Hans Dieter Seibel and Andrea Armstrong
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0021
- Subject:
- Political Science, International Relations and Politics
Allocating reparation benefits to victims of civil rights abuses with a lasting effect on their well-being is a tremendous challenge. By converting benefit payments into shares and beneficiaries into ...
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Allocating reparation benefits to victims of civil rights abuses with a lasting effect on their well-being is a tremendous challenge. By converting benefit payments into shares and beneficiaries into shareholders of microfinance institutions (MFIs), the former victims become active partners of aid and owners of local institutions. In many countries, indigenous savings and credit associations are the only civil society institutions which have survived the breakdown of society, representing the social capital for the reconstruction of local financial institutions. In other countries, such institutions have to be newly built. In either case, experienced international NGOs may be instrumental in building or reconstructing MFIs owned by recipients of reparation payments. Part of the funding in a reparation program may thus be allocated directly to the victims-turned-shareholders, the other part to institution-building. Based on satisfactory performance of the MFI, the share capital may be augmented by donor grants and bank borrowings to increase the volume of loans to the user-owners for income-generating activities. In terms of sustainable impact, there is no alternative to institution-building.Less
Allocating reparation benefits to victims of civil rights abuses with a lasting effect on their well-being is a tremendous challenge. By converting benefit payments into shares and beneficiaries into shareholders of microfinance institutions (MFIs), the former victims become active partners of aid and owners of local institutions. In many countries, indigenous savings and credit associations are the only civil society institutions which have survived the breakdown of society, representing the social capital for the reconstruction of local financial institutions. In other countries, such institutions have to be newly built. In either case, experienced international NGOs may be instrumental in building or reconstructing MFIs owned by recipients of reparation payments. Part of the funding in a reparation program may thus be allocated directly to the victims-turned-shareholders, the other part to institution-building. Based on satisfactory performance of the MFI, the share capital may be augmented by donor grants and bank borrowings to increase the volume of loans to the user-owners for income-generating activities. In terms of sustainable impact, there is no alternative to institution-building.
Tomas Björk
- Published in print:
- 2004
- Published Online:
- October 2005
- ISBN:
- 9780199271269
- eISBN:
- 9780191602849
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271267.003.0026
- Subject:
- Economics and Finance, Financial Economics
This chapter discusses forward and futures contracts. It considers a fixed simple T-claim, □, at a time t. It shows that forward and futures contracts have the same claim □ as their underlying ...
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This chapter discusses forward and futures contracts. It considers a fixed simple T-claim, □, at a time t. It shows that forward and futures contracts have the same claim □ as their underlying object, but differ from the standard contract by way in which payments are made. Practice exercises are included.Less
This chapter discusses forward and futures contracts. It considers a fixed simple T-claim, □, at a time t. It shows that forward and futures contracts have the same claim □ as their underlying object, but differ from the standard contract by way in which payments are made. Practice exercises are included.
Joseph Hanlon
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780195168006
- eISBN:
- 9780199783458
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195168003.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter addresses the questions: why should poor countries be expected to repay the debts imposed upon them by unelected and repressive governments? Who should shoulder the burden of repaying ...
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This chapter addresses the questions: why should poor countries be expected to repay the debts imposed upon them by unelected and repressive governments? Who should shoulder the burden of repaying the billions of dollars stolen by the likes of Mobutu, Marcos, and Saddam Hussein? How can creditors expect South Africans to pay for loans taken out during the apartheid regime and at that time used as a means of oppression? It argues that loans to certain borrowers or for certain purposes are prima facie illegitimate. This category includes loans to dictators, odious debt (debt used for repression), and extortionate loans. Second, certain types of behavior by lenders can also make a loan illegitimate: usury, money laundering, and gross negligence in lending. When these conditions are met, responsibility for repayment cannot be properly placed on the borrower.Less
This chapter addresses the questions: why should poor countries be expected to repay the debts imposed upon them by unelected and repressive governments? Who should shoulder the burden of repaying the billions of dollars stolen by the likes of Mobutu, Marcos, and Saddam Hussein? How can creditors expect South Africans to pay for loans taken out during the apartheid regime and at that time used as a means of oppression? It argues that loans to certain borrowers or for certain purposes are prima facie illegitimate. This category includes loans to dictators, odious debt (debt used for repression), and extortionate loans. Second, certain types of behavior by lenders can also make a loan illegitimate: usury, money laundering, and gross negligence in lending. When these conditions are met, responsibility for repayment cannot be properly placed on the borrower.
FRANCES HARRIS
- Published in print:
- 1991
- Published Online:
- October 2011
- ISBN:
- 9780198202240
- eISBN:
- 9780191675232
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198202240.003.0024
- Subject:
- History, British and Irish Modern History
When Sarah died, she was in possession of twenty-seven estates, all of which she acquired on her own, and this was equivalent to a large amount of capital value, and even an annual rent roll. She ...
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When Sarah died, she was in possession of twenty-seven estates, all of which she acquired on her own, and this was equivalent to a large amount of capital value, and even an annual rent roll. She also kept a rather huge sum in the Bank of England, almost all of which was passed on to John Spencer upon her death. However, Spencer claimed to have no disposable money as bulk of this inheritance was used to cover legacy and debt payments. It is important to note that the debts that Marlborough left were so great that the extra income incurred did not have a significant impact on paying the debt. This final chapter states that the consolidation of Sarah's biography was not made until one of Sarah's descendants recognized and justified everything that Sarah had done for their family.Less
When Sarah died, she was in possession of twenty-seven estates, all of which she acquired on her own, and this was equivalent to a large amount of capital value, and even an annual rent roll. She also kept a rather huge sum in the Bank of England, almost all of which was passed on to John Spencer upon her death. However, Spencer claimed to have no disposable money as bulk of this inheritance was used to cover legacy and debt payments. It is important to note that the debts that Marlborough left were so great that the extra income incurred did not have a significant impact on paying the debt. This final chapter states that the consolidation of Sarah's biography was not made until one of Sarah's descendants recognized and justified everything that Sarah had done for their family.
Lainie Friedman Ross
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199273287
- eISBN:
- 9780191603655
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199273286.003.0009
- Subject:
- Philosophy, Moral Philosophy
This chapter examines the ethics of payment in pediatric research that does not offer the prospect of direct benefit (nontherapeutic research). It addresses the ethical objection that payment ...
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This chapter examines the ethics of payment in pediatric research that does not offer the prospect of direct benefit (nontherapeutic research). It addresses the ethical objection that payment perverts motivation, and that this can have two adverse consequences: it may distort the voluntariness of the parent’s permission and the child’s assent; and it may lead to an unjust recruitment or selection of subjects. It is argued that it is morally permissible to provide payment for participation in pediatric research. Related issues that need to be resolved to decide what is a fair price for the participation of children in nontherapeutic research are discussed.Less
This chapter examines the ethics of payment in pediatric research that does not offer the prospect of direct benefit (nontherapeutic research). It addresses the ethical objection that payment perverts motivation, and that this can have two adverse consequences: it may distort the voluntariness of the parent’s permission and the child’s assent; and it may lead to an unjust recruitment or selection of subjects. It is argued that it is morally permissible to provide payment for participation in pediatric research. Related issues that need to be resolved to decide what is a fair price for the participation of children in nontherapeutic research are discussed.
Max. M Edling
- Published in print:
- 2003
- Published Online:
- January 2005
- ISBN:
- 9780195148701
- eISBN:
- 9780199835096
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195148703.003.0011
- Subject:
- Political Science, American Politics
Provides background accounts of political development in the USA from the American War of Independence to the Philadelphia Convention, and establish that, by 1787, Congress was marked by military ...
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Provides background accounts of political development in the USA from the American War of Independence to the Philadelphia Convention, and establish that, by 1787, Congress was marked by military weakness and financial insolvency. Here, an account is given of the efforts of Congress to implement the fiscal clauses of the US Constitution, which shows that the national government created by the Articles of Confederation experienced serious difficulties in its ability to raise money, and in the end failed to raise sufficient money to meet its expenses. The focus of the chapter is on the means by which Congress raised money from the outbreak of the War of Independence up to the Philadelphia Convention, and also on how, one by one, these means were lost, so that by 1787 the insolvency of the national government was total. The first two parts of the chapter describe the attempts of Congress to raise money through fiat (printed) money, loans, and taxes, with the author contending that the Federalists accepted existing restrictions to taxation and formed a tax system that would be able to generate sufficient income for the national government without putting undue pressure on the American people. The last section of the chapter looks at the problem of the public debts run up by Congress and the states during the War of Independence, and at the reasons for the federal assumption of state debts – whether they were democratic or economic – and the reasons given by the Federalists as to why Congress had to resume payment of the public domestic and foreign debt.Less
Provides background accounts of political development in the USA from the American War of Independence to the Philadelphia Convention, and establish that, by 1787, Congress was marked by military weakness and financial insolvency. Here, an account is given of the efforts of Congress to implement the fiscal clauses of the US Constitution, which shows that the national government created by the Articles of Confederation experienced serious difficulties in its ability to raise money, and in the end failed to raise sufficient money to meet its expenses. The focus of the chapter is on the means by which Congress raised money from the outbreak of the War of Independence up to the Philadelphia Convention, and also on how, one by one, these means were lost, so that by 1787 the insolvency of the national government was total. The first two parts of the chapter describe the attempts of Congress to raise money through fiat (printed) money, loans, and taxes, with the author contending that the Federalists accepted existing restrictions to taxation and formed a tax system that would be able to generate sufficient income for the national government without putting undue pressure on the American people. The last section of the chapter looks at the problem of the public debts run up by Congress and the states during the War of Independence, and at the reasons for the federal assumption of state debts – whether they were democratic or economic – and the reasons given by the Federalists as to why Congress had to resume payment of the public domestic and foreign debt.
Edward C. Luck
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199261437
- eISBN:
- 9780191599309
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199261431.003.0002
- Subject:
- Political Science, International Relations and Politics
Considers how domestic political processes affect American behaviour in and towards multilateral organizations. The author first discusses the nature of American exceptionalism and looks at the ways ...
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Considers how domestic political processes affect American behaviour in and towards multilateral organizations. The author first discusses the nature of American exceptionalism and looks at the ways in which what he describes as a deeply ingrained sense of American exceptionalism coupled with pragmatism affects the country's approach to multilateral institutions. An examination is then made of the ups and downs of US policies towards UN over the course of the 1990s, the contrasting politics of the 1994 decision to join the newly created World Trade Organization (WTO), and US financial withholdings in the 1990s and the steps taken towards partial payment of the resulting arrears in 1999–2000. Far more positive attitudes are noted towards the WTO than the UN, the latter being perceived as a riskier venue for the promotion of US interests. It is concluded that, while the US is generally reluctant to defer to multilateral processes, it cannot be accused of being hostile to all forms of multilateral organization: it is pragmatic and peacekeeping case‐specific in its choice of foreign policy tools.Less
Considers how domestic political processes affect American behaviour in and towards multilateral organizations. The author first discusses the nature of American exceptionalism and looks at the ways in which what he describes as a deeply ingrained sense of American exceptionalism coupled with pragmatism affects the country's approach to multilateral institutions. An examination is then made of the ups and downs of US policies towards UN over the course of the 1990s, the contrasting politics of the 1994 decision to join the newly created World Trade Organization (WTO), and US financial withholdings in the 1990s and the steps taken towards partial payment of the resulting arrears in 1999–2000. Far more positive attitudes are noted towards the WTO than the UN, the latter being perceived as a riskier venue for the promotion of US interests. It is concluded that, while the US is generally reluctant to defer to multilateral processes, it cannot be accused of being hostile to all forms of multilateral organization: it is pragmatic and peacekeeping case‐specific in its choice of foreign policy tools.
James Steven Rogers
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199856220
- eISBN:
- 9780199919574
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199856220.001.0001
- Subject:
- Law, Company and Commercial Law
When we make purchases [better word than ‘things?’], we need to use some system for making payment. Today we use checks, credit cards, debit cards, and various other electronic or semi-electronic ...
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When we make purchases [better word than ‘things?’], we need to use some system for making payment. Today we use checks, credit cards, debit cards, and various other electronic or semi-electronic payment systems. One would assume that the legal system has developed a sensible, coherent body of law to deal with payment system problems. One would be wrong. Modern American law of payment systems is, to be honest, a confused muddle. The basic problem is anachronism. The law of payment systems has not come to grips with the realities of the modern world. Rather, much of the law is still based on “negotiable instruments law”, a body of law that developed centuries ago when instruments issued by private parties circulated as a form of money. A great deal of the current law of checks and notes is the product of nothing more than an historical fluke, such as the odd details of the eighteenth century Stamp Acts. The law could be much simpler if it were written in light of the way that checks and notes are actually used today, rather than being based on concepts derived from the past. This book shows that there is no need for a statute governing promissory notes and that the law of checks would be far simpler if it treated checks simply as instructions to the financial system, akin to debit or credit cards. The book provides an indispensible guide for lawyers, judges, professors, and students who must find ways of dealing sensibly with this profoundly anachronistic body of law.Less
When we make purchases [better word than ‘things?’], we need to use some system for making payment. Today we use checks, credit cards, debit cards, and various other electronic or semi-electronic payment systems. One would assume that the legal system has developed a sensible, coherent body of law to deal with payment system problems. One would be wrong. Modern American law of payment systems is, to be honest, a confused muddle. The basic problem is anachronism. The law of payment systems has not come to grips with the realities of the modern world. Rather, much of the law is still based on “negotiable instruments law”, a body of law that developed centuries ago when instruments issued by private parties circulated as a form of money. A great deal of the current law of checks and notes is the product of nothing more than an historical fluke, such as the odd details of the eighteenth century Stamp Acts. The law could be much simpler if it were written in light of the way that checks and notes are actually used today, rather than being based on concepts derived from the past. This book shows that there is no need for a statute governing promissory notes and that the law of checks would be far simpler if it treated checks simply as instructions to the financial system, akin to debit or credit cards. The book provides an indispensible guide for lawyers, judges, professors, and students who must find ways of dealing sensibly with this profoundly anachronistic body of law.
László Valki
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199244096
- eISBN:
- 9780191600371
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019924409X.003.0011
- Subject:
- Political Science, Democratization
Describes the Western influence on the democratic consolidation in Hungary in the 1980s and the 90s, focusing primarily on problems and conflicts, yet pointing out the historically unprecedented task ...
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Describes the Western influence on the democratic consolidation in Hungary in the 1980s and the 90s, focusing primarily on problems and conflicts, yet pointing out the historically unprecedented task of successful democratic consolidation. The West provided the Hungarian political and economic elite with an attractive democratic pattern as early as the 1980s. The chapter shows that democratic consolidation has proceeded more easily in Hungary than in most East European countries. In 1989, the Hungarian political and economic elite was relatively well prepared to establish democratic political institutions and to introduce a market economy. New reforms introduced between the 1960s and 1989 contributed to the establishment of a ‘social compromise’ reached between the political leadership and the nation. The increasing deficit in Hungary's balance of payments in the 1980s as a result of the oil crises, meant that the country had to obtain Western loans and became increasingly dependent on Western political decision makers, who used this opportunity to apply the policy of conditionality.Less
Describes the Western influence on the democratic consolidation in Hungary in the 1980s and the 90s, focusing primarily on problems and conflicts, yet pointing out the historically unprecedented task of successful democratic consolidation. The West provided the Hungarian political and economic elite with an attractive democratic pattern as early as the 1980s. The chapter shows that democratic consolidation has proceeded more easily in Hungary than in most East European countries. In 1989, the Hungarian political and economic elite was relatively well prepared to establish democratic political institutions and to introduce a market economy. New reforms introduced between the 1960s and 1989 contributed to the establishment of a ‘social compromise’ reached between the political leadership and the nation. The increasing deficit in Hungary's balance of payments in the 1980s as a result of the oil crises, meant that the country had to obtain Western loans and became increasingly dependent on Western political decision makers, who used this opportunity to apply the policy of conditionality.
Jie W Weiss and David J Weiss
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195322989
- eISBN:
- 9780199869206
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195322989.003.0011
- Subject:
- Psychology, Cognitive Psychology
This chapter states the problem of internally contradictory or ambiguous instructions; shows how the specification of costs, payoffs, and exchange rates solves it; and discusses necessary properties ...
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This chapter states the problem of internally contradictory or ambiguous instructions; shows how the specification of costs, payoffs, and exchange rates solves it; and discusses necessary properties of adequate solutions. It argues that unless self-instruction or response to internally contradictory instructions is the problem to be studied, experiments should be designed so that each subject has enough information to resolve ambiguities about how to evaluate the consequences of his own behavior which are inherent in conflicting value dimensions. That means that the subject should have the information about costs and payoffs necessary to evaluate each course of action relative to all others available to him; in other words, if the subject were to be told the probabilities of each possible outcome of each course of action available to him, he should have enough information so that he could then identify unambiguously an optimal strategy (optimal in the sense of maximizing expected value of the final value measure). When an experiment necessarily involves conflicting value dimensions, the conflict can be resolved by specifying exchange rates among the value dimensions which reduce them to a single final value measure.Less
This chapter states the problem of internally contradictory or ambiguous instructions; shows how the specification of costs, payoffs, and exchange rates solves it; and discusses necessary properties of adequate solutions. It argues that unless self-instruction or response to internally contradictory instructions is the problem to be studied, experiments should be designed so that each subject has enough information to resolve ambiguities about how to evaluate the consequences of his own behavior which are inherent in conflicting value dimensions. That means that the subject should have the information about costs and payoffs necessary to evaluate each course of action relative to all others available to him; in other words, if the subject were to be told the probabilities of each possible outcome of each course of action available to him, he should have enough information so that he could then identify unambiguously an optimal strategy (optimal in the sense of maximizing expected value of the final value measure). When an experiment necessarily involves conflicting value dimensions, the conflict can be resolved by specifying exchange rates among the value dimensions which reduce them to a single final value measure.
Scott Barrett
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780199286096
- eISBN:
- 9780191602832
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199286094.003.0013
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter considers the role that compensating payments can play in promoting international cooperation. The theory developed here explains that such payments cannot increase cooperation when ...
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This chapter considers the role that compensating payments can play in promoting international cooperation. The theory developed here explains that such payments cannot increase cooperation when countries are alike, but that they can have a huge effect when countries are very different. Side payments can therefore only really help when the conditions allow them to play this role. The theory is again applied to the Montreal Protocol.Less
This chapter considers the role that compensating payments can play in promoting international cooperation. The theory developed here explains that such payments cannot increase cooperation when countries are alike, but that they can have a huge effect when countries are very different. Side payments can therefore only really help when the conditions allow them to play this role. The theory is again applied to the Montreal Protocol.
Viviana A. Zelizer
- Published in print:
- 2010
- Published Online:
- October 2017
- ISBN:
- 9780691139364
- eISBN:
- 9781400836253
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691139364.003.0008
- Subject:
- Sociology, Economic Sociology
This chapter extends the analysis of earmarking by emphasizing the distinctions between three categories of monetary payments: gifts, entitlements, and compensation. It documents two points that ...
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This chapter extends the analysis of earmarking by emphasizing the distinctions between three categories of monetary payments: gifts, entitlements, and compensation. It documents two points that matter significantly for this book's general themes. First, payers and recipients attach great importance to both the form and meaning of the payment and even grow indignant if confusion among types of payment arises. Second, a reciprocal relationship exists between the form of payment and the relationship at hand: the treatment of a payment as compensation already defines the relationship as different from one where a gift is appropriate, and different relations demand different forms of payment.Less
This chapter extends the analysis of earmarking by emphasizing the distinctions between three categories of monetary payments: gifts, entitlements, and compensation. It documents two points that matter significantly for this book's general themes. First, payers and recipients attach great importance to both the form and meaning of the payment and even grow indignant if confusion among types of payment arises. Second, a reciprocal relationship exists between the form of payment and the relationship at hand: the treatment of a payment as compensation already defines the relationship as different from one where a gift is appropriate, and different relations demand different forms of payment.
Robert D. Cooter and Ariel Porat
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151595
- eISBN:
- 9781400850396
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151595.003.0009
- Subject:
- Law, Comparative Law
This chapter proposes a novel mechanism to solve the promisee's incentive problem: decreasing liability contracts. Compared to constant liability, a decreasing liability contract typically improves ...
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This chapter proposes a novel mechanism to solve the promisee's incentive problem: decreasing liability contracts. Compared to constant liability, a decreasing liability contract typically improves incentives for two reasons. First, in many circumstances, the promisor will breach or perform depending on which is cheaper. Second, the promisee can often increase the probability of performance or lower its costs by assisting promisor. When performance occurs in phases and promisor needs promisee's assistance, a decreasing liability contract usually increases the contract's value relative to a constant liability contract. The assistance interest refers to the promisor's interest in securing assistance from the promisee. The chapter first describes the basic model of phased contracts with promisee's assistance before discussing surprises, along with progress payment contracts and timing of payments. It also explains how renegotiations affect decreasing liability contracts and how to identify contracts in which efficiency requires decreasing liability.Less
This chapter proposes a novel mechanism to solve the promisee's incentive problem: decreasing liability contracts. Compared to constant liability, a decreasing liability contract typically improves incentives for two reasons. First, in many circumstances, the promisor will breach or perform depending on which is cheaper. Second, the promisee can often increase the probability of performance or lower its costs by assisting promisor. When performance occurs in phases and promisor needs promisee's assistance, a decreasing liability contract usually increases the contract's value relative to a constant liability contract. The assistance interest refers to the promisor's interest in securing assistance from the promisee. The chapter first describes the basic model of phased contracts with promisee's assistance before discussing surprises, along with progress payment contracts and timing of payments. It also explains how renegotiations affect decreasing liability contracts and how to identify contracts in which efficiency requires decreasing liability.
Douglas Wass
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534746
- eISBN:
- 9780191715884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534746.003.0002
- Subject:
- Economics and Finance, Economic History
This chapter looks at the origins of the inflation which struck the developed world in the early 1970s, and the huge balance of payments imbalances which followed the explosion of oil prices in 1973. ...
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This chapter looks at the origins of the inflation which struck the developed world in the early 1970s, and the huge balance of payments imbalances which followed the explosion of oil prices in 1973. It describes what the internationally prescribed responses were and recounts how the policy followed by the Heath Government came to be defeated by the reactions of organised labour. It goes on to describe what the policies of the incoming Labour Government were in March 1974 and how they contributed to a compounding of the economic problems. It scrutinizes what the Treasury advice to ministers was to restore balance to the economy — controlling public expenditure, financing the balance of payments, and achieving equilibrium in the trade balance. It argues that although some progress was made in all these areas the problem of inflation was not addressed and the Government continued to pin its faith on the Social Contract it had concluded with the TUC.Less
This chapter looks at the origins of the inflation which struck the developed world in the early 1970s, and the huge balance of payments imbalances which followed the explosion of oil prices in 1973. It describes what the internationally prescribed responses were and recounts how the policy followed by the Heath Government came to be defeated by the reactions of organised labour. It goes on to describe what the policies of the incoming Labour Government were in March 1974 and how they contributed to a compounding of the economic problems. It scrutinizes what the Treasury advice to ministers was to restore balance to the economy — controlling public expenditure, financing the balance of payments, and achieving equilibrium in the trade balance. It argues that although some progress was made in all these areas the problem of inflation was not addressed and the Government continued to pin its faith on the Social Contract it had concluded with the TUC.
Carsten Daugbjerg and Alan Swinbank
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199557752
- eISBN:
- 9780191721922
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199557752.003.0006
- Subject:
- Political Science, Comparative Politics
Chapter 6 moves from the global to the EU level to analyse the way in which the ideational shift of the global farm trade regime has influenced the development of EU agricultural policy institutions ...
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Chapter 6 moves from the global to the EU level to analyse the way in which the ideational shift of the global farm trade regime has influenced the development of EU agricultural policy institutions and the CAP. It demonstrates that the changed global context, emerging in the early 1990s, increasingly influenced CAP decision-making institutions that, in turn, affected the design of agricultural support measures. The MacSharry reform of 1992 changed the architecture of the CAP, switching from market price support to direct payments; and the Fischler reforms of 2003/04 resulted in a further decoupling of farm support.Less
Chapter 6 moves from the global to the EU level to analyse the way in which the ideational shift of the global farm trade regime has influenced the development of EU agricultural policy institutions and the CAP. It demonstrates that the changed global context, emerging in the early 1990s, increasingly influenced CAP decision-making institutions that, in turn, affected the design of agricultural support measures. The MacSharry reform of 1992 changed the architecture of the CAP, switching from market price support to direct payments; and the Fischler reforms of 2003/04 resulted in a further decoupling of farm support.
ANDREW GLYN
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780199226795
- eISBN:
- 9780191710544
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199226795.003.0004
- Subject:
- Economics and Finance, Economic Systems
This chapter examines the changing economic fortunes of the USA, currently restored to its position of pre-eminence amongst the rich countries. It then considers the challenge posed to the economies ...
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This chapter examines the changing economic fortunes of the USA, currently restored to its position of pre-eminence amongst the rich countries. It then considers the challenge posed to the economies of the most developed economies by the spectacular rise of China. Finally, the broader issues of international economic integration are analysed.Less
This chapter examines the changing economic fortunes of the USA, currently restored to its position of pre-eminence amongst the rich countries. It then considers the challenge posed to the economies of the most developed economies by the spectacular rise of China. Finally, the broader issues of international economic integration are analysed.
Barry Eichengreen
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780195101133
- eISBN:
- 9780199869626
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195101138.003.0007
- Subject:
- Economics and Finance, Economic History
This is the first of three chapters that consider the operation of the reconstructed gold standard system following World War I; it documents the decline in its credibility and in international ...
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This is the first of three chapters that consider the operation of the reconstructed gold standard system following World War I; it documents the decline in its credibility and in international cooperation over it, in comparison with the prewar era. Britain joined the USA on the gold standard in April 1925, and by the end of that year, nearly three dozen countries had effectively restored convertibility; the French franc was stabilized de facto in 1926, the Italian lira in 1927, and by the beginning of 1928, the reconstruction of the gold standard system was essentially complete. However, from the outset, it was apparent that the new gold standard was not having the beneficial effects so widely envisaged; the most glaring problem was its failure to maintain price stability, and the adjustment mechanism did not succeed in swiftly eliminating balance‐of‐payments surpluses and deficits. The obvious solution was international cooperation, but the requisite level was not forthcoming. The different sections of the chapter look at the form of the reconstructed system, problems of its operation – liquidity and adjustment, the role of international cooperation, monetary policy in 1927, 1928–1929, and impediments to cooperation.Less
This is the first of three chapters that consider the operation of the reconstructed gold standard system following World War I; it documents the decline in its credibility and in international cooperation over it, in comparison with the prewar era. Britain joined the USA on the gold standard in April 1925, and by the end of that year, nearly three dozen countries had effectively restored convertibility; the French franc was stabilized de facto in 1926, the Italian lira in 1927, and by the beginning of 1928, the reconstruction of the gold standard system was essentially complete. However, from the outset, it was apparent that the new gold standard was not having the beneficial effects so widely envisaged; the most glaring problem was its failure to maintain price stability, and the adjustment mechanism did not succeed in swiftly eliminating balance‐of‐payments surpluses and deficits. The obvious solution was international cooperation, but the requisite level was not forthcoming. The different sections of the chapter look at the form of the reconstructed system, problems of its operation – liquidity and adjustment, the role of international cooperation, monetary policy in 1927, 1928–1929, and impediments to cooperation.
Einer Elhauge
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195390131
- eISBN:
- 9780199775934
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195390131.003.001
- Subject:
- Law, Medical Law
This chapter summarizes all the other chapters and links them to a general theory of team production in health care. It defines what fragmentation means, the four levels at which it operates, and ...
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This chapter summarizes all the other chapters and links them to a general theory of team production in health care. It defines what fragmentation means, the four levels at which it operates, and shows that it worsens health outcomes and costs. It explains why economic theories of firms and team production confirm the conclusion that there is excessive fragmentation in U.S. health care. The chapter explores various causes of fragmentation, concluding that the underlying causes are legal. Finally, the chapter recommends certain reforms that grow directly out of the analysis, including lifting manifold legal obstacles to integrated care, subsidizing preventive care and the creation of a common system of medical records, and paying health care organizations either by the amount of medical benefit they produce or by the number of enrollees they attract, with adjustments for the relevant health risks.Less
This chapter summarizes all the other chapters and links them to a general theory of team production in health care. It defines what fragmentation means, the four levels at which it operates, and shows that it worsens health outcomes and costs. It explains why economic theories of firms and team production confirm the conclusion that there is excessive fragmentation in U.S. health care. The chapter explores various causes of fragmentation, concluding that the underlying causes are legal. Finally, the chapter recommends certain reforms that grow directly out of the analysis, including lifting manifold legal obstacles to integrated care, subsidizing preventive care and the creation of a common system of medical records, and paying health care organizations either by the amount of medical benefit they produce or by the number of enrollees they attract, with adjustments for the relevant health risks.
David A. Hyman
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195390131
- eISBN:
- 9780199775934
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195390131.003.002
- Subject:
- Law, Medical Law
The way in which health care providers are paid is an important cause of delivery-side fragmentation. The current encounter-based, primarily fee-for-service payment system has a distinct tendency to ...
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The way in which health care providers are paid is an important cause of delivery-side fragmentation. The current encounter-based, primarily fee-for-service payment system has a distinct tendency to reward unbundling and inefficiency. Even under the best of circumstances, the current payment system does not create systematic incentives to deliver efficient high quality care. This chapter argues that reform of the payment system should be high on the list of priorities if we want to address health care fragmentation. Yet, attempts to reform the payment system will create numerous opportunities for those who profit from the status quo to engage in symbolic blackmail. Furthermore, it remains to be seen how much fragmentation consumers actually want; the preferences of reformers may well differ from that of consumers. Aspiring reformers should be aware of these risks and frame their efforts accordingly.Less
The way in which health care providers are paid is an important cause of delivery-side fragmentation. The current encounter-based, primarily fee-for-service payment system has a distinct tendency to reward unbundling and inefficiency. Even under the best of circumstances, the current payment system does not create systematic incentives to deliver efficient high quality care. This chapter argues that reform of the payment system should be high on the list of priorities if we want to address health care fragmentation. Yet, attempts to reform the payment system will create numerous opportunities for those who profit from the status quo to engage in symbolic blackmail. Furthermore, it remains to be seen how much fragmentation consumers actually want; the preferences of reformers may well differ from that of consumers. Aspiring reformers should be aware of these risks and frame their efforts accordingly.
Jill Quadagno
- Published in print:
- 2006
- Published Online:
- May 2012
- ISBN:
- 9780195160390
- eISBN:
- 9780199944026
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195160390.003.0006
- Subject:
- Sociology, Race and Ethnicity
This chapter examines the 10-year struggle of federal officials to introduce the measures of cost containment, discussing the effect this struggle had on the hope of national health insurance and ...
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This chapter examines the 10-year struggle of federal officials to introduce the measures of cost containment, discussing the effect this struggle had on the hope of national health insurance and looking at the revival of national health insurance, which began in 1968. Next, it looks at Jimmy Carter's role in the hospital industry, noting that Carter initially ignored health care during the first months of his presidential campaign, and then studies the “staging” of universal coverage and introduces the prospective payment system.Less
This chapter examines the 10-year struggle of federal officials to introduce the measures of cost containment, discussing the effect this struggle had on the hope of national health insurance and looking at the revival of national health insurance, which began in 1968. Next, it looks at Jimmy Carter's role in the hospital industry, noting that Carter initially ignored health care during the first months of his presidential campaign, and then studies the “staging” of universal coverage and introduces the prospective payment system.
