Political Markets, Bond Markets, and the Effects of Uncertainty: A Cross-National Analysis

One of the critical challenges of contemporary democracy is securing a balance between the markets of representation and the markets of exchange and capital within democracies. This article explores the effect that political markets have upon capital markets' performance as measured by the market risks within the long-term government bond markets in nineteen democracies of the Organization for Economic Cooperation and Development (OECD) between 1955 and 1992. Our theory linking political markets and capital markets will be developed around the logic of transaction cost economics. We will argue that critical aspects of transaction costs within political markets generate corresponding transaction costs and risks within capital markets thereby reducing market efficiency. Specifically, we demonstrate that, based on cross-national evidence drawn from three panels over the time period 1955–1992, stochastic political markets generate transaction costs within long-term government bond markets, the consequences of which are reflected in rising market risk within these capital markets. Our pooled cross-sectional sample confirms that stochasticity in institutional structure presents trade-offs for democracy. Stochasticity may reflect more responsive and generally sensitive representative institutions, but often at the price of risk-laden capital markets. We consider the implications of these findings at the conclusion of the article.     

Robo Sapiens Japanicus: Humanoid Robots and the Posthuman Family

ABSTRACT

Japan accounts for nearly 52 percent of the world's share of operational robots and leads the postindustrial world in the development of humanoid robots designed and marketed specifically to enhance and augment human society. Innovation 25, Prime Minister Abe's visionary blueprint for remaking Japanese society by 2025, with the aim of reversing the declining birthrate and accommodating the rapidly aging population, emphasizes the central role that household robots will play in stabilizing core institutions, like the family. In addition to exploring the cultural logic behind the development of autonomous, intelligent, evolutionary humanoid robots, I argue that new bio-and robot technologies are being deployed to reify old or “traditional” values, such as the patriarchal extended family and sociopolitical conservatism.     

Policing: Fundamental principles in a Canadian context

This article provides an introduction to the place of Canada's police in the public service. It identifies what makes Canada's police services distinct from other parts of the public service, considers the principles under which policing is expected to operate in democratic systems, and reviews current policing challenges. Public understanding of police and police work may not be accurate, since perceptions may be overly influenced by fictional depictions of law enforcement and by police themselves. Incomplete understandings can influence public policy making, including funding decisions, to the detriment of good policing. Finally, the article observes that there may be insufficient research on policing given its aggregate cost and importance to a successful civil society.