Shorter Reviews

Gasparini, Giovanni, La dimensione sociale del tempo Magatti, Mauro, Corruzione politica e societa italiana. Il rapporto degradato tra partiti politici e interessi economici come sintomo di crisi della democrazia: una analisi approfondita Freeman, Neil B., The politics of power. Ontario Hydro and its government, 1906–1995 Williams, Colin C., Consumer services and economic development Gale, Denis E., Understanding urban unrest. From Reverend King to Rodney King     

SHORTER REVIEWS

Book reviewed in this article: Anselin, L. and R.J.G.M. Florax (eds.) 1995: New directions in spatial econometrics. Herbert, David T. (ed.) 1995: Heritage, tourism and society. Baldassare, Mark (ed.) 1994: The Los Angeles riots: lessons for the urban future. Wacquant, Loic J.D. (1994) The new urban color line: the state and the fate of the ghetto in postfordist America. In C. Calhoun (ed.), Social theory and the politics of identity Leresche, Jean-Philippe and René Levy (eds.) 1995: La Suisse et la coopération transfrontalière: repli ou redéploiement?     

Book Reviews

Book reviewed in this article: Albrechts, L., Moulaert, F., Roberts, P. and Swyngedouw, E. , editors, 1989: Regional policy at the crossroads: European perspectives. Bagnasco, A. 1988: La costruzione sociale del mercato. Ball, M. 1988: Rebuilding construction: economic change in the British construction industry. Boulton, J. 1987: Neighbourhood and society: a London suburb in the seventeenth century. Dogan, M. and Kasarda, J.D. , editors, 1988: The metropolis era: volume 1, A world of giant cities; volume 2, Mega-Cities. Dose, N. and Drexler, A. editors, 1988: Technologieparks. Voraussetzungen, Bestandsaufnahme und Kritik. Eisenstadt, S.N. and Shachar, A. 1987: Society, culture and civilisation. Gaskell, G. and Benewick, R. editors, 1987: The crowd in contemporary Britain Hajer, M. A. 1989: City politics. Hamnett, C. and Randolph, B. 1988: Cities, housing and profits: flat breakup and the decline of private renting. Harris, R. 1988: Democracy in Kingston: a social movement in urban politics 1965–1970. Healey, P., McNamara, P., Elson, M. and Doak, A. 1988: Land use planning and the mediation of urban change. Helman, C. 1987: The Milton-Park affair: Canada's largest citizen-developer confrontation. Howells, J. and Green, A. 1988: Technological innovation, structural change and location in UK services. Howells, J. 1988: Economic, technological and locational trends in European services. Hudson, R. 1989: Wrecking a region: state policies, party politics and regional change in North East England. Jessen, J., Siebel, W., Siebel-Rebell, Chr., Walther, U.-J. and Weyrather, I. editors, 1988: Arbeit nach der Arbeit — Schattenwirtschaft, Wertewandel und Industriearbeit. Johnston, R.J., Pattie, C.J. and Allsopp, J.G. 1988: A nation dividing? The electoral map of Great Britain 1979–1987. Law, CM. with Grime, E.K., Grundy, C.J., Senior, M.L. and Tuppen, J.N. 1988: The uncertain future of the urban core. Plotkin, S. 1987: Keep out: the struggle for land use control.     

BOOK REVIEWS

Book reviewed in this article: Amit-Talai, Vered and Henri Lustiger-Thaler (eds.) 1994: Urban lives: fragmentation and resistance. Morton Suzanne 1995: Ideal surroundings, domestic life in a working-class suburb in the 1920's. Hay den, Dolores 1995: The power of place: urban landscapes as public history. Rémy, Jean (ed.) 1995: Georg Simmel: ville et modernité. Bennani-Chraïbi, Mounia 1994: Soumis et rebelles: les jeunes au Maroc. Stébé, Jean-Marc 1995: La réhabilitation de l'habitat social en France.     

REVIEW ARTICLES

Eckstein, S. 1988: The poverty of revolution: the state and the urban poor in Mexico. Gilbert, A. and A. Varley 1991: Landlord and tenant: housing the poor in urban Mexico. Selby, H.A., A.D. Murphy and A. Lorenzen with I. Cabrera, A. Castañeda and L.I. Ruiz 1990: The Mexican urban household: organizing for self-defense. Clapham, D., P. Kemp and S.J. Smith 1990: Housing and social policy. Forrest, R., A. Murie and P. Williams 1990: Home ownership — differentiation and fragmentation. Malpass, P. and A. Murie 1990: Housing policy and practice. Morris, J. and M. Winn 1990: Housing and social inequality. Saunders, P. 1990: A nation of home owners.     

Book Reviews

Book reviewed in this article: Ball, M. 1983: Housing policy and economic power: the political economy of owner occupation. Cannadine, D. editor, 1982: Patricians, power and politics in nineteenth-century towns. Cornuel, D. and Duriez, B. 1983: Le mirage urbain. Histoire du logement à Roubaix. Dunford, M. and Perrons, D. 1983: The arena of capital. Fainstein, S.S., Fainstein, N.I., Hill, R.C., Judd, D. and Smith, M.P. (with Armstead, P.J. and Keller, M. ) 1983: Restructuring the city. The political economy of urban redevelopment. Feagin, J. R. 1983: The urban real estate game: playing monopoly with real money. Goddard, J. B. and Champion, A. G. editors, 1983: The urban and regional transformation of Britain. Regional Studies Association 1983: Report of an inquiry into regional problems in the United Kingdom. Klaassen, L. H. and Molle, W. T. M. editors, 1983: Industrial mobility and migration in the European Community. Lea, D. A. M. and Chaudhri, D. P. editors, 1983: Rural development and the state: contradictions and dilemmas in developing countries. Lins, J. 1982: Mitbestimmung im Wohnbau Von Technokratenherrschaft zu konkreter Demokratie. Magnusson, W. and Sancton, A. editors, 1983: City politics in Canada. Offer, A. 1981: Property and politics 1870–1914: landownership, law, ideology and urban development in England. Pahl, R.E., Flynn, R. and Buck, N.H. 1983: Structures and processes of urban life Pons, V. and Francis, R. editors, 1983: Urban social research: problems and prospects. Rapoport, A. 1982: The meaning of the built environment. Sarin, M. 1982: Urban planning in the third world: the Chandigarh experience. Taylor, M. and Thrift, N. editors, 1982: The geography of multinationals. Wynot, E.D. 1983: Warsaw between the world wars: profile of the capital city in a developing land, 1918–39.     

Book Reviews

Book reviewed in this article: Amis, P. and Lloyd, P. , editors, 1990: Housing Africa's urban poor. Champion, A. , editor, 1989: Counterurbanization: the changing pace and nature of population deconcentration. Johnson, J. and Salt, J. , editors, 1990: Labour migration: the internal geographical mobility of labour in the developed world. Costa, F.J., Dutt, A.K., Ma, L.J.C. and Noble, A.G. , editors 1989: Urbanization in Asia. Spatial dimensions and policy issues. Dröge, F. and Krämer-Badoni, T. 1987: Die Kneipe: zur Soziologie einer Kulturform. Ermisch, J. , editor, 1990: Housing and the national economy. Feagin, J.R. 1988: Free enterprise city: Houston in political and economic perspective. Fritsch, M. and Hull, Ch. , editors, 1987: Arbeitsplatzdynamik und Regionalentwicklung. Garside, P.L. and Hebbert, M. , editors, 1989: British regionalism, 1900–2000. Gyford, J., Leach, S. and Game, C. 1989: The changing politics of local government. Harlander, T., Hater, K. and Meiers, F. 1988: Siedeln in Not: Umbruch von Wohnungspolitik und Siedlungsbau am Ende der Weimarer Republik. Harvey, D. 1989: The condition of postmodernity. Johnston, R. 1989: Environmental problems: nature, economy and state. King, A. 1989: Urbanism, colonialism, and the world-economy: cultural and spatial foundations of the world urban system. King, A. 1989: Global cities: post imperialism and the internationalization of London. Mohan, J. , editor, 1989: The political geography of contemporary Britain. Scott, A. 1988: Metropolis. From the division of labor to urban form. Sills, A., Taylor, G. and Golding, P. 1988: The politics of the urban crisis.     

Book Reviews

Book reviewed in this article: Cawson, A. 1982: Corporatism and welfare. Social policy and state intervention in Britain. Cherry, G. 1982: The politics of town planning. Dear, M. and Scott, A.J. editors, 1981: Urbanisation and urban planning in capitalist society. Donnison, D. and Ungerson, C. 1982: Housing policy. Short, J. 1982: Housing in Britain: the postwar experience. Fothergill, S. and Gudgin, G. 1982: Unequal growth: urban and regional employment change in the UK. Frank, H. and Schubert, D. editors, 1983: Lesebuch zur Wohnungsfrage. Friedland, R. 1982: Power and crisis in the city: corporations, unions and urban policy. Friedman, J. and Weinberg, D.H. editors, 1983: The great housing experiment. Goodman, D. and Redclift, M. 1981: From peasant to proletarian. Capitalist development and agrarian transitions. Hellstern, G-M., Speer, F. and Wollman, H. editors, 1982: Applied urban research. Proceedings of the European Meeting on Applied Urban Research, Essen, 2–4 October 1981 Herlyn, U. and Göschel, A., Kramer, J., Schardt, T. and Wendt, G. 1980: Grossstadtstrukturen und ungleiche Lebensbedingungen in der Bundesrepublik. Heskin, A.D. 1983: Tenants and the American dream: ideology and the tenant movement. Hirsch, A.R. 1983: Making the second ghetto: race and housing in Chicago 1940–60. Johnson, J. and Pooley, C. editors, 1982: The structure of nineteenth-century cities. Loney, M. 1983: Community against government: the British Community Development Project 1968–78 - a study of government incompetence. Maillat, D. editor, 1982: Technology: a key factor for regional development. McKay, D.H. editor, 1982: Planning and politics in western Europe. Merrett, S. with Gray, F. 1982: Owner occupation in Britain. Zukin, S. 1982: Loft living: culture and capital in urban change.     

Book Reviews

Book reviewed in this article: Andrusz, G.D. 1984: Housing and urban development in the USSR. Apter, D. and Sawa, N. 1984: Against the state: politics and social protest in Japan. Barrett, P. 1983: The automobile and urban transit: the formation of public policy in Chicago, 1900–1930. Bateman, M. 1985: Office development. Browning, R.P., Marshall, D.R. and Tabb, D.H. 1984: Protest is not enough. The struggle of blacks and hispanics for equality in urban politics. Clark, G. and Dear, M. 1984: State apparatus. Structures and language of legitimacy. Cooke, P. 1983: Theories of planning and spatial development. Delorme, R. and André, C. 1983: L'état et l'économie: un essai d'explication de l'évolution des dépenses publiques en France (1870–1980). Fetter, B. 1983: Colonial rule and regional imbalance in central Africa. Forbes, D.K. 1984: The geography of underdevelopment. Forbes, D.K. and Rimmer, P.J. editors, 1984: Uneven development and the geographical transfer of value. Godbout, J. 1983: La participation contre la démocratie. Hague, C. 1984: The development of planning thought. Harloe, M. 1985: Private rented housing in the United States and Europe. Johnston, R.J. 1984: Residential segregation, the state, and constitutional conflict in American urban areas. Kirby, A., Knox, P. and Pinch, S. editors, 1984: Public service provision and urban development. McDonald, J. and Ward, S.K. editors, 1984: The politics of urban fiscal policy. Rassam, A. and Zghal, A. editors, 1980: Système urbain et development au Maghreb. Redclift, N. and Mingione, E. editors, 1985: Beyond employment: household, gender and subsistence. Seers, D. and Öström, K. editors, 1983: The crises of the European regions. Skinner, R.J. and Rodell, M.J. editors, 1983: People, poverty and shelter. Szelenyi, I. 1983: Urban inequalities under state socialism. Kolosi, T. and Wnuk-Lipinski, E. editors, 1983: Equality and inequality under socialism. Tabb, W.K. and Sawers, L. editors, 1984: Marxism and the metropolis. Taub, R.P., Taylor, D.G. and Dunham, J.D. 1984: Paths of neighborhood change: race and crime in urban America. Van Vliet, W., Huttman, E. and Fava, S.F. editors, 1985: Housing needs and policy approaches: trends in thirteen countries. Boleat, M. 1984: National housing finance systems: a comparative study. Weaver, C. 1984: Regional development and the local community: planning, politics and social context. Wynn, M. editor, 1984: Planning and urban growth in southern Europe.     

Book Reviews

Book reviewed in this article: Blowers, A., Brook, C., Dunleavy, P. and McDowell, L. editors, 1982: Urban change and conflict: an interdisciplinary reader. Cochrane, A., Hamnett, C. and McDowell, L. editors, 1982: City, economy and society: a comparative reader. Clavel, P. 1983: Opposition planning in Wales and Appalachia. Cox, K.R. and Johnston, R.J. editors, 1982: Conflict, politics and the urban scene. Elliott, B. and McCrone, D. 1982: The city: patterns of domination and conflict. Englander, D. 1983: Landlord and tenant in urban Britain 1838–1918. Epstein, A.L. 1981: Urbanization and kinship: the domestic domain on the Copper-belt of Zambia 1950–56. Eversley, D. and Kollmann, W. editors, 1982: Population change and social planning. Forrest, R., Henderson, J. and Williams, P. editors, 1982: Urban political economy and social theory. Gibson, M. S. and Langstaff, M. J. 1982: An introduction to urban renewal Gilbert, A. editor (in association with Hardoy, J. E. and Ramirez, R.) 1982: Urbanization in contemporary Latin America. Gilbert, A. and Gugler, J. 1982: Cities, poverty and development — urbanization in the third world. Healey, P., McDougall, G. and Thomas, M.J. editors, 1982: Planning theory: prospects for the 1980s. Maguire, C.C. 1981: International housing policies. Marcussen, L. 1982: Settlement in Turkey: a report on the politics of housing and urbanization. Schwerdtfeger, F. W. 1982: Traditional housing in African cities. Smith, M.P. 1980: The city and social theory. Starkie, D. 1982: The motorway age: road and traffic policies in postwar Britain. Thompson, F.M.L. editor, 1982: The rise of suburbia. Ward, P.M. editor, 1982: Self-help housing: a critique. Whitt, J.A. 1982: Urban elites and mass transportation: the dialectics of power. Wikan, U. 1980: Life among the poor in Cairo     

Books Reviews

Williamson, O. E. (Ed.). Organization Theory: From Chester Barnard to the Present and Beyond, Expanded Edition. Oxford: Oxford University Press, 1995. pp. 268, £14.50 pb (Michael Rowlinson). Boisot, Max H. Information Space. A Framework for Learning in Organizations, Institutions and Culture. London and New York: Routledge, 1995. pp. 550, ISBN 0-415-11490-X (Nathalie N. Mitev). Tweedale, Geoffrey. Steel City: Entrepreneurship, Strategy and Technology in Sheffield 1743--1993. Oxford: Clarendon Press, 1995. pp. xiv, 436 (Elisabeth Wilson). Orlikowski, Wanda, J., Walsham, Geoff, Jones, Matthew R. and Degross, Janice, I. (Eds). Information Technology and Changes in Organizational Work. London: Chapman Hall, 1996. pp. 443, ISBN 0-412-64010-4 (Richard Hull). Scrivens, Ellie. Accreditation: Protecting the Professional or the Consumer? Buckingham: Open University Press (Jenny Lodge).     

Book Reviews

Book reviewed in this article: Aldridge, M. 1979: The British new towns: a programme without a policy. Golany, G. editor, 1978: International urban growth policies: New town contributions. Balchin, P. N. 1979: Housing improvement and social inequality. Zeitz, E. 1979: Private urban renewal. Blowers, A. 1980: The limits of power: the politics of planning policy. CSE State Group 1979: Struggles over the state: Cuts and restructuring in contemporary Britain. Crouch, C. editor, 1979: State and economy in contemporary capitalism. Poulantzas, N. 1976: The capitalist state. Keim, K-D. 1979: Milieu in Städten. Ein Konzept zur Analyse älterer Wohnquartiere. Kuklinski, A. , editor, 1977: Social issues in regional policy and regional planning. Lajugie, J., Delfaud, P. and Lacour, C. 1979: Espace régional et aménagement du territoire. Moseley M. J. 1979: Accessibility: the rural challenge. Moseley, M. J., Harman, R. G., Coles, O. B. and Spencer, M. B. 1977: Rural transport and accessibility, 2 volumes. Mullan, B. 1980: Stevenage Ltd: aspects of the planning and politics of Stevenage New Town 1945–1978. Payne, G. K. 1977: Urban housing in the third world. Kilmartin, L. and Thorns, D. C. 1978: Cities unlimited: the sociology of urban development in Australia and New Zealand. Lawless, P. 1979: Urban deprivation and government initiative.     

Book Reviews

Book reviewed in this article: Abu-Lughod, J.L. 1980: Rabat: urban apartheid in Morocco. Western, J. 1982: Outcast Cape Town. Clavel, P., Forester, J. and Goldsmith, W.W. editors, 1980: Urban and regional planning in an age of austerity. Fischer, S. 1982: To dwell among friends. Fraser, D. editor, 1982: Municipal reform and the industrial city. Gregory, D. 1982: Regional transformation and industrial revolution. A geography of the Yorkshire woollen industry. Hudson, R. and Lewis, J. editors, 1982: Regional planning in Europe. Marris, P. 1982: Community planning and conceptions of change. Paris, C. editor, 1982: Critical readings in planning theory. Portes, A. and Walton, J. 1981: Labour, class and the international system. Roussopoulos, D. editor, 1982: The city and radical social change. Solomos, J. editor, 1982: Migrant workers in metropolitan cities. Stave, B.M. editor, 1982: Modern industrial cities: history, policy and survival. Sutcliffe, A. 1981: Towards the planned city: Germany, Britain, United States and France, 1780–1914. Teymur, N. 1982: Environmental discourse. Thomas, D., Minett, J., Hopkins, S., Hamnett, S., Faludi, A. and Barrell, D. 1982: Flexibility and commitment in planning. Young, K. and Garside, P.L. 1982: Metropolitan London: politics and urban change 1837–1981.     

Book Reviews

Book reviewed in this article: Aydalot, P. and Keeble, D. editors, 1988: High technology industry and innovative environments: the European experience. Ball, M., Harloe, M. and Martens, M. 1988: Housing and social change in Europe and the USA. Champion, A.G., Green, A., Owen, D., Ellin, D. and Coombes, M. 1987: Changing places: Britain's demographic, economic and social complexion. Cochrane, A. editor, 1987: Developing local economic strategies. Elkins, T.H. with Hofmeister, B. 1988: Berlin: the spatial structure of a divided city. Forbes, D. and Thrift, N. editors, 1987: The socialist third world. Urban development and territorial planning. Gurr, T.R. and King, D. 1987: The state and the city. Hall, P. and Preston, P. 1988: The carrier wave. New information technology and the geography of innovation, 1846–2003. Häußermann, H. and Siebel, W. 1987: Neue Urbanität. Markusen, A.R. 1987: Regions: the economics and politics of territory. Marshall, G., Newby, H., Rose, D. and Vogler, C. 1988: Social class in modern Britain. Mullings, L. editor, 1987: Cities of the United States: studies in urban anthropology. Palma, J.C. editor, 1986; Los movimientos sociales en Puebla, 2 volumes. Parkinson, M., Foley, B. and Judd, D. editors 1988: Regenerating the cities: the UK crisis and the American experience. Power, A. 1987: Property before people: the management of twentieth-century council housing. Relph, E. 1987: The modern urban landscape. Schaffer, D. 1988: Two centuries of American planning. Smith, D. 1988: The Chicago School: a liberal critique of capitalism.     

Book Reviews

Book reviewed in this article: Katznelson, I. 1981: City trenches. Urban politics and the patterning of class in the United States. Law, C. 1981: British regional development since world war I. Lee, M.-G. editor, 1981: Toward a new community life: reports of the international Research Seminar on the Sae Maul Movement. Martin, R. L. editor, 1981: Regional wage inflation and unemployment. National Committee on Pilot Schemes to Combat Poverty 1981: Final report. Pilot schemes to combat poverty in Ireland 1974–80 Newton, K. 1980: Balancing the books: financing problems of local government in west Europe. Sharpe, L. J. editor, 1981: The local fiscal crisis in western Europe: myths and realities. Pacione, M. editor, 1981: Problems and planning in third world cities. Saunders, P. 1981: Social theory and the urban question.     

Book Reviews

Book reviewed in this article: Ball, M. 1986: Home ownership: a suitable case for reform. Malpass, P. editor, 1986: The housing crisis. Cawson, A. 1986: Corporatism and political theory. Dixon, C.T., Drakakis-Smith, D. and Watts, H.D. editors, 1986: Multinational corporations and the third world. Fox, K. 1986: Metropolitan America: urban life and urban policy in the United States, 1940–1980. Grant, W. editor, 1935: The political economy of corporatism. Jacobs, B.D. 1986: Black politics and urban crisis in Britain. Karn, V., Kemeny, J. and Williams, P. 1985: Home ownership in the inner city: salvation or despair? King, R. editor, 1986: Return migration and regional economic problems. Lundqvist, L.J. 1985: Housing policy and equality: a comparative study of tenure conversions and their effects. Morris, R.J. editor, 1986: Class, power and social structure in British nineteenth-century towns. Rothblatt, D.N. and Garr, D.J. 1986: Suburbia: an international perspective. Scott, A.J. and Storper, M. editors, 1986: Production, work, territory: the geographical anatomy of industrial capitalism. Sheehan, B.J. 1984: The Boston school integration dispute. Smith, N. and Williams, P. editors, 1986: Gentrification of the city.     

Book review essays

Book reviewed in this article: Regionalism and monopoly capitalism: a new approach to the study of local power : Dulong, R. 1978: Les régions, l'état et la société locale. Paris: Presses Universitaires de France. Regionalism and monopoly capitalism: a new approach to the study of local power : Logroye, J. Wright, V. editors 1979: Local government in Britain and France: problems and prospects (LGBF). Regionalism and monopoly capitalism: a new approach to the study of local power : Tarrow, S., Katzenstein, P. and Graziano, L. editors 1978: Territorial politics in industrial nations (TPIN). Regionalism and monopoly capitalism: a new approach to the study of local power: Lojkine, J. 1977: Big firms' strategies, urban policies and urban social movements (1975). In Harloe, M., editor, Captive cities.     

Book Reviews

Book reviewed in this article: Ambrose P. 1986: Whatever happened to planning? Amin, A. and Goddard, B. editors, 1986: Technological change, industrial restructuring and regional development. Anderson, J. editor, 1986: The rise of the modern state. Bruton, M. and Nicholson, D. 1987: Local planning in practice. Clapham, D. and English, J. editors, 1987: Public housing: current trends and future developments. Clavel, P. 1986: The progressive city: planning and participation, 1969–1984. Cloke, P. editor, 1987: Rural planning: policy into action?. Healey, M.J. and Ilbery, B.W. editors, 1985: The industrialization of the countryside. Eyles, J. 1987: The geography of the National Health: an essay in welfare geography. Foglesong, R.E. 1986: Planning the capitalist city: the Colonial Era to the 1920s. Goldberg, M.A. 1985: The Chinese connection. Getting plugged in to Pacific Rim real estate, trade and capital markets. Hoggart, K. and Kofman, E. editors, 1986: Politics, geography and social stratification. Jaguaribe, H., dos Santos, W., de Paiva, M., Fritsch, W. and Bastos de Avila, F. 1986: Brazil, 2000: para um Novo Pacto Social Lees, A. 1985: Cities perceived: urban society in European and American thought 1820–1940. Lowder, S. 1986. Third world Cities. Markusen, A., Hall, P. and Glasmeier, A. 1986: High tech America: the what, how, where and why of the sunrise industries. Martin, R. and Rowthorn, B. editors, 1986: The geography of deindustrialisation. Newman, D. editor, 1985: The impact of Gush-Emunim: politics and settlement in the West Bank. Rees, G. and Lambert, J. 1985: Cities in crisis: the political economy of urban development in postwar Britain. Smith, Susan J. 1986: Crime, space and society. Southall, A., Nas, P.J.M. and Ansari, G. editors, 1985: City and society: studies in urban ethnicity, life-style and class.     

BOOK REVIEWS

Book reviewed in this article: Bestor, Theodore C. 1990: Neighborhood Tokyo. Lowe, P., T. Marsden and S. Whatmore 1990: Technological change and the rural environment. Marsden, T., P. Lowe and S. Whatmore (eds) 1990: Rural restructuring: global processes and their responses. Mingione, E. 1991: Fragmented societies: a sociology of economic life beyond the market paradigm. Schteingart, M. 1989: Los productores del espacio habitable: estado, empresa y sociedad en la Ciudad de Mexico. Ward, P. 1990: Mexico City: the production and reproduction of an urban environment.     

Are regulations the answer for emerging stock markets? Evidence from the Czech Republic and Poland

Does the emergence of a stock market require a well-developed legal and/or regulatory system? Although historical work by Neal and Davis [Neal, L., & Davis, L. (2005). The evolution of the rules and regulations of the first emerging markets: The London, New York, and Paris stock exchanges, 1792–1914. Quarterly Review of Economics and Finance, 45, 296–311] and Stringham [Stringham, E. (2003). The extralegal development of securities trading in seventeenth century Amsterdam. Quarterly Review of Economics and Finance, 43, 321–344] suggests that securities markets have successfully developed with little government oversight, numerous authors [including Black, B. (2001). The legal and institutional preconditions for strong securities markets. University of California Law Angeles Law Review, 48, 781–855; Coffee, J. (1999). Privatization and corporate governance: The lessons from securities market failure. Journal of Corporation Law, 25, 1–39; Frye, T. (2000). Brokers and bureaucrats: Building market institutions in Russia. Ann Arbor: University of Michigan Press; Glaeser, E., Johnson, S., & Shleifer, A. (2001). Coase versus the Coasians. Quarterly Journal of Economics, 116, 853–899; Mlčoch, L. (2000). Restructuring of property rights: An institutional view. In L. Mlčoch et al. (Eds.), Economic and Social Changes in Czech Society After 1989. Prague: The Karolinum Press; Pistor, K. (2001). Law as a determinant for equity market development – the experience of transition economies. In Peter Murrell (Ed.), The Value of Law in Transition Economies (pp. 249–287). Ann Arbor: Michigan University Press; Stiglitz, J. (1999). Whither reform. Ten years of the transition. Keynote Address, Annual Bank Conference on Development Economics, Washington, DC, April 28–30, 1999; Zhang, X. (2006). Financial market governance in developing countries: Getting the political underpinnings right. Journal of Developing Societies, 2, 169–196] argue that the Czech Republic and other Eastern European governments need more regulation for their newly created stock markets. They maintain that the Warsaw Stock Exchange, which is seen as more regulated, has outperformed the Prague Stock Exchange which is seen as largely unregulated. Thus increased regulations are a key to increased performance. This article, however, maintains that the evidence from the Czech experience has been misinterpreted. This article provides an in depth case study of the Czech stock market and finds that (a) Czech capital markets have been hindered by government intervention from their beginning, (b) that the evidence on Poland's superior performance is not as strong as suggested, and (c) that Czech regulators seem to be unqualified, lack the proper incentives, and are unlikely to benefit the market. Under these circumstances it appears that Neal and Davis (2005:311) are correct that increased government involvement is unlikely to improve the situation.