China's Steel Industry

China's steel industry has grown rapidly in recent decades, with China now the world's largest producer and consumer of steel. This has resulted in a sharp increase in demand for iron ore and coal, Australia's two largest exports, which are key inputs for the steelmaking process. This article discusses the growth of the Chinese steel industry over the past couple of decades.China; steel industry; Chinese steel industry; iron ore; coking coal

Declining Output Volatility: What Role for Structural Change?

The decline in output volatility in a number of countries over the past few decades has been well-documented, though less agreement has been reached about the causes of this decline. In this paper, we use a panel of data from 20 OECD countries to see if there is a role for various indicators of structural reform in explaining the general decline in output volatility. We suggest that reforms in product and labour markets can reduce volatility of aggregate output by encouraging productive resources to shift more readily in response to differential shocks across firms and sectors. In contrast to other studies, we include direct measures of product market regulations and monetary policy regimes as indicators of structural reform. We find that less product market regulation and stricter monetary policy regimes have played a role in reducing output volatility. Our estimates are reasonably robust to a number of alternative specifications, including those that attempt to control for a possible trend in common (unexplained) innovations to output volatility such as a possible decline in the magnitude of global shocks.business cycles; volatility; panel regression; structural reform; monetary policy; OECD

ERISA, Preemption and Comprehensive Federal Health Care: A Call for Cooperative Federalism to Preserve the States\u27 Role in Formulating Health Care Policy

This article revisits the familiar theme of federalism and health care policy. It takes the position that federalism is decreasing and will decrease further under national health care that is fast becoming, if not already so, an exclusive field of federal regulation. The article draws this conclusion from three influences on federal regulation and policy: (1) the expanding preemptive effects of employee benefit regulation on state health care, as well as other law and public policy; (2) the increasing public policy favoring a comprehensive national health care policy; and (3) the existing dominance of federal medical care and assistance regulation in the field of health care. The article is a comment on the preemptive effect that federal employee benefit regulation presently has on state health care law and public policy. In addition, the article discusses the preemptive effect that comprehensive federal health care could eventually have on state law, public policy, and health care regulations

A Primer on the Need to Continue Monitoring Closely the Transfer of Social Welfare Risk and Liability of Employee Benefit Plans

This Article examines why federal legislative policy-makers and judicial decision-makers should ascertain the impact of the transfer of risk and liability on furthering welfare and security interests and preserving organizational discretion under ERISA and public policy. Part I explains why business organizations or employers transfer risk and liability to employees and retirees. This transfer occurs where global business outcomes cause social consequences that are driven directly by business decisions responding to new global competition and less American economic standing. Part II explains the need to assess the substantive issues and public policy concerns underlying legislative acts and judicial interpretations limiting or permitting the transfer of risk and liability by employers. Part II also explains the need to consider the impact of the global business environment on domestic business outcomes causing or leading to social consequences, such as less health care or retirement funds, transferring risk and liability to employees, and retirees. Part III discusses ERISA administrative and fiduciary obligations of plan sponsors, plan administrators, and trustees; and it explains the ERISA rights and claims of plan participants and beneficiaries. Part IV examines recent federal legislation adjusting ERISA\u27s framework by changing substantive requirements and administrative standards for asset management and plan administration of employee benefit plans in furthering security and welfare interests, preserving organizational discretion and enlarging administrative discretionary authority. Part V analyzes a decision of the Supreme Court of the United States to illustrate the substantive impact of ERISA\u27s interpretation on the transfer of risk and liability, namely investment risk and financial liability, by a plan administrator executing an investment decision of a plan beneficiary or participant. Part VI explains the substantive and policy impacts and implications of recent legislative and judicial decisions that permit and limit the transfer of risk and liability by plan sponsors and administrators. Finally, Part VII finds that policy-makers and business decision-makers must come to grips with the fact that new global competition may accelerate the occurrence of unfavorable business outcomes, which, in turn, cause more social welfare consequences including fewer pension and welfare benefits. Therefore, fewer employee benefits create a need for both Congress to scrutinize ERISA and public policy concerns, and for the Federal Judiciary to scrutinize substantive ERISA issues in deciding whether the transfer of risk and liability to employees, retirees, and governments greatly undermines, and therefore, justifies the immediate need to adjust ERISA\u27s objectives and framework in light of domestic and global business and social conditions

A Primer on the Theory, Practice, and Pedagogy Underpinning a School of Thought on Law and Business

Recent policyless and lawless business decisions have prompted the judiciary and legislature to erode managerial discretion and judgment. This Article is a primer on the theoretical, practical, and pedagogical requirements for a legal-managerial school of thought to measure the business losses created by these judicial and legislative responses. A legal-managerial school must provide a theoretical evaluation of law and public policy, a practical integration of legal analysis and business methodology, and a pedagogical expansion of legal thinking to include business information. This Article initiates the debate on how a legal-managerial school of thought can further the study, practice, and teaching of jurisprudence and business disciplines, and ultimately provide lawyers and managers with tools for business decision making

The Practical Entry and Utility of a Legal-Managerial Framework without the Economic Analysis of Law

This article examines the practicality underlying the entry and utilization of a L-M analysis and legal information into the process of business decision-making by lawyers and managers who generally do not understand or use each others\u27 methodology and thinking, such as business methods and legal analysis, in their professional works and practices

Communicative Design: Transit Architecture for Growing Cities

Increasing urban populations are currently magnifying the importance of the transit station in the context of its surrounding systems. In order to prepare our cities for higher population densities in the future, an examination of the relationships between station form and individual experience may lead to the identification of specific design objectives with implications for increased public transit riderships. Data is collected through research on sensory perception in architecture, spatial organization, and connectivity between an individual structure and it’s local surroundings. Site-specific observations and information describing current professional practices are used to determine prominent design objectives for future implementation