The politics of mortgage credit expansion in the small coordinated market economies

Abstract

Recent contributions to the comparative political economy literature claim that liberal market economies are vulnerable to asset booms and busts because of financial deregulation, shrinking welfare states and a political ideology emphasising financial self-sufficiency. This article examines the rapid expansion of mortgage lending in three coordinated market economies (CMEs): Denmark, Sweden and the Netherlands. This expansion is puzzling given that all three countries are CMEs with generous welfare states. Yet the pattern of mortgage lending resembles the Anglo-Saxon or liberal market economies (LMEs) more than other CMEs. The article argues that mortgage bubbles in the small CMEs emerged as the unintended outcome of pairing neoliberal programmes to expand home ownership with collectivist housing institutions. This resulted in supply restrictions and rising property values which saddled households with extraordinarily high mortgage debts. In short, mortgage credit bubbles are not unique to Anglo-liberal welfare states and may have different origins.     

Bushwhacking the Democratic Peace

The invasion of Iraq has been justified, ex post , as for the purpose of promoting the democratic peace. It does not, however, appear to have been a principal goal ex ante . Most democratic peace theorists, moreover, do not endorse democratic regime change by great-power external military intervention. Success is difficult to achieve (usually at high cost), and the conditions in Iraq were not promising even had the occupation been carried out more competently. Greater success in democratization has been achieved by UN peacekeeping operations, and by various regional international organizations using a variety of peaceful measures to ensure free elections, constrain authoritarian leaders, and empower democratic forces. International organizations, notably those whose membership is largely composed of democracies, are especially likely to succeed in promoting democracy.     

The New Antidemocrats

Democratization has lately received new rounds of criticism from antidemocrats on both the right and the left. As the prevalence of democracy throughout the world has surpassed that of dictatorship and other forms of undemocratic government, nostalgia for authoritarianism has blurred the realities of the depredations of dictatorship. Increasingly, the new antidemocrats suggest that the problems of democracy require nondemocratic solutions. But while all democracies will necessarily fall short of their ideal, the solution lies within democratic traditions. The challenge is to motivate future generations to improve on existing democracy, not to replace democratic structures with a system that is simpler, more comfortable, and less demanding of those who live under it.     

Multi-layered justice and security delivery in post-conflict and fragile states

This paper examines the value of an alternative approach to SSR policy, namely a multi-layered one in post-conflict and fragile state environments. It begins by arguing that there is a state-centric bias in current SSR policy and practice. This contradicts development principles of a ‘people-centred, locally owned’ approach in post-conflict and fragile state contexts. The SSR's state-centric approach rests upon two fallacies: that the post-conflict and fragile state is capable of delivering justice and security; and that it is the main actor in security and justice. The paper goes on to present the outline of a multi-layered strategy. This addresses the issue of who is actually providing justice and security in post-conflict and fragile states. The paper continues by describing the accountability mechanisms that could be pursued by SSR programmes in support of this approach. The conclusion is that the advantage of the multi-layered approach is that it is based not on the state's capacity, but on the quality and efficacy of the services received by the end user, regardless of who delivers that service.     

Transcarceration: Notes on a psychoanalytically-informed theory of social practice in the criminal justice and mental health systems

The application of Lacanian psychoanalytic semiotics to the intersecting categories of criminal justice and mental health is relatively novel. In this paper the phenomenon of transcarceration or the repeated channeling of disordered defendants (subjects) through institutional regimes of discipline and coercion is outlined. Attention is directed at the intra-psychic and intersubjective mechanisms responsible for the structuring of discourse. Lacan's schematization on the constitution of master narratives through the Discourse of the Master is also delineated. The author concludes by demonstrating how transcarceration is fundamentally about language and privileged speech patterns which agents of both systems as well as subjects themselves perpetuate. This revised version was published online in July 2006 with corrections to the Cover Date.     

Natural Allies? Mapping the Relationship between Conservatism and Environmentalism

This article examines the relationship between conservatism and environmentalism, including the viability of an eco-conservative ideology. The discussion emphasizes two major points. First, that there is much greater shared ground between greens and conservatives than is often recognized. Yet second, that there are nonetheless significant obstacles to any harmonious alliance between the two. However, what is also shown is that these obstacles are not necessarily those most commonly cited.     

The Principle, Politics, and Finances of Introducing Academic Merit as the Standard of Hiring for "the teaching of law as a career," 1870–1900

Compared to the practice in other professional schools and academic fields at universities, law professors are hired at a young age based primarily upon their academic merit determined through grades, class rank, and school rank. This emphasis upon narrowly defined academic merit—apart from achievement demonstrated through original scholarship or experience in professional practice—first emerged during "the professionalization of the American law professor" between 1870 and 1900 at Harvard Law School (HLS). Though normative today, this outcome was neither necessary nor uncontested. In the late nineteenth century the new standard of hiring faculty according to their academic merit was energetically opposed by those favoring the antecedent standard of professional experience and reputation. Only when financial considerations counterbalanced that traditional standard did hiring decisions tip in favor of the new principle. Not until the early 1900s, when the second generation of academic meritocrats dominated the HLS faculty, did the new hiring standard become unequivocally established as policy in the school and, by extension, in legal education.