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.     

Globalisation and resistance in post-cold war Mexico: Difference,citizenship and biodiversity conflicts in Chiapas

In the post-cold war era changes at the global, regional, national and local level are altering earlier ways of understanding and practising citizenship. In Mexico the decline of the state-guided national development project (1930s-70s) has been accompanied by the transformation of corporatist forms of political control. This article uses examples of recent biodiversity conflicts in the state of Chiapas to illustrate this process in terms of a struggle between competing models of 'market citizenship' and 'pluri-ethnic citizenship'. By focusing on the actions and demands of the Zapatista Army of National Liberation and other indigenous organisations, the article highlights how resistance to globalisation in the Lacandon rainforest of Chiapas is related to struggles for collective rights and a more inclusive form of democracy in Mexico. This also raises important questions regarding the future shape of national identities and the scope of democratic rights around the world in the post-cold war era.     

Management,markets and democracy: Australian local government reform in the 1990s

Australian local government has been subjected to extensive reform during the 1990s. This article considers the three main dimensions of the reforms — changes to management structures, the introduction of competition policy, and municipal consolidation. It reviews the evidence available about the nature of outcomes and examines the impact of the reforms on governance values. It is argued that, so far, economic considerations have been balanced by a commitment to community particpation. Recent political developments, however, may yet prove to be an emerging threat.     

Can epidemiological studies assist in the evaluation of community treatment orders? - The experience of Western Australia and Nova Scotia

Epidemiological studies using administrative databases have several advantages over other methodologies in studying the effectiveness of compulsory community treatment such as community treatment orders (CTOs). We compared patients placed on CTOs in Western Australia with controls drawn from both within the jurisdiction and from another without this measure (Nova Scotia). Although in different countries, the mental health services in both jurisdictions share common characteristics. Notably, we were able to control for forensic history in our comparison within Western Australia. We analysed predictors of admission and number of bed-days using multiple, logistic or Cox regression as appropriate. Of the 274 subjects placed on a CTO, we were able to find controls for up to 96% (n=265). CTO placement was not associated with reduced admissions or mean bed-days, although there was a threshold effect with a reduced risk of inpatient stays exceeding 100 days. Outpatient contacts were significantly greater for the CTO group. However, we do not know whether the intensity of treatment, or its compulsory nature, effected outcome.     

Calculating and Believing: Ideological Norms in the Cradle of Utility Maximization

An individualist approach to political phenomena is not necessarily an economic approach. We can assume that beliefs and commitments as well as selfishness motivate individuals. Ideology provides a basis for individual choice for policy makers and for citizens and is as much a micro-foundation as narrow “self-interest.” Employing a “least-likely” case approach this paper shows that we can find legitimacy and norm-sensitive behavior in the cradle of utility maximization, the firm. In this paper I will lay out some puzzles found in the general areas of business, politics, and policy-making and show how the particular piece of behavior can be understood within the logic of ideological frameworks and the normative acceptability or legitimacy of actions. The purpose is more an “analytical narrative” than a systematic empirical investigation. It suggests the critical importance of examining the normative as well as the self-interest foundation of behavior. To that end, the empirical context of the discussion is provided by business social responsibility, by business participation in elections, by a snapshot of an ideologically driven political career, and by an antibusiness policy decision. The narrative moves from the generosity of business corporations, to foreign-owned corporations' political activity decisions in the host country, to Mrs. Thatcher and the median voter, and finally to the decision to abolish the slave trade.