Understanding America's Hesitant Steps Toward Financial Capitalism: Politics, the Depression, and the Separation of Commercial and Investment Banking

Few would disagree that the Glass-Steagall Act of 1933 is thecontinental divide in American financial and banking history. Bydisallowing banks from getting involved in the investment bankingindustry, this Act imposed an institutional change that shaped howfinancial institutions conduct their business, even today in itsdecline. Conventional wisdom has it that the Act was enacted tocorrect the ``deficient'' financial system that existed during theperiod. In this paper we investigate whether this assertion can beempirically verified by analyzing the Senate vote on a predecessorof this Act (which included the clause separating commercialbanking from investment banking activities). Using multinomiallogits, we examine what may have motivated senators to vote for itspassage. The econometric evidence indicates that the Senate votewas significantly influenced by important interest groups(including national banks as well as manufacturing sectorinterests), despite the large populist outcry for financial marketreforms at the onset of the Depression.     

The Limits of External Empowerment: EMU, Technocracy and Reform of the Greek Pension System

This paper seeks to explain an aborted attempt at reform of the Greek pension system, following a series of previous failures. It applies the framework of rational choice institutionalism in order to examine the strategy and setting of the relevant actors. The pension system had become a huge fiscal burden on the state, threatening Greece's position in the European Union. Moreover, its gross inequalities of provision and bureaucratic inefficiency were symptoms of the embedded clientelism and 'disjointed corporatism' that stood in the way of the government's self-proclaimed 'modernization' programme. In the event, though EMU entry requirements empowered the reform momentum, a combination of the strategic weakness of key actors and the entrenched opposition of sectoral interests dissipated the initiative. The failure suggests the relevance of the wider social setting to reform: in particular, the weakness of the technocratic community and the relative absence of a supportive 'advocacy coalition', beyond the dominance of the 'party state'. Faced with criticism, the political leadership sought to protect their electoral position and postponed pressing decisions. The case study raises important questions about the scope for such reform in Greece and the future stability of the 'Euro-zone'.     

Clubs and the Cost of Agency

The paper investigates the impact of agency costs on clubmembership. Using a simple principal-agent model, under standardassumptions, the paper demonstrates that increased agency costsassociated with hidden action can lead to an expansionary bias.     

The emergence of a fourth pillar in development aid

Development co-operation has traditionally been the playing field of governments, multilateral institutions, and established development NGOs. In the past decade, however, other actors in Northern countries (such as businesses, migrants' organisations, professional groups, and schools) have shown active interest in development-related activities. Although they do not belong to the epistemic community of development specialists and are often overlooked in the discourse and literature on development co-operation, their number and importance are growing. These novel approaches to development co-operation give rise to some important reflections about their methodologies, potential impact, and fundraising. Based on the authors' experiences and research in Belgium, the article raises some issues about what they term the fourth pillar of development co-operation, with the aim of stimulating the academic and policy-oriented debate.     

Does inconvenience explain low take‐up? Evidence from unemployment insurance

Application inconvenience is one popular explanation for why many individuals do not receive the social benefits for which they are eligible. Applications take time and some individuals may decide that the financial benefits do not outweigh these time costs. This paper investigates this explanation using cross‐state variation in administrative changes that made applying for unemployment insurance (UI) benefits substantially more convenient over the past decade. We find that the introduction of phone‐ and Internet‐based claiming did not have an appreciable impact on overall UI take‐up, nor did it lead to a shift toward recipients that are higher income or likely to be receiving the maximum benefit amount. These findings are inconsistent with a time‐ and transaction‐cost explanation for low take‐up, since remote UI claiming is less time intensive. This suggests that reducing application barriers alone may not be an effective tool for increasing program participation. © 2010 by the Association for Public Policy Analysis and Management.     

Thaksin Shinawatra and the reshaping of Thai politics

Twice elected prime minister of Thailand at the head of his Thai Rak Thai Party, telecommunications magnate Thaksin Shinwatra was controversial in office. Since his government was overthrown by a September 2006 military coup backed by the palace, conservatives, and a broad coalition of opponents, Thaksin has remained at the centre of Thailand's continuing political turmoil. This paper examines his political legacy, both in its positive and negative forms, through a focus on the nature of political parties and electoral policies in Thailand; the role of business interests in politics; the impact of Thaksin's politics on political activism and mobilisation; populism, social welfare, and the reaction of the middle class to welfare politics; Thaksin's confrontation with the elite and the monarchy; and the developing judicialisation of politics.     

The twenty-first century Armed Forces of the Philippines: orphan of counter-insurgency or military geared for the long war of the century?

This article examines the factors that account for the Armed Forces of the Philippines's (AFP) never-ending involvement in many wars of the third kind. It discusses the essence of counter-insurgency warfare or low-intensity conflict in the Philippine setting. The article then notes that the disruption in the US military assistance after 1992, the AFP's inability to modernize, and its continuous campaign against communist and secessionist insurgents have adversely affected its structure and overall combat efficiency. It also analyzes the impact of the global war on terror on the Philippine military's counter-insurgency operations and the reforms undertaken by the Philippine defense establishment to address these issues. In conclusion, the article argues that reforms will not lead to a significant transformation of the AFP as it will continue to be an orphan of counter-insurgency in the near future. However, if wars of the third kind will persist, this situation will paradoxically make the AFP the only military in Southeast Asia aptly geared for the long war of this century.     

刑事诉讼中检察官与律师关系研究

在刑事诉讼中,检察官和律师的职业分工不同,但在诉讼地位、诉讼权利、职业目的上具有一致性.在立法和司法实践中,存在着两者诉讼权利不平等、诉讼地位不平等、诉讼职能运行不畅等一系列问题,两者应有的作用未能够有效发挥.平衡检察官和律师在刑事诉讼中的地位,促使检察官与律师的互相监督、互相协助,有助于贯彻人权观念、平等精神,确保诉讼公正与效率、实现和谐司法目标.     

Political regime change, economic liberalization and?growth accelerations

We examine whether the type of political regime, regime changes, and economic liberalization are related to economic growth accelerations. Our results show that growth accelerations are preceded by economic liberalizations. We also find that growth accelerations are less likely to happen the longer a political regime??be it a democracy or an autocracy??has been in place, while (a move toward) more democracy according to the Polity IV dataset reduces the likelihood of growth accelerations.