Contract Enforcement in Transition

The mix of formal and informal mechanisms for contract enforcement is examined using survey data from Russia, Ukraine, Romania, Poland, and Slovakia. Using the size of trade credit to quantify the success of contracting, we ask: Do the courts have a perceptible effect on contracting? When can a firm rely on its customer to repay trade credit voluntarily? Which is more effective, the courts or relational contracting? Do trade associations play a role in contract enforcement? Does relational contracting entail inefficiencies? Is the reliance on relation contracting merely a transitory phenomenon, reflecting the inadequacy of these countries' legal systems?

Property Rights, Finance, and Entrepreneurship

Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.

Property Rights and Finance

Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.

Hitlerian Jurisprudence: American Periodical Media Responses to the Nuremberg War Crimes Trial, 1945-1948

Since its conclusion, jurists, legal scholars, and historians have heralded the Nuremberg Trial as a landmark in international jurisprudence. Scholars have highlighted Nuremberg’s prosecution of those responsible for the Holocaust, and applauded the trials’ conviction of war criminals. These precedents have continued to inform discussions of war crimes and international law for the last sixty years. More recently, commentators have invoked Nuremberg’s positive legacy in support of the prosecution of Slobodan Milosevic and attempts to create an international criminal court. This paper examines popular periodical responses to the Nuremberg War Crimes Trial between 1945 and 1948. It describes the nature and content of those reactions, and explores their significance in relation to contemporary understandings of the proceedings. In contrast to representations of Nuremberg that arose in the 1960’s, initial responses to the trial exhibited significant and sustained criticism. Most significantly, articles challenged the legality of the proceedings, and presented arguments that undermined the legitimacy of the trial’s core project: the prevention of aggressive war. These reactions stand in opposition to contemporary representations of the trial, and point to a need to reevaluate Nuremberg’s legacy. The research for this project included the examination of 13 periodicals between the years of 1939 and 1995 for articles relating to the Nuremberg trial. A resulting total of more than 250 pieces formed the core primary sources for this project and provided a thorough and representative account of media response. Evidence was also gathered from the writings of Robert H. Jackson, former Supreme Court Justice and lead Allied prosecutor at the trials, and numerous secondary sources

Taking Off: The Politics and Culture of American Aviation, 1920-1939

Historians have traditionally emphasized the sharp differences between Herbert Hoover’s vision of an associational state and the activism of Franklin D. Roosevelt’s New Deal. This dissertation highlights an important area of continuity between the economic policies espoused by Hoover—during his tenures as Secretary of Commerce and President—and Roosevelt, focusing on federal efforts to promote the nascent aviation industry from the end of World War I until the passage of the Civil Aeronautics Act in 1938. These efforts were successful, and offer a unique arena in which to document the concrete gains wrought by Hoover’s associationalist ideology and Roosevelt’s New Deal. Moreover, both Hoover’s corporatist policies and New Deal efforts to create aviation infrastructure—largely through the auspices of public works agencies like the Public Works Administration and Works Progress Administration—form a striking example of the government’s ability to successfully foster the development of a new industry, even in the midst of the Great Depression. Significantly, both men’s efforts represented an alternative to nationalization, the path taken by virtually every European nation during the era. This period thus offers the opportunity to examine how both presidents’ aviation policies cohere with their larger visions of government’s proper relationship to the economy, to compare and contrast associationalism and New Deal, and to elucidate aviation’s role in promoting American economic development. During these years government actions expanded from having literally no engagement with commercial aviation to subsidizing airmail routes, creating a regulatory infrastructure to promote safe operations by licensing pilots, inspecting aircraft, approving manufacturing operations, and aggressively promoting flying to the American people. Contextualized by the American public’s well-documented enthusiasm for flying—particularly after Charles Lindbergh’s famous New York-to-Paris flight in 1927—these federal actions created America’s modern air transport network, culminating in the passage of the seminal Civil Aeronautics Act of 1938, the construction and improvement of almost a thousand airports around the country, and the growth of a core group of airlines, including United, Delta, and American, that still dominate commercial flying today

Property Rights, Finance, and Entrepreneurship

Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make

Contract Enforcement in Transition

The mix of formal and informal mechanisms for contract enforcement is examined using survey data from Russia, Ukraine, Romania, Poland, and Slovakia. Using the size of trade credit to quantify the success of contracting, we ask: Do the courts have a perceptible effect on contracting? When can a firm rely on its customer to repay trade credit voluntarily? Which is more effective, the courts or relational contracting? Do trade associations play a role in contract enforcement? Does relational contracting entail inefficiencies? Is the reliance on relation contracting merely a transitory phenomenon, reflecting the inadequacy of these countries' legal systems

Freedoms and Economic Growth: Transitional and Permanent Components

This paper investigates the empirical foundation for policy reform prescriptions suggested by the institutional approach to economic growth. The focus is the relationship between institutional reforms, measured by changes in a country\u27s political or civil rights, and economic growth. Empirical models previously estimated using cross-section data are extended by adding a temporal element. This allows an estimation of the timing of benefits following a reform. In addition to finding support for the idea that institutional reforms can cause increases in economic growth, five major implications emerge: (i) the economic benefits of freedom reforms are systematic and significant, (ii) economic benefits, in the form of increased growth, occur with a lag after the initiation of a reform in political rights or in civil liberties, (iii) reforms in civil liberties eventually require a reform in political rights in order to be sustained, (iv) changes in the capital-to-labor ratio have a larger effect on economic growth in the short run than in the long run, and (v) there remains significant and unexplained regional variation in the short-run effects of changes in the capital-to-labor ratio

Maximum tumor diameter is associated with event-free survival in PET-negative patients with stage I/IIA Hodgkin lymphoma.

Introduction: the high cure rates achieved in early-stage (ES) Hodgkin lymphoma (HL) are one of the great successes of hemato-oncology, but late treatment-related toxicity undermines long-term survival. Improving overall survival and quality of life further will require maintaining disease control while potentially de-escalating chemotherapy and/or omitting radiotherapy to reduce late toxicity. Accurate stratification of patients is required to facilitate individualized treatment approaches. Response assessment using 18F-fluorodeoxyglucose positron emission tomography (PET) is a powerful predictor of outcome in HL,1,2 and has been used in multiple studies, including the United Kingdom National Cancer Research Institute Randomised Phase III Trial to Determine the Role of FDG–PET Imaging in Clinical Stages IA/IIA Hodgkin’s Disease (UK NCRI RAPID) trial, to investigate whether patients achieving complete metabolic remission (CMR) can be treated with chemotherapy alone.3-5 These PET-adapted trials have demonstrated that omitting radiotherapy results in higher relapse rates, but without compromising overall survival.3-5 For the 75% of patients who achieved CMR in RAPID, neither baseline clinical risk stratification (favorable/unfavorable) nor PET (Deauville score 1/2) predicted disease relapse; additional biomarkers are needed.1 Tumor bulk has long been recognized as prognostic in HL,1,6 but there remains uncertainty about the significance and definition of bulk in the era of PET-adapted treatment.7 We performed a subsidiary analysis of RAPID to assess the prognostic value of baseline maximum tumor dimension (MTD) in patients achieving CMR. Methods: ee have previously reported the RAPID trial design, primary results, and outcomes according to pretreatment risk stratification and PET score.1,3 Patients were aged 16 to 75 years with untreated ES-HL and without B-symptoms or mediastinal bulk (mass > 1/3 internal mediastinal diameter at T5/6).6 Metabolic response after 3 cycles of ABVD chemotherapy (doxorubicin, bleomycin, vinblastine, and dacarbazine) was centrally assessed using PET (N = 562). Patients with CMR (ie, Deauville score 1-2) were randomly assigned to receive involved field radiotherapy (IFRT; n = 208) or no further therapy (NFT; n = 211). PET-positive patients (score, 3-5; n = 143) received a fourth cycle of ABVD and IFRT. Baseline disease assessment was performed by computed tomography, and bidimensional target lesion measurements were reported by local radiologists in millimeters. The association of baseline MTD with HL-related event-free survival (EFS: progression or HL-related death) and progression-free survival (PFS) (progression or any-cause death) was assessed using Kaplan-Meier and Cox regression analyses. Non-HL deaths were either related to primary treatment toxicity or occurred in HL remission.1 United Kingdom ethical approval for the RAPID trial was via the UK Multicentre Research ethics committee. Results and discussion: baseline patient characteristics have been previously described.1 Median age was 34 years (range, 16-75 years); 184 (37.4%) of 492 patients had unfavorable risk by European Organisation for Research and Treatment of Cancer criteria, and 155 (32.3%) of 480 by German Hodgkin Study Groupcriteria. Median MTD for patients achieving CMR was 3.0 cm (interquartile range, 2.0-4.0 cm) and 3.0 cm (interquartile range, 1.8-4.5 cm) in the NFT and IFRT groups, respectively, whereas PET-positive patients had a median MTD of 3.9 cm (interquartile range, 2.8-5.1 cm). After a median follow-up of 61.6 m, 44 HL progression events occurred: 21 NFT, 9 IFRT and 14 PET-positive. No patient received salvage treatment without documented progression. Only 5 HL-related deaths occurred (1 IFRT, 4 PET-positive), and 12 non-HL deaths (4 NFT, 6 IFRT, 2 PET-positive).1 For patients with CMR (N = 419), there was a strong association between MTD and EFS (hazard ratio [HR], 1.19; 95% confidence interval [CI], 1.02-1.39; P = .02), adjusting for treatment group, with an approximate 19% increase in HL risk per centimeter increase in MTD. The association was similar in both treatment groups (NFT HR, 1.20 [95% CI, 0.99-1.44; P = .06]; IFRT HR, 1.19 [95% CI, 0.92-1.55; P = .19]). The observed effect sizes did not markedly change after adjusting for baseline clinical risk factors, and similar results were observed for PFS (supplemental Table 1). In contrast, for PET-positive patients, there was no association between MTD and EFS (HR, 0.88; 95% CI, 0.70-1.11; P = .29) or PFS (HR, 0.87; 95% CI, 0.70-1.08; P = .21). In an exploratory analysis within the NFT group, MTD was dichotomized using increasing 1-cm intervals to investigate the relationship between MTD thresholds and EFS. The largest effect size was observed with an MTD threshold of ≥5 cm (Table 1). Similar results were observed for PFS; this threshold also performed best in time-dependent receiver operating characteristic curve analyses. It was not possible to assess MTD thresholds in the IFRT group with only 9 events. Among all randomized patients, 79 (18.9%) had MTD of ≥5 cm, the majority with mediastinal (n = 43), supraclavicular (n = 17), or cervical (n = 16) locations. Five-year EFS for patients with MTD of ≥5 cm randomly assigned to NFT and IFRT was 79.3% (n = 39; 95% CI, 66.6%-92.0%) and 94.9% (n = 40; 95% CI, 88.0%-100%), respectively (P = .03; Figure 1)