Financial Regulation in the United States: Lessons from History

History is institutional memory writ large. One looks at economic history to see what problems recur, what causes them to recur, what solutions have worked best in the past, and which interventions have made the problems worse. The authors argue that a moderately complex interaction between the workings of the financial sector, the way in which the political system is organized, and the administration of regulation makes perfect regulation of the financial sector extremely unlikely. Many of these problems arise as a result of conflicting incentives for those participating in and regulating the financial field. The authors find that some proposed solutions have improved matters but have costs, and that some proposed solutions have actually worsened problems in the financial sector.

Peoples and governments never have learned anything from history, or acted on principles deduced from it.
— Georg Wilhelm Friedrich Hegel, 1837

     

Peer Influence and Context: The Interdependence of Friendship Groups,Schoolmates and Network Density in Predicting Substance Use

This article focuses on the degree to which friends’ influence on substance use is conditioned by the consistency between their behavior and that of schoolmates (individuals enrolled in the same school, but not identified as friends), contributing to the literature on the complexity of interactive social influences during adolescence. Specifically, it hypothesizes that friends’ influence will diminish as their norms become less similar to that of schoolmates. The authors also propose that this conditioning relationship is related to the density of the friendship group. This study uses data from the National Longitudinal Survey of Adolescent Health (AddHealth) (n ~ 8,000, 55 % female) to examine the interactive relationship between friend and schoolmate influences on adolescent substance use (smoking and drinking). The sample contains students ranging from age 11 to 22 and is 60 % White. The findings demonstrate that, as the substance use of the friendship group becomes more dissimilar from schoolmates’ substance use, the friendship group’s influence on adolescent substance use diminishes. Further, the results demonstrate that this conditioning relationship does not emerge when the friendship group is highly dense.     

Leading and recognizing public value

This article examines the relationship between leadership and public value, which is particularly challenging in a context of explicit contest and conflict. The theoretical framework is illustrated through a case study of policing rural crime. The study reveals that the police worked with multiple and competing publics rather than a single homogeneous public, and that part of their leadership role was to create and convene a public space in which different voices and divergent views could be expressed. The study notes that research needs to pay attention to the loss and displacement of public value, not solely its creation and recognition. The need to convene multiple publics required the police to lead, as part of a leadership constellation, and with political astuteness. The findings have wider relevance for other public services, and for studies of leadership and public value at the intersection between the state and civil society.     

Leadership for public value: Political astuteness as a conceptual link

Both leadership and public value are increasingly seen as concepts highly relevant to public administration, not only because of complex societal challenges but also as ways to address pluralistic interests in society. This article explores in detail the varied conceptualizations of public value and of public leadership. Furthermore, we argue that political astuteness provides an important conceptual linkage between leadership and public value, enabling actors to read, understand and foster coalitions around diverse and sometimes competing interests. In this introduction to the symposium, we analyse the different conceptualizations of public value, of leadership, and also show how the six articles explicitly or implicitly draw on the linking concept of political astuteness. The article assesses how the six articles of the symposium contribute to each of these three concepts.     

A Concurrent Analysis of Three Institutions that Transform Health Technology‐Based Ventures: Economic Policy,Capital Investment,and Market Approval

Drawing on institutional theory, this article articulates qualitative insights from a program of research on Canadian health technology‐based ventures to examine the rules that characterize economic policy, capital investment, and regulatory approval as well as the way these institutions enable and constrain the development of ventures at an early stage. Our findings clarify how economic policy integrates these ventures into the entrepreneurial domain, how capital investment configures them for economic value extraction, and how regulatory approval fully releases their market value. These findings help to revisit current policy modernization initiatives by calling attention to the convergence among the three institutions. Rather than operating solely as a source of constraints, these institutions provide a highly integrated market‐oriented space for health technology‐based entrepreneurial activities to unfold.     

Fascism as Action through Time (Or How It Can Happen Here)

The purpose of this paper is to discuss how fascism may be identified by its actions, the stages through which a fascist rule takes power, and how to recognize it before it does so. The thesis is that a fascist takeover of a democratic government is rapid and unexpected. Its goal is a revolutionary reversal of representative government in the name of the people, while it accomplishes the opposite: a single-party corporate regime that replaces individual liberty with subtle, bureaucratic, and overt types of coercion. Rather than generate a generic definition of the many types of fascism, it is more useful to study how it affects the lives of ordinary people, the milieu out of which it develops, and what its precursors look like. Understanding fascism entails studying it from the point of view of those who lived under it and recorded their experiences, as well as from the analytic perspectives of social scientists. As Robert O. Paxton observes: “The fascist phenomenon was poorly understood at the beginning in part because it was unexpected.”¹Robert O. Paxton, “The Five Stages of Fascism,” in Fascism: Critical Concepts in Political Science, edited by Roger Griffin, vol. I (2004), Chapter 14, 305–26.View all notes We are facing the question again in 2017 with the surprise election of Donald Trump as the forty-fifth president of the United States by a minority of the popular vote and the evident support of the white nationalist milieu. Paxton proposes a five-stage theory for understanding fascism in its many varieties. A developmental sequence is proposed against which current events in the United States may be assessed.     

Cumulative Family Risk Predicts Increases in Adjustment Difficulties across Early Adolescence

Family is an important socialization context for youth as they move through early adolescence. A significant feature of this complex socialization context is the accumulation of potential family risk factors that may compromise youth adjustment. This study examined cumulative family risk and adolescents’ adjustment difficulties in 416 two-parent families using four waves of annual longitudinal data (51 % female youth). Risk factors in four family domains were examined: socioeconomic, parents’ psychological realm, marital, and parenting. Cumulative family risk experienced while in 6th grade was associated concurrently with daughters’ higher internalizing problems and with increased internalizing problems during early adolescence. Cumulative family risk was associated concurrently with sons’ higher externalizing problems and with daughters’ increased externalizing problems over time. Cumulative family risk was associated concurrently with lower grades and with declining grades over time for both daughters and sons. The number of risk domains also was associated with youths’ adjustment difficulties during early adolescence, providing evidence that risk in two-parent families involves more than ineffective parenting. These findings suggest a critical need to provide strong support for families in reducing a variety of stressors across multiple family domains as their children traverse early adolescence.     

历史主义的解释学问题

在19世纪,除了浪漫主义的解释学外,还有历史主义的解释学。它们之间的一个重要的联结点是解释学循环。除此之外,二者的密切关系在其师承和道统方面。布克、德罗伊森和狄尔泰三人的思想代表了西方19世纪下半叶解释学的一个重要的特点,那就是突出与人文科学的联系,这是以历史意识的逐步确立为中介的,但是他们,尤其是德罗伊森和狄尔泰最终都没能摆脱历史的局限。     

The international diffusion of electoral systems: The spread of mechanisms tempering proportional representation across Europe

There is an assumption in much of the electoral engineering literature that domestic episodes of electoral system choice occur in a vacuum, isolated from international influences. Yet this assumption remains largely untested, despite the comparative focus of much of that literature. This article focuses on part of this gap by considering two electoral mechanisms that seek to limit party system fragmentation under proportional representation – low district magnitudes and high electoral thresholds – and shows that the mechanisms have spread across many European countries during the post‐1945 period. Analyses reveal that national legislators are more likely to adopt one of these electoral mechanisms when a large number of peer countries have made similar choices within the last two or three years. This effect is robust to various model specifications and to the inclusion of multiple controls. The article also offers some qualitative evidence from case studies and parliamentary debates.     

Reconfiguration du réseau de la Patrick sabourté et et des services sociaux au Québec: la place des regroupements intéretablissements

Sommaire: Depuis le début des années 1990, le système de santé québécois, comme celui des autres provinces, subit de profonds changements. lis se concrétisent sous la forme d'une reconfiguration majeure du système lui-meme, des services qu'il dispense et des structures qui le composent. L'article s'interesse a ce dernier aspect, plus particulierement sous l' angle des regroupements interétablissements. II appert que la Loi sur les services de santé et les services sociaux (1991, chap. 42) a bouleversé la configuration structurelle du réseau en forcant l'unification horizontale de plusieurs types d'établissements, tels les centres d'hébergement de soins de longue durée et les centres de réadaptation. Plus récemment, la décentralisation fonctionnelle accrue au profit des régies régionales de la santé et des services sociaux (rrsss), jumelée à l'annonce de compressions budgétaires sans précédent, a donné un second souffle à cette reconfiguration de structures. Une enquete a été menée a l'hiver 1995. Elle révèle qu'à ce moment, en plus des regroupements deja prévus dans la loi, un peu plus de 110 établissements socio-sanitaires, dont 60 centres hospitaliers, étaient également impliqués dans divers projets de regroupements allant de l'entente de services a la fusion. Depuis le printemps 1995, certaines rrsss étudient l' option des intégrations ou des fusions verticales, qui impliquent des établissements de mission différente. Or, une revue de la littérature démontre que l' efficacité et l' efficience de ces options ne sont pas clairement démontrées dans le secteur des soins de santé et qu'il vaudrait mieux envisager des formes moins contraignantes (partenariats, ententes de services, etc.) permettant de s'apprivoiser avant de songer au mariage. Abstract: Since the early 1990s, the Quebec health-care system, as those in other provinces, has undergone major changes. These changes involved a major reconfiguration of the system itself - its services and its structures. This article describes this reconfiguration and focuses on one particular aspect: the integration of services. The Health and Social Services Act, 1991 (c. 42) created havoc in the configuration of the system by imposing horizontal integration of several types of services, such as those of long-term care facilities and rehabilitation centres. More recently, this growing delegation in favour of the Regional Health and Social Services Boards (rhssbs) together with the announcement of unprecedented budget cuts, has led to further restructuring. A survey carried out during the winter of 1995 showed that 120 health-care establishments, including 60 hospitals, were involved in inter-establishment relationship projects, ranging from service agreements to mergers. Since the spring of 1995, some rhssbs have been studying the option of integration or of vertical mergers, i.e., how to integrate facilities with different services. However, a review of the literature shows that the effectiveness and efficiency of these options has not yet been clearly proven in the health-care sector, and that it would be wiser to consider, as a first stage, less constraining relationships (e.g., partnerships, service agreements, etc.) as a way of testing compatibility before getting involved in permanent partnerships.