Value Recapture: A Rose by Another Name

The fuel crisis, increased federal funding, and urban center development and redevelopment are all increasing the pressure for rapid transit systems in urban areas. As with other publicly funded developments, such systems often lead to an increase in value of privately owned land near transit stations. This is due to the enhanced commercial, industrial, and residential development potential created by superior access and concurrent generation of intense local activity. Such an increase in value is unearned-a windfall, in essence. Arguably, it should accrue, at least in part, to the public agency which incurred substantial expenditures in developing the public facility-the cause of the value increase in the first place. Such an accrual of value could be offset against the public cost of the improvement. This article deals with several proposed methods of such “value recapture”: “excess” or “supplemental” condemnation, tax assessment, intergovernmental cooperation and air rights development.     

Restitution or compensation: The open property question

German unification brought in train the principle of restitution, that property in the east should be restored to its former owners where that property had changed hands after 1945, or between 1933 and 1945, other than through ordinary commercial transaction or gift. This essentially backwards‐looking measure was bound to come into conflict with the need to promote investment in east Germany in the present and future, as well as to overcome the profound gulf which the years of division brought. The article examines property restitution in the general context of unification, and draws comparisons with revaluation legislation in the 1920s and the equalisation of burdens in the 1950s.     

The “Indo-Pacific”—New Regional Formulations and New Maritime Frameworks for US-India Strategic Convergence

This article argues three things. First, it argues that at the conceptual level there has been a strategic rediscovery of a maritime regional framework, the Indo-Pacific. Second, it argues that at the policy level there is a significant regional security convergence, a degree of strategic balancing, between India and the United States in this Indo-Pacific. Third, it argues that at the causal level there is a common maritime challenge from China faced by India in the Indian Ocean and by the United States in the Pacific Ocean, a common Indo-Pacific strategic challenge which is generating this significant US-India naval convergence. In order to deal with such matters, the article looks at the strategic discourse employed around the concept of the Indo-Pacific, and the related maritime assets deployed in the Indo-Pacific by the United States and India.     

The Tradition Industry: Hofstadter and Santayana on Politics,Culture and Capitalism

Richard Hofstadter’s provocative interpretation of what he called The American Political Tradition has long interested students and scholars. Often read as a response to the crisis times of the depression 1930s and interventionist 1940s, the book’s origins are actually rooted in deeper cultural changes in the United States. This paper argues that George Santayana’s earlier essay, “The Genteel Tradition in American Philosophy” (1911), anticipated several key aspects of Hofstadter’s argument and proved to more accurately foresee the ideological course of twentieth century American politics.     

Maintaining Perspective on the Economic Issues of Today

As the new administration takes office it is important to maintain some perspective on the economicchallenges facing the nation. The situation is far better today than when President Obama took office in2009 and 2013. Unemployment is close to pre-Great Recession levels, incomes are rising and poverty ratesfalling. We face economic challenges but the most important ones are not international trade or immigration.Sluggish economic growth, a fiscal crisis in our entitlement programs, high inequality in incomes andwealth, and climate change are what should demand our attention.