Development, Globalization, and Law

Is global commerce under essentially laissez-faire rules optimal for economic development? In this era of liberated and deregulated markets, and after the final collapse of communism, a great many commentators would consider that a self-evident question. Of course free global commerce is good for economic development, because we know that the freest possible markets produce the most efficient use of resources and the highest available rates of economic growth. And growth benefits development. How could it be otherwise? And what is the role of law in facilitating commerce and in contouring a particular regime of domestic and transnational commerce and capital flows? Isn\u27t the global role of law to define property rights and limit the interference and distortion imposed by states, and thus, again, to optimize outcomes? This Article explores these questions

Development, Globalization, and Law

Is global commerce under essentially laissez-faire rules optimal for economic development? In this era of liberated and deregulated markets, and after the final collapse of communism, a great many commentators would consider that a self-evident question. Of course free global commerce is good for economic development, because we know that the freest possible markets produce the most efficient use of resources and the highest available rates of economic growth. And growth benefits development. How could it be otherwise? And what is the role of law in facilitating commerce and in contouring a particular regime of domestic and transnational commerce and capital flows? Isn\u27t the global role of law to define property rights and limit the interference and distortion imposed by states, and thus, again, to optimize outcomes? This Article explores these questions

Money Manager Capitalism and the Global Financial Crisis

This paper applies Hyman Minsky's approach to provide an analysis of the causes of the global financial crisis. Rather than finding the origins in recent developments, this paper links the crisis to the long-term transformation of the economy from a robust financial structure in the 1950s to the fragile one that existed at the beginning of this crisis in 2007. As Minsky said, 'Stability is destabilizing': the relative stability of the economy in the early postwar period encouraged this transformation of the economy. Today's crisis is rooted in what he called 'money manager capitalism,' the current stage of capitalism dominated by highly leveraged funds seeking maximum returns in an environment that systematically under-prices risk. With little regulation or supervision of financial institutions, money managers have concocted increasingly esoteric instruments that quickly spread around the world. Those playing along are rewarded with high returns because highly leveraged funding drives up prices for the underlying assets. Since each subsequent bust wipes out only a portion of the managed money, a new boom inevitably rises. Perhaps this will prove to be the end of this stage of capitalism-the money manager phase. Of course, it is too early even to speculate on the form capitalism will take. I will only briefly outline some policy implications

Using the ecology model to describe the impact of asthma on patterns of health care

BACKGROUND: Asthma changes both the volume and patterns of healthcare of affected people. Most studies of asthma health care utilization have been done in selected insured populations or in a single site such as the emergency department. Asthma is an ambulatory sensitive care condition making it important to understand the relationship between care in all sites across the health service spectrum. Asthma is also more common in people with fewer economic resources making it important to include people across all types of insurance and no insurance categories. The ecology of medical care model may provide a useful framework to describe the use of health services in people with asthma compared to those without asthma and identify subgroups with apparent gaps in care. METHODS: This is a case-control study using the 1999 U.S. Medical Expenditure Panel Survey. Cases are school-aged children (6 to 17 years) and young adults (18 to 44 years) with self-reported asthma. Controls are from the same age groups who have no self-reported asthma. Descriptive analyses and risk ratios are placed within the ecology of medical care model and used to describe and compare the healthcare contact of cases and controls across multiple settings. RESULTS: In 1999, the presence of asthma significantly increased the likelihood of an ambulatory care visit by 20 to 30% and more than doubled the likelihood of making one or more visits to the emergency department (ED). Yet, 18.8% of children and 14.5% of adults with asthma (over a million Americans) had no ambulatory care visits for asthma. About one in 20 to 35 people with asthma (5.2% of children and 3.6% of adults) were seen in the ED or hospital but had no prior or follow-up ambulatory care visits. These Americans were more likely to be uninsured, have no usual source of care and live in metropolitan areas. CONCLUSION: The ecology model confirmed that having asthma changes the likelihood and pattern of care for Americans. More importantly, the ecology model identified a subgroup with asthma who sought only emergent or hospital services

Suono e Spettacolo. Athanasius Kircher, un percorso nelle Immagini sonore.

The Society of Jesus made great propaganda efforts throughout the seventeenth century and chose the images and the play as a privileged means to communicate and persuade. Athanasius Kircher, a key figure of the seventeenth century, he decided to dominate the wild nature of sound through Phonurgia Nova, which includes a gallery of powerful symbolic images for Baroque aesthetics. The essay, through the grant of the images from the Library of the Department of Mathematics "Guido Castelnuovo" Sapienza University of Rome, aims to understand, through the pictures offered by Kircher, the sound phenomenon and the spectacle that this produces. In Phonurgia Nova a process of dramatization sound effects takes place, often through machines and "visions" applied to the theatrical reality, as experimental and astonishing environment beloved in baroque. Kircher illustrates the sound through explanatory figures, so to dominate the sound through the eyes. Sound is seen, admired and represented: its spectacle not only takes place through the implementation of sound machines or the "wonders" applied to the theater, but even through images, creating create a sense of wonder in in the erudite person of the seventeenth century

Lessons from the Subprime Meltdown

This paper uses Hyman P. Minsky's approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This paper identifies the causes and consequences of the financial innovations that created the real estate boom and bust. It examines the role played by each of the key playersincluding brokers, appraisers, borrowers, securitizers, insurers, and regulatorsin creating the crisis. Finally, it proposes short-run solutions to the current crisis, as well as longer-run policy to prevent it (a debt deflation) from happening again