bluuebunny/crossref_metadata_2025 huggingface dataset:
The London Stock Exchange
Authors: Michie Ranald
Published: October 2003

Ranald Michie traces the history of the London Stock Exchange from its beginnings around 1700 to the end of the twentieth century, chronicling the challenges and opportunities it has faced, avoided, or exploited over the years. Throughout, the history seeks to blend an understanding of the London Stock Exchange as an institution with that of the securities market of which it was––and is––such an important component; one cannot be examined satisfactorily without the other. Without a knowledge of both, for example, the causes of the ’Big Bang’ of 1986 would forever remain a mystery. However, the history of the London Stock Exchange is not just worthy of study for what it reveals about the interaction between institution and market. Such was its importance that its rise to world dominance before 1914, its decline thereafter, and its renaissance from the mid‐1980s explain a great deal about Britain's own economic performance and the working of the international economy.
Introduction
Authors: Michie Ranald C.
Published: October 2003

The beginning of this introduction stresses the importance of the two major strands to the history of the London Stock Exchange, the first concerning the growth and development of the modern securities market, both within Britain and internationally, and the second concerning the evolution of institutional control over that market as the number of participants and users grew, and the business became ever more complex. The London Stock Exchange exerted a dominant influence in determining both the operation and the structure of the modern securities market, both domestically and globally, and it is only by bringing these two strands together, and tracing their interaction, that the history of the London Stock Exchange can be fully understood: this is what the book seeks to do. However, the remainder of this introduction is devoted to a brief history of the international securities market itself, from the early seventeenth century to modern times.
From Market to Exchange, 1693–1801
Authors: Michie Ranald C.
Published: October 2003

The first part of this chapter examines the early history of the London securities market, which can be traced back to the sixteenth century. The second part looks at the organization and development of this market. Within London, a definite location can be found as early as the 1690s (in the Royal Exchange and its environs), and the existence of stockbrokers can be traced to 1700. The development of the organized market is outlined up to 1801, when the institution of the London Stock Exchange formally came into existence––as the Stock Subscription Room––on 3 March 1801. This event was finally precipitated by the French Revolution of 1789, the resultant fall of the Paris Stock Exchange in 1793, and the occupation of Amsterdam (another centre of finance) in 1795.
From Money to Capital, 1801–1851
Authors: Michie Ranald C.
Published: October 2003

The first section of this chapter traces the development of the organization of the London Stock Exchange from 1801 to 1851. The new ability to enforce the rules and regulations that increasingly governed the conduct of business in the securities market and the change in nature of the securities market that occurred––essentially it became a closed market––are discussed. The development of the rules and regulations, and operational mechanisms are outlined. The second section looks at the securities market itself during the same period, describing its growing importance within the entire British financial system (including financing the National Debt), the switch to foreign securities in 1822, and the gradual convergence of interest between the Foreign Funds Market and the Stock Exchange proper during the 1830s. Finally, the changes resulting from the railway mania of the 1840s are described, which resulted in the appearance of numerous provincial stock exchanges and a fundamental extension to the British securities market.
Shattered Dominance: The First World War, 1914–1918
Authors: Michie Ranald C.
Published: October 2003

This chapter looks at the change from a dominant position of the London Stock Exchange before the First World War, to its severely diminished position after it. The Stock Exchange emerged from the war as a fundamentally different institution, as a result of internal changes in rules and regulations, changes forced upon it (including government intervention) and the different world within which it now operated; and there was no guarantee that the conditions that had allowed it to acquire such a central position would ever reappear. The chapter traces these developments in three sections, which discuss the outbreak of war, the effects of war, and money and capital (securities) markets.
Challenges and Opportunities, 1919–1939
Authors: Michie Ranald C.
Published: October 2003

Although the London Stock Exchange had begun to review its rules and regulations from September 1916 onwards, there was very little planning to meet the problems and competition likely to be faced in the post‐First World War world. Despite all the changes inside and outside the Stock Exchange that had taken place since August 1914, there was only a limited recognition that these had more than temporary consequences. This chapter discusses the resultant challenges and opportunities in the period between the two wars. There are three sections, which look at the legacy of war, the organization of the Stock Exchange, and membership. The next chapter looks at the changing market place over the same period.
The Changing Market Place Between the Wars
Authors: Michie Ranald C.
Published: October 2003

As a successor to the previous chapter, which looked at organizational change in the London Stock Exchange between the two World Wars, this one looks at the changing market place over the same period. The first part of the chapter discusses competition from British provincial stock exchanges, from international arbitrage, and from North American and continental banks. The second part looks at the money market, and the last looks at the capital (securities) market and reduced international market.
New Beginnings: The Second World War, 1939–1945
Authors: Michie Ranald C.
Published: October 2003

The first part of this chapter discusses the institutional response of the London Stock Exchange to the long‐expected outbreak of the Second World War––a response that, unlike that to the First World War, had been planned. The various aspects discussed include the planning and operation of the agreements made between the Exchange and the Treasury and the Bank of England (which ceded ultimate power to the Treasury, and ultimately led to a post‐war compromise on the relative power of the government and Exchange over the securities market) and plans to physically relocate to the Denham film studios (subsequently abandoned). The rest of the chapter discusses the effects of the war on membership and the new rules on rebates, and competition––aspects covered include North American brokerage houses in London, foreign business, the market for domestic securities, provincial stock exchanges, country jobbing, the Stock Exchange ban on account trading, Treasury refusal to give permission for markets in various issues, and securities values.
Recovery and Crisis: 1945–1949
Authors: Michie Ranald C.
Published: October 2003

The first part of this chapter discusses the efforts by the London Stock Exchange to survive and prosper post‐war under continuing government control, and to try to avoid direct Treasury supervision of the securities market––or even nationalization. Steps towards a peacetime operation are outlined––they were slow and had to be arranged in direct consultation with the government. The second part of the chapter describes the various post‐war institutional changes in the Stock Exchange in the light of the slowly emerging arrangement whereby it was trusted with responsible management of the securities market within a framework set by the (nationalized) Bank of England, and ultimately determined by the Treasury and government. The last part of the chapter looks at the declining importance of the Stock Exchange as the global securities market began to bypass London, as a result of the combined influence of both exchange controls and the Stock Exchange's own restrictive practices on international business; it was also unable to capitalize on its established domestic securities position.
Failing to Adjust, 1960–1969
Authors: Michie Ranald C.
Published: October 2003

This chapter addresses the continuing decline and failure of the London Stock Exchange to adjust to change during the 1960s, when the government rather than the market continued to be the major influence over the way it developed. The first section of the chapter discusses relations with the government. The next discusses relations with the members––where the desire was to create a level playing field for both members and non‐members, and now became an equal desire to ensure that all members had both the training and the capital to enable them to play an active role in the market, whilst not posing a threat to others; however, the members themselves were hostile to the admission of both women and foreigners, both of whom were keen to become members. The third section of the chapter discusses continuing competition with provincial and foreign stock exchanges, and the failure of the London Stock Exchange to capture or retain foreign business. The last section looks at money and capital (securities) markets in the 1960s.
Big Bang
Authors: Michie Ranald C.
Published: October 2003

This chapter discusses the lead up to the ‘Big Bang’ and its effects––the Big Bang refers to the abolition of fixed commissions and the single capacity on 27 October 1986, both of which had been at the centre of London Stock Exchange thinking for most of the twentieth century, and certainly since 1945. This move followed the abolition of exchange controls in 1979, and the associated far‐reaching changes on the securities market. The path from one to the other is traced, including the loss of the Stock Exchange's monopoly position within the securities market in January 1986. The new ways and roles that the Stock Exchange was forced to adopt during the early 1980s are described, including its merger with ISRO (International Securities Regulatory Organisation), its failure to merge with LIFFE (London International Financials Futures Exchange), expansion of securities traded on SEAQ (Stock Exchange Automated Quotations) international, and its opening of membership to global players. The last section of the chapter discusses further changes to the Stock Exchange that occurred to reflect the completely changed nature of its membership, including alterations in the degree of control and supervision exercised, and the ending of the Compensation Fund.
Black Hole
Authors: Michie Ranald C. , Michie Ranald C. , Michie Ranald C.
Published: October 2003

The Big Bang described in the last chapter appeared to have answered the doubts over the future of the London Stock Exchange, but from the late 1980s onwards into the 1990s, it both waned in importance within the British financial system and faced increasing competition from rival foreign stock exchanges. This chapter discusses the reasons for this, starting in the first section with relations with government, since one uncertainty was the level of freedom from government control that the Stock Exchange was to enjoy. With the disappearance of the Stock Exchange's quasi‐official status in the 1990s, there still remained doubts over the role that it had to play in the area of securities market supervision, and the next section of the chapter discusses this situation, the effect of the changing nature of its membership, the disaster over settlement services (the replacement of the successful TALISMAN (Transfer Accounting and Lodgement for Investors, Stock Management for Jobbers) by TAURUS (Transfer and Automated Registration of Uncertificated Stock) and the subsequent failure of TAURUS), and the eventual successful replacement of the SEAQ (Stock Exchange Automated Quotations) trading system by the SEQUENCE trading system from 1993 onwards. The third section of the chapter looks at the provision of the market, and the fact that with the proposed introduction of specialists or sole traders in 1992, the Stock Exchange had once again been brought to the attention of the Office of Fair Trading; competition was also forcing a re‐examination of the way the Stock Exchange's market was organized, and this resulted in the introduction in 1997 of order‐driven trading in the form of SETS (Stock Exchange Trading Service); this section also looks at the abandonment of the traded options market to LIFFE (London International Financials Futures Exchange) and of any pretensions to the futures market, the decline of the USM (Unlisted Securities Market) and its replacement by AIM (Alternative Investment Market), negotiations with various foreign stock markets, and the changing investment environment. The last part of the chapter looks specifically at the changing membership of the Stock Exchange.
State Feminism and Policy Debates on Abortion in Austria
Authors: Köpl Regina
Published: October 2003

The author describes three policy debates in Austria: initial legalization in the early 1970s, the defeat of an anti‐abortion referendum initiative in 1978, and the authorization of Mifegyne—the ‘abortion pill’—in the late 1990s. The women's movement has been very influential in all abortion debates through their activism in the left‐wing Austrian Social Democratic party and the long‐term commitment of that party to women's right to self‐determination. In all debates as well, the women's policy agencies acted for the movement inside the state policy‐making processes. Austrian abortion politics is an example of movement success in part through state feminism.
The Abortion Debates in Belgium 1974–1990
Authors: Celis Karen
Published: October 2003

It took 15 years and many debates before women's movement activists persuaded the Belgian politicians to liberalize the old abortion law dating from the Napoleonic Penal code of 1910. In this ‘partyocracy’ the issue produced an unbridgeable division between the left‐wing socialists and the right‐wing Christian Democratic parties, finally bridged only when the Socialists worked out a compromise with the third party power—the Liberals. When the new law was finally passed in 1990, it authorized women's self‐determination regarding abortion with oversight from doctors in the first 12 weeks of pregnancy. This movement success was not due to any involvement of women's policy agencies which, dominated by Christian Democrats, refused to push what the movement actors agreed was a top priority for women's status.
Of Rights and Power: Canada's Federal Abortion Policy 1969–1991
Authors: Haussman Melissa
Published: October 2003

Canada's government gained constitutional autonomy from Britain in the 1960s and decriminalized abortion for a few women under the strict control of doctors and hospitals. When the Supreme Court ruled this law unconstitutional in 1988, it marked a complete success for the women's movement activists. They were able to seal this victory by stopping, barely, the attempts by the Conservative government to return abortion law to the criminal code. The movement developed its political clout without the help of numerous women's policy agencies that, although sympathetic to feminist goals and well‐funded, were silenced by the policy environment.
Gendering the Abortion Debate: The French Case
Authors: Robinson Jean C.
Published: October 2003

The National Assembly in France tentatively reformed abortion law in 1975 and reaffirmed legal abortion in 1979. The women's movement campaigned on the issue but did not claim success for a policy they believed was still too restrictive. Their influence later increased under the leadership of activist women's policy agencies appointed by Socialist governments. In 1983, the Ministry of Woman's Rights initiated government funding of abortion costs. In the 1990s, a different agency fought anti‐abortion movement efforts to obstruct access to abortion clinics with an amendment to the criminal code.
Abortion Debates in Germany
Authors: Kamenitsa Lynn
Published: October 2003

Abortion law reform was a mobilizing issue for the women's movement actors in Germany. Despite their activism, abortion debates returned again and again to the goal of protecting unborn fetal life. Thus, despite two reforms that decriminalize abortion in the first 12 weeks of pregnancy, the women's movement has not been successful in gaining its demands. Their primary adversary is the Constitutional Court, which has required that the law put the rights of the foetus first. Today, abortions are criminalized but not prosecuted if the woman gets extensive mandatory pro‐birth counselling. Women's policy agencies were active in the 1990s, but largely symbolic with respect to movement goals on the abortion issue.
Policy‐Making on Abortion: Arenas, Actors, and Arguments in the Netherlands
Authors: Outshoorn Joyce
Published: October 2003

The abortion issue rose to the agenda in the Netherlands at the same time as the rebirth of the women's movement, when doctors were performing illegal abortions on demand. Thus, at first, the frame of the debate focused on how much autonomy doctors should have in light of moral considerations. As the women's movement activism grew, so did the recognition of abortion as a matter of women's autonomy and control over reproduction. When the government legalized abortion in 1981, it was a victory for the movement although movement activists were not part of the decision‐making process. They did get access during the implementation process and, through an active insider women's policy agency, achieved unfettered access to abortion procedures for all women.
Gendering Abortion Debates: State Feminism in Spain
Authors: Valiente Celia
Published: October 2003

After the establishment of a democratic constitution in Spain, the Socialist government included abortion law reform on its agenda to modernize Spanish policy in line with other European democracies. Facing intense opposition, the government allowed abortions only for ethical, eugenic, and therapeutic conditions. For the women's movement, abortion reform was a top priority, but activists were not heard directly, and had to settle for this moderate legalization. When the Ministry of Health sought to add further restrictions through a cumbersome set of committees and regulations, the women's movement had a women's policy agency inside the bureaucracy as an ally. The agency intervened to facilitate women's access to abortion services and thus helped the movement gain a successful response from the state.
What Rights (If Any) Do Children Have?
Authors: Brighouse Harry
Published: October 2003

According to the interest theory of rights, the primary function of rights is the protection of fundamental interests. Since children undeniably have fundamental interests that merit protection, it is perfectly sensible to attribute rights, especially welfare rights, to them. The interest theory need not be hostile to the accommodation of rights that protect agency because, at least in the case of adults, there is a strong connection between the protection of agency and the promotion of welfare. Children have welfare rights similar to those of adults. But children lack the agency rights adults have because children initially lack and only gradually develop the kinds of capacities for agency that are necessary for agency rights. Children's rights to culture, religion, and free expression are ill‐conceived.
Children's Choices or Children's Interests: Which Do Their Rights Protect?
Authors: Brennan Samantha
Published: October 2003

The often‐posed dichotomy between the interest and choice theory of rights can obfuscate a proper understanding of children's rights. We need a gradualist model in which the grounds for attributing rights to a being change in response to the development of autonomy. Rights for children initially function to protect their interests but, as they develop into full‐fledged autonomous choosers, rights function to ensure that their choices, even those that do not serve their welfare, are respected.
Becoming Versus Being: A Critical Analysis of the Child in Liberal Theory
Authors: Arneil Barbara
Published: October 2003

The excessive faith liberal theorists have had in the power of rights and rights discourse can have deleterious consequences for children. As vulnerable and dependent beings, children need to be nurtured with love and affection in a setting in which intimate relationships between parents and children can flourish. A rights‐based discourse is conceptually ill‐equipped to accommodate the importance of establishing and supporting caring relationships. An ethic of care, emphasizing responsibilities over rights, provides a better way of conceptualizing and responding to the interests of children than thinking of children as proto‐adults with rights especially that to autonomy.
Special Agents: Children's Autonomy and Parental Authority
Authors: Noggle Robert
Published: October 2003

Cognitive incompetence cannot adequately explain the special character of children's moral status. It is, in fact, because children lack preference structures that are sufficiently stable over time that they are not ’temporally extended agents’. They are best viewed as 'special agents’, and parents have the responsibility of fostering the development of temporally extended agency and other necessary related moral capacities. Parental authority should be exercised with the view to assisting children to acquire the capacities that facilitate their transition from 'special agents’ to full and functioning members of the moral community.
Autonomy, Child‐Rearing, and Good Lives
Authors: Callan Eamonn
Published: October 2003

Autonomy is important to leading a good life but a common liberal instrumental construal of the way in which it contributes to the leading of a good life is defective. A one‐sided focus on the development of capacities for revision of conceptions of the good should be corrected by attention to the value of developing capacities permitting a rational adherence to a conception of the good. Exposing children to a diverse but shallow secular and consumer culture might not facilitate goodness‐enhancing autonomy in a way that is superior to the more insular strategies of religious minorities whose child‐rearing practices are criticized by liberals.
Children, Multiculturalism, and Education
Authors: Archard David
Published: October 2003

There are three possible justifications of the claim cultural communities make for their right to transmit an identity to their children. A group strategy and a parenting strategy are both defective. More promising is the view that there is value to children in the sharing of a familial life. But parental authority is limited by the requirement that children acquire sufficient autonomy. Some multicultural policies are thus not ruled out by the recognition of the need to accommodate children's interests.
Answering Susan: Liberalism, Civic Education, and the Status of Younger Persons
Authors: Coleman Joe
Published: October 2003

While young children lack the moral powers that Rawls calls a conception of the good and a sense of justice, psychological data show that adolescents are closer to adults in this respect. The idea that civic education should be compulsory for younger person but not for adults cannot be justified by appeal to the supposed incapacities of the former. A more democratic ’participation‐oriented’ approach to the civic education of the young is more appropriate than an ’authority‐oriented’ approach. Such an approach is a requirement that flows from according younger persons the respect that justice requires.
Silver Spoons and Golden Genes: Talent Differentials and Distributive Justice
Authors: Steiner Hillel
Published: October 2003

There is an important distinction between a person's ’initial genetic endowment’ and his ’post‐conception inputs’ such as nutrition and education. From a left‐libertarian perspective that views persons as self‐owning, children have an enforceable claim that parents should provide adequate ’post‐conception’ inputs. Moreover, with the revolution in genetic science, it is now possible to effect genetic changes without altering identity. If so, children can, in principle, claim a right against ’genetic‐disablement’.
Equality and the Duties of Procreators
Authors: Vallentyne Peter
Published: October 2003

The duties of procreators to their offspring are limited and fully discharged by ensuring that the children they create have lives that are worth living. All adults, in general, have a shared duty to ensure that children enjoy an equal opportunity to lead a good life. Procreators have a duty to others to ensure that their children do not violate the rights of others. They are even responsible for providing compensation for disadvantages caused for others by their adult children.
Liberal Equality and the Affective Family
Authors: Macleod Colin M.
Published: October 2003

Inequalities that arise because of the influence of arbitrary factors of social or natural contingency, as opposed to choices, are unjust. But whilst liberals wish to preserve and protect the affective family, parental partiality to their own children can result in an inequality that is unjust on account of it being attributable to arbitrary factors. Children's access to resources and opportunities should not be significantly determined by parental entitlement to resources. Justice requires not the abandonment of the family, but it does impose constraints on the ways in which parents can permissibly express their partiality for their children.
What Children Really Need: Towards a Critical Theory of Family Structure
Authors: Burtt Shelley
Published: October 2003

The ’new familists’ argue that sociological evidence on the relation between traditional two‐parent nuclear family and positive outcomes for their children justifies public‐policy measures aimed at promoting this type of family. But the success of such families is due to the fact that many other institutional arrangements advantage this type of family. Such a family typically involves a sexist division of domestic labour. A ’critical theory of family structure’ identifies the developmental needs of children and examines the ways in which various family structures can function to meet these needs.
Truth and the Absence of Fact
Authors: Field Hartry
Published: October 2003

This is a collection of papers, written over many years, with substantial postscripts tying them together and giving an updated perspective on them. The first five are on the notions of truth and truth‐conditions, and their role in a theory of meaning and of the content of our mental states. The next five deal with what I call ‘factually defective discourse’—discourse that gives rise to issues about which, it is tempting to say that, there is no fact of the matter as to the right answer; one particular kind of factually defective discourse is called ‘indeterminacy’, and it gets the bulk of the attention. The final bunch of papers deal with issues about objectivity, closely related to issues about factual defectiveness; two deal with the question of whether the axioms of mathematics are as objective as is often assumed, and one deals with the question of whether our epistemological methods are as objective as they are usually assumed to be.
Tarski's Theory of Truth
Authors: Field Hartry
Published: October 2003

Argues that the philosophical significance of Tarski's ‘truth‐definitions’ is that they show how certain semantic features of complex expressions are reducible to the semantic features of the primitive expressions from which they are built; they leave the semantic features of the primitives unexplained, and we need an account of that to complete the reduction. The role of the truth schema, by contrast, is to give pre‐theoretic clarity to the term ‘true’; it is important to keep these two roles distinguished and to recognize which role is performed by which part of the theory. A new postscript replies to some objections but also offers an updated perspective on the issues.
Mental Representation
Authors: Field Hartry
Published: October 2003

Argues for postulating an inner ‘language’ in which thinking takes place, and proposes a means by which this postulate can be construed on functionalist lines. The functional theory is a purely causal one, and makes sense of only the syntactic and conceptual role properties of the inner language; and it is argued that, while the representational semantics of the ‘inner language’ might conceivably be construed functionally as well, this would require a broader theory whose nature is not obvious, and the functionalist construal would not remove the need of theories of reference‐like relations to show how the functional theory is physically realized. It is argued that much of the explanatory work of mental representations is done by the syntactic/conceptual role theory (which includes causal input and output laws), though suggestions are made about a possible explanatory role for the representational semantics. There is also a discussion of the distinction between intrapersonal and interpersonal synonymy, with a characterization of the former in terms of conceptual role, and sceptical remarks about the clarity of the latter. Includes a long new postscript focusing largely on questions about the explanatory role of representational semantics.
Deflationist Views of Meaning and Content
Authors: Field Hartry
Published: October 2003

Attempts to motivate and clarify a radically ‘deflationist’ view of the relations of ‘meaning that’ and ‘having the content that’, and to defend it against many of the arguments that are widely viewed as decisive against any such view. One of its claims is that standard work in the theory of reference (for instance, that of Kripke and Putnam) can be reconceived so as not to be primarily about reference at all. Includes a long postscript that, among other things, includes an account of how the degree to which behaviour is successful can be explained within a ‘deflationist’ framework.
Attributions of Meaning and Content
Authors: Field Hartry
Published: October 2003

Is concerned with the special epistemological status possessed by attributions of meaning to sentences we understand: such attributions seem a priori, in a strong sense that includes empirical indefeasibility. What explains this special status? One explanation involves the idea that attributions of meaning (and of belief, etc.) express relations between an expression (or an agent) and a linguistic item in one's own language; in the special case of a meaning attribution to one's own language, the attribution is trivial. Argues that this linguistic view of attributions can be defended against well‐known objections. Also argues that alternatives in terms of propositions are perfectly acceptable, if suitably understood; they can even be developed in a way that accommodates Quinean doubts about interpersonal comparison, by viewing the propositions as ‘local entities’. But (whether or not one accepts the Quinean doubts), it is essential to view the assignment of propositions in a somewhat deflationary spirit, not altogether removed from a linguistic view of them, if the special epistemological status is to be explained.
Theory Change and the Indeterminacy of Reference
Authors: Field Hartry
Published: October 2003

There is a natural argument for the incommensurability of scientific theories, based on examples where there is more than one equally good candidate for what an earlier term referred to. The chapter argues that such examples actually do not support incommensurability in any very serious sense. They do show a difficulty in applying standard semantic vocabulary in a determinate way to such earlier theories, but the chapter argues for a generalization of semantic vocabulary that largely avoids the difficulties. Includes a new postscript.
Quine and the Correspondence Theory
Authors: Field Hartry
Published: October 2003

A correspondence theory of truth explains truth in terms of various correspondence relations (e.g. reference) between words and the world. Quine's doctrine of indeterminacy is often supposed to undermine correspondence theories of truth, and Quine himself argued this in Ontological Relativity with his doctrine of ‘relative reference’. This chapter argues that the relativization of reference that Quine proposed makes no sense, and that we can accommodate indeterminacy by generalizing the kind of correspondence relations we appeal to; this will save the correspondence theory. Includes an appendix on vagueness and indeterminacy in the metalanguage, and a new postscript.
Disquotational Truth and Factually Defective Discourse
Authors: Field Hartry
Published: October 2003

Some discourse (e.g. involving vague or indeterminate terms, normative language, or conditionals) can seem ‘factually defective’: it generates issues about which there seems to be ‘no fact of the matter’. But there seems to be a difficulty in making sense of factually defective discourse, and in explaining the division between it and other discourse, if one holds that the basic notion of truth is a fairly minimal one. The chapter argues that we can overcome the difficulty: we can recognize and account for several different kinds of factual defectiveness while adhering to a very minimal notion of truth.
Some Thoughts on Radical Indeterminacy
Authors: Field Hartry
Published: October 2003

Discusses some issues about indeterminacy of reference and truth, from two points of view about reference and truth: that of a correspondence theory and that of a disquotational theory. It is argued that a correspondence theorist can continue to accept the usual disquotation schemas for reference and truth, despite the indeterminacy. And it is argued that the disquotationalist can accept indeterminacy even in his own conceptual scheme. Together, these claims mean that the two views on truth are much closer in their treatments of indeterminacy than one might have thought. Also discusses indeterminacy in our logical and mathematical vocabulary.
Indeterminacy, Degree of Belief, and Excluded Middle
Authors: Field Hartry
Published: October 2003

Discusses the question of how to reconcile the acceptance of indeterminacy in one's own language with the acceptance of a minimal notion of truth. Argues that regarding a sentence of one's own language as indeterminate involves adopting non‐standard laws of thought for it: not necessarily a non‐standard logic, but non‐standard degrees of belief that do not obey the laws of classical probability. (A postscript gives an alternative, somewhat similar in spirit, where the laws of logic are revised as well.) The view is compared to a recent suggestion by Stephen Leeds, that we not recognize any indeterminacy in our own language other than indeterminacy as to how to translate it into a privileged sub‐part of the language, the vocabulary we take seriously even in our most serious theorizing.
Mathematical Objectivity and Mathematical Objects
Authors: Field Hartry
Published: October 2003

Focuses on an issue about the objectivity of mathematics—the extent to which undecidable sentences have determinate truth‐value—and argues that this issue is more important than the issue of the existence of mathematical objects. It argues that certain familiar problems for those who postulate mathematical objects, such as Benacerraf's access argument, are serious for those with highly ‘objectivist’ pictures of mathematics, but dissolve for those who allow for sufficient indeterminacy about undecidable sentences. The nominalist view that does without mathematical entities is simply one among several ways of accomplishing the important task of doing without excess objectivity. There is also a discussion arguing for one kind of structuralism but against another.
Which Undecidable Mathematical Sentences Have Determinate Truth Values?
Authors: Field Hartry , Field Hartry
Published: October 2003

Argues that typical undecidable sentences of set theory (e.g. about the size of the continuum) can have no determinate truth‐value, since nothing in our practice can determine which ‘universe of sets’ we are talking about. But it gives an account of how typical undecidable number‐theoretic sentences can have determinate truth‐value. The account has it though, that, whether these undecidable number‐theoretic sentences have determinate truth‐value, turns on assumptions about the physical world that could fail, and it explores the consequence of their failure. It concludes with a critique of an argument that at least the Gödel sentence of our fullest mathematical theory must be determinately true: the critique is that the argument depends on the same sort of reasoning that leads to the semantic paradoxes.
Apriority as an Evaluative Notion
Authors: Field Hartry
Published: October 2003

We want our methods of reasoning to be conducive to the truth; if we have reason to think that some of our methods are not, we revise them in favour of methods we think will be more so. This chapter presents a puzzle about the application of this to our most basic methods, and argues that the proper resolution would be that we could not ever have reason to think that they are not conducive to the truth; we could have reason to think that they have not been conducive to the truth in the past, but the methods in question would be sufficiently ‘self‐correcting’ that this discovery will qualitatively alter their future applications, and once this is seen, there would be no temptation to think they will not be conducive to the truth in the future. These most basic methods are thus a priori, in a strong sense that includes empirical indefeasibility. This point and a number of others are used to argue against standard ‘naturalist’ approaches to epistemology. But, rather than favouring ‘non‐naturalism’, the chapter argues for a view on which epistemological claims are not fully factual.
Development Economics
Authors: Hayami Yujiro
Published: October 2003

Provides a comprehensive, systematic treatise on development economics, combining classical political economy, modern institutional theory, and current development issues. It addresses one basic question: Why has a small set of countries achieved a high level of affluence while the majority remains poor and stagnant? The treatment is global, although the organizational principle is the East Asian development experience. Quantitative characteristics of Third World development in terms of population growth, natural resource depletion, capital accumulation, and technological change are outlined; but the central approach is comparative institutional analysis aimed at identifying the institutional constraints on the economic progress of low‐income economies and the ways to lift them.
A Theoretical Framework for Economic Development
Authors: Hayami Yujiro
Published: October 2003

As a basic framework of this book, development of the social system is considered a process of interactions between the economic subsystem and the cultural–institutional subsystem, The former consists of activities combining economic resources (labour, capital, and natural resources) through technology to produce goods and services useful for human living. These economic activities are coordinated and controlled by the latter, which consists of institutions (the rules of society) and culture (people's value system). A model is developed to conceptualize how technological and institutional changes interact with each other, how they respond to changes in resource endowments, and how such responses are governed by cultural traditions.
A Comparative Perspective on Developing Economies
Authors: Hayami Yujiro
Published: October 2003

Aims to develop a bird's eye view on current status and growth potential of developing economies by means of highly condensed international comparative statistics in order to postulate broad hypotheses for the analyses in the subsequent chapters. The data suggest that wide differences in economic growth rates among developing countries are due little to differences in natural resource endowments, but may instead be explained by investment in both physical and human capital. Such broadly defined capital formation depends not so much on the level of per capita income as it does on institutions and policies.
Population Growth and the Constraint of Natural Resources
Authors: Hayami Yujiro
Published: October 2003

The causes of ‘population explosion’ in developing economies today are identified in the light of demographic histories in both developed and developing economies in order to make future predictions. Further, the development theories of classical economists such as Malthus and Ricardo to modern theorists, who tried to incorporate population as an endogenous variable in the economic system, are examined.
Breaking the Resource Constraint
Authors: Hayami Yujiro
Published: October 2003

The world has so far avoided dismal predictions by Malthus and Ricardo on the inexorable consequences of population growth with the application of science to the development of technology geared towards maximizing the intensity of land use for agricultural production. The mechanism by which this ‘science‐based agriculture’ has been transferred from developed to developing economies and how this process can further be strengthened are investigated.
Capital Accumulation in Economic Development
Authors: Hayami Yujiro
Published: October 2003

Reviews theoretical justifications and economic consequences of a development strategy adopted, commonly by newly independent developing countries in a few decades after the Second World War, that advocated maximizing capital accumulation in the industrial sector by means of government planning and command. The general failure of this strategy, which had become evident by the 1980s, produced a conviction that accumulated capital cannot be an effective basis for economic development unless it is combined with appropriate technology and manpower under appropriate institutions.
Income Distribution and Environmental Problems
Authors: Hayami Yujiro
Published: October 2003

Growing inequality and environmental degradation are two serious problems that developing economies will have to face in their economic growth processes. These two problems are closely interrelated. For example, the importation of labour‐saving industrial technologies from high‐income countries tends to increase returns to capital relative to labour. Such technologies are adopted often without accompanying adequate investment in pollution control, resulting in horrible environmental pollution. Institutional innovations are needed to prevent income inequality and environmental degradation from rising, while sustaining the growth of developing economies.
Tradition and Modernization: A Concluding Remark
Authors: Hayami Yujiro
Published: October 2003

What should be the right combination of community, market, and state? It depends not only on the stage of economic development but also on the cultural tradition. Under the different value systems in different societies, different combinations of the three organizations are chosen as the mechanisms to control resource allocations. Evolution of different economic systems under different cultural traditions is illustrated through comparisons between Western and Asian countries, especially Japan, in its modernization process. The book concludes with the argument that if developing economies today are to catch up with developed economies, they must develop effective economic systems each suitable to their unique cultural and social traditions.
1 Introduction
Authors: Menon Anand
Published: October 2003

This book addresses three major questions. First, to what extent, if any, has the existence of the EU substantively affected the member states, in terms of either what they do or how they do it? Second, what, if any, are the implications of integration for the conceptual and theoretical approaches commonly utilized to study national politics? Can the tools used by political scientists to study national politics in Western Europe withstand, any more than can the member states themselves, the pressures imposed by Europeanization? Finally, does the EU represent another laboratory in which to test such concepts or is it, because of its specificity, an entity which requires sui generis concepts to explain its actions and developments? How far does the application of concepts developed from the study of other phenomena help us to explain the workings and development of European integration?
Monetary Sovereignty, Domestic Policies, and Intergovernmental Accord
Authors: Cohen Elie
Published: October 2003

It is essentially the conjunction of French and German interests that has produced the euro; a conjunction in which foreign and domestic political interests have been cloaked with an economic rationale. The argument proceeds in four stages: first, by establishing the nature of the European Central Bank (ECB), and what it implies for the French economy; second, the reasons which drove the French government to support it as a means of crisis avoidance; third, the motivation of the German government to give an earnest display of its good faith with regard to its role in Europe after unification, and to show support for the French objective; fourth, the manner in which the ending of the Deutschmark's dominance in Europe involved the adoption of principles and institutions consonant with the ‘German monetary order’.
State, Europe, and Republic
Authors: Grémion Pierre
Published: October 2003

The relation between the three entities of state, Europe, and Republic, which represent contradictory, symbolic sources of legitimate authority, is becoming increasingly blurred as European integration proceeds. An analysis of the European policies pursued by French governments of the Fourth and Fifth Republics make this process clear. It is against this dislocation of French national identity that the emergence anti‐Europeanism needs to be understood.
The Further Off from England: British Public Opinion and Europe
Authors: Berrington Hugh , Hague Rod
Published: October 2003

There has been a lack of analytical rigour in evaluating the historical pattern of British public opinion regarding association with Europe. An excellent framework for such evaluation was provided by the American political scientist V.O. Key, in his book, Public opinion and American democracy (1961), which focused on five issues: first, the patterns of distribution of public opinion, as between consensus and discord; second, the structural distribution, in terms of social and geographical cleavages; third, the properties of opinions, or the intensity with they are held; fourth, the manner in which the formation of opinions takes place; fifth, their linkages with government policy. The chapter attempts a preliminary application of Key's schematic to the British case.
Policy‐Making in the EU: Familiar Ambitions in Unfamiliar Settings?
Authors: Richardson Jeremy
Published: October 2003

This chapter focuses on two sets of stakeholders who have traditionally worked together in Western European states to shape and influence public policy: bureaucrats and interest groups. Its central thesis is that these two sets are increasingly filling the ‘hollow core’ of the EU, and provide much of the impetus for making and maintaining policy at the European level. The problem for political scientists is that the process of decision‐making, dependent and controllable within a national setting, is now self‐sustaining and uncontrollable in the EU setting.
Constitutional Reform and Treaty Reform in Europe
Authors: Hine David
Published: October 2003

Deep prblems exist regarding the constitutional status of the EU, arising from the fact that the EU's powers and institutions have far outstripped the constitutional architecture which it has so far managed to evolve. The theoretical difficulty lies in trying to apply the principles of constitutional reform developed within mature liberal‐democratic states to the altogether different constitutional environment of EU treaty reform.