Equality and Regional Finance in the Americas

This article explores competing definitions of equality embedded in contending visions for regional finance in the Americas. The U.S. free market–oriented project envisions extension of a NAFTA‐like regulatory framework hemispherewide, promising Latin Americans better financial services, credit, and investment in exchange for strong financial property protections and (implicitly) dramatically reduced financial policy autonomy for their governments. Venezuela's vision of “Bolivarian” finance, exported to the Caribbean and the upper Andes, promotes assertive state management of both foreign and domestic investors, populist redistribution, and increasing reliance on nonmarket financial transactions. Brazil's regional financial project would unite South America through continentwide physical infrastructure and capitalist financial markets while retaining a role for public sector banks responsive to central government priorities. Brazil's approach shares with Venezuela's an emphasis on governments' need for financial policy authority and with the U.S. approach a concern for regulatory predictability and financial deepening.     

Environmental protection and US–Asia relations: a policy of disconnect

Despite the post-September 11 focus on regional security and the continued emphasis on regional economic cooperation, environmental degradation should not be overlooked as an important issue for US policy in and relationship with the Asia-Pacific. It is an important issue in its own right, presenting the countries of the region with ecological, economic and social (human security) challenges. There are both ethical and instrumental impulses for the United States, as a rich indus­trialised country and as a disproportionate consumer of resources and polluter of global waste, to provide environmental assistance to the Asia-Pacific. Despite global demands that the ‘new’ new world (environmental) order should be based on solidarity and collective responsibility, neither US environmental policy towards the region nor the regional consequences of its international environmental policy more generally meet this test. The US is fundamentally self-regarding rather than other-regarding in the various dimensions of its environmental relationship with the region. The consequences for both the region and for the US may be substantial. Continued environmental degradation in the region has the potential to undermine other US policy goals, in terms of its reputation, it economic objectives and even its more orthodox geopolitical security objectives.     

Institutions and Caribbean Economic Performance: Insights from Jamaica

We explore the impact of social institutions on economic performance in Jamaica through a reinterpretation of the plantation economic model. In its original form, the plantation model fails to develop a causal link between the plantation legacy and persistent underdevelopment. Despite its marginalization, the model remains useful for discussions on growth and development. Consequently, we offer a reappraisal using the causal insights from Kenneth Sokoloff and Stanley Engerman. We use two examples to demonstrate how inequality encourages the formation of institutions that are inconsistent with growth, and an empirical analysis to confirm the hypothesized relationship between inequality, institutions, and economic development. Since inequality is expected to influence growth indirectly, we use a structural specification, which follows William Easterly’s recent test of Sokoloff and Engerman’s argument. Our reliance on a time-series specification is unique. We demonstrate that the expectation that, on average, inequality and growth is negatively related and that institutions may compromise growth are accurate for Jamaica, the most cited Caribbean nation in the current discourse. Our results carry several policy implications, including support for the recent calls in Jamaica for political restructuring. However, both the paucity of similar studies and the importance of the implications for sustainable growth and development demand further analyses.

Remedies for Dishonest Assistance

The paper considers the nature of claims against dishonest assistants and the various money remedies those claims may evoke. Dishonest assistance is a form of civil secondary liability whereby the assistant is held jointly and severally liable along with the trustee whose misconduct he assisted. This is the sense in which dishonest assistants are said to be accountable as constructive trustees. In order to understand remedies available against dishonest assistants it is accordingly necessary to understand the corresponding remedies against defaulting trustees and what it means for them to be accountable. The paper examines the two different types of compensation that may be awarded against defaulting trustees—substitutive and reparative—and observes that the same two types of compensation may be given against dishonest assistants in appropriate cases. It also explores the circumstances in which trustees and dishonest assistants should be accountable for profits and whether they should ever be liable to pay exemplary damages. A strict application of the theory of civil secondary liability produces controversial results in connection with these latter remedies.     

Drug use and violence: Rethinking the connections

This paper examines the available empirical and theoretical literature on the connections between drug use and violent crime, using the conceptual framework developed by Goldstein (1985). The authors argue that the available evidence on the drugs/violence nexus does not support moral claims about the ‘harmfulness’ of illegal drugs that underpin the criminalization of certain mind-active drugs. Instead, much of the connection between legal and illegal drug use and violence appears to be an effect of a history of criminalization of certain drugs. Law is therefore implicated in producing the connection between drug use and violence, rather than acting simply as a neutral mechanism for controlling criminal violence.     

An Analysis of Statutory Development: The Correlates of State Activity in Product Liability Legislation

In the last few years legal scholars and politicians have been concerned with what many have referred to as the "liability crisis". While there is certainly no consensus involving precisely how serious the problem indeed, some argue that there is no crisis -there is some evidence that the frequency and size of jury awards in some types of personal injury cases have changed since the 1970s. In response to this evidence virtually every state has considered legislation that would limit the frequency or size of such awards and would modify related judicial processes. Although the final status of many of these "tort reforms" is still uncertain, bills related to punitive damages and other dimensions of tort Iiability have been introduced in and passed by one or more houses in many state legislatures. This paper examines this legislative activity and focus on bills that have passed in one or more state legislative houses in the 1986–88 time period. Using standard multivariate statistical techniques, it examines the relationship between this legislative activity and dimensions of state politics and culture. The research indicates that state legislative activity in the area of tort reform results from a rather complex mix of factors. It is a function of political and social-economic attributes, as well as features of the states' legal and judicial systems.