China Is Winning the New Global Industrial Contest

THE international financial crisis brought about a radical change in the structure of international industrial competition.That China is winning the new industrial race is the only conclusion that can be drawn from the pattern of industrial expansion and contraction in the major industrial centers over the five years since the beginning of the 2008 international financial crisis. China’s position among industrial centers isn’t inherently obvious from a glance at yearly data.To fully gauge changes in the industrial competition landscape,it’s best to look longerterm.Below,the first chart shows changes in     

Do State‐Funded Property Tax Exemptions Increase Local Government Inefficiency? An Analysis of New York State's STAR Program

This study tests the effects of a growing form of indirect state aid—state‐supported property tax exemptions—on local government efficiency. We hypothesize that larger exemptions, by lowering the effective tax price paid by local homeowners and thus their incentive to monitor efficiency, will reduce local government efficiency. We test this hypothesis by examining the introduction of New York State's large state‐subsidized property tax exemption program, which began in 1999. We find evidence that, all else constant, the exemptions have reduced efficiency in districts with larger exemptions, but the effects appear to diminish as taxpayers become accustomed to the exemptions.     

Equity and Accountability: The Impact of State Accountability Systems on School Finance

Using an 11‐year panel data set containing information on revenues, expenditures, and demographics for every school district in the United States, we examine the effects of state‐adopted school accountability systems on the adequacy and equity of school resources. We find little relationship between state implementation of accountability systems and changes in school finance equity, though we do find evidence that states in which courts overturned the school finance system during the decade exhibited significant equity improvements. Additionally, while implementation of accountability per se does not appear linked to changes in resource adequacy, states that implemented strong accountability systems did experience improvements.     

Examining the Nature and Magnitude of Intradistrict Resource Disparities in Mid‐Size School Districts

While a growing research base has examined resource disparities across schools within large school districts, the literature has largely overlooked resource allocation in the mid‐size school districts that a large portion of the nation's children attend. In this paper, we measure disparities in teacher resources within four New York State districts and conclude that intradistrict equity is not just a big city problem. We also explore the budgeting processes and mechanisms leading to these disparities, including fund‐based budgeting, grant‐based allocation rules, class size formulae, and ad‐hoc mechanisms. We conclude with policy implications and recommendations for improving intradistrict resource equity.     

Sierra Leone To-day

This article represents the greater part of a Lecture by theretiring Governor, now a Crown Agent for the Colonies, deliveredat a joint meeting with the Royal Empire Society on the 23rdJuly, when Lord Milverton was in the Chair.