Pressure-group influence and institutional change: Branch-banking legislation during the Great Depression

Between 1931 and 1935 the change in the state laws governing the organizational structure of banking was significant. Twenty-two states relaxed restrictions over branch banking, even though many had previously prohibited it. We apply a model of pressure-group and rent-seeking behavior to investigate the reasons underlying this remarkable shift in the institutional arrangements for regulating the structure of the banking industry. The findings indicate that the extraordinarily high rate of bank failures tipped the political balance toward the pro-branching forces in many states. However, in a number of states growth in the influence of branch and group bankers and increases in urbanization were largely responsible for the relaxation of restrictions over branch banking.     

The Impact of State Rainy Day Funds in Easing State Fiscal Crises During the 1990–1991 Recession

This article examines the degree to which rainy day funds eased the fiscal stress experienced by states during the 1990–1991 recession. In the first section, a state fiscal policy of neutrality over the business cycle is used as a benchmark for evaluating the use of budget stabilization funds. The next section looks at data from the last three recessions to see how recessions have affected the taxes and expenditures of states. A measure of degree of fiscal stress experienced by each state during the 1990–1991 recession is then calculated. These results are used to empirically investigate the impact of explicit state rainy day funds in easing state fiscal stress. Next, the article examines whether states that had rainy day funds in 1989 were more likely to have less fiscal stress, and whether the specific deposit and withdrawal provisions of these funds made a difference.     

Japan and China: Security interests in the post-Cold War era

This article examines the role of Japan in relation to China’s security interests in the post-Cold War era. The first section assesses Japan as a potential security threat to China at a time when Japan appears to be re-emerging as a great power. It analyzes the possible rise of nationalism in Japan today, including discussion of China’s dispute with Japan over the Diaoyu Islands. The second section looks at how Japan can actually enhance China’s security interests, particularly in the economic sphere. Japan’s contribution to China’s modernization drive is assessed. It is argued that Japan seems to enhance China’s security interests more than it poses a threat, partly because of the economic benefits China derives from trading with Japan, and partly because Japanese foreign policy has hitherto been kept in check by the U.S.-Japan Mutual Security Treaty.     

The anatomy of Liberal support in Britain, 1974–1997

This article uses data from the British Election Study series since 1974 and qualitative data from interviews with key party personnel to investigate the social and political basis of Liberal support in Britain. There are three main sections to the article: the first deals with the social and demographic profile of the Liberal vote, while the second examines the political characteristics of its supporters. In the final section these findings are used to assess the Liberal Democrats' electoral strategy at the 2001 General Election and beyond. We find that Liberals tend to be drawn from a similar social background to Conservative supporters (particularly in term of class), but politically there has been an increasingly close relationship between the Liberal Democrats and the Labour Party.     

Defending the Articles of Confederation: A Reply to Dougherty

This reply addresses the issues raised byDougherty in response to my 1999 article in this journal. Ialso develop a new graphical model of the optimal collectionrate under the Articles, where states made contributions, andcontrast it to the revenue potential from direct taxation. Ibelieve that despite Dougherty's criticisms, my argumentremains valid. While the Articles were not perfect in anabsolute sense, that when more properly viewed in acomparative manner, that the system of state contributions forraising revenue under the Articles was (and still is) superiorto a system of direct federal taxation.     

Excursions Through Emptiness: Interwar Travel Writing on Northern Australia

During the interwar years, Australians grew increasingly anxious about their sparsely populated north. They had moral qualms about leaving land idle; they felt uneasy about international criticism of their lacklustre efforts in the tropics; they feared a stronger, more resolute nation might rob them of their under-utilised heritage. While anxieties intensified, there was an efflorescence of travel writing on northern Australia, as cars and aeroplanes made this part of the continent a little more accessible. Like other travel writers, those on northern Australia in the interwar years did not confine their narratives to what they did and what they saw. They commented on the burning questions of the day: on what the future of the north might hold and whether Australia’s northern lands could sustain a prolific white population. This article explores a range of representations of northern Australia in the travel literature published between the two world wars, with particular attention to the varied assessments of Australia’s tropical environments and the racial misgivings that disconcerted attempts to envisage an all-white north.