Editorial

Professor Maitland liked to point out that the beginnings ofthe trust are discernible in a ‘slight but unbroken threadof cases, beginning while the Conquest is yet recent.’¹This forensic Methuselah retains its vitality today becausereams of contractual boilerplate cannot compete with the efficiencyof equity's default rules. These were famously expressed bythe great Chief Judge of the New York Court of Appeals—laterto become a Justice of the Supreme Court of the United States—BenjaminCardozo, in Meinhard v. Salmon, 249 NY 458, 464 (1928):

Manyforms of conduct permissible in a workaday world for those actingat arm's length, are     

The impact of foreign and state ownership on post-transition industrial concentration: the case of Polish manufacturing

This paper reports an analysis of the determinants of the level and changes in Polish industrial concentration in the early post-transition era. In particular, the relative effects of foreign and state ownership are examined. The empirical evidence is based on a panel of 144 Polish manufacturing industries over the period 1989–1993. The results suggest that both state and foreign ownership have a significant impact on industry concentration and this relationship is U-shaped. Minimum efficient scale is found to be the only other factor to impact on industry concentration.     

Government revenue and expenditure in an agrarian economy: North Arcot District in South India

This paper uses disaggregated data to assess the recent history and geography of revenue mobilization and expenditure allocation in a district where rice production increased by 50 per cent during the decade 1973–83 and where gross urban output (to judge from research in one market town) increased in real terms by a factor of 8. At the district level, land revenue is a small and unstable component of revenue despite the dynamism of the rice economy. Furthermore rice is exempt from commercial taxes, which are eight times more important than land revenue, just under half of which derives from traded agricultural goods. Despite the region's commercial dynamism, real revenue has increased by only 76 per cent over the decade, suggesting substantial evasion. The district appears to be a net donor to the state fisc. Direct expenditure shows urban bias (being 60 per cent more per caput than rural expenditure), though the gap has been narrowing. Despite this trend the rice-producing sector appears to be a net beneficiary from direct revenue and expenditure. A rural micro-level case study shows that the village panchayat is a net donor and the urban panchayat union a net recipient of an unstable quantum of revenue. A case study of an urban municipality shows real revenue declining over the decade, forcing an increasing dependence upon discretionary grants from the state government, which cannot prevent a deterioration in urban infrastructure. Indirect revenue and expenditure shows a recent trend towards the rural population. Public sector employment is numerically significant, urban, and has average incomes equal to the top decile of rural cultivators.     

CHILD-CENTERED, VERTICALLY STRUCTURED, AND INTERDISCIPLINARY

This paper will describe the genesis and philosophy of the Center for Children's Policy. Practice and Research at the University of Pennsylvania (CCPPR), a joint project of the Schools of Law, Medicine and Social Work. The mission of CCPPR was to mobilize the resources of all disciplines engaged in childhood issues across the campus to seek innovative solutions for the crises facing America's children. CCPPR seeks to combine clinical practice, research, and policy in a vertical structure that would maintain linkages at all stages of scholarship, practice, and reform. Five essential structural factors were that the project must be: (a) vertically integrated; (b) interdisciplinary; (c) team-based; (d) child-centered and (e) developmentally informed. This paper can serve as a template for developing similar centers or projects, and will describe our methods, the projects we have undertaken, as well as the pitfalls and challenges of this highly demanding integrative approach.     

The Framework Convention for the Protection of the Marine Environment of the Caspian Sea

The Framework Convention for the Protection of the Marine Environmentof the Caspian Sea, which concluded recently between Azerbaijan,Iran, Kazakhstan, Russia and Turkmenistan, is a great step onthe long path of rescuing the fragile Caspian Sea environmentdevastated by the economies of the coastal States, unsustainableexploitation of the non-living resources of the seabed and negativeimpact of illegal fishing. The Convention complies with allcurrent standards of modern international environmental lawand should be seen as a part of the progressive developmentof international legislation on environmental protection.