Employee buy-outs and privatization: Issues and implications for LDCs and post-communist countries of UK experience

Privatization has become an international phenomenon. Most attention has been devoted to privatization by stock market flotation or by sales to third parties. Management and employee buy-outs present a third main possibility for transferring assets from the public to the private sector. This paper discusses the scope for privatization buy-outs in LDCs and ‘post-communist’ economies in the light of conceptual issues and UK experience. The positive aspects of privatization by management and employee buy-outs concern: ownership incentives; the introduction of control mechanisms by institutional investors and various types of financing instruments; indigenous ownership, decentralized privatization; greater incentives in firms where specific skills are involved; the ability to improve trading relationships between a privatized supplier (the buy-out) and its former parent, which remains in the public sector where the supplier is heavily dependent on its former parent; and the general contribution of buy-outs to a redrawing of a state firm's spread of activities to create a more viable entity. The potential problems with buy-outs concern such issues as: absence of entrepreneurial skills; the scope of their applicability; the potentially restrictive effects of debt and debt-like finance; the need to deal with investment requirements of firms; the lack of personal wealth; the use of inside information by managers to purchase a firm at a price which is to the detriment of the public interest; and the possibility of social and political problems if individuals are perceived to enhance their personal wealth significantly as an accident of where they work. There are means by which many of these potential problems can be dealt with and the paper addresses these.     

THE PUBLIC ADMINISTRATION OF INTERNATIONAL SOVEREIGNTY

Abstract: Increasingly, the terms occupying centre stage on the policy agenda in many countries are global in reach. Thus they stretch the operational efficiency and suitability of the fabric of the sovereign state to its limits, and beyond. In particular the issue of global environmental change is demonstrating the need to break new ground in terms of institutions and instruments which provide vehicles for the creation and implementation of public policy "beyond the state". This paper explores the evolution of this situation during this century, and considers the institutional responses to the need for broader and broader geographical expressions of sovereignty.     

Book Reviews

Guy Edwards and J. Timmons Roberts, A Fragmented Continent: Latin America and the Global Politics of Climate Change. Cambridge: MIT Press, 2015. Table, figure, notes, bibliography, index, 274 pp.; hardcover $55, paperback $30, ebook $21. Owen Logan, John‐Andrew McNeish, and Axel Borchgrevink, eds., Contested Powers: The Politics of Energy and Development in Latin America. London: Zed Books, 2015. Tables, figures, bibliographies, index, 366 pp.; hardcover $95, paperback $28.95, ebook. Barbara Fritz and Lena Lavinas, eds., A Moment of Equality for Latin America? Challenges for Redistribution. Burlington: Ashgate, 2015. Tables, figures, bibliography, index, 284 pp.: hardcover $95.96, ebook. Mala Htun, Inclusion Without Representation in Latin America: Gender Quotas and Ethnic Reservations. New York: Cambridge University Press, 2016. Tables, figures, acronyms, appendixes, bibliography, index, 226 pp.; paperback $29.99. Koonings, Kees, and Dirk Kruijt, eds., Violence and Resilience in Latin American Cities. London: Zed Books, 2015. Figures, tables, 208 pp.; paperback $29.95, ebook. Miguel Carter, ed., Challenging Social Inequality: The Landless Rural Workers Movement and Agrarian Reform in Brazil. Durham: Duke University Press, 2015. Photographs, maps, tables, figures, abbreviations, bibliography, index, 544 pp.; hardcover $109.95, paperback $31.95. J. Patrice McSherry, Chilean New Song: The Political Power of Music, 1960s–1973. Philadelphia: Temple University Press. 2015. Notes, index, 229 pp.; hardcover $97.50, paperback $44.95, ebook $44.95. Bruce M. Bagley and Jonathan D. Rosen, eds., Colombia's Political Economy at the Outset of the Twenty‐First Century: From Uribe to Santos and Beyond. New York: Lexington Books, 2015. Figures, tables, notes, bibliography, index, 354 pp.; hardcover $100, ebook $99.99. Amy Reynolds, Free Trade and Faithful Globalization: Saving the Market. New York: Cambridge University Press, 2014. Tables, abbreviations, bibliography, index, 198 pp.; hardcover $93, ebook $72.     

Ecologies of blood in Johannesburg vampire fiction

This essay reads two contemporary Johannesburg vampire narratives, the film Eternity (2010) and the graphic novel Rebirth (2012), as part of a body of fiction that sees post-apartheid Johannesburg as a laboratory for new forms of life. While recent Johannesburg science fiction has imagined the emergence of new and more fluid forms of being in Johannesburg, the vampire narrative employs a far older and more restrictive type of monster. By virtue of its intimate relationship to blood – with its mythical overtones of racial and national essence – and its peculiarly blank and limited form of being, the vampire is a productive figure for imagining whiteness. In this essay, I examine how the Johannesburg vampire registers the mutations of whiteness in the post-apartheid context. Located in a contaminated and contaminating city of hidden capillaries and networks, vampiric blood runs across and perforates the traditional blood bonds of race, family, and nation. Indeed, dependent on a precarious and potentially diseased resource, the Johannesburg vampire is always on the cusp of dissolving the very whiteness it figures. I am interested in the way in which these vampire narratives alternately reinforce and interrogate what I call the politics of prolongation; that is, in the ways in which their horizontal and entangled “haemopoetics” attempt to displace the genealogical poetics of blood that have traditionally suffused the colonial enterprise and its literature.     

Racial Inequality,Ethnic Inequality,and the System Involvement of At-Risk Youth: Implications for the Racial Invariance and Latino Paradox Theses

Drawing from the inequality and crime, racial invariance, and Latino paradox literatures, the effects of inequality on youth reoffending are examined. Specifically, hierarchical logistic regression models are estimated to determine: (1) whether racial and ethnic inequality have similar contextual effects on the continued delinquent behavior of at-risk youth and (2) whether these effects are specific to black or Latino/a youth residing in Maricopa County, Arizona (N = 13,138). Findings suggest that racial inequality increases reoffending while ethnic inequality decreases reoffending. Additionally, Latino/a youth are less likely to reoffend in areas characterized by high income and racial inequality. Structural theories of crime should continue to account for the importance of culture and the resilient responses employed by Latinos/as living in criminogenic environments.     

“I could not have made it without them”: Examining Trainee Cohort Perspectives on MSW Education for Public Child Welfare

This article reports findings from an evaluation of an MSW child welfare training program focused on increasing retention of knowledgeable, competent and experienced child protective service workers. From qualitative data gathered as part of the process evaluation, we found the cohort effect to be the most salient factor participants experienced as contributing to their successful program completion and their 100% retention rate. Analysis of the cohort effect yielded five themes instrumental in participants' individual and collective success: mutual support, empowerment, belief in self and their finding of a home base which ultimately helped them to launch their professional selves.     

Relationships between Agency-Specific Contact,Victimization Type,and Trust and Confidence in the Police and Courts

While the extant research on trust and confidence in the criminal justice system is broad in scope, its individual studies are more limited, leaving much unknown about these relationships. Building on prior research, the current study investigates the relationships between prior contact, victimization, and seven measures of trust and confidence in the police and courts. This study responds to calls for the relationships between trust and confidence in the criminal justice system, race/ethnicity, prior contact, and victimization to be investigated within a single study. Although rare in prior research, outcomes of trust and confidence in local police and courts are individually investigated within the same sample simultaneously. As a first, the current study also separates prior contact by police, courts, community corrections, and institutional corrections and examines four types of victimization (direct violent, vicarious violent, direct non-violent, vicarious non-violent). The latter allows for an examination of potentially more nuanced relationships between victimization and trust and confidence in the police and in the courts.