bluuebunny/crossref_metadata_2025 huggingface dataset:
Copyright and Neighbouring Rights Under the Nafta and other Regional Agreements
Authors: Lewinski Silke von
Published: October 2023

One of the avenues taken by the USA since the mid-1980s to include intellectual property in international trade law, besides the GATT/TRIPS approach and unilateral trade measures, has been the conclusion of bilateral and regional trade agreements on the basis of its Trade Act 1988. The Canada–United States Free Trade Agreement of 1988 was the second bilateral agreement in a series of many to follow. Only some months after the USA and Mexico had decided to pursue a free trade agreement (FTA), Canada showed interest in participating in negotiations with a view towards a trilateral agreement. Within fourteen months between 1991 and 1992, the North American Free Trade Agreement (NAFTA) was successfully negotiated among the three countries; it entered into force on 1 January 1994. It was based on the Canada–US FTA but went beyond it in many areas, in particular in intellectual property where the bilateral agreement had only included a provision on cable retransmission. NAFTA was concluded not least to build a counterpart to the perceived emergence of trade blocs in Europe and Asia. It created a free trade area of around 370 million inhabitants and aimed at enhanced trade liberalization and better access to the respective markets. Major parts of the NAFTA deal with the reduction or abolition of tariffs and other trade barriers.
Overall Assessment of the Inclusion of Copyright and Neighbouring Rights into the Trade Framework
Authors: Lewinski Silke von
Published: October 2023

In the early history of international copyright law, bilateral trade agreements regulated international protection, before the Berne Convention largely replaced this insufficient and unsatisfactory system. Later, intellectual property (including copyright and neighbouring rights) only played a defensive role in trade agreements: it was considered a non-tariff barrier to trade and, hence, in principle contrary to the fundamental aim of a trade treaty, namely, to reduce or remove barriers to trade. Yet, safeguard provisions usually excluded intellectual property from trade agreements or free trade provisions therein, unless it was a means of arbitrary discrimination or disguised restriction of trade.
Dispute Settlement Draft Treaty
Authors: Lewinski Silke von
Published: October 2023

It is certainly not a mere coincidence that the WIPO General Assembly decided in September/October 1989 to establish a Committee of Experts on the Settlement of Intellectual Property Disputes between States with a view to working on a possible draft treaty on dispute settlement. Only a few months earlier in 1989, the mid-term review of the GATT Uruguay Round had shown major progress by considerably softening the resistance of developing countries against the inclusion of intellectual property into the GATT framework, thereby paving the way for negotiations on intellectual property in that framework. In other words, this was the point in time when a success of the GATT approach seemed realistic and, consequently, the emergence of a new forum dealing with intellectual property left the WIPO with the perspective of possibly losing its impact as the leading international intellectual property organization.
The Relationships Between Different Treaties
Authors: Lewinski Silke von
Published: October 2023

As demonstrated in the preceding chapters, copyright and related rights are currently covered by a multitude of treaties, including treaties that specifically deal with these matters and broader treaties that cover intellectual property among different areas of trade or investment. Even treaties with no or quite unspecific provisions on copyright and related rights may have an impact in this field of law, such as treaties on human rights and cultural diversity. In addition, treaties that cover intellectual property may be multilateral, regional, and bilateral agreements. Accordingly, it is important to clarify different aspects of the relationship between these treaties as well as the jurisdictional competence.
Cracks in the Establishment: Orange Opposition to O ’Neill, 1963–1969
Authors: Kaufmann Eric P
Published: October 2023

James Craig, John Andrews, and Basil Brooke (Lord Brookeborough) were the only three individuals to serve as Prime Minister of Northern Ireland between 1921 and 1963, reflecting the high degree of stability of the Stormont regime. The Ulster Protestant political elite was organically linked with the Order, from which it had built its stock of political capital and learned its communal traditions. Hence Craig remarked in 1934, ’I am an Orangeman first and a politician .afterwards. ‘ After leading Northern Ireland, Andrews captained the Order as Grand Master from 1948 until 1954, and Brookeborough served as Fermanagh County Grand Master.
Stable Rejectionism: The Smyth–Molyneaux Axis, 1978–1995
Authors: Kaufmann Eric P
Published: October 2023

Politically, as mentioned, the late 1970s proved a quiet period. James Molyneaux, the UUP Westminster MP, had increasingly emerged as Unionist leader along with his confederate Enoch Powell. Martin Smyth, as a leading UUP Convention member (1975– 7) and in 1982 a new Westminster MP, was in close contact with Molyneaux. Molyneaux knew that the return of Stormont was—for the moment—a dead letter but remained the long-term goal. Realizing that devolution and power-sharing were irrevocably yoked, Molyneaux charted a cautious course. He accepted Direct Rule as a temporary expedient and emphasized ‘administrative devolution ‘ as an alternative to legislative devolution.
Who is who in macroeconomics?
Authors: Heijdra Ben J
Published: October 2023

In order to achieve these goals, we first have to discuss some elementary concepts relating to the aggregate labour market and the demand for money. It turns out that the most important differences of opinion between (most varieties of) Classical and Keynesian economists can be traced back to their respective assumptions regarding the labour market, expectation formation, and money demand.
Rational expectations and economic policy
Authors: Heijdra Ben J
Published: October 2023

More than three decades ago, John Muth published an article in which he argued forcefully that economists should be more careful about their informational assumptions, in particular about the way in which they model expectations. Muth’s (1961) point can be illustrated with the aid of the neoclassical synthesis model under the AEH that was discussed in Chapter 2. Consider Figure 3.1, which illustrates the effects of monetary policy over time.
Anticipation effects and economic policy
Authors: Heijdra Ben J
Published: October 2023

In Chapter 2 we sketched a theory of investment by firms that is based on forward- looking behaviour and adjustment costs of investment. For reasons of intuitive clarity, the model was developed in discrete time. It turns out, however, that working in continuous time is much more convenient from a mathematical point of view. The first task that must be performed therefore is to redevelop and generalize the model in continuous time.
A closer look at the labour market
Authors: Heijdra Ben J
Published: October 2023

The stylized facts about the labour market in advanced capitalist countries can be subdivided into the two categories of time series evidence and cross-section information. The main indicator of labour market performance is the unemployment rate. Ever since the Great Depression of the 1930s this has been at the forefront of macro- economic research. The following stylized facts about unemployment can be established for most countries in the Western world (see, e.g. Layard et al., 2005, ch. 1).
Trade unions and the labour market
Authors: Heijdra Ben J
Published: October 2023

The typical layman’s sentiment about trade unions probably runs as follows. Poerful trade unions are just like monopolists. They sell labour dearly, cause high real wages, and hence are really to blame for low employment and high unemployment. In this section we evaluate this sentiment within the context of several partial equilibrium models of trade union behaviour. The typical setting is one where a single representative union interacts with a single representative firm.
Money
Authors: Heijdra Ben J
Published: October 2023

When asked the question “What is money?”, it will be answered with full confidence by any man or woman in the street. Indeed, the typical response one may expect from such a question would probably consist of the person in question taking out his/her wallet and showing a colourful piece of paper with some numbers printed on it and possibly the portrait of some past or present monarch or president. If the question had been asked a few centuries ago, the object produced from the wallet would probably have been made of some precious metal rather than (hard to counterfeit) paper but the intended answer would have been the same: money is the stuff which sits in one’s wallet and can be used to purchase goods and services.
New Keynesian economics
Authors: Heijdra Ben J
Published: October 2023

The challenge posed by a number of authors in the 1980s is to provide microeconomic foundations for Keynesian multipliers by assuming that the goods market is characterized by monopolistic competition. This is, of course, not the first time such micro-foundations are proposed, a prominent predecessor being the fixed-price dis- equilibrium approach of the early 1970s (see Benassy (1993b) for a survey of that literature). The problem with that older literature is that prices are simply assumed to be fixed, which makes these models resemble Shakespeare’s Hamlet without the Prince, in that the essential market coordination mechanism is left out. Specifically, fixed (disequilibrium) prices imply the existence of unexploited gains from trade be- tween restricted and unrestricted market parties.
Real business cycles
Authors: Heijdra Ben J
Published: October 2023

In this chapter we study two major themes which were pursued by predominantly new classical economists in the wake of the rational expectations revolution of the early 1970s. The first theme studies the effects of fiscal policy in an optimizing equilibrium framework. Pioneering contributions to this branch of the literature were made by Hall (1971, 1980), Barro (1981), Aschauer (1988), and Baxter and King (1993).The second theme concerns the general equilibrium approach to economic fluctuations. Pioneering contributions to this so-called real business cycle (RBC) approach were made by Kydland and Prescott (1982), Long and Plosser (1983), and Prescott (1986).
Overlapping generations in discrete time
Authors: Heijdra Ben J
Published: October 2023

As the previous chapter has demonstrated, the continuous-time Blanchard-Yaari framework is quite flexible and convenient and therefore fully deserves its current workhorse status. It yields useful and intuitive macroeconomic results and does so in a simple fashion. This is not to say that the framework has no shortcomings. In- deed, as Blanchard himself points out, the main drawback of the perpetual youth approach is that, though it captures the finite-horizon aspect of life, it fails to ac- count for life-cycle aspects of consumption (1985, p. 224). Indeed, in the standard Blanchard model, a household’s age affects the level and composition of its wealth (first aspect) but not its propensity to consume out of wealth (life-cycle aspect).
The Long Haul 1950–1959
Authors: Lindley-French Julian
Published: October 2023

The Long Haul 1950–1959: The 1950s set the scene for Europe’s age of modernity. There are two struggles. The first is grand strategic between the America-led West and the Soviet Union and its shackled acolytes. The second is Euro-strategic and concerns the shape and nature of power in Western Europe then and now.
The Interception of Communications: The Regulation of Investigatory Powers Act 2000 Pt I
Authors: Hopkins Andrea
Published: October 2023

Prior to the Interception of Communications Act 1985 (IOCA), the interception of communications, by whatever means, official or unofficial, whether public or private, was wholly unregulated by statute. It was this state of affairs which led the European Court to find in Malone v UK that the tapping of Mr Malone’s telephone by the police was not ‘in accordance with the law’, in violation of Article 8 of the European Convention on Human Rights. In response, the United Kingdom government enacted the IOCA 1985. This legislation was not, however, a comprehensive scheme to regulate the whole field of interception, but was limited to regulating the kind of interception which Mr Malone had successfully challenged. Section 1 of the IOCA 1985 made it an offence to intercept, intentionally, a communication in the course of its transmission by post or by means of a public telecommunications system, but did not attempt to deal with any other kind of communications systems. The process of authorizing interceptions under the IOCA 1985 remained essentially the same as under the old regime, with the issuing of warrants for interception by the appropriate Secretary of State. The new legislation did, however, introduce detailed provisions to govern the issue, form, contents, duration, and effect of warrants, as well as a tribunal to resolve complaints, and a form of judicial oversight of the issue process.
Arrest and Detention
Authors: Brander Ruth , Pickup Alison
Published: October 2023

Protection from arbitrary arrest and detention is a foundational principle of both the English common law and the European Convention on Human Rights. Freedom from executive detention has been described as ‘probably the oldest of recognized human rights in reliance on chapter 39 of Magna Carta 1215’.The European Court of Human Rights has repeatedly upheld judicial control of executive interference with personal liberty as ‘one of the fundamental principles of a democratic society’, ‘necessary to minimize the risk of arbitrariness and to secure the rule of law’.
Fair Trial
Authors: Bentley David , Thomas Richard
Published: October 2023

The right to a fair trial embodied in Article 6 ECHR is central to the establishment and maintenance of a free and democratic society. Its object and purpose is ‘to enshrine the fundamental principle of the rule of law’and should be given a broad and purposive interpretation, rather than a restrictive one. While the discussion for the purposes of this book is on its role in ensuring that individuals are not unjustly punished and that convictions are well-founded, it also has a central role in the protection of many other freedoms enshrined in the Convention. Article 6 is primarily concerned with procedural fairness, and involves an examination of the proceedings as a whole, including any appeal. The broad guarantees of a fair trial contained in Article 6(1) afford rights to those involved in civil, as well as criminal proceedings, but those charged with criminal offences benefit from the presumption of innocence in 6(2) and the minimum rights guaranteed in 6(3), such as legal assistance and interpreters.
The Media
Authors: Hudson Anthony
Published: October 2023

This chapter considers the role of the media in the criminal justice system. It examines the extent to which proceedings must be transparent and the restrictions that can be imposed on the publication of reports of criminal proceedings so as to avoid undermining a defendant’s right to a fair trial. It also looks at the increasingly common topic of journalists as witnesses. Anonymity of Defendants and Witnesses The right to a fair trial and the principle of open justice are frequently perceived to be in conflict. Properly understood, the two rights are complementary.
The Application of The Echr to Appeals
Authors: Southey Hugh
Published: October 2023

Article 6 of the ECHR results in many of the rights that apply at the trial stage of criminal proceedings being applied to appellate proceedings. The application of Article 6 is not, however, straightforward. That is because account is taken of the fact that there will inevitably have been a trial at first instance. As a consequence, this chapter essentially seeks to identify how Article 6 is modified to take account of the special nature of appeals In addition, Article 13 of the ECHR provides that ‘Everyone whose rights and freedoms as set forth in this Convention are violated shall have an effective remedy before a national authority notwithstanding that the violation has been committed by persons acting in an official capacity.’ As a result, it might be thought that Article 13 gives rise to a right to challenge a decision of a trial court that violates Article 6. However, Article 13 does not entitle a person to an appeal against a violation of Article 6 at first instance.
American patriot
Authors: Philp Mark
Published: October 2023

A few days later Paine joined a body of Penn sylvania volunteers who marched towards New York. The anticipated British attack never mate rialized, and Paine spent the summer as secretary to Daniel Roberdeau, the commander of the flying camp. When it was disbanded he travelled to Fort Lee and served as aide-de-camp to General Nathanael Greene, who became a close friend. He also served as a field correspondent, puffing American successes in small skirmishes and supporting the decisions of Greene and George Washington despite their frequent military blunders.
An age of revolutions
Authors: Philp Mark
Published: October 2023

When he had arrived in France in 1787, Paine had formed a friendship with the secretary of the archbishop of Toulouse, the Abbé André Morellet, to whom he had written at length on the prospects for peaceable relations between France and Britain. Paine had suggested that there was no interest in war in either court, but that France had an enemy in the vulgar prejudices of the British. He accordingly planned a pamphlet to rectify the misunderstanding between the two peoples.
Death of a democrat
Authors: Philp Mark
Published: October 2023

Paine arrived in Baltimore on 18 October 1802 to a seemingly friendly reception. But the impression was fleeting. He was temporarily arrested on a dubious charge of indebtedness, and the federalists immediately sought to make capital of Paine’s irreligion and Thomas Jefferson’s offer of a public vessel. When he arrived in Washington only Jefferson and the most ardent republicans welcomed him. Even old colleagues, such as Benjamin Rush and Samuel Adams, turned against him because of his religious heterodoxy.
Government debt and the portfolios of the rich
Authors: Su¨ssmuth Bernd , von Weizsa¨cker Robert K
Published: October 2023

Differences in attitudes to risk between the wealthiest individuals and the least wealthy individuals have a potentially important effect on the evolution of the economy, and on the public finances in particular. The aim of this chapter is to investigate heterogeneity in risk aversion, its relationship to wealth levels, and government debt policies.
Introduction: The Problem of London
Authors: Freeman Nicholas
Published: October 2023

Edward Ponderevo, the cynical peddler of patent medicine in H. G. Wells’s Tono-Bungay (1909), is not a man given to understatement; yet, in a revealing aside, he confesses to his nephew George that London ‘takes a lot of understanding’.1 George becomes fascinated by the city, and later in the novel muses that he could ‘fill a book, I think, with a more or less imaginary account of how I came to apprehend London, how first in one aspect and then in another it grew in my mind’.
‘Inclusion and Confusion’: Empiricist London
Authors: Freeman Nicholas
Published: October 2023

The purpose of this chapter is show how two very different forms of realist writing engaged with the London that was becoming the regular haunt of social explorers, journalists, and evangelical campaigners. ‘Slum novels’ and the detective fiction of Arthur Conan Doyle would approach their task in markedly differing ways, but both represented means of invigorating the subject matter and techniques of realist art. They were sustained by a fundamentally positive belief that London could be understood, represented, and communicated if only the correct methods could be discovered and employed, but their faith in such an enterprise was often challenged by the unsavoury details of city life.
The Infinite Sea
Authors: Close Frank
Published: October 2023

abstract

In 1687 Isaac Newton laid down the first universal laws of gravitation in his Principia. By the mid-nineteenth century, James Clerk Maxwell had united a multitude of electric and magnetic phenomena with his elegant theory of electromagnetism. ‘There is nothing new to be discovered in physics now,’ William Thomson, Lord Kelvin, asserted at the British Association meeting in 1900. Within five years Einstein had invented relativity theory. Ironic then that Albert Michelson, whose own experiments had helped form the paradoxes that led to that new world view, had also insisted that ‘The grand underlying principles have been firmly established; further truths of physics are to be looked for in the sixth place of decimals.’
The General Agreement on Tariffs and Trade: Origins and Overview
Authors: Lowenfeld Andreas F
Published: October 2023

The modern law of international trade may fairly be described as a product of World War II, or to be more precise, of the perceptions of the Allied planners of the post-war world. While the details do not fully conform to the general perceptions, the architects of the post-war settlement saw the nineteenth century as a time of relatively open trade, and of peace, in contrast to the first half of the twentieth century, a time of high tariffs, discriminatory economic arrangements, import quotas, unilateralism and bilateralism—plus a global depression and barely two decades between two devastating world wars.
Evolution of the GATT and GATT Law
Authors: Lowenfeld Andreas F
Published: October 2023

When the GATT was being drafted and negotiated in 1947–48, the Cold War between the Western democracies and the Soviet bloc was just beginning; the recovery of Western Europe from the ravages of World War II was in its early stages; Japan was essentially outside the international economy; most of Africa and major parts of Asia and Oceania were subject to colonial rule; and the European Common Market was a decade away. The United States was the unchallenged leader of the world economy—in capital, technology, and resources, and with an apparently permanent trade surplus. Indeed, the United States was a net exporter of petroleum, and the price of crude oil stood at well under $3 a barrel. The US dollar itself stood as a firm anchor of the international trading system, tied to gold, and most other currencies were linked to the dollar by the par value system, established pursuant to the Articles of Agreement of the IMF.
The International Exchange of Services and the Creation of GATS
Authors: Lowenfeld Andreas F
Published: October 2023

The interest in rules for trade in services comes largely as a result of two economic trends. First, many developed countries, and particularly the United States, came to recognize that, measured by percentage of gross domestic product, their economies produce more services than goods. Thus services viewed collectively have become the dominant sector of the major industrial—or rather post-industrial—economies. The Economist reported in 1994 that manufacturing firms employed only one worker in six in the United States, one in five in Britain, and one in three in Germany. Well over half the gross domestic product of the OECD countries as a whole is made up of service industries, and new job creation has been predominantly in service-related fields, particularly those that require high levels of education, such as telecommunications and health care.
The Question of Subsidies
Authors: Lowenfeld Andreas F
Published: October 2023

No question in international trade law is as contentious, and as complicated, as the question of subsidies. In part, the question is political. Subsidies are transfers of wealth from the general treasury to a particular group of beneficiaries, who, it is believed, could not survive, or at least could not maintain their standing, on the basis of market forces alone. Though most such transfers take place within a given state, they may have adverse impact on the economies—or on particular sectors—of other states, because they distort the flow of goods that would take place without government intervention. At the most general level, the questions for international law are to what extent states may make, or should be restrained from making such transfers, and on the other hand, to what extent other states may take measures to counteract such transfers. Beyond that, definition and measurement of subsidies turns out to be extraordinarily difficult.
Competition Law
Authors: Fox* Eleanor M
Published: October 2023

Competition law regulates business practices and transactions that create or abuse market power and interfere with the free play of market forces. In the United States, this body of law is called antitrust law. The law was enacted at the end of the nineteenth century in response to the formation of trusts by Rockefeller, Morgan, and others to control major sectors of the American economy, such as railroads, steel, oil, farm machinery, sugar, and banking. Until the end of World War II, the United States alone was a prominent enforcer of antitrust law. At the end of the war, in connection with US assistance programmes, Germany and Japan adopted antitrust law as an antidote to political authoritarianism.
The Bretton Woods System
Authors: Lowenfeld Andreas F
Published: October 2023

It would not be accurate to say that before 1945 there was no international monetary system. States and their enterprises traded with one another, currencies were exchanged, and states held monetary reserves—in gold, in silver, and in foreign currencies. It would be accurate, however, to say that prior to the close of World War II no international legal regime governed the conduct of states with respect to monetary affairs.1 For about 35 years prior to the outbreak of World War I, the major western countries—the United Kingdom, France, Germany, and the United States—all tied their currencies to gold, so that the rates of exchange among the franc, the mark, the pound, and the dollar were essentially fixed.
The International Monetary Fund as Amended
Authors: Lowenfeld Andreas F
Published: October 2023

From 15 August 1971 on, it was clear that fundamental changes were needed in the rules of international monetary law. The system had been unable, from the mid-1960s onward, to achieve anything like sustained equilibrium, and when its main anchor, the United States, acted contrary to the rules, the other states had been neither able nor willing to uphold the rules themselves. It was the rules that had to change. Three tracks were followed in the aftermath of 15 August. The first track aimed at restoring the fixed exchange rate system, but with wider margins, i.e. with more flexibility for marker movements around a target or central rate, but with a continued (or renewed) obligation on states to maintain the agreed rates.
Oil Markets and the Future
Authors: Stevens Paul
Published: October 2023

Oil remains a key source of primary energy. Figure 1 illustrates its dominance. This pre-eminence arises because of oil’s physical characteristics (Frankel, 1946; Stevens, 2000). As it is a liquid which flows in three-dimensional space all stages in the value chain attract large technical economies of scale leading to low costs relative to other fuels. Oil has a relatively high energy content compared to other fuels—some 50 per cent more than coal on a weight basis and 170 times more than natural gas on a volume basis. Oil is also a truly international business.
Policy Uncertainty and Supply Adequacy in Electric Power Markets
Authors: Brunekreeft Gert , McDaniel Tanga
Published: October 2023

Supply adequacy in the power markets takes on added importance with liberalization. Relevant episodes illustrating inadequacies in the electricity supply industry include the California power crisis of 2001, which raised questions of whether liberalized power markets include the incentives needed to induce investment in new assets, and the recent blackouts in both the USA and Europe, which raised concerns about the adequacy of the high-voltage transmission networks. The OECD (2003) reports that, globally, new electricity investment to 2030 will amount to some dazzling $10 trillion.
Effect of Liberalizing UK Retail Energy Markets on Consumers
Authors: Price* Catherine Waddams
Published: October 2023

Retail energy markets in the UK were opened between 1996 and 1998 and from 1990 to 2004 retail energy prices in the UK fell. This was partly because feedstock costs were falling world wide, but the government claims that at least some of the price decrease results from the introduction of supplier choice and the removal of price controls. However, the new energy paradigm, described elsewhere in this book, will involve rising costs, in which residential consumers face increasing energy prices, and these will be experienced within a market structure very different from that which prevailed 10 years ago, before retail competition was introduced.
Nuclear Energy
Authors: Grimston Malcolm
Published: October 2023

One of the most startling recent characteristics of the energy debate in many developed countries is the speed and extent to which nuclear power, for many years effectively ignored as a major option, has returned to the agenda—’with a vengeance’ in the words of UK Prime Minister Tony Blair.1 From its emergence in the late 1950s and early 1960s nuclear energy underwent a period of rapid growth.
Corporate Finance In Europe: A Survey
Authors: Maug François Degeorge Ernst
Published: October 2023

This survey takes stock of research on corporate finance in Europe. The ambition is to provide the reader with an overview of what we have learned about the subject, particularly since the beginning of the 1990s. We focus on two themes when studying corporate finance in Europe. First, the practice and institutions in Europe are heterogeneous and difierent from those in the United States and we demonstrate the importance of this observation.
The Economics Of The Eu’s Corporate Insolvency Law And The Quest For Harmonization By Market Forces
Authors: Sussman Oren
Published: October 2023

The European Parliament and the Council of Ministers shall endeavour to achieve the objective of free movement of capital between Member States and third countries to the greatest extent possible. (Constitution for Europe, draft, 2003, Article III-46). I would like to thank Julian Franks, Colin Mayer, Gabriel Moss, and Ken Okamura for helpful comments.
Technology, Regulation, And The Geographical Scope Of Banking
Authors: Degryse Hans , Ongena Steven
Published: October 2023

We received many valuable comments from Xavier Freixas. This chapter updates Degryse and Ongena 2004, a paper published in the Oxford Review of Economic Policy issue on European Financial Integration edited by Xavier Freixas, Philipp Hartmann, and Colin Mayer (Volume 20, No. 4). Writing that paper we received comments from an anonymous referee, Chris Allsopp (editor), Jan Bouckaert, Xavier Freixas (issue editor), Philipp Hartmann (issue editor), Colin Mayer (issue editor), John Muellbauer, David Myatt (discussant), and participants at the editorial seminar at SaØd Business School (Oxford).
The Euro Money Markets
Authors: Valla Philipp Hartmann Natacha
Published: October 2023

Money markets are an important part of modern financial systems. Paradoxically, this is not well reflected in the economic literature in that in particular equity markets but also bond markets usually receive much greater attention. The most important function of money markets is to allocate liquidity in the economy. Eﬃcient and stable money markets allow economic agents to elastically meet payment and short-term financing needs and profitably invest short-term revenues, even in times of great uncertainty and associated large liquidity shocks.
Equity Returns And Integration Is Europe Changing?
Authors: Danthine Kpate Adjaouté Jean-Pierre
Published: October 2023

How significant is the mark left by the all-important process of economic and financial integration, including the advent of the euro, on equity markets? From the viewpoint of equity investors, can one assert that the promises of European integration are materializing? Our strategy to shed light on these questions is to analyse sequentially the efiects of economic and financial integration on the fundamentals being priced in European financial markets (Section 2) and on the characteristics of the pricing mechanism (Section 3), before turning to the observations that can be made on equity returns themselves (Section 4). Section 5 summarizes the answers we provide to these questions.
Location Of And Competition Between Financial Centres
Authors: Gehrig Thomas P
Published: October 2023

By removing traditional borders and impediments to competition, the process of financial integration tends to open up possibilities of restructuring within the global financial system. Hence, integration triggers restructuring activities within industries, across traditional industry border lines, and especially also across national borders. This immediately opens up the question about the new geographical structure of financial activity in the integrated economic area.
The Supervision Of An Integrating European Banking Sector Theory, Practice, And Challenges
Authors: Tsatsaronis Kostas
Published: October 2023

The single market objective for financial services in Europe dates back to the earliest days of the European Economic Community. Given the dominant position of banks in the European financial landscape, the objective has always efiectively implied the closer integration of national banking markets. Nevertheless, progress along in this dimension, and in particular in retail deposit and loan markets, has been slower compared to other industries.
Dying for French Soudan
Authors: Taithe Bertrand
Published: October 2023

In the end, their tracks became clearer. Burnt villages signalled the progress of their journey. Occasionally, hanging bodies marked the entrances of villages while corpses littered the places they had visited. In the first few settlements beyond the uncertain borders of French Soudan the corpses had been arranged in shallow mass graves, a long dark blood stain hinting how the bodies had been dragged to their burial ground. Later on the corpses lay where they fell. To Colonel Klobb and his small squad of native troops of the French in West Africa, the so-called tirailleurs, it became obvious that the men they were looking for had lost their ways in every conceivable manner.

On 25 April 1899, Arsène Klobb had been sent after a much larger military ‘mission’ or ‘colonne’ led by two men: Captains Voulet and Chanoine, whose fates were so entwined that they have become almost a twin entity sharing a common tragedy: Voulet–Chanoine. These men were the kind of colonial figures known for their daring and initiative, the nationalists lionized. Indeed only a few years earlier they had been welcomed back in Paris as heroes. From heroes these men became villains, worse still, a national embarrassment. There had been early signs that the mission they led would encounter ‘difficulties’.
Privateering for France
Authors: Taithe Bertrand
Published: October 2023

The author of these lines, Paul Leroy-Beaulieu, was the most prominent economist of the pro-colonial lobby and the (unsuccessful) political rival of Paul Vigné d’Octon for the constituency of Clermont l’Hérault. In this highly fanciful dream of systematic development of the Sahara, apparently rich with untapped resources and water, he went as far as describing the River Niger as the French Nile. To support his vision of potential wealth, he systematically exaggerated the writings of army officers and missionaries who were often equally enthusiastic about the lands they had conquered for the empire. Like many others he then used these assertions to campaign for the expansion of the new colonies. Unverifiable claims established an echoing circle of fancy which ran continuously between the colonial lobbyist and the soldiers, the conquerors and their Parisian backers.
Introduction
Authors: Mayson Stephen
Published: October 2023

Historically, lawyers haven’t needed to think much, or in a very sophisticated way, about strategy, competitive advantage or the value of their businesses. protected professional status—sometimes accompanied by regulated scale fees for work done—created a benign environment in which entry into legal work was restricted, competition was constrained, and rewards all but guaranteed. however, increasing regulatory attention to restrictive and anti-competitive practices, particularly in the uk and within the european union, has removed much of the historical protection. as the twenty-first century proceeds, lawyers must expect an increasingly competitive environment. the evolution of the market for legal services will impose a requirement to think and act in ever more business-like ways, including contemplating competitive advantage over rivals, the value of law firms as businesses, and strategy as the definition of a firm’s response to competitive forces and the aspirations of its owners and staff.
Regulation and Competition
Authors: Mayson Stephen
Published: October 2023

The decline I refer to here is not that in the protection of clients but rather the increasing tendency of governments and regulators of the professions to remove the protection of those professions from competition. Professions are usually founded on the basis of some ‘compact’ or agreement with the state that secures a monopoly on the provision of advice and services to clients as well as the privilege of regulating entry into the profession and the standards of those who practise within it. This monopoly assumes that a body of knowledge and skills can be defined to determine the ‘territory’ of the profession. This is increasingly difficult in these days of ever-expanding development and dissemination of knowledge.
The Essence of a Modern Law Firm
Authors: Mayson Stephen
Published: October 2023

This chapter sets out to explore two fundamental and related questions of legal practice: why do law firms exist, and why do they adopt the form that they do? I will describe what I believe are the first principles of what law firms are all about. These are the five preconditions to the creation and maintenance of a successful law firm which, when combined with a purpose for being in business, create the idea of a law firm and, consequently, also define the roles of equity partners. These principles provide the foundations on which any discussion of strategy, competitive advantage, and valuation must be based.
Matching Strategic Context and Response
Authors: Mayson Stephen
Published: October 2023

Strategy is a matching operation (see paragraph 4.3 above). The strategic response therefore seeks to match the firm and its future with its strategic context.

In this chapter, I shall review the elements of developing an understanding of the firm’s context, the questions that must be answered as it begins to formulate hypotheses about its future from that understanding, and the steps in framing a strategic response.
The Drivers of Value In Law Firms
Authors: Mayson Stephen
Published: October 2023

We saw from reviewing the principles of valuation in chapter 10 that the two principal issues are the firm’s economic income (revenues, profit, or cash flow), and the perceived sustainability or persistence of that economic income. A higher valuation will emerge from higher economic income and a greater degree of perceived sustainability. These are the two dimensions examined in this chapter.
Composite Policies, Warranties, Terms, And Conditions
Authors: Hogarth Robert
Published: October 2023

Where more than one individual is insured under the same policy, the insurance is said to be either ‘joint’ or ‘composite’ depending on the insurable interests of the co-Insureds in the subject matter of the insurance. Where parties insure property in which their insurable interest is co-extensive and indivisible the insurance is said to be joint, eg where a husband and wife insure the home that they jointly own. Where insurance is joint, any breach of the policy by one Insured affects the other Insured.
Project And Contractors ‘ All-Risks And Public Liability Insurance Policies
Authors: Hogarth Robert
Published: October 2023

Project and contractor’s all-risks and public liability insurance policies are the insurance response to accidents and delays on site and are a collection of two distinct types of cover, frequently written within one overall policy.
Design And Build Professional Indemnity Insurance
Authors: Hogarth Robert
Published: October 2023

This chapter looks at typical professional indemnity insurance for contractors. Design and build (or design and construct) professional indemnity insurance is a species of claims-made insuranceavailable to contractors who undertake some element of design or specification work, perhaps under a JCT 2005 Design & Build Contract or a traditional contract with a design portion supplement. Design and build insurance has many similarities to professional indemnity insurance for architects, engineers and surveyors. For convenience we have made this chapter self-contained (and therefore slightly repetitive of matters covered else- where). There are, however, a number of unique features that this chapter will explain in more detail. In particular, the treatment of mitigation costs, the excluion of cover for inspecting the work, the ‘pricing risk’, and minimum competency requirements.
Employer’s Liability Policies
Authors: Hogarth Robert
Published: October 2023

It is compulsory for all employers to maintain employer’s liability insurance. It is this insurance which will usually respond to accidents on site which result in injury to the Insured ‘s employees. All employers are under a duty to ensure the health and safety of their employees and there is in place a raft of health and safety legislation which sets out the guidelines for employers for various tasks. Any breach of the legislation, by the employer or an individual employee, which causes injury to another employee or member of the public could give rise to a claim.
Directors’ & Officers’ (D&O) Insurance
Authors: Hogarth Robert
Published: October 2023

Many consultants and contractors will find themselves acting as directors of their own companies/LLPs or of client companies/LLPs in the course of their business. PI policies do not generally cover these activities and instead engineers would be well advised to obtain specific D&O insurance. This chapter focuses on the type of cover afforded to the directors and officers for any personal liability they may face as directors from undertaking their role. A D&O policy is bought by companies for the benefit of their directors and officers, insuring them against their potential liabilities as directors and officers. Most policies also reimburse the companies themselves to the extent they have lawfully indemnified the directors and officers and may provide separate cover to the company for securities claims that are also brought against their directors. The analysis set out below is based on a standard wording produced by Markel International.
Standard Form Professional Appointments
Authors: Hogarth Robert
Published: October 2023

Introduction This section addresses the obligations to take out policies of insurance that are contained in the standard form professional appointments. Unsurprisingly given the professional nature of the work to which these appointments relate, the relevant policies are for the most part for professional indemnity insurance ( ‘PII’). PII cover, in simple terms, is insurance against a professional’s failure to exercise the skill, care, and diligence which is reasonably to be expected of him or her. However in the case of three of the professional appointments addressed in this section (NEC Professional Services Contract, ACE Civil/Structural Engineer B(1)2002 and FIDIC Client/Consultant Model Services Engineer), there is also an obligation to take out public liability insurance. In the case of the FIDIC Client/Consultant Model Services Engineer alone, there is a further obligation to insure the Client’s property. The NEC contract also stipulates the consultant must carry employers’ liability insurance. For detailed analysis of the relevant insurances see the following chapters:
The Springs of Desire
Authors: Folbre Nancy
Published: October 2023

Of all the inventions put to metaphor in early political economy, none seems more appropriate than the clock. It was a major technological accomplishment of the pre-industrial era. Once designed and set in motion, a clock operates in an orderly way under its own power, much as we would like societies to behave. Its very purpose is social: to coordinate the activities of individuals seeking to find one another at the same place at the same time. One could describe the agreement to observe a common demarcation of time as one of the first and most important social contracts. The concept of a contract, a set of explicit rules more formal than the traditional covenant was as much a product of mercantile society as the clock itself. Like clocks, contracts are driven by a spring—the pursuit of mutual self-interest.
Defining Virtues
Authors: Folbre Nancy
Published: October 2023

The notion that men could renegotiate a social contract, rather than taking it as a given, required a certain confidence in human reason. Such confidence could be weakened by uncertainties regarding both means and ends. Were men’s desires selfish or beneficent? Addressing this question, many eighteenth-century thinkers replayed the Christian drama of the contest between vice and virtue. The spokesmen of the French Enlightenment were more likely than their British counterparts to worry that the pursuit of self- interest might lead men astray.
Free Trade but Not Free Love
Authors: Folbre Nancy
Published: October 2023

British advocates for the “interests” were even more eager than their French counterparts to please themselves as well as God. With a more commercial economy, and greater religious diversity, they cheerfully believed that God himself, or at least a God-Given Nature, would sanctify the pursuit of self- interest. One of the more naive efforts at such reconciliation came from the Earl of Shaftesbury, who insisted that men were naturally benevolent. One of the more cynical efforts came from Bernard Mandeville, who laid religious concerns entirely aside to urge uninhibited self-indulgence. The clergyman Joseph Butler and his chaplain Josiah Tucker outlined the most successful formula: God himself ordained that self-interest and morality should coincide.
The Greatest Happiness
Authors: Folbre Nancy
Published: October 2023

The pursuit of self-interest could lead to good results if selves were good. How, then, to promote social virtues that rationality could rely upon? The American Revolution showed that even a stable democracy could enforce slavery. The French Revolution showed that social conflict could topple into terror and imperial aggression. The British, looking first to their former colony and then across the channel to their closest neighbor, had reason to worry. Trade and commerce had expanded, putting the wealth of nations easily within their reach. Yet the governance of nations—and of families— began to seem more difficult. Confronting these problems, some urged the benefits of tradition, a return to—or at least a more concerted defense of what remained of—the patriarchal order.