Encouraging Enterprise—The Belgian Experience

Nigel Lawson will meet with failure in adopting Sir Geoffrey Howe's plans for enterprise zones in Britain unless he learns from the mistakes of the Belgian E-Zones. Michael van Notten, who was instrumental in the implementation of the Belgian plan, outlines the political obstacles raised in the path of the E-Zones by empire-building bureaucrats.     

The Price Elasticity of Demand for Common Stock

We study the price elasticity of demand for the common stock of an individual corporation. Despite the prevelance of assumptions that demand is perfectly elastic, there is little if any direct evidence in the literature to either support or reject that contention. Consistent with the notion of finite price elasticities, we find that the announcement of primary stock offerings by regulated firms depresses their stock prices and little if any evidence that this decline is the result of adverse information about future cash flows. Attempts to relate offer announcement effects directly to possible determinants of price elasticities, however, are inconclusive.     

The Food Crisis,Industrialized Farming and the Imperial Regime

This paper argues that the food crisis cannot solely be equated with abrupt food price increases or seen as merely market induced. The unprecedented price increases of the first half of 2008, and the extremely low prices that followed, are expressions of a far wider and far more persistent underlying crisis, which has been germinating for more than a decade. It is the complex outcome of several combined processes, including the industrialization of agriculture, the liberalization of food and agricultural markets and the rise of food empires. The interaction of these processes has created a global agrarian crisis that has provoked the multifaceted food crisis. Both these crises are being accelerated through their interactions with the wider economic and financial crisis.