Christopher Hood
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198297659
- eISBN:
- 9780191599484
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198297653.001.0001
- Subject:
- Political Science, Comparative Politics
Why does public management—the art of the state—so often go wrong, producing failure and fiasco instead of public service, and what are the different ways in which control or regulation can be ...
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Why does public management—the art of the state—so often go wrong, producing failure and fiasco instead of public service, and what are the different ways in which control or regulation can be applied to government? Why do we find contradictory recipes for the improvement of public services, and are the forces of modernity set to produce worldwide convergence in ways of organizing government? This study aims to explore such questions, which are central to debates over public management. It combines contemporary and historical experience, and employs grid/group cultural theory as an organizing frame and method of exploration. Using examples from different places and eras, the study seeks to identify the recurring variety of ideas about how to organize public services—and contrary to widespread claims that modernization will bring a new global uniformity, it argues that variety is unlikely to disappear from doctrine and practice in public management. The book has three parts. Part I, Introductory, has three chapters that discuss various aspects of public management. Part II, Classic and Recurring Ideas in Public Management, has four chapters that discuss various ways of doing public management. Part III, Rhetoric, Modernity, and Science in Public Management, has three chapters that discuss the rhetoric, and culture of public management, contemporary public management, and the state of the art of the state.Less
Why does public management—the art of the state—so often go wrong, producing failure and fiasco instead of public service, and what are the different ways in which control or regulation can be applied to government? Why do we find contradictory recipes for the improvement of public services, and are the forces of modernity set to produce worldwide convergence in ways of organizing government? This study aims to explore such questions, which are central to debates over public management. It combines contemporary and historical experience, and employs grid/group cultural theory as an organizing frame and method of exploration. Using examples from different places and eras, the study seeks to identify the recurring variety of ideas about how to organize public services—and contrary to widespread claims that modernization will bring a new global uniformity, it argues that variety is unlikely to disappear from doctrine and practice in public management. The book has three parts. Part I, Introductory, has three chapters that discuss various aspects of public management. Part II, Classic and Recurring Ideas in Public Management, has four chapters that discuss various ways of doing public management. Part III, Rhetoric, Modernity, and Science in Public Management, has three chapters that discuss the rhetoric, and culture of public management, contemporary public management, and the state of the art of the state.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0009
- Subject:
- Economics and Finance, Microeconomics
The US regulatory framework has evolved since the 1930s, aiming to protect investors from abuse and exploitation. However, this regulation could only restrict specific, identified transactions and ...
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The US regulatory framework has evolved since the 1930s, aiming to protect investors from abuse and exploitation. However, this regulation could only restrict specific, identified transactions and practices. If not so restricted, a business practice was considered permissible. Every few years, a dynamic market environment will tend to produce new practices and transactions, and in time the regulatory machinery catches up and declares some of them impermissible. When a major episode of misconduct occurs, the regulatory machine accelerates and catches up quickly. When this happens, sudden and sometimes retroactive changes in the “ground rules” are declared that inevitably catch a number of practitioners off guard.Less
The US regulatory framework has evolved since the 1930s, aiming to protect investors from abuse and exploitation. However, this regulation could only restrict specific, identified transactions and practices. If not so restricted, a business practice was considered permissible. Every few years, a dynamic market environment will tend to produce new practices and transactions, and in time the regulatory machinery catches up and declares some of them impermissible. When a major episode of misconduct occurs, the regulatory machine accelerates and catches up quickly. When this happens, sudden and sometimes retroactive changes in the “ground rules” are declared that inevitably catch a number of practitioners off guard.
Roy C. Smith and Ingo Walter
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195171679
- eISBN:
- 9780199783618
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195171675.003.0011
- Subject:
- Economics and Finance, Microeconomics
The rapidly expanding capital markets in the late 1990s and early 2000s, were exceptionally permissive of agency conflicts. Some of the agency problems identified in this book have since been ...
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The rapidly expanding capital markets in the late 1990s and early 2000s, were exceptionally permissive of agency conflicts. Some of the agency problems identified in this book have since been addressed, but there is a residue of important blemishes that remain unattended to and may reappear with a vengeance in the future. This chapter analyzes and offers a prescription for addressing these as yet untreated issues that uphold an “uneven” or “tilted” system of responsibility for the proper discharge of fiduciary duties that all agents in the financial system bear. The “tilt” to the system has emerged over the last 20 years or so as a result of legal constraints, passive regulatory enforcement, and the common American practice of indemnification and insurance of officers and directors for all but “gross negligence”. This troublesome tilt can be removed when it is recognized and understood.Less
The rapidly expanding capital markets in the late 1990s and early 2000s, were exceptionally permissive of agency conflicts. Some of the agency problems identified in this book have since been addressed, but there is a residue of important blemishes that remain unattended to and may reappear with a vengeance in the future. This chapter analyzes and offers a prescription for addressing these as yet untreated issues that uphold an “uneven” or “tilted” system of responsibility for the proper discharge of fiduciary duties that all agents in the financial system bear. The “tilt” to the system has emerged over the last 20 years or so as a result of legal constraints, passive regulatory enforcement, and the common American practice of indemnification and insurance of officers and directors for all but “gross negligence”. This troublesome tilt can be removed when it is recognized and understood.
Paul Weirich
- Published in print:
- 2008
- Published Online:
- January 2008
- ISBN:
- 9780195326864
- eISBN:
- 9780199870325
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195326864.003.0012
- Subject:
- Philosophy, Moral Philosophy
Many food products contain genetically modified corn and soybeans. Corn plants are modified to resist pests, and soybean plants are modified to tolerate herbicides. In the United States food labels ...
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Many food products contain genetically modified corn and soybeans. Corn plants are modified to resist pests, and soybean plants are modified to tolerate herbicides. In the United States food labels need not indicate genetically modified ingredients. In the European Union they must. Scientific data supports the safety of genetically modified food, but consumers may want to exercise caution. What principles should guide a government's regulation of food labels? The popular Precautionary Principle is too single-minded to be a reliable source of sound judgment. This chapter proposes a more thorough principle grounded in decision theory. It relies on cost-benefit analysis formulated comprehensively to assess a regulation's consequences, including reduction of risks. Made comprehensive, cost-benefit analysis absorbs plausible versions of the Precautionary Principle and wisely guides regulation.Less
Many food products contain genetically modified corn and soybeans. Corn plants are modified to resist pests, and soybean plants are modified to tolerate herbicides. In the United States food labels need not indicate genetically modified ingredients. In the European Union they must. Scientific data supports the safety of genetically modified food, but consumers may want to exercise caution. What principles should guide a government's regulation of food labels? The popular Precautionary Principle is too single-minded to be a reliable source of sound judgment. This chapter proposes a more thorough principle grounded in decision theory. It relies on cost-benefit analysis formulated comprehensively to assess a regulation's consequences, including reduction of risks. Made comprehensive, cost-benefit analysis absorbs plausible versions of the Precautionary Principle and wisely guides regulation.
Kazuo Ueda
- Published in print:
- 1995
- Published Online:
- August 2004
- ISBN:
- 9780198288992
- eISBN:
- 9780191601224
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198288999.003.0003
- Subject:
- Economics and Finance, Financial Economics, South and East Asia
This chapter discusses the nature, degree, and implications of heavy government regulation on the performance of the banking sector, particularly of main banks. The main reason for government ...
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This chapter discusses the nature, degree, and implications of heavy government regulation on the performance of the banking sector, particularly of main banks. The main reason for government regulation in the financial system is to maintain stability. Japanese authorities sought to achieve this by protecting banks. This method has been successful with regards to the reconstruction of the financial system and promotion of high growth.Less
This chapter discusses the nature, degree, and implications of heavy government regulation on the performance of the banking sector, particularly of main banks. The main reason for government regulation in the financial system is to maintain stability. Japanese authorities sought to achieve this by protecting banks. This method has been successful with regards to the reconstruction of the financial system and promotion of high growth.
Peter Miskell
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780199226009
- eISBN:
- 9780191710315
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199226009.003.0017
- Subject:
- Business and Management, Business History
Does the history of the British film industry constitute a story of decline, or of renaissance? It is certainly possible to cast it as a tale of decline. By focussing on the operation of the domestic ...
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Does the history of the British film industry constitute a story of decline, or of renaissance? It is certainly possible to cast it as a tale of decline. By focussing on the operation of the domestic film industry within Britain from the 1930s onwards, we can chart the emergence of powerful vertically integrated firms under dynamic (and patriotic) British entrepreneurs which, as the post-war decades progressed, reduced their commitment to film production and gradually lost control over film distribution and exhibition as well. However, judging the contemporary film industry in comparison with the 1910s and 1920s, when broadly comparable free market conditions existed, rather than the protectionist 1930s and 1940s, a slightly different picture begins to emerge. In both periods the demand for filmed entertainment within Britain was strong, and most of this demand was satisfied by imported product (much of which was distributed by foreign firms). Rather than a process of steady decline, perhaps we have seen the industry return to something like its existing form before the introduction of Government protection that supported it in its so-called heyday. Except that British film producers are now more competitive than in the pre-1927 period. Had British films been able to command the level of audience share in the 1920s that they have of late, perhaps there would have been no need for protective legislation.Less
Does the history of the British film industry constitute a story of decline, or of renaissance? It is certainly possible to cast it as a tale of decline. By focussing on the operation of the domestic film industry within Britain from the 1930s onwards, we can chart the emergence of powerful vertically integrated firms under dynamic (and patriotic) British entrepreneurs which, as the post-war decades progressed, reduced their commitment to film production and gradually lost control over film distribution and exhibition as well. However, judging the contemporary film industry in comparison with the 1910s and 1920s, when broadly comparable free market conditions existed, rather than the protectionist 1930s and 1940s, a slightly different picture begins to emerge. In both periods the demand for filmed entertainment within Britain was strong, and most of this demand was satisfied by imported product (much of which was distributed by foreign firms). Rather than a process of steady decline, perhaps we have seen the industry return to something like its existing form before the introduction of Government protection that supported it in its so-called heyday. Except that British film producers are now more competitive than in the pre-1927 period. Had British films been able to command the level of audience share in the 1920s that they have of late, perhaps there would have been no need for protective legislation.
Stephen D. Cohen
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780195179354
- eISBN:
- 9780199783779
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195179354.001.0001
- Subject:
- Economics and Finance, International
Foreign direct investment (FDI) and multinational corporations (MNCs) play a large and growing role in shaping our world, both economically and politically. Public and academic opinion has long been ...
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Foreign direct investment (FDI) and multinational corporations (MNCs) play a large and growing role in shaping our world, both economically and politically. Public and academic opinion has long been mired in an inconclusive debate as to whether these phenomena are beneficial things that should be encouraged or harmful things that need intensive governmental regulation. The integrating thesis of this book is that the question as to whether they are good or bad is the wrong question and is based on the fundamentally faulty premise that all foreign subsidiaries are essentially similar, i.e., MNCs are homogeneous entities and FDI is a homogeneous process. The inevitability of heterogeneity results in the imperatives of disaggregation and the fallacy of generalization if these complex, differentiated phenomena are to be properly understood. This book seeks a different path to understanding by analyzing MNCs and FDI in an eclectic, nuanced manner that makes no effort to “prove” that a simple pro or con conclusion is accurate or relevant. The main integrating themes collectively make the case that the most productive analysis of the nature and impact of these phenomena comes from acknowledging the dominance of heterogeneity, perceptions, and ambiguity and the paucity of universal truths. With hundreds of thousands of different kinds of foreign subsidiaries operating today in 200 countries and territories, an objective and informed response to the questions of their net merits and effects should be: it depends on circumstances. This book has two main objectives: first, to provide a better academic understanding of an increasingly important element of the world economy, and second, to stimulate a more relevant policy debate about the proper extent of government regulation of FDI and MNCs.Less
Foreign direct investment (FDI) and multinational corporations (MNCs) play a large and growing role in shaping our world, both economically and politically. Public and academic opinion has long been mired in an inconclusive debate as to whether these phenomena are beneficial things that should be encouraged or harmful things that need intensive governmental regulation. The integrating thesis of this book is that the question as to whether they are good or bad is the wrong question and is based on the fundamentally faulty premise that all foreign subsidiaries are essentially similar, i.e., MNCs are homogeneous entities and FDI is a homogeneous process. The inevitability of heterogeneity results in the imperatives of disaggregation and the fallacy of generalization if these complex, differentiated phenomena are to be properly understood. This book seeks a different path to understanding by analyzing MNCs and FDI in an eclectic, nuanced manner that makes no effort to “prove” that a simple pro or con conclusion is accurate or relevant. The main integrating themes collectively make the case that the most productive analysis of the nature and impact of these phenomena comes from acknowledging the dominance of heterogeneity, perceptions, and ambiguity and the paucity of universal truths. With hundreds of thousands of different kinds of foreign subsidiaries operating today in 200 countries and territories, an objective and informed response to the questions of their net merits and effects should be: it depends on circumstances. This book has two main objectives: first, to provide a better academic understanding of an increasingly important element of the world economy, and second, to stimulate a more relevant policy debate about the proper extent of government regulation of FDI and MNCs.
Roger A. Shiner
- Published in print:
- 2003
- Published Online:
- March 2012
- ISBN:
- 9780198262619
- eISBN:
- 9780191682353
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198262619.003.0023
- Subject:
- Law, Human Rights and Immigration
In Virginia Board, the U.S. Supreme Court complained about the impugned restriction on drug price advertising, referring to regulation of commercial expression as ‘paternalistic’. If it can be shown ...
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In Virginia Board, the U.S. Supreme Court complained about the impugned restriction on drug price advertising, referring to regulation of commercial expression as ‘paternalistic’. If it can be shown that paternalistic legislation is always wrong because it diminishes hearers' autonomy, then an autonomy-based hearers' rights argument for freedom of commercial expression would have some solid ground on which to rest. It is therefore materially relevant to the argument of this book to consider whether regulation of commercial expression is in fact ‘paternalistic’, and if so a normative mistake, in a way that would call up such an autonomy-based argument. Paternalistic action functions in a context where the presumed background values are freedom, liberty, and autonomy. The question of whether paternalism can be justified is enormous. This chapter outlines the status quaestionis before turning to the question of whether government regulation of commercial expression is a case of paternalism.Less
In Virginia Board, the U.S. Supreme Court complained about the impugned restriction on drug price advertising, referring to regulation of commercial expression as ‘paternalistic’. If it can be shown that paternalistic legislation is always wrong because it diminishes hearers' autonomy, then an autonomy-based hearers' rights argument for freedom of commercial expression would have some solid ground on which to rest. It is therefore materially relevant to the argument of this book to consider whether regulation of commercial expression is in fact ‘paternalistic’, and if so a normative mistake, in a way that would call up such an autonomy-based argument. Paternalistic action functions in a context where the presumed background values are freedom, liberty, and autonomy. The question of whether paternalism can be justified is enormous. This chapter outlines the status quaestionis before turning to the question of whether government regulation of commercial expression is a case of paternalism.
Claudio R. Frischtak
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198296058
- eISBN:
- 9780191596209
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296053.003.0016
- Subject:
- Economics and Finance, International
The object of this case study is to discuss the response of Latin American governments to the forces of globalization and increasing competition. The first main section, Sect. 2, discusses the role ...
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The object of this case study is to discuss the response of Latin American governments to the forces of globalization and increasing competition. The first main section, Sect. 2, discusses the role of governments in industrializing and developing country contexts, and the next and largest, namely, Sect.3 attempts to assess the recent Latin American experience, arguing that the road to reform—in the sense of changes in the regulatory environment, trade regimes, and asset‐ownership structures—has advanced to the point of irreversibility. Latin economies have become relatively open and increasingly competitive, and to a large extent, the wedge of reform has been driven by the globalization process; there is now a much more hospitable environment to international business in most Latin American countries, particularly to MNEs (multinational enterprises) able to link countries effectively to trade, technology, and investment networks. However, the road to macroeconomic stability has been far more difficult, and there remain persistent problems of fiscal largesse, accommodating monetary policy, low savings (public and private) and excessive domestic absorption; combined, these have led to renewed balance‐of‐payment crises in several Latin American countries since short‐term capital, which would be helpful to make the transition to macro‐stability less painful, and which has been made abundant with globalization, has proved to be a poor basis to offset persistent current‐account deficits. Financial systems have also become fragile in some countries because of excessive and non‐sustainable public‐sector borrowing and a lack of confidence of private agents.Less
The object of this case study is to discuss the response of Latin American governments to the forces of globalization and increasing competition. The first main section, Sect. 2, discusses the role of governments in industrializing and developing country contexts, and the next and largest, namely, Sect.3 attempts to assess the recent Latin American experience, arguing that the road to reform—in the sense of changes in the regulatory environment, trade regimes, and asset‐ownership structures—has advanced to the point of irreversibility. Latin economies have become relatively open and increasingly competitive, and to a large extent, the wedge of reform has been driven by the globalization process; there is now a much more hospitable environment to international business in most Latin American countries, particularly to MNEs (multinational enterprises) able to link countries effectively to trade, technology, and investment networks. However, the road to macroeconomic stability has been far more difficult, and there remain persistent problems of fiscal largesse, accommodating monetary policy, low savings (public and private) and excessive domestic absorption; combined, these have led to renewed balance‐of‐payment crises in several Latin American countries since short‐term capital, which would be helpful to make the transition to macro‐stability less painful, and which has been made abundant with globalization, has proved to be a poor basis to offset persistent current‐account deficits. Financial systems have also become fragile in some countries because of excessive and non‐sustainable public‐sector borrowing and a lack of confidence of private agents.
Brian Angelo Lee
- Published in print:
- 2013
- Published Online:
- January 2014
- ISBN:
- 9780199673582
- eISBN:
- 9780191751721
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199673582.003.0005
- Subject:
- Law, Philosophy of Law, Company and Commercial Law
This chapter explores the state regulation of property, as in the case of zoning or planning regulations, which do not dispossess owners of their land but which may impose large economic losses on ...
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This chapter explores the state regulation of property, as in the case of zoning or planning regulations, which do not dispossess owners of their land but which may impose large economic losses on some owners of land. It begins with a brief survey of prominent examples from judicial opinions and academic commentary, which provides a basic idea of what work the concept is intended to accomplish and how it is thought to achieve those ends. It then argues that the classic paradigm of average reciprocity of advantage is best understood as arising from a regulation’s having solved a coordination problem, and that the specific conditions necessary for regulatory burdens reliably to provide a genuine reciprocal advantage are likely to be satisfied only infrequently. It concludes that when government regulations burden property owners, the presence of reciprocal advantages benefiting those owners derives its importance, in significant part, not from an illusory potential to make property owners whole but rather from the role that such reciprocity plays in preserving the respect due to civic equals.Less
This chapter explores the state regulation of property, as in the case of zoning or planning regulations, which do not dispossess owners of their land but which may impose large economic losses on some owners of land. It begins with a brief survey of prominent examples from judicial opinions and academic commentary, which provides a basic idea of what work the concept is intended to accomplish and how it is thought to achieve those ends. It then argues that the classic paradigm of average reciprocity of advantage is best understood as arising from a regulation’s having solved a coordination problem, and that the specific conditions necessary for regulatory burdens reliably to provide a genuine reciprocal advantage are likely to be satisfied only infrequently. It concludes that when government regulations burden property owners, the presence of reciprocal advantages benefiting those owners derives its importance, in significant part, not from an illusory potential to make property owners whole but rather from the role that such reciprocity plays in preserving the respect due to civic equals.
Diamond Ashiagbor
- Published in print:
- 2005
- Published Online:
- January 2010
- ISBN:
- 9780199279647
- eISBN:
- 9780191707278
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199279647.003.0002
- Subject:
- Law, EU Law, Employment Law
This chapter explores legal and economic debates on labour market regulation and the proper role for the law in governing markets, in particular, focusing on the question ‘where the boundary line ...
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This chapter explores legal and economic debates on labour market regulation and the proper role for the law in governing markets, in particular, focusing on the question ‘where the boundary line should be drawn’ between government regulation and market action. New institutionalist analysis is employed as a means to evaluate the traditional economic suspicion of labour market regulation, which equates labour market institutions with high unemployment. This critique is fundamental to the discussion of theories of unemployment and the philosophies behind the European Union policy on combating unemployment and creating employment. While it is important to highlight the efficiency-enhancing attributes of certain institutions in the context of the ongoing discourse on labour market, the chapter concludes that reasons of political economy and the desire to retain social cohesion will mean that efficiency cannot be the only goal.Less
This chapter explores legal and economic debates on labour market regulation and the proper role for the law in governing markets, in particular, focusing on the question ‘where the boundary line should be drawn’ between government regulation and market action. New institutionalist analysis is employed as a means to evaluate the traditional economic suspicion of labour market regulation, which equates labour market institutions with high unemployment. This critique is fundamental to the discussion of theories of unemployment and the philosophies behind the European Union policy on combating unemployment and creating employment. While it is important to highlight the efficiency-enhancing attributes of certain institutions in the context of the ongoing discourse on labour market, the chapter concludes that reasons of political economy and the desire to retain social cohesion will mean that efficiency cannot be the only goal.
F. M. Scherer
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195372823
- eISBN:
- 9780199871773
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195372823.003.0004
- Subject:
- Economics and Finance, Behavioural Economics
This paper observes that antitrust analysis has moved sharply to the conservative side and emphasizes the complexity of issues. First, it notes that the move toward less enforcement does not reflect ...
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This paper observes that antitrust analysis has moved sharply to the conservative side and emphasizes the complexity of issues. First, it notes that the move toward less enforcement does not reflect just the influence of economists but also of lawyers, enforcement officials, and judges who believe in the precept that government is the problem and not the solution. Second, it observes that conservative approaches avoiding government intervention is not a consistent view of the Chicago School. It has advocated vigorous antitrust enforcement in the area of price-fixing among direct rivals (cartel policy) and occasionally advocated limits on the size of corporations. However, in recent years, extreme Chicago views have influenced enforcement, particularly during Republican administrations. Illustrations include declining enforcement efforts with respect to predatory pricing, concentrated (i.e., oligopoly) markets, and mergers. As an example of scholarship that argues that market forces will solve all problems, the paper cites an article by J. McGee to the effect that with the exception of industries where the state blocks entry “[t]here is the strongest presumption that the existing structure [of industry] is the efficient structure.” In a concluding section, the paper takes on a specific issue that has been advocated as a result of conservative economic analysis and has achieved substantial support. That view, virtually a consensus in terms of conservative economic analysis, is that government regulation of intellectual property—particularly mandatory licensing of patents as a remedy for wrong-doing—will reduce investments in innovation and, in the long run, injure consumers. That conclusion is inconsistent with a body of empirical evidence that antitrust enforcement had little adverse impact on investments in innovation.Less
This paper observes that antitrust analysis has moved sharply to the conservative side and emphasizes the complexity of issues. First, it notes that the move toward less enforcement does not reflect just the influence of economists but also of lawyers, enforcement officials, and judges who believe in the precept that government is the problem and not the solution. Second, it observes that conservative approaches avoiding government intervention is not a consistent view of the Chicago School. It has advocated vigorous antitrust enforcement in the area of price-fixing among direct rivals (cartel policy) and occasionally advocated limits on the size of corporations. However, in recent years, extreme Chicago views have influenced enforcement, particularly during Republican administrations. Illustrations include declining enforcement efforts with respect to predatory pricing, concentrated (i.e., oligopoly) markets, and mergers. As an example of scholarship that argues that market forces will solve all problems, the paper cites an article by J. McGee to the effect that with the exception of industries where the state blocks entry “[t]here is the strongest presumption that the existing structure [of industry] is the efficient structure.” In a concluding section, the paper takes on a specific issue that has been advocated as a result of conservative economic analysis and has achieved substantial support. That view, virtually a consensus in terms of conservative economic analysis, is that government regulation of intellectual property—particularly mandatory licensing of patents as a remedy for wrong-doing—will reduce investments in innovation and, in the long run, injure consumers. That conclusion is inconsistent with a body of empirical evidence that antitrust enforcement had little adverse impact on investments in innovation.
Geoffrey Tweedale
- Published in print:
- 2001
- Published Online:
- October 2011
- ISBN:
- 9780199243990
- eISBN:
- 9780191697326
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199243990.003.0001
- Subject:
- Business and Management, Business History
This chapter begins with a discussion of the growth of Turner Brothers's asbestos business. The company, which began as a five-hand operation in 1880 eventually became ‘Asbestos Giant’ Turner & ...
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This chapter begins with a discussion of the growth of Turner Brothers's asbestos business. The company, which began as a five-hand operation in 1880 eventually became ‘Asbestos Giant’ Turner & Newall. The chapter also details the rising cases of asbestos poisoning and government regulation of the asbestos industry.Less
This chapter begins with a discussion of the growth of Turner Brothers's asbestos business. The company, which began as a five-hand operation in 1880 eventually became ‘Asbestos Giant’ Turner & Newall. The chapter also details the rising cases of asbestos poisoning and government regulation of the asbestos industry.
Sanford N. Katz
- Published in print:
- 2003
- Published Online:
- January 2010
- ISBN:
- 9780199264346
- eISBN:
- 9780191718502
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199264346.001.0001
- Subject:
- Law, Family Law
For many years family law was viewed as a study of the regulation of relationships of husband and wife, and parent and child. By the close of the 20th century, basic questions about who should be ...
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For many years family law was viewed as a study of the regulation of relationships of husband and wife, and parent and child. By the close of the 20th century, basic questions about who should be officially designated a family member and by what procedure were being raised both in the legislature and in litigation. In addition, conventional models that had defined domestic relations such as marriage, divorce, and adoption were being expanded to include contemporary patterns of living arrangements. This book examines the present state of family law in America. Among its themes is the tension between individual autonomy and governmental regulation in all aspects of family law. It examines both conventional and new definitions of formal and informal domestic relationships. It analyses the extent to which relationships established before marriage are being regulated, and how marriage is being redefined to take into account equality of the sexes. It demonstrates how the definition of marriage as a partnership in which the individual spouse's rights are recognized has resulted in protection of the vulnerable spouse. It examines fault and no-fault divorce procedures and the extent to which these procedures reflect social realities. This book describes state intervention into the parent and child relationship and how this is reflected in the re-examination of the privacy of the family unit. It concludes with a discussion of the conventional model of adoption of children and how additional models are being developed to take into account new family forms.Less
For many years family law was viewed as a study of the regulation of relationships of husband and wife, and parent and child. By the close of the 20th century, basic questions about who should be officially designated a family member and by what procedure were being raised both in the legislature and in litigation. In addition, conventional models that had defined domestic relations such as marriage, divorce, and adoption were being expanded to include contemporary patterns of living arrangements. This book examines the present state of family law in America. Among its themes is the tension between individual autonomy and governmental regulation in all aspects of family law. It examines both conventional and new definitions of formal and informal domestic relationships. It analyses the extent to which relationships established before marriage are being regulated, and how marriage is being redefined to take into account equality of the sexes. It demonstrates how the definition of marriage as a partnership in which the individual spouse's rights are recognized has resulted in protection of the vulnerable spouse. It examines fault and no-fault divorce procedures and the extent to which these procedures reflect social realities. This book describes state intervention into the parent and child relationship and how this is reflected in the re-examination of the privacy of the family unit. It concludes with a discussion of the conventional model of adoption of children and how additional models are being developed to take into account new family forms.
Glenn Yago and Susanne Trimbath
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780195149234
- eISBN:
- 9780199871865
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195149238.003.0004
- Subject:
- Economics and Finance, Financial Economics
An account and analysis is given of the largely unanticipated decline of the US high‐yield market in 1989 and 1990, and its subsequent rallying in 1991 and 1992. Structural and cyclical factors ...
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An account and analysis is given of the largely unanticipated decline of the US high‐yield market in 1989 and 1990, and its subsequent rallying in 1991 and 1992. Structural and cyclical factors affecting the high‐yield market are discussed by looking at the economic factors that influence changes in its supply and demand, and returns: aspects addressed are the default rate on high‐yield debt, higher spreads, credit conditions, stock prices, and repayment. A test developed by Brown, Durbin and Evans (1975) is used to analyze the level and month‐to‐month changes in returns and the number of high‐yield issues from 1985 to 1991, and this shows that structural stability was not part of the landscape. In other words, the functional economic relationships between cyclical factors, credit/quality defaults, competitive market yields (etc.) that drove the high market during the 1980s changed considerably – apparently as a result of the dramatic increases in government regulatory intervention in that market – but appear to have been restored by late 1991 as the market recovered from regulatory destabilization and responded to more economic fundamentals in the marketplace. The remainder of the chapter discusses the cause and consequences of financial distress in companies, the fact that some industries are more sensitive to economic conditions than others, company restructuring for economic recovery, and challenges and opportunities in 2001 and beyond; Appendix B gives details of the technical material used in the chapter.Less
An account and analysis is given of the largely unanticipated decline of the US high‐yield market in 1989 and 1990, and its subsequent rallying in 1991 and 1992. Structural and cyclical factors affecting the high‐yield market are discussed by looking at the economic factors that influence changes in its supply and demand, and returns: aspects addressed are the default rate on high‐yield debt, higher spreads, credit conditions, stock prices, and repayment. A test developed by Brown, Durbin and Evans (1975) is used to analyze the level and month‐to‐month changes in returns and the number of high‐yield issues from 1985 to 1991, and this shows that structural stability was not part of the landscape. In other words, the functional economic relationships between cyclical factors, credit/quality defaults, competitive market yields (etc.) that drove the high market during the 1980s changed considerably – apparently as a result of the dramatic increases in government regulatory intervention in that market – but appear to have been restored by late 1991 as the market recovered from regulatory destabilization and responded to more economic fundamentals in the marketplace. The remainder of the chapter discusses the cause and consequences of financial distress in companies, the fact that some industries are more sensitive to economic conditions than others, company restructuring for economic recovery, and challenges and opportunities in 2001 and beyond; Appendix B gives details of the technical material used in the chapter.
JAMES MEADOWCROFT
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198206019
- eISBN:
- 9780191676918
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198206019.003.0004
- Subject:
- History, British and Irish Modern History, History of Ideas
The theoretical and practical endeavours of Bernard Bosanquet (1840–1923) and L. T. Hobhouse (1864–1929) present an interesting mix of contrast and affinity. Both men combined scholarly pursuits — ...
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The theoretical and practical endeavours of Bernard Bosanquet (1840–1923) and L. T. Hobhouse (1864–1929) present an interesting mix of contrast and affinity. Both men combined scholarly pursuits — Bosanquet was one of the most prominent philosophers of his generation, while Hobhouse became the first Professor of Sociology at a British university — with a dedication to practical projects for social improvement. Both considered themselves Liberals and reformers. But while Hobhouse was in the van of the movement to expand government regulation and redistributive economics, Bosanquet opposed many schemes to extend state benefits to the needy. Both men considered ‘the state’ as the master concept of political theory, conceiving this institution as a form of ethical community devoted to the promotion of the common good. However, they had quite different evaluations of the nature of the state; of the extent to which it represented a supreme community or embodied an authority more true to individual will than immediate consciousness; of the appropriate range of state action; and of the importance of universal citizen involvement in political affairs.Less
The theoretical and practical endeavours of Bernard Bosanquet (1840–1923) and L. T. Hobhouse (1864–1929) present an interesting mix of contrast and affinity. Both men combined scholarly pursuits — Bosanquet was one of the most prominent philosophers of his generation, while Hobhouse became the first Professor of Sociology at a British university — with a dedication to practical projects for social improvement. Both considered themselves Liberals and reformers. But while Hobhouse was in the van of the movement to expand government regulation and redistributive economics, Bosanquet opposed many schemes to extend state benefits to the needy. Both men considered ‘the state’ as the master concept of political theory, conceiving this institution as a form of ethical community devoted to the promotion of the common good. However, they had quite different evaluations of the nature of the state; of the extent to which it represented a supreme community or embodied an authority more true to individual will than immediate consciousness; of the appropriate range of state action; and of the importance of universal citizen involvement in political affairs.
JONATHAN M. SAMET, THOMAS A. BURKE, and LYNN GOLDMAN
- Published in print:
- 2006
- Published Online:
- September 2009
- ISBN:
- 9780195149616
- eISBN:
- 9780199865062
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195149616.003.0072
- Subject:
- Public Health and Epidemiology, Public Health, Epidemiology
This chapter provides a broad overview of governmental regulatory approaches to controlling exposures to carcinogens. It focuses specifically on statutes related to the United States, while giving ...
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This chapter provides a broad overview of governmental regulatory approaches to controlling exposures to carcinogens. It focuses specifically on statutes related to the United States, while giving lesser coverage to approaches in Europe. The focus is at the federal level, even though states may also promulgate regulations. Topics discussed include the identification of carcinogens, principles underlying regulations for carcinogens, and carcinogen regulation outside the United States.Less
This chapter provides a broad overview of governmental regulatory approaches to controlling exposures to carcinogens. It focuses specifically on statutes related to the United States, while giving lesser coverage to approaches in Europe. The focus is at the federal level, even though states may also promulgate regulations. Topics discussed include the identification of carcinogens, principles underlying regulations for carcinogens, and carcinogen regulation outside the United States.
D. Daniel Sokol
- Published in print:
- 2012
- Published Online:
- June 2013
- ISBN:
- 9780804774901
- eISBN:
- 9780804782678
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9780804774901.003.0007
- Subject:
- Law, Competition Law
This chapter discusses the causes and dynamics of anticompetitive government regulation. It suggests both the potential of antitrust to address the behavior and the limits of antitrust in this ...
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This chapter discusses the causes and dynamics of anticompetitive government regulation. It suggests both the potential of antitrust to address the behavior and the limits of antitrust in this regard. It details the types of action that agencies around the world undertake against anticompetitive government restraints. Unlike other areas of antitrust action by competition agencies, action against public restraints may not take the form of enforcement in all cases. Indeed, in some cases an antitrust agency may undertake competition advocacy when there is no way under competition law to litigate against such conduct. The chapter concludes by suggesting how competition agencies should prioritize the kinds of advocacy interventions that may prove to be more successful in terms of addressing this set of limits of antitrust.Less
This chapter discusses the causes and dynamics of anticompetitive government regulation. It suggests both the potential of antitrust to address the behavior and the limits of antitrust in this regard. It details the types of action that agencies around the world undertake against anticompetitive government restraints. Unlike other areas of antitrust action by competition agencies, action against public restraints may not take the form of enforcement in all cases. Indeed, in some cases an antitrust agency may undertake competition advocacy when there is no way under competition law to litigate against such conduct. The chapter concludes by suggesting how competition agencies should prioritize the kinds of advocacy interventions that may prove to be more successful in terms of addressing this set of limits of antitrust.
Jürgen Wasem and Stefan Greß
- Published in print:
- 2009
- Published Online:
- October 2013
- ISBN:
- 9780300149838
- eISBN:
- 9780300155952
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300149838.003.0011
- Subject:
- Political Science, Comparative Politics
This chapter focuses on the essential features of private health insurance (PHI) that require government regulation almost everywhere among rich democracies. It first describes the various functions ...
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This chapter focuses on the essential features of private health insurance (PHI) that require government regulation almost everywhere among rich democracies. It first describes the various functions of PHI. It then focuses on central problems of regulatory frameworks for PHI. It points to the substantial degree of professional consensus in the economics literature about market failure in commercial health insurance. It highlights the gap between this professional understanding and much of the policy debates about health insurance, competition, and health care reform.Less
This chapter focuses on the essential features of private health insurance (PHI) that require government regulation almost everywhere among rich democracies. It first describes the various functions of PHI. It then focuses on central problems of regulatory frameworks for PHI. It points to the substantial degree of professional consensus in the economics literature about market failure in commercial health insurance. It highlights the gap between this professional understanding and much of the policy debates about health insurance, competition, and health care reform.
Irwin M. Stelzer
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195372823
- eISBN:
- 9780199871773
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195372823.003.0003
- Subject:
- Economics and Finance, Behavioural Economics
This paper characterizes the conservative view as follows: it looks at antitrust as inefficient, contributing unwisely to an excess of government regulation, and unnecessary because market power is ...
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This paper characterizes the conservative view as follows: it looks at antitrust as inefficient, contributing unwisely to an excess of government regulation, and unnecessary because market power is transient and only economic analysis (i.e., efficiency) matters. It then examines various kinds of anticompetitive behavior, particularly low or “predatory” prices by a dominant firm, from an unusual and perhaps unique point of view. Conservative analysis argues that if there is ease of entry, there is no problem that antitrust needs to address. If the wrongdoer tries to raise prices or curtail output, it will be swamped, so the argument goes, by new entry. The paper asks what a venture capitalist would consider before supporting efforts of a smaller challenger to enter a dominant firm's market. If the entrenched dominant incumbent can rely on a variety of coercion and intimidation tactics, as conservatives seem to allow, venture capitalists will often not support the challenger. As a result, the goal of protecting a free market to provide a fair and open opportunity to all comers will not be served. To achieve that goal, the antitrust laws must be vigorously enforced — that is not the state of affairs today.Less
This paper characterizes the conservative view as follows: it looks at antitrust as inefficient, contributing unwisely to an excess of government regulation, and unnecessary because market power is transient and only economic analysis (i.e., efficiency) matters. It then examines various kinds of anticompetitive behavior, particularly low or “predatory” prices by a dominant firm, from an unusual and perhaps unique point of view. Conservative analysis argues that if there is ease of entry, there is no problem that antitrust needs to address. If the wrongdoer tries to raise prices or curtail output, it will be swamped, so the argument goes, by new entry. The paper asks what a venture capitalist would consider before supporting efforts of a smaller challenger to enter a dominant firm's market. If the entrenched dominant incumbent can rely on a variety of coercion and intimidation tactics, as conservatives seem to allow, venture capitalists will often not support the challenger. As a result, the goal of protecting a free market to provide a fair and open opportunity to all comers will not be served. To achieve that goal, the antitrust laws must be vigorously enforced — that is not the state of affairs today.
