What Can We Expect to Gain from Reforming the Insolvent Trading Remedy?

This paper argues that reform of the wrongful trading remedy in section 214 of the Insolvency Act 1986 is unlikely to yield significant increases in civil recovery for creditors of insolvent companies. The paper argues that the widely held view that procedural restrictions in the provision have unduly limited the application of the remedy are without foundation and, likewise, that there is little evidence that current modest levels of litigation under the provision demonstrate underperformance in the sanction relative to the scale of the misconduct against which it is directed. The paper draws on a wide range of analytical and empirical evidence to argue that the scope for application of the sanction is inherently limited by factors independent of the particular rules within the statutory remedy.     

Marx as an a-Ricardian: value,money and price at the beginning of Capital

The fundamental distinction between Ricardo and Marx is once more examined, chiefly with reference to the current spread, among some leftwing economists, of a neo-Ricardian school. So a crucial point seems to be the particular meaning, which is quite a-Ricardian, of the first section of the Capital. Anyhow, this section is often misunderstood, because of its difficulty, and its philosophical form.     

The Indian states and the new Constitution

Ben Affleck's film ARGO is a good film, but not all the details are accurate. This article is by Martin Williams, the British diplomat who, contrary to the picture painted in the film, personally escorted to safety the Americans who had escaped when the Iranian Revolutionary guards took over the US Embassy. He sets that episode in the broader context of his personal experience of working during a complicated period during which initially there were major commercial opportunities for British firms, and then the power of the Shah started to wane, and finally he was overthrown. The installation of a very different regime entirely changed the approach which diplomats needed to adopt in Tehran.     

Kirchheimer Revisited: Party Polarisation,Party Convergence,or Party Decline in the German Party System

The 2005 German parliamentary elections produced two parties claiming victory, the inability to form a government, and Germany's second post-war grand coalition government. This article explores the peculiarities in the contemporary dynamic of the German party system. It considers the strategy and motivation of parties and the effect of party competition. A key focus is to revisit and evaluate the predictive power of Otto Kirchheimer's ‘end of ideology’ proposition in the German case. On the one hand, mainstream parties seem to be converging at the ideological centre across Western Europe. At the same time, some party polarisation within the party system is evident as more marginal parties such as those of the far left and far right have gained votes at the expense of the mainstream parties in recent elections. A third possibility is that both of these circumstances have produced a political void with voters becoming increasingly apathetic and non-ideological. This paper argues that in the aggregate, trends do not reflect the predictions of Kirchheimer.     

Race,Social Welfare,and the Decline of Postwar Liberalism: A New or Old Key?

Fifty-one years ago, when liberalism and social welfare democracy were expanding in all advanced industrialized nations, V.O. Key, Jr., forecast the decline of postwar liberalism in the United States. Current discussion of the decline of liberalism has ignored Key or, when evidence is lacking, has incorrectly cited him. In contrast to Key's relatively direct, simple, and heavily documented reasoning, current explanations are multifactorial, complex, less well documented, and often ideologically loaded. Some explanations for the postwar decline identify causal factors more than six years after the war, yet they ignore events in 1945–47. At the fifty-first anniversary of V.O. Key's Southern Politics in State and Nation, attention to Key's forecast and Occam's razor is called for. Key argued that racism in the South, exerted through congressional committees, would lead to a decline of liberalism in the nation. Using legislative histories, this article compares Key's single-factor racial explanation with a two-factor explanation—and by implication with multifactor ones—and finds Key's more compelling and parsimonious. Archival sources indicate that more than two years before the 1948 Democratic Convention, Charlie Ross, Truman's closest advisor, and Truman himself encouraged Key to assess the emerging postwar politics of the South. As Key anticipated, institutionalized racism sunk the Fair Deal and postwar social democracy, despite Truman's efforts. The effects of racism on postwar and current politics and public administration should be reexamined as a key to understanding American distinctiveness or exceptionalism.