The Splintering of the G‐20

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

THE NEW GOVERNANCE ARRANGEMENTS FOR NHS FOUNDATION TRUST HOSPITALS: REFRAMING GOVERNORS AS META‐REGULATORS

New governance arrangements for NHS Foundation Trusts (FTs) aimed to replace centralized state ownership of acute English hospitals with a new form of social ownership. Under this, trusts would exist as independent public interest organizations on the model of mutuals and co‐operative societies. Assessing the impact of the new arrangements on the management structure of four acute hospitals, we demonstrate that FTs have failed to deliver social ownership and local accountability on this model. We suggest that policy‐makers should re‐frame the governance apparatus associated with mutualism and social ownership in terms of the concept of meta‐regulation. By re‐framing governors as meta‐regulators, regulatory institutions would acquire new powers to steer FTs towards sustainable forms of compliance via non‐coercive, non‐intrusive means.     

THEORETICAL PERSPECTIVES ON APPROACHES TO POLICY EVALUATION IN THE EU: THE CASE OF COHESION POLICY

Cohesion Policy accounts for the largest area of expenditure in the EU budget. Because of its scope and redistributive nature, evaluation is particularly important. Policy analysis tends to overlook the evaluation stage. Few empirical studies seek to apply theory to EU policy evaluation. This article questions the relevance and usefulness of theorizing evaluation practice, exploring positivist, realist, and constructivist perspectives upon approaches to evaluating Structural Funds Programmes. It illustrates how political science theories can provide scholars with useful insights into the way EU policy evaluation is carried out. It develops a toolkit for analyzing real‐world approaches to evaluation and then applies it to three separate Cohesion Policy programmes. The analysis shows how, from a theoretical perspective – and contrary to the mixed methods rhetoric of the European Commission – positivism remains the dominant approach when evaluating the Structural Funds and considers why this is so, identifying the ability to demonstrate efficiency and effectiveness, cost, influence, and evaluation culture as key characteristics.     

The Resurrection of Keynes

As the global financial crisis emanating from the United States shuts down world markets, can globalization survive? Will the resurgent intrusion of the state—and thus politics—into the market lead to protectionism and collapse, as was the case in the early 20th century? Or will the new interconnectivity of climate change and mutual economic dependence—especially between China and the US—deepen global links? The former mayor of Shanghai, legendary Nobel economist Paul Samuelson and Third Way guru Anthony Giddens ponder those questions in this section.