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This book explains how revamped consumer protection regulations, allowing greater individual choice, along with the government partially shifting to more of an advisory role, can save many thousands of lives annually, and make medicines and other products radically cheaper. Major case studies include the FDA, TSA passenger screening, and Uber versus taxis.
In Rethinking EU Consumer Law, the authors analyse the development of EU consumer law on the basis of a number of clear themes, which are then traced through specific areas. Recurring themes include the artificiality of the EU’s consumer image, the problems created by the drive towards maximum harmonisation, and the unexpected effects EU Consumer Law has had on national law. The book argues that EU Consumer Law has the potential of enhancing the protecting of consumers throughout the EU and could offer a model for consumer law elsewhere in the world, but in order to unlock this potential, there needs to be a rethink with regard to the EU’s approach to consumer law and policy.
Financial products for consumers usually are characterized by complexity and incomprehensibility. Consumers typically find themselves defeated when attempting to control their financial destiny by understanding these products. This Article explores the economic and social factors that lead to this reality, analyzes its highly negative private and social ramifications and proposes an appropriate policy response. I argue that the current market structure creates a reality in which financial institutions are motivated to produce complex financial products for consumers in order to maximize their profits. This market structure, combined with inadequate policy, induces inefficiency by allocating the comprehension costs of financial products to the consumer.My thesis is that a fundamental change in risk allocation policy will steer the market toward consumer comprehension of financial products and, therefore, will reduce private and social costs, increase consumer trust in financial institutions and promote social cohesion. I propose a new default liability rule under which financial institutions would be required to introduce internal procedures and mechanisms to ensure product comprehension among all of their consumers. To encourage maximum compliance with my proposal, I suggest implementing a reputation-based incentives method that would require every financial institution branch to publicly post a service quality ranking assigned by the regulator. I also support a trust-oriented licensing policy that would encourage the inclusion of new trustworthy financial institutions in the market and offer the implementation of a new regime for supervising financial product contract terms.
This title was first published in 2002. Policy-makers in South Asia, the Middle East and the Asian Pacific, decision-makers in the OECD countries, organizations and specialists in academe, will all find this publication indispensable. It presents an integrated model of national security that emphasizes military and non-military determinants. In the light of this model, it analyzes Pakistan’s defence policies over the last half-century and proposes a radical reform of Pakistan’s military organization. In addition to offering a comprehensive look at national security, this book provides coherent, interrelated analysis of the key issues such as political leadership, social and economic development and foreign policy.
Author : Council of Europe Publisher : Council of Europe Page : 172 pages File Size : 14,3 MB Release : 2008-01-01 Category : Business & Economics ISBN : 9789287164827
This guide invites the reader to think about consumption as one factor in the difficult task of building cohesive, sustainable societies based on the principle or universal well-being. The Council or Europe hopes that this reassessment will prompt people to question their choices as consumers: taking account of human rights, decent working conditions, the sustainable use of resources and our legacy to future generations. Surely consumption should be a responsible, socially committed act. An eclectic mix or academic articles, examples and illustrations makes this guide an unusual, informative work which can be readily used as the basis for discussions on this pressing social issue. This book, inspired by a contribution from the European Inter-Network of Ethical and Solidarity-Based Initiatives (IRIS), is intended as a "prototype": readers are free to adapt its contents to their own circumstances, to add relevant examples and to bring the ideas presented to life
Rethinking the 21st Century brings much needed context and perspective to the security problems we face today. In recent years, the 'Bush Doctrine' - that the security threats we now face are entirely unprecedented - has echoed around the world. Global security and stability is now challenged not only by states and nuclear war, but by insurgency, disease, environmental degradation and military privatisation. Yet this creates a deep sense of disconnect in the way we perceive politics, and can be dangerously stark and ahistorical. The chapters here show that, far from being a clean break, the 'new' problems faced today might actually have 'old' solutions. What can Locke tell us about terrorists? What does Bentham have to say about sanctions? What are the ethics of outsourcing war to private companies? By looking back to decades and even centuries of ethical analysis and political theory, this book provides fascinating insight into all these questions.
Author : Alan S. Blinder Publisher : Russell Sage Foundation Page : 375 pages File Size : 32,49 MB Release : 2013-01-03 Category : Business & Economics ISBN : 1610448154
Some economic events are so major and unsettling that they “change everything.” Such is the case with the financial crisis that started in the summer of 2007 and is still a drag on the world economy. Yet enough time has now elapsed for economists to consider questions that run deeper than the usual focus on the immediate causes and consequences of the crisis. How have these stunning events changed our thinking about the role of the financial system in the economy, about the costs and benefits of financial innovation, about the efficiency of financial markets, and about the role the government should play in regulating finance? In Rethinking the Financial Crisis, some of the nation’s most renowned economists share their assessments of particular aspects of the crisis and reconsider the way we think about the financial system and its role in the economy. In its wide-ranging inquiry into the financial crash, Rethinking the Financial Crisis marshals an impressive collection of rigorous and yet empirically-relevant research that, in some respects, upsets the conventional wisdom about the crisis and also opens up new areas for exploration. Two separate chapters–by Burton G. Malkiel and by Hersh Shefrin and Meir Statman – debate whether the facts of the financial crisis upend the efficient market hypothesis and require a more behavioral account of financial market performance. To build a better bridge between the study of finance and the “real” economy of production and employment, Simon Gilchrist and Egan Zakrasjek take an innovative measure of financial stress and embed it in a model of the U.S. economy to assess how disruptions in financial markets affect economic activity—and how the Federal Reserve might do monetary policy better. The volume also examines the crucial role of financial innovation in the evolution of the pre-crash financial system. Thomas Philippon documents the huge increase in the size of the financial services industry relative to real GDP, and also the increasing cost per financial transaction. He suggests that the finance industry of 1900 was just as able to produce loans, bonds, and stocks as its modern counterpart—and it did so more cheaply. Robert Jarrow looks in detail at some of the major types of exotic securities developed by financial engineers, such as collateralized debt obligations and credit-default swaps, reaching judgments on which make the real economy more efficient and which do not. The volume’s final section turns explicitly to regulatory matters. Robert Litan discusses the political economy of financial regulation before and after the crisis. He reviews the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which he considers an imperfect but useful response to a major breakdown in market and regulatory discipline. At a time when the financial sector continues to be a source of considerable controversy, Rethinking the Financial Crisis addresses important questions about the complex workings of American finance and shows how the study of economics needs to change to deepen our understanding of the indispensable but risky role that the financial system plays in modern economies.
This book offers an original interpretation of the case law on exclusionary abuses under Article 82 EC (now Article 102 TFEU, according to the numbering introduced by the Treaty of Lisbon), and it identifies the various factors that have shaped the application of this provision through its history. The book provides an in-depth analysis of the European Commission's Guidance on enforcement priorities under Article 82 and it makes a provocative proposal for further modernisation of the analysis of exclusionary abuses by recasting the prohibition of abuse of dominance as a norm which deals only with unilateral conduct. The first part of the book reconsiders fundamental legal and economic concepts underpinning the assessment of exclusionary abuses and identifies the difficulties posed by the principal forms of abusive practices (refusals to deal, predatory pricing, rebates and tying). The EU case law is compared with the US experience under Section 2 of the Sherman Act. The second part of the book explores solutions, based on the premise that the reform of Article 82 (now Article 102 TFEU) should be in line with the modernisation of Article 81 (now Article 101 TFEU) and the EU merger control rules. The last chapter demonstrates the gradual convergence of the application of Articles 81 and 82 in the area of vertical restraints. It points towards a redefined division of labour between these two provisions with a view to ensuring efficient enforcement, better protection of consumer interests, and clearer incentives for dominant firms to invest in desirable commercial practices. The book will be of interest to students and practitioners of EU competition law, and to those in other jurisdictions where the application of competition law to practices of dominant firms is controversial.