CHARACTERIZING NEW LABOUR: THE CASE OF THE CHILD TRUST FUND

The UK Child Trust Fund (CTF), which came into effect in January 2005, appears to be an exemplary instance of ‘asset‐based welfare’, of the redistribution of wealth rather than simply income. However, this article shows that over the course of its development, and in its final implementation, CTF policy became ever more focused on generating a ‘savings culture’ and enhancing financial literacy. In explaining this outcome, it is argued that it may be characteristic of New Labour for which, it is further argued, welfare policy should seek to push individual aspirations and outlooks in certain directions. The article takes an interpretive approach to the study of policy and politics, arguing that we should look carefully at the processes of argument and selection by which ‘objects’ of policy are specified. This can help us characterize the approach of varying administrations, their ‘governmentality’.     

PUBLIC MANAGEMENT REFORM IN THE UK AND ITS CONSEQUENCES FOR PROFESSIONAL ORGANIZATION: A COMPARATIVE ANALYSIS

It is often assumed in the literature on public management reforms that radical changes in values, work and organization have occurred or are under way. In this paper our aim is to raise questions about this account. Focusing on three services in the UK, each dominated by organized professions – health care, housing, and social services – significant variations in the effectiveness of reforms are noted. The available research also suggests that these outcomes have been inversely proportional to the efforts expended on introducing new management practices. The most radical changes have been in housing, where, paradoxically, successive UK governments focused least attention. By contrast, in health and social services, management restructuring has been less effective, despite the greater resources devoted to it. This variation is attributed to professional values and institutions, against which reforms were directed, and the extent to which different groups became locked either into strategies of resistance or accommodation.     

Now You See It, Now You Don't: The Mysterious Case of the Vanishing Split Bond Rating in States

Bond ratings on state-issued debt provide a signal to credit markets that help them charge an appropriate interest rate, based on the risk of payment default. Though actual default may occur only in extreme circumstances, observed differences in ratings and interest costs across states and time demonstrate that a sound economy, strong financials, and stable policies matter. When data on the factors that presumably affect ratings is public and easily accessible, making sense of differences of opinion between bond rating agencies is difficult. We suggest that such differences—observed as so-called split bond ratings—are often ephemeral. Utilizing a simulation method to uncover the latent credit risk presented by each state, we show that split ratings on state bonds are often due to the fact that presumed category overlap between rating agencies is absent when evaluated on a common latent scale. Most observed state bond rating splits from 1997 through 2006 can be explained by this category mismatch. Our approach has broad implications for pricing state debt, as well as pricing rated debt in other capital market sectors.     

Do “Off‐Site” Adult Businesses Have Secondary Effects? Legal Doctrine,Social Theory,and Empirical Evidence

Recent federal court decisions appear to limit the ability of cities to mitigate the ambient crime risks associated with adult entertainment businesses. In one instance, a court has assumed that criminological theories do not apply to "off-site" adult businesses. After developing the legal doctrine of secondary effects, we demonstrate that the prevailing criminological theory applies to all adult business models. To corroborate the theory, we report the results of a before/after quasi-experiment for an off-site adult business. When an off-site adult business opens, ambient crime risk doubles compared to a control area. As theory predicts, moreover, ambient victimization risk is most acute in night-time hours. The theoretical development and empirical results have obvious implications for the evolving legal doctrine of secondary effects.