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Claude Ménard and Mary M. Shirley
When New Institutional Economics (NIE) first appeared on the scholarly scene in the early 1970s, it was a transformative movement. NIE aimed to radically alter orthodox economics by showing that institutions are multidimensional and matter in significant ways that can be statistically measured and systematically modeled. In the decades since, thousands of articles and books have pursued this premise and NIE has evolved from an upstart movement to a major influence on researchers in economics, political science, law, management, and sociology. What made New Institutional Economics a radical idea was that it abandoned: [. . .]the standard neoclassical assumptions that individuals have perfect information and unbounded rationality and that transactions are costless and instantaneous. NIE assumes instead that individuals have incomplete information and limited mental capacity and because of this they face uncertainty about unforeseen events and outcomes and incur transaction costs to acquire information. To reduce risk and transaction costs humans create institutions, writing and enforcing constitutions, laws, contracts and regulations – so-called formal institutions – and structuring and inculcating norms of conduct, beliefs and habits of thought and behavior – or informal institutions. (Menard and Shirley, 2005, p. 1)
Robert C. Kloosterman, Virginie Mamadouh and Pieter Terhorst
This chapter starts with a brief history of the concept ‘globalization’. It highlights the rather surprising rapid emergence of the concept in the 1990s when it acquired a very prominent status in both academic and public debates. After that, some of the many meanings of globalization are explored. More in particular, the focus is on the plurality of geographical expressions as well as of current geographical approaches to the manifold processes of globalization. The chapter argues that the spatial dimension – in marked contrast to the temporal dimension – has long been neglected in social sciences in general. Current processes of globalization require an a priori acknowledgment of the fundamental role of space as these processes may be articulated in very different ways in different places. Geographical approaches, characterized by a sensitivity to space, place and spatial scales, are highly relevant to understand processes of globalization.
Ainsley Elbra and Richard Eccleston
Blatant corporate tax avoidance has attracted the ire of politicians, citizens and consumers the world over in recent years. Since the financial crisis of 2008, international taxation has become a mainstream political issue championed by social justice campaigners and the progressive press the world over. Globally, governments and intergovernmental organisations have announced a range of reforms designed to ensure that MNCs pay their ‘fair share’ of tax, while some of the world’s most powerful and profitable firms have been subjected to multibillion-dollar fines.