Conflicts of interest, and guiding principles for their resolution within IP’s constitutional framework
Balancing Conflicts of Interest in the Constitutional Paradigm
Theory and Applications
Professor Henrik Jeldtoft Jensen
Theory and Applications
Professor Peter Allen
Chapter 1 opens the volume with a social psychology perspective from Steven Fein, addressing what racism is and its continued impact on American life. The chapter begins by examining the definitions and levels of racism in the United States. Fein then moves to examining manifestations of implicit racism and modern discrimination, as well as their underlying causes. The chapter closes by considering different approaches that have been suggested for combating stereotyping, prejudice and discrimination.
Mark J. Loewenstein and Robert W. Hillman
A Constitutional Political Economy Approach
John M. Mbaku
Misguided economics policies relying on an unrealistic macroeconomic theory that denied the possibility of a crisis are at the origins of the global financial crisis. The goal of the present paper is to recall how the end of the Great Moderation has been interpreted by the advocates of mainstream economics, and how they have questioned their own macroeconomic theories as a consequence of what happened during and after the financial crisis. There is thus a need to reconsider most aspects of mainstream theory. In particular, the crisis has once more demonstrated that potential output is influenced by aggregate demand – a phenomenon associated with hysteresis, which also questions concepts such as the natural rate of interest and crowding-out effects.
Apostolos Fasianos, Diego Guevara and Christos Pierros
This paper explores the process of financialization from a historical perspective during the course of the twentieth century. We identify four phases of financialization: the first from the 1900s to 1933 (early financialization), the second from 1933 to 1940 (transitory phase), the third between 1945 and 1973 (de-financialization), and the fourth period picks up from the early 1970s and leads to the Great Recession (complex financialization). Our findings indicate that the main features of the current phase of financialization were already in place in the first period. We closely examine institutions within these distinct financial regimes and focus on the relative size of the financial sector, the respective regulation regime of each period, the intensity of the shareholder value orientation, as well as the level of financial innovations implemented. Although financialization is a recent term, the process is far from novel. We conclude that its effects can be studied better with reference to economic history.