The Danger of Global Austerity

The United States accuses China of subsidizing its entire export economy through artificially undervaluing its currency. China accuses the United States of fiscal profligacy while flooding the world with easy credit to keep its economy afloat. This dispute reflects the reality that the world's two largest economies are built on opposite dynamics of production and savings vs. consumerism and debt. In Europe, the wages of unsustainable debt that financed the welfare state have also come due. Rebalancing the global economy in this context is not only a matter of fixing exchange or interest rates and extending the retirement age. It must also involve a recalibration of democracy in both East and West. Two Nobel economists, the Greek prime minister, a ranking Chinese economist and the former chief economist of the IMF address these issues.     

Risk and Financial Armageddon in Ireland: The Politics of the Galway Tent

This article examines Ireland's financial crisis. Thus far explanation has focused on individual or collective administrative failure: the office(r) of financial regulation singularly failed to scrutinise the banks sufficiently: it was a matter of poor risk management. While this article would agree that the (mis)management of risk was important to how the crisis unfolded, I argue that an explanation of why the crisis emerged demands an altogether different focus. Put simply, after financial regulatory reform, a reconfiguration of risk in politics took place as the locus of decision‐making about financial risk shifted from the realm of the political/legal (Cabinet/Central Bank/Department of Finance) to the economic/legal (retail banks, shareholders/consumers). It was a critical development, one that mirrored events taking place in the UK, upon which Ireland drew experience, for now assessments about risk undertaken by the banks demanded that intervention could be justified only on an ascertainable risk, not a theoretical uncertainty (or spurious fear). The evidentiary bar for intervention was therefore raised, removing the precautionary instinct implicit in the prudential governance of Central Banks.     

STRESS IN PRISON STAFF: AN OCCUPATIONAL STUDY*

A survey was conducted into the sources of occupational stress and their effects on levels of health for a group of New Zealand prison staff: Staff were categorized into three groups: Prison Officers. Ranking Prison Officers, and Instructors In addition, a control group of noncommissioned Army personnel was used as a comparison sample. Subjects were administered a job-specific “sources of stress” questionnaire, a life events measure, a personality measure (the Neuroticism Scale Questionnaire), and three health measures-the General Health Questionnaire, a medical visit checklist, and a psychosomatic symptom checklist. Factor analysis of the stress questionnaire revealed six job-specific sources of stress factors These were identified as staff relationships, task pressures, relationships with inmates, promotion, the work environment, and the impact on family life of living in a prison village. Results showed that the levels of stress experienced by staff varied across the three groups. In addition, on the three health measures all staff groups were found to score significantly higher than the control group. Further analysis showed that the variables isolated could be related to a general model of stress.     

The redistribution of regulatory powers between governments and international organisations: the case of European airline deregulation

Abstract. This paper looks at the issues raised when deregulation is also accompanied with redistribution of the residual regulatory powers between governments and international organisations by focusing on the experience of deregulation of the airline industry in the European Community. The paper starts by applying a model of the political market for protection to the specific circumstances of the European airline industry in an effort to clarify the difficulties raised when redistribution of regulatory powers between different levels of government takes place. The findings of this analysis are then used to elucidate the European experience and in particular to explain the gap between the original proposals of the Commission and the final compromises worked out in the Council of Ministers.     

INTRODUCTION: DETERMINANTS OF PERFORMANCE IN PUBLIC ORGANIZATIONS

The performance of public organizations is one of the key topics in public administration research and practice. This topic was examined at the 'The Determinants of Performance in Public Organizations II' conference held at the University of Hong Kong in December 2006. The conference was held in association with the Public Management Research Association . In the present symposium we introduce four of the articles presented at conference. The articles explore: network performance (Kenis and Provan), goal ambiguity (Lee et al .), environmental shocks (Meier and O'Toole), and diversity (Pitts and Jarry). Alongside this we spotlight the importance of this field and introduce three research themes—contingency theory, measurement and data, and analysis.