Curbing Consumer Financial Losses: The Economics of Regulatory Enforcement

This article deals with the question of how a high level of compliance with consumer protection legislation designed to prevent financial losses can be secured. We use a theoretical framework based on economic analysis of law to address some of the key policy options, such as proactive and reactive monitoring, providing officials with postdetection enforcement discretion, administrative, civil, and criminal sanctions, and facilitating actions by victims and third parties. On the basis of our theoretical framework and a classification of jurisdictions into different groups (models of enforcement policy), we identify some key elements of an enforcement regime and indicate in what circumstances a particular solution can be expected to be more or less cost effective.     

The Rise and Fall of New Labour

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

BEHAVIOR GENETICS AND ANOMIE/STRAIN THEORY

Criminology is in need of conceptual revival, and behavior genetics can provide the concepts and research design to accomplish this. Behavior genetics is a biologically-friendly environmental discipline that often tells us more about environmental effects on individual traits than about genetic effects. Anomie/strain theory is used to illustrate the usefulness of behavior genetics to criminological theories. Behavior genetics examines the individual differences that sort people into different modes of adaptation and that lead them to cope constructively or destructively with strain. Behavior genetics and other biosocial perspectives have the potential to help illuminate Agnew's (1997) extension of General Strain Theory (GST) into the developmental realm.     

FEAR OF CRIME AND VICTIMIZATION AMONG THE ELDERLY IN DIFFERENT TYPES OF COMMUNITIES*

The central issue examined here is the effect that community setting, relative to other factors, has on victimization and fear of crime among the elderly. Findings are from 1,410 in-home interviews in two retirement communities (age homogeneous) and two age-heterogeneous communities. Victimization of elderly is low in all communities, and although nearly half of the respondents have some fear of crime, the percentage reporting great fear of crime is low. Victimization and fear of crime are only weakly related to one another, and the regression model for each does not account for much variance. But both are significantly related to the type of community, and fear of crime is also related to other variables. The greater the age density of the community (greater concentration of elderly), the less crime and less fear of crime. Living arrangements, sociodemographic variables, and health status of the elderly as indicators of personal vulnerability to crime are not related to victimization, but are related to fear of crime, and effects of community setting on fear of crime are reduced when these other variables are taken into account. Suggestions for other, unmeasured, sources of variations and implications for future research are presented.     

EDUCATION,EDUCATION, EDUCATION: THE THIRD WAY AND PFI

In 1997, New Labour set about the task of reforming public services in the United Kingdom through the use of an ideology that became known as the ‘Third Way’. This research examines the context from which this concept emerged, and explores its relationship with the tools of delivery, with particular reference to the Private Finance Initiative (PFI). The paper begins by reviewing the Third Way, before analysing the arguments for and against PFI. Using an example from the Northern Ireland education sector, the paper argues that the characteristics associated with the Third Way are mirrored in the operational tools of public service delivery, such as PFI. The paper concludes that, within the context of the case study reviewed, there is a ‘consistent pragmatism’ in play in relation to how these delivery initiatives are operated and how they relate to their conceptual underpinnings.