Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.001.0001
- Subject:
- Political Science, UK Politics, Political Economy
The Treasury is at the heart of British Government, responsible for deciding how much to spend and on what. Both the institution and the public expenditure process are the focus of this book. Based ...
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The Treasury is at the heart of British Government, responsible for deciding how much to spend and on what. Both the institution and the public expenditure process are the focus of this book. Based on research undertaken with the cooperation of the Treasury and Whitehall departments, it shows how the key decisions of planning, allocating and controlling public expenditure are made. With access to treasury Expenditure Controllers and senior financial officials in the main spending departments, the book provides an account of the roles, relationships and inter-actions of the key players in Whitehall Expenditure Community as they confront each other in annual rituals of the Expenditure ‘Survey’. It explains how the rules of the expenditure game were re-drawn in the 1980s in the relentless search for cuts, greater economy and efficiency in the design and delivery of public services, and the creation of a more enterprising administrative culture. It discusses how and why the Treasury was rarely able to impose its constitutional authority to stem the tide of rising public expenditure through the turbulent years of the Thatcher and Major Governments. The book also demonstrates that the Treasury is locked into a system of mutually constrained power relationships with the Whitehall departments, and obliged to negotiate discretionary authority to control their spending.Less
The Treasury is at the heart of British Government, responsible for deciding how much to spend and on what. Both the institution and the public expenditure process are the focus of this book. Based on research undertaken with the cooperation of the Treasury and Whitehall departments, it shows how the key decisions of planning, allocating and controlling public expenditure are made. With access to treasury Expenditure Controllers and senior financial officials in the main spending departments, the book provides an account of the roles, relationships and inter-actions of the key players in Whitehall Expenditure Community as they confront each other in annual rituals of the Expenditure ‘Survey’. It explains how the rules of the expenditure game were re-drawn in the 1980s in the relentless search for cuts, greater economy and efficiency in the design and delivery of public services, and the creation of a more enterprising administrative culture. It discusses how and why the Treasury was rarely able to impose its constitutional authority to stem the tide of rising public expenditure through the turbulent years of the Thatcher and Major Governments. The book also demonstrates that the Treasury is locked into a system of mutually constrained power relationships with the Whitehall departments, and obliged to negotiate discretionary authority to control their spending.
Peter Taylor‐Gooby
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199546701
- eISBN:
- 9780191720420
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199546701.003.0007
- Subject:
- Political Science, Comparative Politics, Political Economy
For a number of reasons the reframing of social citizenship has been pursued more rapidly in the UK than in most other countries, so that national experience offers a useful object lesson in the ...
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For a number of reasons the reframing of social citizenship has been pursued more rapidly in the UK than in most other countries, so that national experience offers a useful object lesson in the strengths and weaknesses of rational actor reforms in the European context. This chapter analyses the reframing process in detail under successive governments, paying attention to the institutional structure of government departments, the part played by the Treasury, and the understanding of the challenges by the chief policy actors. It discusses the logic of policy reform in official documents and shows how rational actor assumptions predominate. The problems identified in relation to the new policies are chiefly to do with the difficulties of structuring incentives appropriately and of establishing a level playing field for equal opportunity policies. The issues that provider incentives may focus on the competitive advantage of their particular agency rather than public benefit, social inclusion may receive little support, and the value basis of social trust may be damaged receive insufficient recognition.Less
For a number of reasons the reframing of social citizenship has been pursued more rapidly in the UK than in most other countries, so that national experience offers a useful object lesson in the strengths and weaknesses of rational actor reforms in the European context. This chapter analyses the reframing process in detail under successive governments, paying attention to the institutional structure of government departments, the part played by the Treasury, and the understanding of the challenges by the chief policy actors. It discusses the logic of policy reform in official documents and shows how rational actor assumptions predominate. The problems identified in relation to the new policies are chiefly to do with the difficulties of structuring incentives appropriately and of establishing a level playing field for equal opportunity policies. The issues that provider incentives may focus on the competitive advantage of their particular agency rather than public benefit, social inclusion may receive little support, and the value basis of social trust may be damaged receive insufficient recognition.
Edward Brech, Andrew Thomson, and John F. Wilson
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199541966
- eISBN:
- 9780191715433
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199541966.003.0007
- Subject:
- Business and Management, Business History, Strategy
This chapter covers Urwick's roles and activities during the Second World War, when he took leave of absence from Urwick Orr to enter public service. It is, however, largely a story of frustration. ...
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This chapter covers Urwick's roles and activities during the Second World War, when he took leave of absence from Urwick Orr to enter public service. It is, however, largely a story of frustration. Initially, Urwick undertook the reorganization of a Territorial Army Division, but although its commander recommended that the results should be spread elsewhere, the War Office declined to make any such changes. Urwick then joined the Treasury, only to find that his recognized status in the management world counted for little in the Civil Service. He carried out a number of projects, most with limited acceptance of their recommendations. Frustrated, Urwick overstepped the protocols and was forced to resign in 1942. He found a further role in the War Office dealing with the use of petroleum, but nevertheless asked to be released in December 1944 in order to pursue his educational interests.Less
This chapter covers Urwick's roles and activities during the Second World War, when he took leave of absence from Urwick Orr to enter public service. It is, however, largely a story of frustration. Initially, Urwick undertook the reorganization of a Territorial Army Division, but although its commander recommended that the results should be spread elsewhere, the War Office declined to make any such changes. Urwick then joined the Treasury, only to find that his recognized status in the management world counted for little in the Civil Service. He carried out a number of projects, most with limited acceptance of their recommendations. Frustrated, Urwick overstepped the protocols and was forced to resign in 1942. He found a further role in the War Office dealing with the use of petroleum, but nevertheless asked to be released in December 1944 in order to pursue his educational interests.
Hugh Pemberton, Pat Thane, and Noel Whiteside
- Published in print:
- 2006
- Published Online:
- January 2012
- ISBN:
- 9780197263853
- eISBN:
- 9780191734281
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197263853.003.0017
- Subject:
- Political Science, Political Theory
The pension reforms proposed by Lord Turner's Pensions Commission were certainly radical, although perhaps not as radical as they might have been. How well did the government of Britain rise to the ...
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The pension reforms proposed by Lord Turner's Pensions Commission were certainly radical, although perhaps not as radical as they might have been. How well did the government of Britain rise to the challenge posed by the Pensions Commission? In the months leading up to the white paper, a major battle raged in Whitehall. Although interpreted through the prism of conflict between Tony Blair and Gordon Brown, in fact a very familiar and traditional pattern of British pension policy-making was unfolding, with the Treasury fighting to contain spending commitments on pensions over the long term. It was arguably only the potentially expensive prospect of over 70 per cent of pensioners being able to claim means-tested Pension Credit by the middle of the century that has forced a recalibration of the present system. A few details demonstrate how the Commission's recommendations have been modified to secure this end. The most heavily trailed of the white paper's proposals is the relinking of the basic state pension to average earnings rather than prices.Less
The pension reforms proposed by Lord Turner's Pensions Commission were certainly radical, although perhaps not as radical as they might have been. How well did the government of Britain rise to the challenge posed by the Pensions Commission? In the months leading up to the white paper, a major battle raged in Whitehall. Although interpreted through the prism of conflict between Tony Blair and Gordon Brown, in fact a very familiar and traditional pattern of British pension policy-making was unfolding, with the Treasury fighting to contain spending commitments on pensions over the long term. It was arguably only the potentially expensive prospect of over 70 per cent of pensioners being able to claim means-tested Pension Credit by the middle of the century that has forced a recalibration of the present system. A few details demonstrate how the Commission's recommendations have been modified to secure this end. The most heavily trailed of the white paper's proposals is the relinking of the basic state pension to average earnings rather than prices.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0015
- Subject:
- Political Science, UK Politics, Political Economy
Within each Treasury Expenditure Group, the flow and context of the business of an Expenditure Division is to a large extent structured and determined by the annual cycle of the preparation of the ...
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Within each Treasury Expenditure Group, the flow and context of the business of an Expenditure Division is to a large extent structured and determined by the annual cycle of the preparation of the Public Expenditure Survey. The separate categories of Survey and In-year Control, while recognizably those used in the Treasury, do not adequately convey the links and cross-walks between the two. Nevertheless, the distinction between the two main types of work is helpful in the analysis and explanation of what Expenditure Divisions do, although it is not as clear-cut in practice. The quality and effectiveness of the Treasury's in-year control of departmental expenditure is determined mainly by its success in delivering the intended outputs of the Planning/Control Total. This chapter provides a broad overview of the in-year control and monitoring processes, looks at the principles and use by the Treasury of delegated authority, and concludes with a discussion of the use of formal and informal reviews of policy as an aid to controlling levels of future expenditure.Less
Within each Treasury Expenditure Group, the flow and context of the business of an Expenditure Division is to a large extent structured and determined by the annual cycle of the preparation of the Public Expenditure Survey. The separate categories of Survey and In-year Control, while recognizably those used in the Treasury, do not adequately convey the links and cross-walks between the two. Nevertheless, the distinction between the two main types of work is helpful in the analysis and explanation of what Expenditure Divisions do, although it is not as clear-cut in practice. The quality and effectiveness of the Treasury's in-year control of departmental expenditure is determined mainly by its success in delivering the intended outputs of the Planning/Control Total. This chapter provides a broad overview of the in-year control and monitoring processes, looks at the principles and use by the Treasury of delegated authority, and concludes with a discussion of the use of formal and informal reviews of policy as an aid to controlling levels of future expenditure.
Douglas Wass
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534746
- eISBN:
- 9780191715884
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534746.001.0001
- Subject:
- Economics and Finance, Economic History
This book gives an account of a crucially important episode in the post-War political history of the UK — the financial crisis of 1976 when the British Government had to seek large credit from the ...
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This book gives an account of a crucially important episode in the post-War political history of the UK — the financial crisis of 1976 when the British Government had to seek large credit from the International Monetary Fund. The author of this book takes advantage of the privileged position he occupied at the relevant time as official head of the Treasury and of his knowledge of the business of policy formation to trace the antecedents of the crisis, and takes the reader through the complex process of economic and political analysis. The book shows how that analysis came to play such an important part in the negotiations which led to the IMF loan. It looks at both the technical and political aspects of the crisis. In its concluding section, he examines whether the political and administrative apparatus was equal to the tasks it had to tackle. The book raises some hitherto unasked questions about the inevitability of the crisis and about the measures taken to resolve it. In so doing, it aims to rekindle interest in the way the British economy was managed in the four decades following the Second World War and poses the question of whether the events described could occur in the world of today.Less
This book gives an account of a crucially important episode in the post-War political history of the UK — the financial crisis of 1976 when the British Government had to seek large credit from the International Monetary Fund. The author of this book takes advantage of the privileged position he occupied at the relevant time as official head of the Treasury and of his knowledge of the business of policy formation to trace the antecedents of the crisis, and takes the reader through the complex process of economic and political analysis. The book shows how that analysis came to play such an important part in the negotiations which led to the IMF loan. It looks at both the technical and political aspects of the crisis. In its concluding section, he examines whether the political and administrative apparatus was equal to the tasks it had to tackle. The book raises some hitherto unasked questions about the inevitability of the crisis and about the measures taken to resolve it. In so doing, it aims to rekindle interest in the way the British economy was managed in the four decades following the Second World War and poses the question of whether the events described could occur in the world of today.
Kathryn C. Lavelle
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199765348
- eISBN:
- 9780199918959
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199765348.003.0002
- Subject:
- Political Science, International Relations and Politics
This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism ...
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This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism would alter the checks and balances of American government, and how the institution of Congress was initially able to shape outcomes in international organizations through procedural maneuvers. The chapter argues that in order to surmount the challenges that the Covenant of the League of Nations met in the Senate, the Roosevelt administration included representatives of both political parties and key interest groups early in the process of planning the IMF and World Bank. The administration worked through the National Foreign Trade Council to mobilize a wide-ranging constituency in American civil society. As the act moved through the House and Senate, compromise with powerful committee chairs and the American Bankers Association secured passage. Compromises reached created mechanisms through which initial efforts at congressional advocacy could occur, primarily the National Advisory Council. Nonetheless, during the enactment stage, the Treasury Department organized interest groups with the goal of US membership. Ongoing effort would be required for them to play a major role in the world economy.Less
This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism would alter the checks and balances of American government, and how the institution of Congress was initially able to shape outcomes in international organizations through procedural maneuvers. The chapter argues that in order to surmount the challenges that the Covenant of the League of Nations met in the Senate, the Roosevelt administration included representatives of both political parties and key interest groups early in the process of planning the IMF and World Bank. The administration worked through the National Foreign Trade Council to mobilize a wide-ranging constituency in American civil society. As the act moved through the House and Senate, compromise with powerful committee chairs and the American Bankers Association secured passage. Compromises reached created mechanisms through which initial efforts at congressional advocacy could occur, primarily the National Advisory Council. Nonetheless, during the enactment stage, the Treasury Department organized interest groups with the goal of US membership. Ongoing effort would be required for them to play a major role in the world economy.
Anne Davies
- Published in print:
- 2001
- Published Online:
- March 2012
- ISBN:
- 9780198299486
- eISBN:
- 9780191685712
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198299486.001.0001
- Subject:
- Law, Constitutional and Administrative Law
Many government bodies relate to each other through contracts: government departments and agencies; government departments and the Treasury; National Health Service (NHS) purchasers and NHS Trusts. ...
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Many government bodies relate to each other through contracts: government departments and agencies; government departments and the Treasury; National Health Service (NHS) purchasers and NHS Trusts. These ‘internal contracts’ are not, in general, regulated or enforced by the law. This book explores the practical problems encountered by the parties to internal contracts, drawing on evidence from an empirical case study of NHS contracts. It uncovers difficulties in defining the parties' roles; in maintaining good working relationships; and in securing compliance with contractual terms. It then examines the possibility of solving these problems through law. Some commentators, particularly public lawyers, have condemned the law's failure to keep pace with the rise of ‘government by contract’, but few have made specific proposals for reform. The book develops an original public law analysis of internal contracts, interpreting them as mechanisms of accountability from service providers to purchasers. It proposes norms which would help the parties to use their contracts as fair and effective mechanisms of accountability. It also suggests reforms to the institutional framework for internal contracts.Less
Many government bodies relate to each other through contracts: government departments and agencies; government departments and the Treasury; National Health Service (NHS) purchasers and NHS Trusts. These ‘internal contracts’ are not, in general, regulated or enforced by the law. This book explores the practical problems encountered by the parties to internal contracts, drawing on evidence from an empirical case study of NHS contracts. It uncovers difficulties in defining the parties' roles; in maintaining good working relationships; and in securing compliance with contractual terms. It then examines the possibility of solving these problems through law. Some commentators, particularly public lawyers, have condemned the law's failure to keep pace with the rise of ‘government by contract’, but few have made specific proposals for reform. The book develops an original public law analysis of internal contracts, interpreting them as mechanisms of accountability from service providers to purchasers. It proposes norms which would help the parties to use their contracts as fair and effective mechanisms of accountability. It also suggests reforms to the institutional framework for internal contracts.
Robyn Muncy
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691122731
- eISBN:
- 9781400852413
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691122731.003.0012
- Subject:
- Political Science, American Politics
This chapter details events in Josephine Roche's life from 1935 to 1939. Despite her many other roles, Roche's primary obligation in the New Deal government was oversight of health policy. She ...
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This chapter details events in Josephine Roche's life from 1935 to 1939. Despite her many other roles, Roche's primary obligation in the New Deal government was oversight of health policy. She fulfilled that obligation in two ways. Within the Treasury Department, she took charge of the Public Health Service at a moment of explosive growth, championing a vastly expanded mandate for the agency and building a more effective public health infrastructure in the states. Outside the Treasury, she spearheaded a campaign to elevate health care to the status of a “basic American right.” In the course of that campaign, Roche patched together a national health plan, which she used to generate a nationwide conversation about the role of the federal government in health care.Less
This chapter details events in Josephine Roche's life from 1935 to 1939. Despite her many other roles, Roche's primary obligation in the New Deal government was oversight of health policy. She fulfilled that obligation in two ways. Within the Treasury Department, she took charge of the Public Health Service at a moment of explosive growth, championing a vastly expanded mandate for the agency and building a more effective public health infrastructure in the states. Outside the Treasury, she spearheaded a campaign to elevate health care to the status of a “basic American right.” In the course of that campaign, Roche patched together a national health plan, which she used to generate a nationwide conversation about the role of the federal government in health care.
Douglas John Casson
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691144740
- eISBN:
- 9781400836888
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691144740.003.0009
- Subject:
- Political Science, Political Theory
This concluding chapter reviews how Locke's attempt to establish a stable and trustworthy monetary standard was nothing short of a fiasco. When the secretary of the Treasury proposed to stabilize the ...
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This concluding chapter reviews how Locke's attempt to establish a stable and trustworthy monetary standard was nothing short of a fiasco. When the secretary of the Treasury proposed to stabilize the currency by lowering its silver content coins, Locke rejected the idea. He argued instead that coins should not represent anything other than the “intrinsick value” of their silver content. If the government abandoned the “natural” worth of coins, they would further undermine the trust that people have in their currency. Locke's insistence that Parliament ensure the worth or trustworthiness of the currency by maintaining its weight led to the Great Recoinage of 1696. However, most contemporary economists believe that England would have been better off had Locke lost the argument and allowed the Treasury to debase the coin.Less
This concluding chapter reviews how Locke's attempt to establish a stable and trustworthy monetary standard was nothing short of a fiasco. When the secretary of the Treasury proposed to stabilize the currency by lowering its silver content coins, Locke rejected the idea. He argued instead that coins should not represent anything other than the “intrinsick value” of their silver content. If the government abandoned the “natural” worth of coins, they would further undermine the trust that people have in their currency. Locke's insistence that Parliament ensure the worth or trustworthiness of the currency by maintaining its weight led to the Great Recoinage of 1696. However, most contemporary economists believe that England would have been better off had Locke lost the argument and allowed the Treasury to debase the coin.
E. H. H. GREEN
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780198205937
- eISBN:
- 9780191717116
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198205937.003.0008
- Subject:
- History, Political History
This chapter offers a new interpretation of the resignation of the Conservative Treasury team of Peter Thorneycroft, Nigel Birch, and Enoch Powell in January 1958, and suggests that this episode, ...
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This chapter offers a new interpretation of the resignation of the Conservative Treasury team of Peter Thorneycroft, Nigel Birch, and Enoch Powell in January 1958, and suggests that this episode, caused by disagreements over inflation, cannot be seen as a ‘rehearsal’ for future debates between ‘Monetarists’ and ‘Keynesians’ in the party. Rather, it suggests that the events of 1958 must be seen as part of a debate that had profound but much more nuanced implications for the future development of Conservative political economy.Less
This chapter offers a new interpretation of the resignation of the Conservative Treasury team of Peter Thorneycroft, Nigel Birch, and Enoch Powell in January 1958, and suggests that this episode, caused by disagreements over inflation, cannot be seen as a ‘rehearsal’ for future debates between ‘Monetarists’ and ‘Keynesians’ in the party. Rather, it suggests that the events of 1958 must be seen as part of a debate that had profound but much more nuanced implications for the future development of Conservative political economy.
Jay Sexton
- Published in print:
- 2005
- Published Online:
- January 2010
- ISBN:
- 9780199281039
- eISBN:
- 9780191712753
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199281039.003.0003
- Subject:
- History, American History: 19th Century
This chapter presents the twofold international objectives of the Union: to obtain financial and material support abroad while blocking European powers from recognizing and assisting the Confederacy. ...
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This chapter presents the twofold international objectives of the Union: to obtain financial and material support abroad while blocking European powers from recognizing and assisting the Confederacy. It discusses that Salmon P. Chase inherited in early 1861 a Treasury Department that had run a deficit of more than $7 million the previous year. It shows some of the Treasury decisions that Chase made. It also examines Belmont as an excellent Union agent sent to Europe during the war. It assesses the ways on how the U.S. secured financial support in Europe. It presents some of the Union efforts in Europe to minimize and European financial and material support for the Confederacy.Less
This chapter presents the twofold international objectives of the Union: to obtain financial and material support abroad while blocking European powers from recognizing and assisting the Confederacy. It discusses that Salmon P. Chase inherited in early 1861 a Treasury Department that had run a deficit of more than $7 million the previous year. It shows some of the Treasury decisions that Chase made. It also examines Belmont as an excellent Union agent sent to Europe during the war. It assesses the ways on how the U.S. secured financial support in Europe. It presents some of the Union efforts in Europe to minimize and European financial and material support for the Confederacy.
Graciana del Castillo
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199237739
- eISBN:
- 9780191717239
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199237739.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental, International
Following US-led military intervention and regime change, Afghanistan's reconstruction, unlike Iraq's, was largely UN-led. The new government made executive decisions but was highly aid-dependent. By ...
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Following US-led military intervention and regime change, Afghanistan's reconstruction, unlike Iraq's, was largely UN-led. The new government made executive decisions but was highly aid-dependent. By channeling aid outside control of the government, donors failed to strengthen and legitimize it. Efforts to eliminate poppy plantations without a viable economic alternative have increased conflict and strengthened the Taliban, rather than being a peace-supporting strategy. This chapter critically analyzes whether the reconstruction strategy in a country with such limited resources, weak institutions, and low capacity to absorb aid requires the sophisticated legal, institutional, and regulatory framework that the IFIs, USAID, and the US Treasury supported and helped design. Furthermore, with few exceptions, such framework largely ignored national preferences or cultural idiosyncrasies and was inflexible enough to detract from efforts at rehabilitation and social policies. These would have facilitated peace consolidation in the short run by improving the welfare of the population.Less
Following US-led military intervention and regime change, Afghanistan's reconstruction, unlike Iraq's, was largely UN-led. The new government made executive decisions but was highly aid-dependent. By channeling aid outside control of the government, donors failed to strengthen and legitimize it. Efforts to eliminate poppy plantations without a viable economic alternative have increased conflict and strengthened the Taliban, rather than being a peace-supporting strategy. This chapter critically analyzes whether the reconstruction strategy in a country with such limited resources, weak institutions, and low capacity to absorb aid requires the sophisticated legal, institutional, and regulatory framework that the IFIs, USAID, and the US Treasury supported and helped design. Furthermore, with few exceptions, such framework largely ignored national preferences or cultural idiosyncrasies and was inflexible enough to detract from efforts at rehabilitation and social policies. These would have facilitated peace consolidation in the short run by improving the welfare of the population.
WILLIAM DUSINBERRE
- Published in print:
- 2008
- Published Online:
- January 2010
- ISBN:
- 9780195326031
- eISBN:
- 9780199868308
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195326031.003.0005
- Subject:
- History, American History: 19th Century
Polk's plantation enterprise was a risky business. The first years of his Mississippi venture were discouraging, and Polk considered selling out in 1838. But he ended up by buying out his business ...
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Polk's plantation enterprise was a risky business. The first years of his Mississippi venture were discouraging, and Polk considered selling out in 1838. But he ended up by buying out his business partner, thus greatly increasing his investment in plantation land and slaves. Although he wavered again in 1843, he continued buying additional slaves when he felt he could afford it. By persisting in the face of difficulties, Polk established a splendid (from his own point of view) source of income for himself and later for his widow, the average annual profit rate of which was virtually 11 percent during the thirteen years from 1845 to 1857. This was much higher than the 6 percent return he received from investing some of his presidential salary into U.S. Treasury certificates.Less
Polk's plantation enterprise was a risky business. The first years of his Mississippi venture were discouraging, and Polk considered selling out in 1838. But he ended up by buying out his business partner, thus greatly increasing his investment in plantation land and slaves. Although he wavered again in 1843, he continued buying additional slaves when he felt he could afford it. By persisting in the face of difficulties, Polk established a splendid (from his own point of view) source of income for himself and later for his widow, the average annual profit rate of which was virtually 11 percent during the thirteen years from 1845 to 1857. This was much higher than the 6 percent return he received from investing some of his presidential salary into U.S. Treasury certificates.
Narcís Serra, Shari Spiegel, and Joseph E. Stiglitz
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534081
- eISBN:
- 9780191714658
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534081.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The point of departure for this book is the Washington Consensus — the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the ...
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The point of departure for this book is the Washington Consensus — the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the IMF, the World Bank, and the US Treasury. This introductory chapter briefly discusses the origins of the Washington Consensus and how its meaning has changed and been interpreted. It then goes on to outline the chapters in the book.Less
The point of departure for this book is the Washington Consensus — the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the IMF, the World Bank, and the US Treasury. This introductory chapter briefly discusses the origins of the Washington Consensus and how its meaning has changed and been interpreted. It then goes on to outline the chapters in the book.
Joseph E. Stiglitz
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534081
- eISBN:
- 9780191714658
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534081.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies ...
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If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies recommended by international financial institutions and the US Treasury — did not provide the answer. This chapter reviews the tenets of the Washington Consensus and shows why its orthodox recipes failed to generate economic growth in the countries that applied them. It goes on to outline the ‘post-“Washington Consensus” Consensus’, which has emerged as a result of the growing dissatisfaction with the Washington Consensus failures. Aspects include: the agreement that a successful development strategy cannot come only from Washington but must include the developing world in a meaningful way; one-site-fits-all policies are doomed to fail; countries should be given room to experiment, use their own judgment, and explore alternatives; development requires a balanced role between the state and the market and the strengthening of the institutions in each; and finally, success must be measured not only in GDP, but also must account for distribution as well as social and environmental sustainability.Less
If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies recommended by international financial institutions and the US Treasury — did not provide the answer. This chapter reviews the tenets of the Washington Consensus and shows why its orthodox recipes failed to generate economic growth in the countries that applied them. It goes on to outline the ‘post-“Washington Consensus” Consensus’, which has emerged as a result of the growing dissatisfaction with the Washington Consensus failures. Aspects include: the agreement that a successful development strategy cannot come only from Washington but must include the developing world in a meaningful way; one-site-fits-all policies are doomed to fail; countries should be given room to experiment, use their own judgment, and explore alternatives; development requires a balanced role between the state and the market and the strengthening of the institutions in each; and finally, success must be measured not only in GDP, but also must account for distribution as well as social and environmental sustainability.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0008
- Subject:
- Economics and Finance, Economic History, Financial Economics
The first part of this chapter discusses the institutional response of the London Stock Exchange to the long‐expected outbreak of the Second World War––a response that, unlike that to the First World ...
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The first part of this chapter discusses the institutional response of the London Stock Exchange to the long‐expected outbreak of the Second World War––a response that, unlike that to the First World War, had been planned. The various aspects discussed include the planning and operation of the agreements made between the Exchange and the Treasury and the Bank of England (which ceded ultimate power to the Treasury, and ultimately led to a post‐war compromise on the relative power of the government and Exchange over the securities market) and plans to physically relocate to the Denham film studios (subsequently abandoned). The rest of the chapter discusses the effects of the war on membership and the new rules on rebates, and competition––aspects covered include North American brokerage houses in London, foreign business, the market for domestic securities, provincial stock exchanges, country jobbing, the Stock Exchange ban on account trading, Treasury refusal to give permission for markets in various issues, and securities values.Less
The first part of this chapter discusses the institutional response of the London Stock Exchange to the long‐expected outbreak of the Second World War––a response that, unlike that to the First World War, had been planned. The various aspects discussed include the planning and operation of the agreements made between the Exchange and the Treasury and the Bank of England (which ceded ultimate power to the Treasury, and ultimately led to a post‐war compromise on the relative power of the government and Exchange over the securities market) and plans to physically relocate to the Denham film studios (subsequently abandoned). The rest of the chapter discusses the effects of the war on membership and the new rules on rebates, and competition––aspects covered include North American brokerage houses in London, foreign business, the market for domestic securities, provincial stock exchanges, country jobbing, the Stock Exchange ban on account trading, Treasury refusal to give permission for markets in various issues, and securities values.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0009
- Subject:
- Economics and Finance, Economic History, Financial Economics
The first part of this chapter discusses the efforts by the London Stock Exchange to survive and prosper post‐war under continuing government control, and to try to avoid direct Treasury supervision ...
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The first part of this chapter discusses the efforts by the London Stock Exchange to survive and prosper post‐war under continuing government control, and to try to avoid direct Treasury supervision of the securities market––or even nationalization. Steps towards a peacetime operation are outlined––they were slow and had to be arranged in direct consultation with the government. The second part of the chapter describes the various post‐war institutional changes in the Stock Exchange in the light of the slowly emerging arrangement whereby it was trusted with responsible management of the securities market within a framework set by the (nationalized) Bank of England, and ultimately determined by the Treasury and government. The last part of the chapter looks at the declining importance of the Stock Exchange as the global securities market began to bypass London, as a result of the combined influence of both exchange controls and the Stock Exchange's own restrictive practices on international business; it was also unable to capitalize on its established domestic securities position.Less
The first part of this chapter discusses the efforts by the London Stock Exchange to survive and prosper post‐war under continuing government control, and to try to avoid direct Treasury supervision of the securities market––or even nationalization. Steps towards a peacetime operation are outlined––they were slow and had to be arranged in direct consultation with the government. The second part of the chapter describes the various post‐war institutional changes in the Stock Exchange in the light of the slowly emerging arrangement whereby it was trusted with responsible management of the securities market within a framework set by the (nationalized) Bank of England, and ultimately determined by the Treasury and government. The last part of the chapter looks at the declining importance of the Stock Exchange as the global securities market began to bypass London, as a result of the combined influence of both exchange controls and the Stock Exchange's own restrictive practices on international business; it was also unable to capitalize on its established domestic securities position.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0010
- Subject:
- Economics and Finance, Economic History, Financial Economics
This chapter look at the decline of the London Stock Exchange during the 1950s. The first part discusses the ways that the Stock Exchange raised money to enable it to survive in the early 1950s, ...
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This chapter look at the decline of the London Stock Exchange during the 1950s. The first part discusses the ways that the Stock Exchange raised money to enable it to survive in the early 1950s, relations between it and the government (which were conducted informally through confidential exchanges between the Governor of the Bank of England and the Chairman of the Stock Exchange), the restoration of option dealing, and the use of the Stock Exchange by the government to police activities regarding securities. The second part discusses the policing of the members of the Stock Exchange, and the third discusses the growing competition from the provincial stock exchanges, closer integration with the London‐based North American brokerage houses, and the Stock Exchange's lack of concern with international business. The last section looks at money and capital (securities) markets in the face of the decline of the Stock Exchange over the 1950s.Less
This chapter look at the decline of the London Stock Exchange during the 1950s. The first part discusses the ways that the Stock Exchange raised money to enable it to survive in the early 1950s, relations between it and the government (which were conducted informally through confidential exchanges between the Governor of the Bank of England and the Chairman of the Stock Exchange), the restoration of option dealing, and the use of the Stock Exchange by the government to police activities regarding securities. The second part discusses the policing of the members of the Stock Exchange, and the third discusses the growing competition from the provincial stock exchanges, closer integration with the London‐based North American brokerage houses, and the Stock Exchange's lack of concern with international business. The last section looks at money and capital (securities) markets in the face of the decline of the Stock Exchange over the 1950s.
Charles R. Geisst
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780195130867
- eISBN:
- 9780199871155
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195130863.003.0011
- Subject:
- Economics and Finance, Economic History, Financial Economics
Stock market falls in 1970 after Wall Street crisis. War related inflation and high interest rates prevail. Paul Volcker assumes control at Fed. Historically high interest rates. High value of the ...
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Stock market falls in 1970 after Wall Street crisis. War related inflation and high interest rates prevail. Paul Volcker assumes control at Fed. Historically high interest rates. High value of the dollar. Market retreats below 1,000 on DJIA. Record yields on Treasury bonds, economic stimulus package from Washington.Less
Stock market falls in 1970 after Wall Street crisis. War related inflation and high interest rates prevail. Paul Volcker assumes control at Fed. Historically high interest rates. High value of the dollar. Market retreats below 1,000 on DJIA. Record yields on Treasury bonds, economic stimulus package from Washington.
