Unity of effort requires unity of object: why industry should not be involved in formulating public health policy

This paper provides a framework for examining the general issue of public health authorities' collaboration with industry. The framework distinguishes between industry involvement in the development of public health policy and the implementation of policy‐driven interventions. A distinction is also made between industries marketing products conducive to good health versus products that impact negatively on public health (e.g. alcohol and energy‐dense, nutrition‐poor food and beverage industries). Drawing on concepts with respect to the effectiveness of military coalitions, it is argued that a common goal (i.e. ‘unity of object’) is a prerequisite for optimal co‐operation (i.e. ‘unity of effort’) between collaborators in any sphere of activity. However, this vital precondition does not exist in the public health arena because the end goals of industry and those of public health are fundamentally different, if not opposed (i.e. profits to owners/shareholders versus the social good). It is argued that because of this fundamental disjunct between industry profit goals and the public good, unity of effort will always be compromised in any form of collaboration with industry, and particularly where public health policies and interventions are designed to negatively impact on product consumption. Hence, while industry can be asked to co‐operate in implementing public health policy initiatives, industry should never be involved in developing policy initiatives. Copyright © 2014 John Wiley & Sons, Ltd.     

Banking in a theory of the business cycle: a model and critique of the Basle Accord on risk-based capital requirements for banks

This paper presents a theoretical framework for understanding the investment decisions and financing decisions of financial and non-financial enterprises over the business cycle. At the core of this theoretical framework is an agency problem between relatively more risk averse depositor/bondholders and relatively less risk averse stockholders. The solution to this agency problem is a corporate governance system that takes the form of an up-front contract that directs managers to make portfolio/investment decisions in the interest of their stockholders, and financing decisions in the interest of their depositor/bondholders. This enables depositor/bondholders to offset any risk shifting portfolio/investment decisions made on behalf of the shareholders thereby mitigating the moral hazard problem among debtors and creditors. The Basle Accord on risk-based capital requirements for depository institutions is one particular regulatory application of this more general theoretical framework. The paper concludes with a comparison between the Basle Accord and the 100% reserve or narrow banking proposal as the means of achieving a risk-free medium of exchange and a financial system that facilitates the optimal transfer of resources from savers to investors consistent with society’s aversion towards risk.     

Nations hospitable to organized crime and terrorism

This report assesses conditions that contribute to or are potentially hospitable to transnational criminal activity and terrorist activity in selected regions of the world during the period 1999–2002. Although the focus of the report is on transnational activity, domestic criminal activity is recognized as a key foundation for transnational crime, especially as the forces of globalization intensify. The report has been arranged geographically into the following major headings: Africa, the former Soviet Union and Eastern Europe, South Asia, Southeast Asia, Western Europe, and the Western Hemisphere. Within the geographical headings, the report addresses individual countries with particularly salient conditions. Cases such as the Triborder Area (TBA) of South America and East and West Africa, where conditions largely overlap national borders, have been treated as regions rather than by imposing an artificial delineation by country. The bibliography has been divided into the same geographical headings as the text. The major sources for this report are recent periodical reports from Western and regional sources, Internet sites offering credible recent information, selected recent monographs, and personal communications with regional experts. Treatment of individual countries varies according to the extent and seriousness of conditions under study. Thus some countries in a region are not discussed, and others are discussed only from the perspective of one or two pertinent activities or conditions. Because they border the United States, Canada and Mexico have received especially extensive treatment.     

Sudden, unexpected death due to cardiac fibroma. Report of a case and review of the literature

A case of cardiac fibroma in a 58-year-old woman with a history of atrioventricular block is described. The patient died suddenly at home 6 days following the insertion of a pacemaker. Review of the pertinent literature is presented.     

STATE-SPONSORED SEED VENTURE CAPITAL PROGRAMS: THE PENNSYLVANIA EXPERIENCE

The venture capital industry represents the high growth end of the enterprise development spectrum. To promote this high value activity, states have ventured into new development finance realms. This article reviews various state approaches and concentrates on a diversified strategy adopted by the Commonwealth of Pennsylvania.