Managing the Birth Pangs of the New Global Order

As British Prime Minister Gordon Brown notes in this section, we are witnessing the birth pangs of a new global order in this deepest financial and economic crash since the Great Depression. There will be plenty of pain all around for a while. And when the quarter-century leveraged-debt bubble of the United States—the explosion of which detonated the crash—is finally unwound, the new global balance will favor an Asia flush with cash. The G-20 will replace the G-7 as the executive committee of globalization. And, if wise leadership stays the course, there will be a "green lining" to the recovery as the fiscal stimulus is imbued with an environmental sensibility.     

Municipal Bond New Issue Transaction Costs

As with any market, there are transaction costs associated with the sale of municipal bonds. Only a small number of studies have examined this topic, and therefore we have only a limited understanding of the magnitude and determinants of new issue municipal bond transaction costs. We use data on California municipal bond transaction costs from 2007 to 2009 to test whether scale economies exist. We find that there are considerable transaction cost scale economies for California municipal bonds and that pooling bond sales would likely save substantial amounts of money.     

IN AND OUT OF HARM'S WAY: VIOLENT VICTIMIZATION AND THE SOCIAL CAPITAL OF FICTIVE STREET FAMILIES*

Homeless youth establish a variety of relationships with people they meet on the street. These associations generate different levels of the intangible resources of trust, commitment, and reciprocity that contribute to a person's social capital. We argue that the relationships homeless youth describe as “street families” resemble the fictive kin common among people who have limited resources, and that these relationships are a greater source of social capital than are other associations. Social capital may improve access to many valued outcomes, including protections. Regression analyses of violent victimization support our argument, demonstrating that fictive street families keep youth out of harm's way more than do other street associations.     

FROM PUBLIC ADMINISTRATION TO PUBLIC MANAGEMENT: REASSESSING A REVOLUTION?

Changes to the study of public administration tend to follow those in the practice of the administration of government. The recent shift to public management is characterized and assessed both as a practice and a field of study. The result has been less a revolution in paradigm than the emergence of a vision of government which competes with but does not supplant traditional public administration.     

Japan's Crucial Moment

<正>Hopes for the Japanese economy remain high despite the severe blow it has suffered The tragic impact of the massive March 11 earth-quake on the northeast coast of Japan has filled the newswires across the world.Those