New South Wales

New South Wales easily retained its reputation as the State of commotion. Politicians and administrators during the past twelve months have lived through interesting times. Things are out in the open, at least. A rich and varied range of inquiries has been tackling problems which have remained hidden for decades. Hard items on the agenda of administrative reform are at last receiving attention. Courts and parliamentary procedures are being revitalized. The next great uproar will occur when the long-awaited Freedom of Information Act arrives and provides ordinary members of the public with their own tickets of admission to the political and administrative arena.     

Drug policies: A study of the opinions of local law enforcement patrol officers about various policy alternatives

The article briefly reviews some literature describing the scope and seriousness of psychoactive substance misuse in the United States and then examines some chronic problems in the nature of public policy analysis. A methodology. Conceptual Review, is briefly discussed as a plausible alternative to contemporary approaches. Data from n=100 patrol officers who completed the Drug Policy Questionnaire (DPQ) are presented. Patrol officers were highly supportive of conventional policies, e.g., prevention, education, and treatment, but also recommended more punitive approaches, e.g., imprisonment for both dealers and users. Legalization was rejected as a viable policy alternative. Implications for policy and future research are also discussed.     

A Fresh Look at Stock Market Short‐termism

In this article, we develop a novel understanding of stock market short‐termism as a social phenomenon. Contrary to formerly popular academic belief, short‐termism is a problem that is highly unlikely to be structurally self‐correcting. An important driver of short‐termism typically elided within standard legal‐academic analyses is the informational centricity of modern stock markets, and resulting pressure on corporate managers to generate fresh ‘news’ indicative of perceived business ‘progress’. We highlight the growing enthusiasm of policy‐makers for a discriminatory ‘two‐tiered’ approach to public company investor relations. Accordingly, long‐term and committed investors are expected to be brought into the company's governance ‘inner circle’, while other investors are implicitly relegated to lowertier ‘outsider’ status. We argue that this supports a discriminatory approach to the allocation of voting entitlements in newly listing companies, enabling committed investors to develop cooperative and sustained governance relations with management unencumbered by ‘outside’ stock market pressures for short‐term financial‐performance outcomes.     

Privatization in developing countries: ideal and reality

In both developed and developing countries, governments finance, produce, and distribute various goods and services. In recent years, the range of goods provided by government has extended widely, covering many goods which do not meet the purist's definition of “public” goods. As the size of the public sector has increased steadily there has been a growing concern about the effectiveness of the public sector's performance as producer. Critics of this rapid growth argue that the public provision of certain goods is inefficient and have proposed that the private sector replace many current public sector activities, that is, that services be privatized. Since Ronald Reagan took office greater privatization efforts have been pursued in the United States. Paralleling this trend has been a strong endorsement by international and bilateral donor agencies for heavier reliance on the private sector in developing countries.

However, the political, institutional, and economic environments of developing nations are markedly different from those of developed countries. It is not clear that the theories and empirical evidence purported to justify privatization in developed countries are applicable to developing countries.

In this paper we present a study of privatization using the case of Honduras. We examine the policy shift from “direct administration” to “contracting out” for three construction activities: urban upgrading for housing projects, rural primary schools, and rural roads. The purpose of our study is threefold. First, we test key hypotheses pertaining to the effectiveness of privatization, focusing on three aspects: cost, time, and quality. Second, we identify major factors which affect the performance of this privatization approach. Third, we document the impact of privatization as it influences the political and institutional settings of Honduras. Our main finding is that contracting out in Honduras has not led to the common expectations of its proponents because of institutional barriers and limited competitiveness in the market. These findings suggest that privatization can not produce goods and services efficiently without substantial reform in the market and regulatory procedures. Policy makers also need to consider carefully multiple objectives at the national level in making decisions about privatization.