudam Doren Singh, Sivaji Bandyopadhyay

11. Monetary Policy and the European Central Bank

Since you have gotten to know the first fundamental monetary theory relationships and also the subject of inflation in neoclassical terms, we will now deal with the monetary policy of the European Central Bank (ECB), whose primary objective is price stability. The knowledge gained here will allow you to form your own opinion about the development of money market interest rates.

Christian A. Conrad

12. Business Cycles Policy

Economic fluctuations, above all as fluctuations in demand, are a major problem for people and businesses and can only be influenced to a very limited extent by economic policy. In the following lecture section, we will analyze the economic phenomenon and the effects on the economy and show the reasons for cyclical fluctuations.

Christian A. Conrad

13. International Financial Markets

The financial crisis led to the worst depression since 1929. Only by massive economic programs could worse be prevented. Here Keynesian theory came into play. Only through globally agreed massive credit-financed government spending increases could depression be prevented. The banks had to be saved with tax money, as many banks had invested in the government bonds of weak European countries whose solvency was called into question. The sovereign debt crisis has emerged from the financial crisis. Against this background, the question arises of state regulations that limit the risk of banks. Such regulation of the financial markets has been urged by politicians and economists since the onset of the 2007 financial crisis. What has happened in the meantime? Were the right reforms implemented or could there be another financial crisis? After analyzing the causes of the crisis, the main reforms are examined below.

Christian A. Conrad

Chapter 7. Logistics

In Chapters 2 through 6 , we explored how different CEO strategic mindsets contributed to the success or failure of companies competing in industries that provide products to consumers. For each of these industries, the companies we explored made decisions about which business functions to perform themselves and which functions to outsource to partners. For example, during its early years when it sold books online, Amazon built its own website so customers could place orders online. It relied on partners, such as Ingram, a leading book wholesaler, to fulfill those orders. As the company expanded its product line and dramatically increased its order volume, those fulfillment partners could not meet Amazon’s service quality standards – particularly during peak periods of demand. Amazon responded by building its own fulfillment network – consisting of warehouses, trucks, airplanes, and the people and systems needed to operate them. Amazon’s decision to backward integrate into logistics has put pressure on its fulfillment partners and changed the structure of the logistics industry. While it began by operating with few physical assets, the ecommerce industry’s ability to fulfill demanding service standards – for example, shipping the right products quickly without breaking them – depends on building an asset-heavy logistics network. Simply put, logistics has become an essential part of ecommerce. That fundamental shift has implications for ecommerce companies, store-based retailers, and the logistics industry.

Peter S. Cohan
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