Hedge Funds, the Deutsche Börse Affair and Predatory Anglo-American Capitalism

Boardroom trouble at Deutsche Börse, the company that operates Germany's main stock market, has recently provoked an important debate about competing capitalist models. Werner Seifert, Deutsche Börse's ousted Chief Executive, was eager to portray himself as the innocent victim of aggressive Anglo-American investors who had bought into his company but failed to understand its traditional operating ethos. In this, he was ably supported by key figures within the ruling Social Democratic Party, who, in order to shore up the party's core support, had increasingly come to blame overseas hedge funds for the development of German corporate governance models which prioritised profits over jobs. I review the SPD's structural reading of the Deutsche Börse affair, whilst comparing it to an alternative interest-based reading. The latter allows me to focus more closely on the issue which, more than any other, led to Seifert's downfall: his refusal to bow to the expressed interests of his own shareholders by pressing ahead, against their wishes, with a hostile bid for the London Stock Exchange. Seifert's eventual removal foreclosed the possibility of an integrated London-Frankfurt stock market and, somewhat ironically given the SPD's response to the affair, as a consequence it also prevented the entry of London's highly capitalised institutional investors into the German market for corporate control. The actions of Deutsche Börse's overseas shareholders might still be seen as evidence of a predatory Anglo-American capitalism. However, their successful removal of Werner Seifert may well have been responsible for temporarily keeping other financial predators at bay.     

党务公开：发展党内民主的理论和制度创新

党的十六届四中全会《决定》首次明确提出逐步推进党务公开,这是党的执政理念的新突破和提高党的执政能力的新举措。党务公开是发展党内民主的内在要求,贯穿于党内民主建设的各个方面和环节。推进党务公开,进一步扩大了党员和群众对党内事务的知情权、参与权、选择权和监督权,成为新时期发展党内民主的理论和制度创新。     

The geography of pre-criminal space: epidemiological imaginations of radicalisation risk in the UK Prevent Strategy, 2007–2017

ABSTRACT

This article explores geographical and epistemological shifts in the deployment of the UK Prevent strategy, 2007–2017. Counter-radicalisation policies of the Labour governments (2006–2010) focused heavily upon resilience-building activities in residential communities. They borrowed from historical models of crime prevention and public health to imagine radicalisation risk as an epidemiological concern in areas showing a 2% or higher demography of Muslims. However, this racialised and localised imagination of pre-criminal space was replaced after the election of the Conservative-Liberal Democrat coalition in 2010. Residential communities were then de-emphasised as sites of risk, transmission and pre-criminal intervention. The Prevent Duty now deploys counter-radicalisation through national networks of education and health-care provision. Localised models of crime prevention (and their statistical, crime prevention epistemologies) have been de-emphasised in favour of big data inflected epistemologies of inductive, population-wide “safeguarding”. Through the biopolitical discourse of “safeguarding vulnerable adults”, the Prevent Duty has radically reconstituted the epidemiological imagination of pre-criminal space, imagining that all bodies are potentially vulnerable to infection by radicalisers and thus warrant surveillance.     

Experimentalism in transnational forest governance: Implementing European Union Forest Law Enforcement,Governance and Trade (FLEGT) Voluntary Partnership Agreements in Indonesia and Ghana

Over the past decade, the European Union (EU) has created a novel experimentalist architecture for transnational forest governance: the Forest Law Enforcement, Governance and Trade (FLEGT) initiative. This innovative architecture comprises extensive participation by civil society stakeholders in establishing and revising open‐ended framework goals (Voluntary Partnership Agreements [VPAs] with developing countries aimed at promoting sustainable forest governance and preventing illegal logging) and metrics for assessing progress toward them (legality standards and indicators) through monitoring and review of local implementation, underpinned by a penalty default mechanism to sanction non‐cooperation (the EU Timber Regulation that prohibits operators from placing illegally harvested wood on the European market). This paper analyzes the implementation of VPAs in Indonesia and Ghana, the two countries furthest advanced toward issuing FLEGT export licences. A central finding is the reciprocal relationship between the experimentalist architecture of the FLEGT initiative and transnational civil society activism, whereby the VPAs’ insistence on stakeholder participation, independent monitoring, and joint implementation review, underwritten by the EU, empowers domestic non‐governmental organizations with local knowledge to expose problems on the ground, hold public authorities accountable for addressing them, and contribute to developing provisional solutions.     

Governance and Regulation of the Peruvian University System: Overcoming Reform Resistance through Quality Assurance Policies

This article examines the new governance of the Peruvian university system, which evolved in response to market liberalisation and weak quality assurance mechanisms. New actors and commercial interests emerged, building their network of relationships within the political arena. With the passing of a new Universities Law in 2014, ambitious reforms were set in motion, designed to reverse the decline in the quality of higher education. This study examines these reforms, focusing on whether and how they are changing the governance and structure of the system. It also identifies some conceptual and design flaws, such as the weaknesses of the main steering body and the accreditation regime, as well as limitations on the independence of the regulatory agency.     

Signing up to devolution: the prevalence of contract over governance in English devolution policy

Initial analyses of the ‘devolution deals’ that form the cornerstone of current efforts to devolve power within England assess the policy against conventional governance criteria: accountability, transparency, and the quality of governance systems. In fact, English devolution policy has little connection with territorial governance. Instead, it closely resembles a contractual process, with central government determining the terms on which it will outsource specified programmes and projects to local governments, complete with requirements for ‘business readiness’, implementation plans, evaluation requirements, and future joint working. Accountability, governance and even geography take second place to the aim of improving central policy outcomes via a contract-style relationship. This perspective is styled ‘post-territorial devolution’: it accounts more effectively for the shape of the policy so far than traditional governance perspectives, which are often laced with normative positions.     

Balance Between Local Economic Development and Environmental Sustainability: A Multi-level Governance Perspective

This study seeks to explain why U.S. local governments utilize environmental sustainability to promote economic development. Economic development and environmental protection need not be competing objectives, but rather, environmental protection can enhance local economic competitiveness. Using data from the ICMA Economic Development Survey, this study tests an empirical model that includes state sustainability initiatives, participation in climate protection networks, and political attitudes toward economic development as predictors of local policy decisions. The findings reinforce a multi-level governance perspective on explaining the balance cities seek to achieve between environmental protection and economic growth.     

Trends and mechanisms of corruption in South Korea

Corruption remains one of the key obstacles to democratization and good governance. Given the nature of the subject, corruption is notoriously difficult to study. International comparisons and rankings of good governance such as the World Bank World Governance Indicators, the Bertelsmann Sustainable Governance Index, or Transparency International's Global Corruption Index are very useful for providing the big picture on corruption. To understand trends and mechanisms of corruption, however, it is necessary to conduct case studies on both successful and failed cases of anti-corruption policies. This paper investigates the successes and challenges of the fight against corruption in South Korea since the beginning of democratization in 1987. The investigation shows that Korea has generally been successful in controlling corruption. The paper argues that the remaining problems can be largely explained by the legacy of authoritarian rule and the undermining of state autonomy through the concentration of economic power.     

Governance and disorder: neoliberalism and violent change in Jamaica

Structural adjustment policies (SAPs) facilitate the hollowing out of the traditional roles performed by states. As a consequence, private entities (some perverse) offer services the state is incapable of or unwilling to provide. Beginning in the 1980s, SAPs plunged neighbourhoods in Latin America and the Caribbean into socioeconomic, and political disorder. This paper assesses the relationship between neoliberal reforms to the Jamaican state and the metamorphosis of violence since the mid-1980s. Neoliberalism transformed violence in Jamaica by increasing inter-gang conflicts, shootings and gang-related murders in Kingston’s garrisons. It also transformed political enforcers into community dons who use violence as a tool for business transactions in the international drug trade, and as a method of gaining local respect and authority.