Money and the rule of law in ecuador

The rule of law is defined and its implications in the monetary sphere are elaborated. When national monetary arrangements fail to comport with the rule of law, “dollarization” is desirable. That policy provides for more stable money and expectations about its future value. The salutary effects of Ecuador's “dollarization” program of 2000 are reviewed. In addition, a manifesto for economic reform in Ecuador is presented. Its elements are: financial integration, fiscal transparency and control, tax simplification and reform, supermajority voting, deregulation, and privatization.     

The WTO and the rights of the individual

The WTO agreements comprise a system of obligations and rights for member governments. None of these apply directly to individual actors. Nevertheless, the WTO does reach into the nation-state to guarantee rights to individuals. The following article explores this little-noted dimension of international economic law and proposes ways that a new WTO trade round could build on developments so far in order to strengthen private rights. The views expressed are those of the author.     

Retail Image as Seen through Consumers' Eyes: Studying International Retail Image through Consumer Photographs of Stores

Abstract

The aim of this article is to explore how retail store image is perceived by consumers from different cultural backgrounds and with different degrees of awareness and experience of the retailer. The subject is IKEA, a retailer recognized as having a global approach to the markets in which it operates, resulting in a highly standardized approach to store branding. However, rather than employing traditional methodologies to elicit consumer perceptions of store image, we attempt to capture consumer perceptions through interpretations of the visual images generated by the participants themselves. The photo-elicitation method employed captured the different interpretations and meanings attached to commonly identified elements of store image and reinforced the central role played by the store itself in retail image formation.     

The elusive NHS consumer: 1948 to the NHS Plan

Since the creation of the National Health Service in 1948, patients have never been fully-fledged consumers of healthcare; they have never held personal economic power with which to express their needs and preferences to service providers. Nonetheless, the history of the NHS has demonstrated an ever-increasing policy interest in the needs of individual patients and in the responsiveness of services to these needs. Following the collapse of the postwar consensus which gave birth to the welfare state, successive governments have pledged to give priority to consumer needs, but have struggled to realise this priority in practice.Professional and state paternalism in defining patient needs and choices have endured. current policy emphasis on 'patient and public involvement' and 'partnership working' sustains a top-down bureaucratic approach but tempers practice with input from all stakeholders in local health economies. There is much to do to make the culture of the NHS genuinely responsive to consumer needs.     

Globalized New Public Management and its Impact on Scientific Research Activity in New Zealand

Since the early 1980s the concept of New Public Management (NPM) has had a considerable impact on both theoretical debate and practical management in the public sector. Within this debate issues of efficiency and productivity are critical when discussing the performance of publicly funded organizations. The concept of NPM is also relevant to the issues surrounding privatization and deregulation. New Zealand has been in the vanguard of these changes from the early 1980s and this contribution investigates how changes in government funding mechanisms have affected the organizational structure, culture and human resource management strategies and practices of one Crown research institute in New Zealand. The case study shows how difficult it is not only to change a public sector organization to one that is more ‘market-focused’, but also how this is compounded in a research and development institute.     

Convenience Stores in Northern Ireland Steve Worthington*

The concept of the convenience store has been a subject of much enthusiasm among observers of the United Kingdom retail scene, many of whom see the C-store as a counterpoint to the expansion of the large multiple retailers. There is, however, evidence to suggest that the nationwide spread of the convenience store format will not be as uninhibited as has been that of the grocery supermarket. One reason for this is the local differences in retailing patterns that exist throughout the United Kingdom. This article looks in particular at Northern Ireland, exploring some of the unique features of C-store trading in this region.     

Domestic and Trade Equivalences of State Trading Importers

Market intermediaries in importing countries in the form of state trading enterprises (STEs) involve government manipulation of market structure that can be designated a nontariff measure because they are perceived to affect market access. However, the trade effect may be only an unintended consequence of the pursuit of the domestic concerns towards which the objectives of the STE are targeted as well as the extent of the exclusive rights that it is given. These objectives may reflect concerns about domestic distortions or, where these do not exist, redistribution towards producers or consumers. To this end, identifying the domestic effects of STEs through the use of producer and consumer subsidy equivalents that complement measures of the trade distorting effect is important in gauging the overall impact of STEs. In this paper, we outline a method to measure these policy equivalences which can be readily applied to aid transparency in trade negotiations.     

The Modernization of UK Local Government: Markets,Managers, Monitors and Mixed Fortunes

Since 1997 UK central government has launched a bewildering array of new initiatives known collectively as the 'local government modernizing agenda' which represent an ambitious attempt to transform the performance and the politics of local authorities in the UK. The aim is to improve local services, enhance community governance and increase public confidence in the institutions of local government. Some of the key elements of this agenda, notably attempts to persuade authorities to make greater use of markets, to encourage strategic management techniques and the reliance on external monitoring, draw heavily upon the New Public Management and build directly upon previous reforms. Others, in particular the emergence of a more diversified approach to regulation of local government, signal a new and distinctive approach to public service improvement. The result is a combination of multiple drivers of change and paradoxical 'operating codes' which reflect both the politics of the modernizing agenda and our current lack of understanding about which approaches will prove most effective in enabling performance improvement in the public sector.     

The Effect of Organizational form on Information Flow and Decision Quality: Informational Cascades in Group Decision Making

This paper identifies a disadvantage to decision making in a team. We show that in some cases available information is lost due to sequential communication that results in informational cascades. Although incentive contracts exist that prevent cascades, in some cases these contracts do not maximize shareholders' expected residual value and cascades are tolerated in equilibrium. Cascades never occur in hierarchies that exogenously prevent communication. However, when the firm is organized as a hierarchy (and the agents are given the optimal hierarchical contract), in some cases agents will collude and sequentially communicate, admitting the possibility of cascades. In these cases, the principals must monitor and enforce the hierarchical process. When monitoring costs exceed the cost of cascades, the team is the optimal organizational form.