Industry Self-Regulation: An Institutional Perspective

Throughout the advanced countries of the world self-regulatory regimes are being introduced. This article suggests that, at least in some contexts, industry self-regulation can be an effective and efficient means of social control that has been largely ignored by economics (which has a focus on individual rather than group behavior) and prematurely discounted by mainstream regulatory theory. The article examines the strengths and to a lesser extent the weaknesses of industry self-regulation from five closely related yet distinct vantage points: mediating institutions; industrial morality; institutionalizing responsibility; institutions responding to external pressure; and the roles of the state and third parties.     

Security and development in the Caucasus

This article discusses the linkage between security and development in the Caucasus. In particular, it examines the degree to which developmental dysfunction has been a significant cause of conflict, the extent to which conflict has distorted the region's economic transition, and the role of development assistance in fostering conflict resolution. The article argues that the region's conflicts have had locally significant economic consequences and that they make it difficult for the region's states to cushion the effects of post‐communist economic transition. However, the collapse of command economies and the failure of governance have a stronger causal role in explaining the economic collapse and the halting quality of economic recovery. Turning to the role of development assistance in conflict resolution, aid agencies and donors have been reluctant to use development assistance as an instrument of conflict resolution. However, there has been some success in using micro‐level assistance to foster reconciliation between communities.     

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

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