The political economy of class conflict

Texts reviewed:

C. Crouch (1977) Class Conflict and the Industrial Relations Crisis, Heinemann Educational Books.

F. Hirsch and J. H. Goldthorpe (eds) (1978) The Political Economy of Inflation, Martin Robertson.     

How Much Credit for Export Credit Support Under the SCM Agreement?

This contribution examines the degree of policy space the WTOleaves its Members to support export credits for non-agriculturalgoods. In the light of existing case law, it illustrates thatexport credit support offered by export credit agencies thataims at complementing the private trade finance market wouldin principle be prohibited under the SCM Agreement. However,while some low-income countries can rely on a specific exceptionon the prohibition on export subsidies, all WTO Members can,on the basis of the Illustrative List of Export Subsidies, justifycertain subsidized export credits that are in accordance withthe interest rate provisions of the OECD Arrangement. But, asthe case law and the OECD Arrangement currently stand, subsidizedexport credit guarantees and insurance as well as subsidizedshort-term export credits cannot rely on this safe haven. Hence,the article shows that export credit agencies, except for thoseof some low-income countries, cannot play a complementary roleto the private market in offering such support. Moreover, thiscontribution demonstrates that export credit support in accordancewith the safe haven might still be countervailable and actionable.Finally, it is argued that an exception which can be modifiedby a subgroup of WTO Members, like the safe haven, can no longerbe accepted.     

The regular article tracking developments at the national level in key European countries in the area of IT and communications – co-ordinated by Herbert Smith LLP and contributed to by firms across Europe

This column provides a concise alerting service of important national developments in key European countries. Part of its purpose is to compliment the journal's feature articles and briefing notes by keeping readers abreast of what is currently happening “on the ground” at a national level in implementing EU level legislation and international conventions and treaties. Where an item of European National News is of particular significance, CLSR may also cover it in more detail in the current or a subsequent edition.     

Opportunities Beckon

<正>Yantai makes a name for itself along the Belt and Road In 2013,Chinese President Xi Jinping proposed the Belt and Road Initiative,comprising the development plans of the Silk Road Economic Belt and the 21st-Century     

Institution Building and Spillovers

This paper investigates the importance of institution building for economic growth in transition economies of Eastern Europe and CIS‐States. Using recent data, it shows that even in a Guardian State, institutions like property rights protection, administration efficiency, and general rule of low matter. They appear to be even more crucial for economic take‐off than standard economic factors like for example macroeconomic policy. Moreover, this paper finds that there are important spillover effects in institution building, and that countries which get one specific institution right, have also better chances to succeed in making other specific institutions work properly.