The Bonding Effects of Directors' Statutory Wage Liability: An Interactive Corporate Governance Explanation

Canadian corporate directors are personally liable to the corporation's employees for unpaid wages. The dominant rationale is the protection of vulnerable employees. A proposal under consideration to exonerate directors from this liability responds to claims that directors of financially troubled corporations resign prematurely, lessening the realized value potential of the firm. Scholars have also argued that a "liability chill" causes directors to make inefficient, risk‐averse investment decisions while the corporation is solvent. Paradoxically, exoneration may actually decrease the value of the firm because directors' liability for employees' wages increases efficiency in corporate governance by reducing agency costs. It serves as a bond by directors to corporate stakeholders that they will diligently restrain harmful managerial behavior.     

Into the Great Wide Open: The Transformation of the German Armed Forces After 1990

The German military has gone through fundamental changes since Reunification in 1990. Not only did its obvious enemy disappear, but the basis for what had been a partnership of convenience between German society and the Bundeswehr eroded. Since then, successive German governments have tried to find ways to transform strategic concepts, military structures, and international commitments to fit the new international relations and security challenges at the beginning of the twenty-first century. These transformation efforts have been affected both by cultural restraints and by economic ones. Instead of just following one new and simple strategic concept, the transformation of the Bundeswehr had to be oriented towards military structures that were politically and financially feasible. Despite the progress achieved on the operational level, Germany is still lacking a clear strategic concept for the use of force and the engagement of the Bundeswehr.     

Speaking to the Silences: Do We Need a Sociology for the Post-9-11 World?

Using a sociology of knowledge framing, this essay highlights how and why the sociological imagination presented by leading European and American scholars showcased in this special issue offers a relatively hopeful assessment of recent transformations. It then questions the extent to which the same optimism prevails for scholars – and citizens – of the poorer, less advanced countries of the world. It not only suggests that many of the fundamental sociological transformations associated with the contemporary era – ranging from globalization of economy, the rise of internet technology, the decline of the nation state, and the rise of more cosmopolitan identities – are unevenly distributed around the world. It also argues that their political, social, and economic impact will vary, depending on history and developmental context. The essay further suggests that precisely because of the statist and protectionist legacies of late development, many of the same transformations that bring positive gains in the advanced capitalist world, signal troubles ahead for the developing world and its future. The essay draws to a close with a more focused examination of the dark side of recent transformations, evident in such problems as unchecked violence and regional or ethnic fragmentation across major swathes of the global south. Such developments, the essay concludes, should sustain the call for a more “pluralist” sociological imagination for the new millennium, one that can take into account differences within and between various countries around the globe, while also advancing our normative understanding of what it would take to make “global society” possible.