Petro-Piracy: Oil and Troubled Waters

West Africa piracy is the most profitable in the world. Well-organized gangs steal refined oil in contrast to Somali pirates who hold crews and ships for ransom. Like piracy elsewhere, the origins and potential solutions to West African piracy are found ashore—largely in Nigeria. This article argues that oil states in the developing world are shielded from the domestic and international pressures that can bring down their non-oil neighbors. The current international system which makes international recognition, not internal legitimacy or functionality, the key to state authority works to their benefit. It encourages those parts which are valuable to industrialized powers—and to the domestic elites who facilitate and benefit from international legitimization—to function well enough for resource extraction to continue. The security of the state generally matters less than the security of key enclaves— including ships and offshore platforms—which support elite interests.     

Japan's Search for the ‘Sweet Spot’: International Cooperation and Regional Security in Northeast Asia

To analyze how Japan's competing objectives and specific policies have been evolving and how they trade off in today's regional security situation, this article argues that shifting Japanese foreign and security policies in Northeast Asia can be understood as ongoing responses to tensions along three key axes. First Japan confronts a tension between bilateralism and multilateralism; second Japan's economic and security interests are often at odds, and third, Japan still struggles with the competing pulls exerted by Asia on the one hand and the West (most particularly the United States) on the other.     

How virtual are virtual economies? An exploration into the legal, social and economic nature of virtual world economies

Virtual world economies are undoubtedly increasing in growth, participation and importance. Their macroeconomic impact has already been seen as important in the real world economies; however its governance and jurisdiction is unclear. This paper will argue that virtual economies are not actually as virtual as they first appear to be. Secondly the paper argues that because of the real world effects and impacts virtual world economies can have, they should be applicable to real world jurisdictions and regulations. The question that is therefore posed is in which jurisdiction should the legal backbone be placed? The paper will be divided into several parts. Firstly, a background of what virtual worlds are, and what they mean in linguistic definition. Secondly, a review of law economics and history shall be considered to determine that what is once considered ‘other worldly’ is accepted as the norm. Thirdly, the paper will consider a virtual world economy, namely that of Second Life to establish the real world impacts that virtual world economies can have. Fourthly, the paper will consider two case studies of financial crisis occurring in the virtual worlds and the synergies we can draw from the real world. Finally, the paper will conclude with the proposition that legal governance is required and will enable what is already a lucrative business to flourish further within the realms of possibility and not virtually.