Fascinating as the corporate takeovers of recent years have been--with their "golden parachutes" and junk bonds, "greenmailers" and white knights--it is far from clear what underlying forces are at work, and what their long-term consequences will be. Debate over these questions has become polarized: some see takeover threats as disciplinary mechanisms that induce managers to behave efficiently and move assets to higher valued uses or into the hands of more efficient managers; others claim that corporate raiders have produced few observable increases in operating efficiency, but rather have disrupted business planning, enforced a preoccupation with the short-term, and tilted the balance sheets of corporate America towards dangerously high debt levels. Such sharp conflicts in theory and evidence have produced considerable governmental confusion concerning the appropriate policy response. Scores of bills have been introduced in Congress, but legislators are no more in agreement than scholars. Knights, Raiders, and Targets represents one of the first sustained efforts to refine and clarify these issues. Based on papers presented at a symposium sponsored by the Columbia Law School's Center for Law and Economic Studies, it also includes discussion of the informal presentations made at the symposium by the CEOs of several major corporations. This important book airs new theories and offers vital and exciting discussion of the essential issues attached to an event that has become central to American corporate culture.
A comprehensive overview of the field of comparative administrative law that builds on the first edition with many new and revised chapters, additional topics and extended geographical coverage. This Research Handbook’s broad, multi-method approach combines history and social science with more strictly legal analyses. This new edition demonstrates the growth and dynamism of recent efforts – spearheaded by the first edition – to stimulate comparative research in administrative law and public law more generally, reaching across different countries and scholarly disciplines.
What makes the control of corruption so difficult and contested? Drawing on the insights of political science, economics and law, the expert contributors to this book offer diverse perspectives. One group of chapters explores the nature of corruption in democracies and autocracies, and “reforms” that are mere facades. Other contributions examine corruption in infrastructure, tax collection, cross-border trade, and military procurement. Case studies from various regions – such as China, Peru, South Africa and New York City – anchor the analysis with real-world situations. The book pays particular attention to corruption involving international business and the domestic regulation of foreign bribery.
Corruption: A Study in Political Economy focuses on the problem of corruptions in political economy and functional bribery. This book is organized into four parts encompassing 11 chapters. Chapters 2 to 4 deal with the fundamental relationship among voters, legislators, and interest groups, as well as the role of the government bureaucracy in shaping legislative choices. Chapters 5 illustrates the basic relationships with an analysis of a monopolistic government official charged with allocating a benefit through a queuing system, while Chapter 6 retains the assumption of a single official with monopoly power but moves beyond the queuing model to consider alternative sanctioning strategies, a wider variety of bureaucratic tasks, and bribers who may be competitively or monopolisticly organized. Chapters 7 and 8 explore the potential of a system where officials are permitted to compete with one another in processing applications for governmental benefits. Under this system, an individual or firm rejected by one official can seek the benefit from other bureaucrats. Chapter 9 introduces a final administrative variable into the analysis, while Chapter 10 discusses the governmental corruption to analogous corrupt activities entirely within the private sector. Lastly, Chapter 11 looks into the relation between corruption and democratic theory, the possibility of reforming corrupt bureaucracies, and the link between economics and morality. This book will be of value to public servants, legislators, economists, sociologists, and researchers.
With nuanced perspective and detailed case studies, Due Process of Lawmaking explores the law of lawmaking in the United States, South Africa, Germany, and the European Union. This comparative work deals broadly with public policymaking in the legislative and executive branches. It frames the inquiry through three principles of legitimacy: democracy, rights, and competence. Drawing on the insights of positive political economy, the authors explicate the ways in which courts uphold these principles in the different systems. Judicial review in the American presidential system suggests lessons for the parliamentary systems in Germany and South Africa, while the experience of parliamentary government yields potential insights into the reform of the American law of lawmaking. Taken together, the national experiences shed light on the special case of the EU. In dialogue with each other, the case studies demonstrate the interplay between constitutional principles and political imperatives under a range of different conditions.
The countries of Central Europe in the first round for admission to the European Union have all established constitutional, electoral democracies and market economies. However, much remains to be done to achieve fully consolidated democratic states. This study documents the weaknesses of public oversight and participation in policymaking in Hungary and Poland, two of the most advanced countries in the region. It discusses five alternative routes to accountability including European Union oversight, constitutional institutions such as presidents and courts, devolution to lower-level governments, the use of neo-corporatist bodies, and open-ended participation rights. It urges more emphasis on the fifth option, public participation. Case studies of the environmental movement in Hungary and of student groups in Poland illustrate these general points. The book reviews the United States' experience of open-ended public participation and draws some lessons for the transition countries from the strengths and weaknesses of the American system.
This book suggests how high levels of corruption limit investment and growth can lead to ineffective government. Developing countries and those making a transition from socialism are particularly at risk, but corruption is a worldwide phenomenon. Corruption creates economic inefficiencies and inequities, but reforms are possible to reduce the material benefits from payoffs. Corruption is not just an economic problem, however; it is also intertwined with politics. Reform may require changes in both constitutional structures and the underlying relationship of the market and the state. Effective reform cannot occur unless both the international community and domestic political leaders support change. No single 'blueprint' is possible, but the primary goal should be to reduce the gains from paying and receiving bribes, not simply to remove 'bad apples'.
The second edition of Corruption and Government updates Susan Rose-Ackerman's 1999 book to address emerging issues and to rethink old questions in light of new data. The book analyzes the research explosion that accompanied the fall of the Berlin Wall, the founding of Transparency International, and the World Bank's decision to give anti-corruption policy a key place on its agenda. Time has vindicated Rose-Ackerman's emphasis on institutional reform as the necessary condition for serious progress. The book deals with routine payoffs and with corruption in contracting and privatization. It gives special attention to political corruption and to instruments of accountability. The authors have expanded the treatment of culture as a source of entrenched corruption and added chapters on criminal law, organized crime, and post-conflict societies. The book outlines domestic conditions for reform and discusses international initiatives - including both explicit anti-corruption policies and efforts to constrain money laundering.