Maynard Keynes and the 'Bamboozlement' of Woodrow Wilson: What Really Happened at Paris? (Wilson, Lloyd George, pensions and pre-armistice agreement)

Woodrow Wilson's acceptance of Lloyd George's demand for the inclusion of military pensions among the reparations payable to the Allies under the Treaty of Versailles was stigmatized by J.M. Keynes in The Economic Consequences of the Peace as the most notorious of the President's alleged breaches of faith with Germany. Keynes's damning verdict remains virtually unquestioned. This paper reconsiders the case for pensions, suggests that the question was less clear-cut than Keynes insisted, and queries his influential account of Wilson's supposed gullibility and culpability. The paper then considers Lloyd George's intentions in the Pre-armistice agreement, from which the Allied right to reparations and pensions were derived.     

DO GROUP DYNAMICS INFLUENCE SOCIAL CAPITAL GAINS AMONG MICROFINANCE CLIENTS? EVIDENCE FROM A RANDOMIZED EXPERIMENT IN URBAN INDIA

As an intrinsic part of the classic microfinance model, group meetings are intended to employ social capital to ensure timely repayment. Recent research suggests that more frequent meetings can increase social capital among first‐time clients. Using randomized variation in group meeting frequency for 174 microfinance groups in India, we demonstrate that social capital gains associated with more frequent meetings continue to accrue across multiple lending cycles. However, these effects are reduced when group members differ in their borrowing history. In addition, clients who start with low levels of empowerment report higher social capital gains when matched with similar clients. We discuss how current microfinance policy debates overlook the creation of social capital, including through repayment meeting frequency, and we encourage regulators to undertake a holistic understanding of microfinance's impacts.     

Ethics and entrapment: Understanding counterterrorism stings

ABSTRACT

This article examines domestic counterterrorism sting operations in the USA. It considers why critics consider these operations unethical and illegitimate. In particular, it looks at claims that counterterrorism sting operations have entrapped innocent people. This article explains why the U.S. courts have rejected claims of entrapment. It discusses different standards of entrapment used by the U.S. courts and sets out how these standards apply to counterterrorism sting operations. The article will show how key pieces of evidence convinced the courts that the targets of sting operations were predisposed towards terrorism. As a result, defendants were not able to mount successful entrapment defenses. By the end of the article, the reader will have a better understanding of the ethical and legal safeguards governing counterterrorism sting operations in the USA.     

Endogenizing legislative candidate selection procedures in nascent democracies: evidence from Spain and Chile

This article contributes to filling a gap in the resurgent literature on legislative candidate selection procedures by analysing the adoption of such procedures in nascent democracies. We contend that within transitional systems distinct contexts constrain choice and bargaining for candidate selection procedures in different ways, and condition the adoption of legislative candidate selection procedures by parties. In particular we posit that the relative levels of uncertainty about the installation and continuance of democracy, strategic complexity of the electoral system, and party leadership autonomy, create incentives for the adoption of more or less inclusive candidate selection procedures. We evaluate our propositions based on evidence from the relevant political parties in Spain and Chile.     

Budget Reform in Malaysia and Australia Compared

The study, using the recent contrasting experience of budget reform in Malaysia and Australia, inquires why quite similar changes were attempted in different socio-economic and fiscal settings. It explains why their implementation differed and identifies the factors that shaped, sustained, or impeded the respective efforts.
Three basic themes emerge. First, political and administrative will are necessary requirements for the success of any budget reform effort. Second, the more correspondent the bureaucratic culture is with the culture upon which the new budget system is premised, the more easily change occurs. Third, a model of reform predicated upon the assumption of fiscal restraint cannot effectively function in a climate of fiscal relaxation. Malaysia adapted its budget model from the Australian system. As the Australian model suited the paradigm of expenditure restraint, the adapted model proved less workable against the Malaysian climate of fiscal relaxation.