The Impact of Tax Revenue from Capital Gains Realizations on State Income Tax Revenue and Budget Conditions

We explore the effect of the rapid increase in capital gains realizations on state income tax revenue during the 1990s and 2000s, and the effect that this had on state fiscal decisions regarding the use of these revenue. We find wide variation in the growth of capital gains realizations across states and that the growth in capital gains had a significant effect on state income tax revenue for many states. We find that states used a sizable portion of the additional revenue from capital gains to fund reserves in the year the revenue was generated, and that capital gains revenue lead to some reductions in taxes but not to increases in expenditures. The evidence suggests that states were conservative in their use of capital gains related revenues.     

THE NEW GOVERNANCE ARRANGEMENTS FOR NHS FOUNDATION TRUST HOSPITALS: REFRAMING GOVERNORS AS META‐REGULATORS

New governance arrangements for NHS Foundation Trusts (FTs) aimed to replace centralized state ownership of acute English hospitals with a new form of social ownership. Under this, trusts would exist as independent public interest organizations on the model of mutuals and co‐operative societies. Assessing the impact of the new arrangements on the management structure of four acute hospitals, we demonstrate that FTs have failed to deliver social ownership and local accountability on this model. We suggest that policy‐makers should re‐frame the governance apparatus associated with mutualism and social ownership in terms of the concept of meta‐regulation. By re‐framing governors as meta‐regulators, regulatory institutions would acquire new powers to steer FTs towards sustainable forms of compliance via non‐coercive, non‐intrusive means.     

GOVERNANCE WITHOUT GOVERNMENT? THE CASE OF THE FOREST STEWARDSHIP COUNCIL

The relationship between state and non‐state actors has been the subject of extensive debate within the governance literature. During this time two influential but very different accounts of governance have emerged: a society‐centred account which talks of governance without government and a state‐centric perspective which maintains that governance largely occurs by and through governments. There are of course alternative and more nuanced positions on offer. These two have nevertheless served to frame the debate around governance by engendering a zero‐sum understanding of the relationship between state and non‐state actors which obscures the way in which the presence of non‐state actors can enhance the policy capacities of state actors and vice versa. The Forest Stewardship Council (FSC) has been lauded as an exemplar of governance without government and has indeed, on occasions, had to overcome the indifference or even outright hostility of governments. But the society‐centred account does not do justice to the range of very different and sometimes mutually beneficial relationships between the FSC and state actors.     

Deontic Logic and Legal Knowledge Representation*

Abstract. The current literature in the Artificial Intelligence and Law field reveals uncertainty concerning the potential role of deontic logic in legal knowledge representation. For instance, the Logic Programming Group at Imperial College has shown that a good deal can be achieved in this area in the absence of explicit representation of the deontic notions. This paper argues that some rather ordinary parts of the law contain structures which, if they are to be represented in logic, will call for use of a reasonably sophisticated deontic logic.     

On the Logic of Deontic Conditionals*

Abstract. The paper outlines the approach to the analysis of deontic conditionals taken in earlier work by Jones and Pörn, compares it very briefly with two main trends within dyadic deontic logic, and then discusses problems associated with the augmentation principle and the factual detachment principle. The author then modifies Jones and Pörn's previous system, using a classical but not normal (in the sense of Chellas) deontic modality to provide the basis for an alternative analysis of deontic conditionals. This new analysis validates neither the factual detachment nor the augmentation principles. However, influenced by the approach of James Delgrande to default reasoning, the author tries to show how a restricted form of factual detachment may be accommodated within the revised system.     

Reviewing Directors’ Business Judgements: Views from the Field

Directors take decisions that can have significant impacts on others, as illustrated by the global financial crisis and the collapse of Thomas Cook Group plc. Yet many academics argue that courts should not review or impose liability on directors for poor business judgements. These arguments often rely on untested empirical assumptions about directors’ behaviour and attitudes. Through semi-structured interviews and focus groups, we explored the responses of directors, legal practitioners, company secretaries, and board headhunters to the prospect of judicial review of directors’ business judgements. Our findings challenge orthodox thinking: many directors supported some form of review and the impact of review may not be as great as the literature predicts, nor necessarily detrimental. The debate about whether courts should review directors’ business judgements should therefore move away from reliance on negative empirical assumptions about the impact of review, to clearly articulating, and engaging with, normative positions that underpin opposition to, and support for, review.     

RETHINKING POLICY OPTIONS FOR INDUSTRY: APPROPRIATENESS IN POLICIES FOR INDUSTRY AND UK FARMING AND FOOD

This article assesses the appropriateness of lean supply and partnership relationship management policies as a means of invigorating industry, using the example of the UK pig and beef industry. The analysis assesses the extent to which it is operationally feasible, and with what commercial consequences, in UK pig and beef supply chains and markets. The analysis demonstrates that the lean and partnering approach is not always operationally feasible. Furthermore, when it is operationally feasible dominant players only – such as multiple retailers – appear to benefit commercially from its adoption. Given this, alternative policy options may be required in the future for such reinvigoration of industry. A framework to guide policy selection is provided.     

How Michael Foot Won the Labour Party Leadership

This paper examines the voting motivations of Labour parliamentarians in the final parliamentary ballot of the Labour party leadership election of 1980. By constructing a data set of the voting behaviour of Labour parliamentarians and by determining the ideological disposition of the 1980 parliamentary Labour party (PLP) this paper examines the ideological disposition of the candidates' vis‐à‐vis their electorate, and offers a challenge to traditional interpretations of how and why Foot was elected. The traditional interpretation has sought for explanations as to how a right‐wing dominated PLP elected a left‐wing candidate. Whilst citing the traditional interpretations of the impact of the impending Electoral College, mandatory reselection and the assumed weaknesses of the Healey campaign, this paper argues that there was considerably more left‐wing sentiment within the 1980 PLP in terms of economic management, defence and the Common Market, than previously considered. As such this paper suggests that, taken with the impact of the other factors, the victory of Foot should not be seen as that surprising.