Moving the Goalposts: Financial Market Regulation in Hong Kong and the Crash of October 1987

The article examines the operation of the Hong Kong stock and futures exchanges during the crash of October 1987 and in particular the controversial decision to close the exchanges. It argues that the closure decision exposes a serious conflict of interest and abuse of power on the part of the major decision makers and fundamental flaws in Hong Kong's self-regulatory system. Moreover, these events raise broader questions about the strengths and weaknesses of different regulatory regimes and about the value of different theoretical explanations of regulatory behavior. In particular, it is argued that the most influential theory concerning the regulation of financial markets—that of certain Chicago School economists—raises as many questions as it answers, and that an alternative view which locates cultural and organizational factors at its core provides a more satisfactory explanation of the events of October 1987.     

Reviews

Leslie Holmes, Post‐Communism: An Introduction. Cambridge: Polity Press, 1997, xiv + 384 pp., £14.95.

Stephen White, Richard Rose & Ian McAllister, How Russia Votes. Chatham, NJ: Chatham House Publishers, 1997, xx + 332 pp., £14.95.

Matthew Wyman, Public Opinion in Postcommunist Russia. London: Macmillan, 1997, xiv + 269 pp., £15.99.

David Kotz with Fred Weir, Revolution from Above: The Demise of the Soviet System. London: Routledge, 1997, xiv + 302 pp., £16.99.

F. Barry (ed.), Douze Etats indépendants issus de l'ex‐URSS, special issue of Le Courrier des Pays de l'Est. Paris: La Documentation Francaise, March‐April 1995, 225 pp., abstracts in English.

Jeffrey Kopstein, The Politics of Economic Decline in East Germany, 1945–1989. Chapel Hill: University of North Carolina Press, 1997, xii + 246 pp., $39.95.

David Childs & Richard Popplewell, The Stasi: The East German Intelligence and Security Service. London: Macmillan, 1996, xii + 253 pp., £40.00.

Eric Solsten (ed.), Germany. A Country Study. Washington, DC: Library of Congress, 1996, xlix + 642 pp.

Valery Tishkov, Ethnicity, Nationalism and Conflict in and after the Soviet Union: The Mind Aflame. London: Sage, 1997, xv + 334 pp., £14.95.

Aleksandar Pavkovi?, The Fragmentation of Yugoslavia. Nationalism in a Multinational State. Basingstoke: Macmillan, 1997, xii + 222 pp., £40.00.

David A. Dyker & Ivan Vejvoda (eds), Yugoslavia and After: A Study in Fragmentation, Despair and Rebirth. London, Longman, 1996, xi + 268 pp.

Tanya Renne, Ana's Land: Sisterhood in Eastern Europe. Boulder, CO: Westview Press, 1997, xi + 240 pp., £13.50.

Carol Skalnik Leff, The Czech and Slovak Republics: Nation versus State. Nations of the Modern World. Boulder, CO: Westview, 1997, xvii + 295 pp., $22.95.

Dennis Deletant, Ceausescu and the Securitate: Coercion and Dissent in Romania, 1965–1989. London: Hurst, 1995, xxxii + 403 pp., £39.50 h/b, £16.50 p/b.

Paul Robert Magocsi, A History of Ukraine. Toronto: University of Toronto Press, 1996, xxvi + 784 pp., £56.00 h/b, £26.00 p/b.

Leokadia Drobizheva, Rose Gottemoeller, Catherine McArdle Kelleher & Lee Walker (eds), Ethnic Conflict in the Post‐Soviet World: Case Studies and Analysis. New York: M. E. Sharpe, 1996, xv + 365 pp., $69.95.

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Leokadia Drobizheva, Rose Gottemoeller, Catherine McArdle Kelleher & Lee Walker (eds), Ethnic Conflict in the Post‐Soviet World: Case Studies and Analysis. New York: M. E. Sharpe, 1996, xvi + 365 pp., $69.95.

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Diane P. Koenker & Ronald D. Bachman (eds), Revelations from the Russian Archives: Documents in English Translation. Washington. DC: Library of Congress, 1997, xxv + 808 pp., £69.95.

Theresa C. Smith, in collaboration with Thomas A. Oleszczuk. No Asylum. State Psychiatric Repression in the Former USSR. Basingstoke: Macmillan, 1997, xi + 290 pp., £40.00.

Stephen E. Hanson, Time and Revolution. Marxism and the Design of Soviet Institutions. Chapel Hill: University of North Carolina Press, 1997, xv + 258 pp., $45.00 h/b, $18.95 p/b.

Dmitry Shlapentokh, The French Revolution in Russian Intellectual Life 1865–1905. Westport, CT, London: Praeger, 1996, viii + 202 pp., £46.50.

N. E. Andreyev, To, chto vspominaetsya. Tallinn: Avenarius, 1996, Vol. 1. 336 pp., Vol. 2, 320 pp.     

Juries Don't Make Legal Decisions! And Other Problems: A Critique of Hastie et al. on Punitive Damages

Hastie, Schkade, and Payne (1998) published a simulation experiment intended to study the performance of jurors and juries regarding verdicts on whether punitive damages should be allowed. They concluded that juries were not very competent and discussed the legal policy implications of this conclusion. I identify a fatal conceptual flaw that renders the study irrelevant to legal policy: The jurors were asked to decide law, a decision that is the responsibility of the trial judge, not the jury. I also identify a number of misstatements and unsupported assertions in the article.     

Globalisation and resistance in post-cold war Mexico: Difference,citizenship and biodiversity conflicts in Chiapas

In the post-cold war era changes at the global, regional, national and local level are altering earlier ways of understanding and practising citizenship. In Mexico the decline of the state-guided national development project (1930s-70s) has been accompanied by the transformation of corporatist forms of political control. This article uses examples of recent biodiversity conflicts in the state of Chiapas to illustrate this process in terms of a struggle between competing models of 'market citizenship' and 'pluri-ethnic citizenship'. By focusing on the actions and demands of the Zapatista Army of National Liberation and other indigenous organisations, the article highlights how resistance to globalisation in the Lacandon rainforest of Chiapas is related to struggles for collective rights and a more inclusive form of democracy in Mexico. This also raises important questions regarding the future shape of national identities and the scope of democratic rights around the world in the post-cold war era.     

Management,markets and democracy: Australian local government reform in the 1990s

Australian local government has been subjected to extensive reform during the 1990s. This article considers the three main dimensions of the reforms — changes to management structures, the introduction of competition policy, and municipal consolidation. It reviews the evidence available about the nature of outcomes and examines the impact of the reforms on governance values. It is argued that, so far, economic considerations have been balanced by a commitment to community particpation. Recent political developments, however, may yet prove to be an emerging threat.