bluuebunny/crossref_metadata_2025 huggingface dataset:
Law as Institution
Authors: Loughlin Martin
Published: January 2018

Institutionalism is a theory that maintains that law is neither norm nor command but institution. It emerges in the late-nineteenth century primarily through the work of Hauriou in France and Romano in Italy. Their innovative studies are shaped by reflecting on the effects of social and economic change on law, which manifests itself primarily in the emergence of administrative law. In this chapter the importance of institutional jurisprudence is assessed by examining its historical context and offering reflections on its continuing significance. It argues that, partly because of the lack of English translations of its leading exponents, institutionalism has been relatively neglected in Anglo-American jurisprudence, and that it continues to offer acute insights into contemporary juristic controversies.
Introduction
Authors: Bonakele Tembinkosi , Fox Eleanor M , Mncube Liberty
Published: January 2018

This book presents a new stage in the contributions of the BRICS countries to the development of Competition Law and policy. The BRICS countries are Brazil, Russia, India, China, and South Africa. These five countries, located on three continents, have significant influence in their respective regions and in the world. The changing global environment means greater political and economic role for the BRICS and other emerging countries. BRICS countries are expected to contribute nearly half of all global gross domestic product growth by 2020....
Towards a Broader View of Competition Policy
Authors: Stiglitz Joseph E
Published: January 2018

For over 100 years, competition policy has been a central part of a market economy’s legal framework. Over the past third of a century, however, the scope and effectiveness of competition policy has been narrowed, under the influence of certain ideas about the functioning of the market economy—ideas which have subsequently been widely discredited within the economics profession, but whose influence within antitrust law remains significant. This chapter argues that, to the contrary, changes in our economy and our understandings of the interplay between economics and politics necessitates a broader reach for competition policy than envisaged by the original advocates of antitrust law, and that this is especially so in developing countries and emerging markets.
The Case for a BRICS Competition Agenda
Authors: Bonakele Tembinkosi
Published: January 2018

The competition policy discourse has been greatly defined by the developed and industrialized countries of the world. However, citizens in developing countries demand that competition policy delivers both efficiency and development. This chapter argues that the network of BRICS competition agencies should place the need to interrogate the role of competition policy in challenging social environments (particularly, poverty, inequality, and unemployment) of developing countries firmly on the global agenda. To do so will require a plan of action to further strengthen cooperation and coordination beyond bi-annual gatherings among BRICS competition agencies, in order to yield more effective remedies and approaches.
Crafting Creative Competition Remedies in South Africa
Authors: Mncube Liberty , Mandiriza Thulani , Viljoen Michelle
Published: January 2018

In South Africa, the pursuit of distributive justice is eminently permissible if not compelled by South African Competition Law and its unique responsiveness to issues of distributional equity and fairness. For example, in merger regulation the Competition Act permits consideration of equity issues such as empowerment, employment, and concern for small and medium-sized enterprises (SMEs). The Walmart/Massmart case illustrates how the competition authorities have implemented public interest provisions in merger control, while the Pioneer Foods settlement provides an example of crafting creative remedies to restore competition and at the same time pursue distributive justice. As we explain in more detail in the chapter, these two cases show how the competition authorities pursue equity issues such as empowerment, employment, and concern for small and medium-sized enterprises, as well as promote competition.
Excessive Pricing Regulation in China, South Africa, and Other BRICS Member States
Authors: Murgatroyd Richard , Yu Yan , Barnardt Innes
Published: January 2018

This chapter conducts a comparative study on excessive pricing enforcement in a number of BRICS jurisdictions, with a particular focus on China and South Africa. The chapter first reviews the economic framework and analytical tools used in order to assess excessive pricing, and provides an overview of the relevant policy and enforcement trends in these jurisdictions. It then draws on recent excessive pricing cases in China and South Africa in order to compare and contrast how different competition authorities have sought to approach the issue of excessive pricing in practice. Finally, the chapter explores the role of economic development policy in shaping how excessive pricing provisions are enforced and the sectors of the economy on which enforcement is focused, and considers whether competition policy is the most appropriate tool with which to attempt to achieve particular development objectives.
Guidelines as a Tool to Promote Competition Enforcement in Brazil
Authors: Oliveira Junior Marcio de , Silveira Paulo Burnier da
Published: January 2018

This chapter presents CADE’s experience with the use of guidelines to promote competition enforcement in Brazil. This instrument enables competition authorities to send clear messages to the private sector and strengthen legal certainty in the application of competition legislation. In recent years, CADE has issued a few new competition guidelines, namely for compliance programmes, leniency agreements, settlement agreements, and gun jumping. In addition, the former Merger Horizontal Guidelines have been replaced, and at least one other guideline is in the pipeline for merger remedies. These guidelines shed light on key aspects of CADE’s understanding of the Brazilian national legislation, concerning both substance and procedure issues. The chapter concludes by stressing that these guidelines are often well perceived by the local competition community, as their draft versions previously gather private inputs through public consultations, reflect the enforcer’s perspective, and enable greater predictability in the application of Brazilian Competition Law.
Liturgy and Byzantinization in Jerusalem
Authors: Galadza Daniel
Published: January 2018

The church of Jerusalem, the ‘mother of the churches of God’, influenced all Christendom before it underwent multiple captivities between the eighth and thirteenth centuries: first, political subjugation to Arab Islamic forces, then displacement of Greek-praying Christians by crusaders, and, finally, ritual assimilation to fellow Orthodox Byzantines in Constantinople. All three contributed to the phenomenon of the Byzantinization of Jerusalem’s liturgy, but only the last explains how the latter was completely lost and replaced by the liturgy of the imperial capital, Constantinople. The basis of this study is the rediscovered manuscripts of Jerusalem’s liturgical calendar and lectionary. When examined in context, they reveal that the devastating events of the Arab conquest in 638 and the destruction of the Holy Sepulchre in 1009 did not have as detrimental an effect on liturgy as previously held. They confirm that the process of Byzantinization was gradual and locally implemented rather than an imposed element of Byzantine imperial policy or ideology from the church of Constantinople. Originally the city’s worship consisted of reading Scripture and singing hymns at places connected with the life of Christ, so that the link between holy sites and liturgy became a hallmark of Jerusalem’s worship; but the changing sacred topography caused changes in the local liturgical tradition. This book is the first monograph dedicated to the question of the Byzantinization of Jerusalem’s liturgy; it provides for the first time English translations of many liturgical texts and hymns and offers a glimpse of Jerusalem’s lost liturgical and theological tradition.
Introduction
Authors: Galadza Daniel
Published: January 2018

The Introduction prepares the reader for an investigation of Jerusalem’s liturgy and its Byzantinization by explaining the geographical, chronological, and linguistic boundaries of the study, namely the fate of the liturgy within the territory of the Jerusalem patriarchate between the Arab conquest of Jerusalem in 638 and the end of the First Crusade in 1187, as witnessed by liturgical manuscripts from Jerusalem and Sinai. Over a century ago, liturgical scholars began to study Jerusalem’s liturgy. Russian liturgists first noted changes in Jerusalem’s liturgy in manuscripts examined during expeditions to Jerusalem and Sinai. Although the theories they proposed still guide liturgical studies, they remained unverifiable for lack of access to the sources that are available today to liturgists and Byzantinists in the West, as well as to philologists from Georgia and Melkite liturgists, who continued the work of the Russian scholars. The chapter concludes with an outline of the remainder of the book.
The Lectionary of Jerusalem
Authors: Galadza Daniel
Published: January 2018

This chapter examines the scriptural readings of the Liturgy of St James, focusing on the lectionary of Jerusalem. Gospel and epistle reading cycles of the liturgical calendar are presented and analysed. The chapter complements and updates the work of biblical scholars who identified a distinct Hagiopolite pericope order. Unlike Constantinople, Greek and Georgian manuscripts from Jerusalem preserve Old Testament readings at the Sunday Divine Liturgy. The subsequent disappearance of these readings during the liturgy in Jerusalem points to Byzantinization. Certain Hagiopolite reading cycles, such as Gospel readings in Easter Week, were assimilated into the Byzantine rite as the matins Gospels throughout the year. The text of the Jerusalem lectionary itself reveals significant variants, including interpolations not found in other biblical traditions. These divergences point to a particular familiarity with the scriptures, as well as to a distinct exegetical tradition.
A Theory of Legitimate Expectations for Public Administration
Authors: Brown Alexander
Published: January 2018

In this book Alexander Brown addresses the fundamental terms of our relationship to governmental administrative agencies, and whether they should have unfettered discretion over administrative policies and measures. In doing so he develops a new theory of legitimate expectations for public administration based on answers to the following questions. First, what makes expectations legitimate? Second, what principles of administrative justice should govern the conduct of governmental administrative agencies in relation to legitimate expectations? Third, what normatively supports or grounds these principles of administrative justice? In answer to the first question Brown proposes a new Responsibility-Based Account which focuses on the normatively salient issue of whether or not governmental administrative agencies were responsible for creating the relevant expectations, allied to assuming a role responsibility for making the relevant decisions. In answer to the second, he introduces three such principles: the Legitimate Expectations Principle, the Liability Precept, and the Secondary Duties Principle. According to these principles, governmental administrative agencies have prima facie obligations to honour expectations they create and should be liable for damage and loss they directly cause by creating and then frustrating legitimate expectations. Moreover, if governmental administrative agencies are unable or unwilling to pay adequate compensation, then other public bodies, which have the capacity, have a secondary duty to intervene to ensure that administrative justice is served. Finally, he adopts a pluralistic approach to normatively grounding his conception of administrative justice for the management of legitimate expectations, drawing on a range of both consequentialist considerations and deontological norms.
Introduction
Authors: Brown Alexander
Published: January 2018

Section I tries to identify some of the hallmarks of legitimate expectations, as a general concept, and to say something as to how it might be contrasted from the concept of reasonable expectations. Section II outlines key features of the legal doctrine of legitimate expectations, including the ostensible purpose of the doctrine, the distinction between procedural and substantive legitimate expectations, the scope of the doctrine, the circumstances, ways, or modes of legitimate expectations coming into being, the place of reliance, the distinction between intra vires and ultra vires governmental conduct, and the underpinning legal values, ideals, or standards. Section III sets the scene for the Responsibility-Based Account. Section IV introduces the question of remedies for frustrated legitimate expectations, distinguishes between four basic approaches, and defends an approach of liability. Finally, Section V articulates in more detail the idea of normatively supporting or grounding principles of administrative justice.
On the Legitimacy of Expectations
Authors: Brown Alexander
Published: January 2018

Section I identifies the weaknesses in existing accounts which locate the legitimacy of expectations in underpinning laws and legal entitlements (the Law-Based Account), in the substantive justice of expectations and/or the justice of the basic structure which forms the background to expectations (the Justice-Based Account), or in the legitimacy of the governing agencies and political authorities whose acts and omissions are both the cause and the subject of expectations (the Legitimate Authority-Based Account). Section II introduces a rival account, the Responsibility-Based Account, according to which the legitimacy of expectations depends on the responsibility of governmental administrative agencies for bringing about agent’s expectations, allied to those agencies already having been given or having assumed a role responsibility for making binding decisions affecting the important interests of agents. Finally, Section III expounds in more detail the complex theory of responsibility that undergirds the Responsibility-Based Account.
On the Nature and Implementation of Administrative Liability
Authors: Brown Alexander
Published: January 2018

Section I clarifies what ‘adequate compensation’ means in the context of the Liability Precept by appealing to the idea of special compensation. Section II tries to motivate why this level of compensation is more fitting than a lower level of compensation, whereas Section III attempts to explain why this level of compensation is more fitting than a higher level of compensation. Section IV investigates if there are any circumstances in which expectation holders should not be entitled to 100 per cent of special compensation by virtue of their own conduct. Finally, Section V explores the issue of implementation and considers the advantages and disadvantages of a range of implementation strategies.
Deontological Grounds for the Principles of Administrative Justice
Authors: Brown Alexander
Published: January 2018

Section I invokes the ideal of the rule of law as another possible source of normative support or grounding for my principles of administrative justice for the management of legitimate expectations. Following on from this, Section II looks into the Kantian principle that agents ought to be treated never purely as means but always as ends in themselves. Section III turns to Ronald Dworkin’s idea that governments have a fundamental duty to treat citizens with equal concern and respect, as yet another potential normative ground for my principles of administrative justice. Finally, Section IV puts onto the table but ultimately rejects a possible objection to both the Liability Precept and the Secondary Duties Principle based on the deontological values of democratic majoritarianism and equality.
The English School and the Emergence of International Society
Authors: Youde Jeremy
Published: January 2018

English School theorizing is particularly relevant for understanding why and under what circumstances actors choose to contribute to coordinated international actions. English School theory has both a rich history and a nuanced understanding of the international environment that allows it to comprehend the emergence of complex systems like global health governance as an institution within international society. This chapter describes the foundations of the English School and highlights its usefulness for understanding the expansion and resilience of global health governance. At the same time, this chapter expands upon the English School, pushing it to address the role of non-state actors within international society and incorporate political economy into its theorizing. While this institution has emerged, it does not always operate in an optimal fashion, nor does it obviate the fact that states may sometimes act in selfish ways.
Primary Institutions, Secondary Institutions, and Moral Obligation
Authors: Youde Jeremy
Published: January 2018

Institutions are foundational to the English School and to the very concept of international society, so it makes sense that scholars would pay attention to them. What’s curious, though, is how much ambiguity permeates the discussion of primary and secondary institutions within English School theorizing. There is a lack of agreement among authors about what constitutes a primary institution, and secondary institutions receive almost no attention because they are merely formal organizations with no independent power within international society. This chapter distinguishes between primary and secondary institutions, describes the emergence of moral obligation and responsibility as a primary institution, explains why secondary institutions are constitutive of international society, and makes the case for global health governance as a secondary institution.
The Evolution of Global Health Governance
Authors: Youde Jeremy
Published: January 2018

English School theorizing specifically emphasizes the evolutionary and adaptive nature of international institutions, and global health governance institutions have undergone significant evolution and adaptation since the mid-nineteenth century. Since the first efforts to promote international cooperation on quarantine regulations, global health governance has become increasingly institutionalized, expanded to include a broad range of actors, and broadened its normative orientation. This chapter examines the evolution of global health governance by focusing on seven key moments and institutions: the International Sanitary Conferences; the League of Nations Health Office; the World Health Organization; the Health for All by 2000 movement; the International Health Regulations; the Global Fund to Fight AIDS, Tuberculosis, and Malaria; and the Bill and Melinda Gates Foundation. These seven points illustrate both the changes within global health governance and the changing ideas about moral obligation and responsibility.
Development Assistance for Health
Authors: Youde Jeremy
Published: January 2018

Since 1990, development assistance for health has increased approximately 500 per cent. This incredible growth is one concrete manifestation of governments’ recognition of the importance of global health within international politics. It is all the more incredible because it has continued even in times of economic recession and a generalized decrease in foreign assistance by donor states. The increase in funding for global health also demonstrates the changes in the composition of significant actors within international society. No longer solely the province of state governments, global health funding increasingly comes from non-governmental organizations, philanthropic organizations, public–private actors, and even private corporations. The funding priorities also illustrate how international society has conceptualized global health. This chapter examines the changes within global health funding over the past generation and describes the successes and shortcomings of the current funding strategies.
China, International Society, and Global Health Governance
Authors: Youde Jeremy
Published: January 2018

China possesses the world’s largest economy, but that economic clout has not necessarily translated into taking leading roles within existing global health governance institutions and processes. It is a country that both contributes to and receives financial assistance from global health institutions. It has incorporated health into some of its foreign policy activities, but it has largely avoided proactively engaging with the values and norms embodied within the global health governance system. This ambivalent relationship reflects larger questions about how and whether China fits within international society and what its engagement or lack thereof might portend for international society’s future. This chapter examines China’s place within global health governance by examining its interactions with international society on global health issues, its use of health as a foreign policy tool, and its relationships with global health governance organizations.
Conclusion
Authors: Youde Jeremy
Published: January 2018

The conclusion ties together the various arguments made throughout the book to reinforce the overarching theoretical and narrative themes. First, it emphasizes how global health governance has emerged over the past generation to take its place as a secondary institution within international society. Second, it acknowledges the value in drawing on the English School of international relations theory for understanding the emergence, growth, and resilience of this institution. Third, it pushes English School theory to better incorporate international political economy and non-state actors into its theoretical framework. Finally, it uses these insights to forecast future directions in global health governance.
Cows and the sharīʿah in the Abéché Customary Court (Eastern Chad)
Authors: Scheele Judith
Published: January 2018

The records of the sharīʿah court in Abéché in eastern Chad span the twentieth century. While the legal notion of property used by the court is Islamic and thus not seen to be problematic, the content of the property relations is fluid, and difficult to fix over time. In an inherently mobile society, and one that has long been open to trans-regional exchange, this is done through reliance on guarantors and witnesses. Property thus emerges as an inherently relational and unstable category; and while in Western legal systems, legal philosophers agonise about the individual ‘state of mind’ that defines property transactions, these questions are here a matter of public opinion. Suretyship and the preponderance of property as a precondition for moral personhood might hide a nuanced approach to the notion of ‘authority’, giving us insights into the peculiar functioning of the Chadian state (and similar political formations elsewhere).
A Sea of Profit
Authors: Dua Jatin
Published: January 2018

From 2007-2012, the waters off the coast of Somalia saw an unprecedented upsurge in incidents of maritime piracy with over 150 ships and 3,000 crewmembers being held hostage. Understood as a legacy of state failure and criminality, maritime piracy has largely been seen as a law and order problem. This chapter reframes piracy outside a narrative of failure— of governance, of states, and of other international institutions. By emphasizing the centrality of capture—and notions of bounty, payment, and redistribution nested within it—this chapter illuminates shifts in relationships of property and profit across scale and time and suggests that understanding the transformation of fishermen into pirates requires an exploration of the long and complex interplay between sea and land and between fishing and pastoralism in Somalia and the Western Indian Ocean.
People as Property in Medieval Dubrovnik
Authors: Skoda Hannah
Published: January 2018

This article addresses a particularly troubling form of property: slavery in fifteenth-century Dubrovnik. The practice of slavery depended upon law: its articulation lay at the intersection of the Roman law of the ius commune, canon law, local customary and statute law, and natural law. The texture of these different legalistic frameworks provided ways of articulating the problems, discursive and ethical, of treating people as property. The essay explores these tensions by looking at slave contracts, and practices of manumission: slaves could purchase their freedom with their own property (peculium). Both manumission and peculium were inflected by favor libertatis, the acknowledgement that the rigidity of law was a problematic way to deal with people. Further tensions are explored in the context of the criminal liability of slaves. Finally, the essay turns to the range of contracts from outright slavery to indentured labour, and asks how this spectrum problematizes concepts of property.
Moralizing Liberty
Authors: Bader Ralf M.
Published: January 2018

This chapter argues in support of moralized conceptions of liberty on the grounds that distinguishing between liberty and license allows us to develop a theoretically fruitful notion of freedom that is intrinsically normatively significant and that can play a substantive role in political philosophy. Section 2 argues that the contrast between liberty and license is to be understood in terms of a moralization of the z-parameter, whereby the domain of this parameter consists of permissible courses of action. Section 3 defuses the prisoner objection, which is frequently taken to be one of the primary reasons for rejecting moralized accounts. Section 4 argues that only moralized conceptions of liberty can underwrite the presumption of liberty by providing us with a notion of freedom that is intrinsically normatively significant.
Contestants, Profiteers, and the Political Dynamics of Marketization
Authors: Callaghan Helen
Published: January 2018

When two parties quarrel, the third rejoices, according to a well-known proverb. This book highlights the role of rejoicing “profiteers” in political efforts to expand market-based competition. Marketization appears puzzling if it is conceptualized as a political struggle between the established incumbents and their challengers, or between producers and consumers. Challengers and consumers often lack the resources to overcome barriers to market entry, and collective action problems afflict both groups. Why, then, do incumbents fail to protect their turf? The present book resolves this puzzle by casting light in a new direction, toward those who profit from a contest while remaining above the fray. The rejoicing band of profiteers grows alongside the arena of competition. Once the suppliers of market support services have established themselves on the sidelines of a contest, they accumulate resources that help them expand that arena further. Political struggles surrounding the gradual marketization of corporate control in Britain, Germany, and France from the 1860s onward provide empirical illustration. The book maps and analyzes the path-dependent evolution of support for shareholder rights relating to takeover bids among key interest groups, including managers, creditors, shareholders, and takeover service providers, as well as among political parties. By comparing the self-reinforcing and self-undermining policy feedback of market-enabling and market-restraining rules, it helps explain why market containment is an uphill struggle, while market expansion becomes easier with time.
The Political Dynamics of Marketizing “Corporate Control”
Authors: Callaghan Helen
Published: January 2018

Chapter 2 provides background information pertaining to the regulation of takeover bids, to clarify how political struggles surrounding shareholder rights elucidate the political dynamics of marketization. Four considerations motivated the case selection. First, the so-called market for corporate control cannot arise spontaneously and is prone to market failure, because corporate control is a fictitious good in need of commodification by means of market-enabling rules. Second, the rules governing this market are politically contentious because they have significant distributional implications. Third, struggles surrounding these rules pit different kinds of equally well-endowed profit-oriented opportunists against one another. Fourth, the process started a long time ago and played out differently in different countries, partly due to variation in the political salience of hostile bids.
Germany
Authors: Callaghan Helen
Published: January 2018

The German case illustrates the initially self-reinforcing but ultimately self-undermining effects of market-restraining arrangements. In Germany, a legal framework conducive to bids emerged almost fifty years later than in the UK, partly because, from the nineteenth century onward, German law-makers pursued a bank-based solution to principal–agent problems. Like market-enabling rules, these market-restraining arrangements nurtured their own support base, prominently including the banks. As elsewhere, incumbents also benefited from a divided opposition, and from political arrangements that assured their dominance. In addition, they had symbiotic allies, namely, large universal banks, who benefited from these market restraints for reasons of their own. German universal banks did not grow more numerous with time, but they gradually accumulated politically relevant resources and used these repeatedly to avert or water down market-enabling reforms. Reforms eventually took place nevertheless because the opposition to market restraints also grew stronger—rather than weaker—with time.
Conclusion
Authors: Callaghan Helen
Published: January 2018

The final chapter highlights the theoretical significance of the findings, reflects on their generalizability, and outlines supplementary explanations. By identifying systematic differences in the policy feedback processes triggered by market-enabling and market-restraining rules, the book bridges a gap between abstract theories of institutional change and more specific theories on the dynamics of capitalist development. Apart from self-reinforcing and self-undermining feedback effects, several other features of economic governance in advanced industrialized democracies also shape pathways to marketization. These features include eventfulness and periodicity, economic interdependence, multilevel governance, the influence of ideas on the content and intensity of public debates, and institutional structures that mediate interests and ideas, including electoral systems, legal systems, and the division of regulatory competences between levels of government as well as between elected and unelected rule-makers.
Introduction
Authors: Raimondi Fabio
Published: January 2018

In the introduction, the aims of the book and its general approach are specified. Firstly, the book aims to provide an initial response, in a schematic but hopefully sufficiently articulated form, to a central question that Machiavelli raised in the Discourses on Livy: ‘In what mode a free state, if there is one, can be maintained in corrupt cities; or, if there is not, in what mode to order it.’ Secondly, the introduction takes into account the republican and anti-Medicean key used to read Machiavelli’s works. Thirdly, Machiavelli’s modernity and how it contrasts with the idea that modernity is politically State-centric are highlighted. Finally, the possible actuality of the Machiavellian discourse is specified, and a brief map of the book as a guide to the reader is given.
Political History of the Florentine Institutions
Authors: Raimondi Fabio
Published: January 2018

The history explored in this chapter focused on the Florentine Histories allows us to understand the concepts and proposals for the political reform of Florence that Machiavelli advanced in the Discursus and the Minuta and which were different to any constitution in the past. Analysing the struggles that animated Florence from 1215 to 1512, Machiavelli revealed the different constitutions that emerged from the struggles, struggles that the constitutions partially caused and partially attempted to neutralize. Underlining the defects of the past constitutions of the city, he set out the two main political coordinates around which he constructed his plans for the reform of Florence: the tumults and a new idea of mixture.
Zenonian Strategies
Authors: Sedley David
Published: January 2018

Zeno of Elea challenged pluralism with a series of puzzles, which included his small/large paradox and his place paradox. Evidence on how these two paradoxes were interpreted by the Peripatetic Eudemus of Rhodes points to Eudemus as the source or conduit of a heterodox tradition according to which Zeno, far from being either a pluralist or a Parmenidean monist, was in fact a nihilist. Working out how this interpretation was extracted, or corroborated, by a selective use of Zeno’s own text provides new clues to the precise content of that text, and thereby to Zeno’s own dialectical strategy.
Shame and Virtue in Aristotle
Authors: Raymond Christopher C.
Published: January 2018

In Nicomachean Ethics 4. 9 Aristotle gives two arguments for why aidōs, or a sense of shame, is not a virtue. The chapter has puzzled readers: both arguments seem to conflict with things he says elsewhere in the NE, and neither is persuasive in its own right. This paper reconstructs Aristotle’s position on aidōs by drawing on the ancient commentary tradition, relevant passages from the Eudemian Ethics, and the analysis of ‘civic’ courage in NE 3. 8. It is shown that Aristotle has stronger reasons for denying that aidōs is a virtue than at first appears, given his distinction between acting from the fear of disrepute and acting for the sake of the fine. The paper concludes by arguing that his view is nevertheless untenable, since it ignores the fact that even a virtuous person can be subject to disrepute. This criticism stems from Alexander of Aphrodisias’ commentary in Ethical Problems 21.
Plato Systematized: Doing Philosophy In The Imperial Schools
Authors: Bonazzi Mauro
Published: January 2018

The paper is an examination of an anonymous Latin text, which has been tentatively attributed by its editor, Justin A. Stover, to Apuleius. This text contains the summaries of several of Plato’s dialogues, but its proper function seems to be the identification of the main doctrines that constitute his philosophical system. Clearly it is a typical school product, whose content belongs to Middle Platonism. But it also presents some interesting and distinctive features. Particularly noteworthy is the heavy presence of Stoic terms and doctrines and the emphasis on Plato’s political philosophy. These can be paralleled with what we read in Apuleius’ De Platone et eius dogmate. At the same time there are also some important differences which complicate the hypothesis of Apuleian authorship.
An Introduction to Finance and Investment
Authors: Mayer Colin , Micossi Stefano , Onado Marco , Pagano Marco , Polo Andrea
Published: January 2018

This chapter reviews the problems of finance and investment confronting European economies and summarizes the approaches that can be adopted to address them. The chapters in this volume provide one of the most comprehensive and thorough analyses of any financial system that has been undertaken to date. They reflect a large body of research using new and existing data sets, employing advanced empirical tools, and exploiting the unique insights provided by the tumultuous events of the financial and sovereign debt crises. Together they therefore comprise an exceptional body of knowledge to guide policy formulation in the future.
Financial Structure and Corporate Investment in Europe
Authors: Bruno Brunella , D'Onofrio Alexandra , Marino Immacolata
Published: January 2018

Investment in fixed assets declined over the crisis period in all countries. We implement an econometric analysis to explore the differential impact of leverage and debt maturity structure on investment, finding that in crisis years (i) leverage exerts a strong and negative effect on investment, and (ii) firms with more long-term debt invest less. We uncover heterogeneous reactions to the crisis due to the level of debt and its maturity, sorting firms by country-specific and firm-specific characteristics. Firms which cut back most investment in crisis years (conditional on the level of leverage and maturity) are (i) small and (ii) located in Eurozone periphery countries. Factors that alleviate financial friction and shield investment include multiple bank relationships and the ability to generate internal resources (cash flow). We find no evidence of a positive nexus between cash and investment, and little evidence of a positive effect on investment of access to capital markets.
Same Story, Different Place?
Authors: Acharya Viral V. , Eisert Tim , Eufinger Christian , Hirsch Christian
Published: January 2018

This chapter compares the recapitalizations of the Japanese banking sector in the 1990s with those in the ongoing European debt crisis. The analysis points to four main policy implications. First, recapitalizing banks by insuring or purchasing troubled assets alone is not likely to solve the problem of banks’ weak capitalization, as this measure is not able to adjust the extent of the recapitalization to the banks’ specific needs. Second, the amount of the recapitalization should be based on actual capital shortages and not risk-weighted assets to avoid banks decreasing their loan supply. Third, banks should face restrictions regarding the amount of dividends they are allowed to pay out. Finally, banks must be induced to clean up their balance sheets and reduce the amount of bad (non-performing) loans to rebuild confidence in the European banking system.
The Sovereign-Bank Nexus and the Case for European Safe Bonds
Authors: Pagano Marco
Published: January 2018

During the Euro debt crisis, banks’ holdings of domestic sovereign debt amplified the transmission of sovereign stress to bank lending and solvency risk in stressed countries. Yet, current proposals to reform European banking regulation of bank sovereign exposures meet with obstacles, some structural—namely, the scarcity and asymmetric provision of safe assets—and others transitional—chiefly the danger that regulatory change may trigger instability in the sovereign debt market. But both types of obstacles can be overcome by introducing a synthetic security resulting from the securitization of Eurozone sovereign debt—European Safe Bonds, or ESBies—and by providing regulatory incentives for banks to replace domestic debt holdings with this security.
From Start-Up to Scale-Up
Authors: Duruflé Gilles , Hellmann Thomas , Wilson Karen
Published: January 2018

This chapter examines the challenge for entrepreneurial companies of going beyond the start-up phase and growing into large successful companies. We examine the long-term financing of these so-called scale-up companies, focusing on the United States, Europe, and Canada. The chapter first provides a conceptual framework for understanding the challenges of financing scale-ups. It emphasizes the need for investors with deep pockets, for smart money, for investor networks, and for patient money. It then shows some data about the various aspects of financing scale-ups in the United States, Europe, and Canada, showing how Europe and Canada are lagging behind the US relatively more at the scale-up than the start-up stage. Finally, the chapter raises the question of long-term public policies for supporting the creation of a better scale-up environment.
Can Insurance Companies Help More SMEs to Access Capital Markets?
Authors: Focarelli Dario
Published: January 2018

SMEs account for more than half of business sector output and employment in Europe, and depend heavily on bank credit. The credit crunch following the recent recession was more severe for banks in countries under greater stress. With banks concentrating on raising additional capital, and handicapped by impaired assets, it is important to expand the sources of long-term funding for SMEs. This chapter reviews the obstacles to a more extensive use of the main market-based debt instruments for SME financing (securitization, covered bonds, small/mid-cap bonds, private placements), from the point of view of the insurance industry, in order to develop policy recommendations that are able to remove barriers without jeopardizing the insurance companies’ overall stability. These recommendations should be considered within the Capital Markets Union initiative, the ultimate success of which will be crucial in determining the future ability of insurers to finance SMEs and, more importantly, in achieving an integrated European financial system.
Infrastructure Investment in Europe
Authors: Brutscher Philipp-Bastian , Revoltella Debora
Published: January 2018

Using new estimates of infrastructure investment in Europe, this chapter documents a sharp fall in infrastructure investment activities in recent years, with government investment and investments targeted at transport infrastructure being most affected. The chapter discusses a broad range of reasons for the poor investment performance, including budget consolidation efforts—in particular, at the sub-sovereign level—low commercial returns to investment and, in certain market segments, access to finance constraints. The chapter concludes with a description of the role of the European Investment Bank in stimulating more infrastructure investment through its financing activities, its technical advisory assistance, and its input to regulatory and structural reform in Europe.
Are Risk-Based Capital Requirements Detrimental to Corporate Lending?
Authors: Bruno Brunella , Nocera Giacomo , Resti Andrea
Published: January 2018

In this chapter, we summarize the main results of a recent empirical research concerning European banks. We first explore the main drivers of the differences in risk-weighted assets (RWAs) across a sample of fifty large European banking groups. We then assess the impact of RWA-based capital regulations on those banks’ asset allocations in 2008–14. We find that risk weights are affected by bank size, business models, and asset mix. We also find that the adoption of internal ratings-based (IRB) approaches is an important driver of RWAs and that national segmentations explain a significant (albeit decreasing) share of the variability in risk weights. As for the impact of internal ratings on banks’ asset allocation in 2008–14, we uncover that banks using IRB approaches more extensively have reduced more (or increased less) their corporate loan portfolio. This effect is somewhat stronger for banks located in Eurozone periphery countries during the 2010–12 sovereign crisis. We do not find evidence, however, of internal models producing a reallocation from corporate loans to government exposures, suggesting that other motives prevailed in driving banks towards sovereign bonds during the Eurozone sovereign crisis, including the so-called ‘financial repression’ channel.
Securities Trading and Lending in Banks
Authors: Peydró José Luis , Polo Andrea , Sette Enrico
Published: January 2018

Since the beginning of the financial crisis, academics and regulators on both sides of the Atlantic have started to debate the implications of securities trading by banks. New regulation limits security trading, fearing that this could crowd out lending to the real economy or could facilitate risk-shifting by financial institutions. On the other hand, banks may use security trading for hedging purposes or, particularly during a crisis, to access public liquidity. Only very recently have researchers begun to have access to micro data at the security level on banks’ trading activities, and they are starting to bring robust evidence on these issues. This chapter reviews the potential costs and benefits of combining traditional intermediation activity with security trading and discusses the recent empirical evidence.
Censorship and History since 1945
Authors: De Baets Antoon
Published: January 2018

This chapter discusses the classification of types of censorship as they have developed since 1945. Censorship of history has been practiced in all modes, genres, fields, categories, and periods of history, and in all countries. To begin with, it ranges over all modes of the historiographical operation. Pre-censorship, often invisible to the public, attempts to regulate research: archives are cleansed or kept secret, and manuscripts are rewritten without authorial consent. Meanwhile, post-censorship means that publications are banned, their authorship is deleted or changed without authorial consent, that lectures are boycotted, or the content of teaching courses is improperly interfered with. The importance of the censorship of history clearly varies according to whether a given political regime is dictatorial, democratic, or transitory between both. The chapter also analyzes the relationships between censorship and epistemology, truth and ethics.
Postcolonial Criticism and History: Subaltern Studies
Authors: Prakash Gyan
Published: January 2018

This chapter focuses on one of the new theoretical approaches to history which had developed in reaction to nationalist and Marxist views of history that had taken hold in the wake of Western colonial expansion. In order to counter the state-led modernization paradigm, which some elites in the colonies had adopted from the colonizing powers, post-colonialists attacked assumptions of progress, causality, and state-led nation-building, allegedly typical of the modern West. Promoting a bottom-up understanding of history, they emphasized ‘subaltern’ non-elite perspectives and criticized Eurocentric normativity without, however, denying the influence of the modern West—an influence seen by many recent postcolonial writers as both socially and epistemologically oppressive and marginalizing.
The Historiography of Science and Technology
Authors: Mauskopf Seymour , Roland Alex
Published: January 2018

This chapter links the history of science with the related but less well-studied history of technology. Science and technology have evolved so rapidly in the last sixty years that historians must constantly revise their definitions of these fields and their understanding of their historical dynamics. The relationship between science and technology seemed to change, from a linear model of technology as applied science, to a more complex and interactive model often labelled ‘technoscience’. As historians of science and technology experienced the transformation of modern technoscience, they had to develop new concepts, methodologies, and theories to explain what they were witnessing. Moreover, they had to think about unprecedented topics, such as ‘big science’, particle physics, nanotechnology, genetic engineering, and photonics. Their attempts to understand the rapidly evolving worlds of science and technology going on about them suggested new ways of thinking about previous historical eras.
British Historical Writing
Authors: Bentley Michael
Published: January 2018

This chapter studies British historical writing, tracing its transformations from the end of the war—when, arguably, much of the late nineteenth-century empiricist agenda was still intact, and political history continued to dominate—through signal events such as the founding of a new journal of radical historiography called Past and Present (1952), to the advent of neoconservatism in the 1980s, the puffing up and eventual bursting of the bubble of Franco-American-style quantification, and the advent of the cultural turn. Intertwined in the narratives of structural evolution, as well as generational narratives, one might see another in the growing presence of technology as a force impelling historical method and providing new ways of disseminating research. By 1995, many of Britain’s most successful historians defined themselves as ‘public intellectuals’ or tele-dons commanding a wide audience in ways that no one could have dreamed of in 1945.