Sustainable and inclusive growth in emerging Asian economies requires continued high levels of public sector investment in areas such as infrastructure, education, health, and social services. These responsibilities, especially with regard to infrastructure investment, need to be devolved increasingly to the regional government level. However, growth of sources of revenue and financing for local governments has not necessarily kept pace, forcing them, in some cases, to increase borrowing or cut spending below needed levels. This chapter reviews alternative models of the relationship between central and local governments, and provides an overview and assessment of different financing mechanisms for local governments, including tax revenues, central government transfers, bank loans, and bond issuance, with a focus on the context of emerging Asian economies. The chapter also reviews financing mechanisms for local governments and mechanisms for maintaining fiscal stability and sustainability at both the central and local government levels. Based upon the evidence on the decentralization process in Asia, it proposes some policy implications for improving central–local government relations and fiscal sustainability.
Achieving Fiscal Sustainability
Peter J. Morgan and Long Q. Trinh
Law and Practice
Maurice Adams and Corien Prins
The transformative impact of digitalization on society and the state of democracy can scarcely be overestimated. Effects are visible within the national state and across borders, as well as on knowledge production and political participation and social structures. In this introductory chapter, the variety of norms and ideals which are reflected in just as many different conceptions of democracy are singled out with regard to the respective chapters in this volume. Based on this, also some further thoughts on the topic are elaborated upon and a networked approach is advocated.
The contractual status in context of the rule of law in China: from rational regulation to virtue recognition
Selected Papers of The Jurist (法学家), Volume 5
The essence of “the rule of law in China” is governance based on rational choice and contractual provisions, while is rational regulation is rooted in rules, although in this context of the rule of law, it still contains “status”. In the sense of “rational regulation”, the rule of law needs contracts, but it needs more “contractual status” in the sense of “virtue identity”, and we cannot replace status by contract only in accordance with the old path of “from status to contract”. Connecting with the mode of “absolute – true status” and “relative – false status”, which is built by contract and virtue, “contractual status” can provide distinction, birthright and duty for the rule of law. Keywords: rule of law; virtues; contract; status; contractual status
A Global Issue
Peter C. Carstensen
This chapter describes the harms that abuse of buyer power causes including both exploitation of producers and exclusion of competing buyers. It highlights the global dimensions of the problems that abuse of buyer power is causing.