To send content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about sending content to .
To send content items to your Kindle, first ensure email@example.com
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about sending to your Kindle.
Note you can select to send to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
The history of Italian warfare from 1300 to 1500 has been dominated by discussion of mercenary soldiers. Italian states used them throughout the Middle Ages and by the fourteenth century the practice evolved into a species of “system,” characterized by reliance on preformed bands of substantial size, containing also foreign soldiers from outside of the peninsula. The era of the “companies of adventure” (compagnie di ventura), as it is known, lasted from roughly the second decade to the end of the fourteenth century. It was followed by the emergence in the fifteenth century of individual native mercenary captains, condottieri, who settled into regular service with states and were the precursor to more permanent armies by the middle of the century. The reliance on mercenaries rendered Italian warfare out of touch with developments elsewhere in Europe, and left the peninsula unprepared for the onslaught of the armies of France and Spain and the Italian Wars in the sixteenth century. The invasion of Italy in 1494 by the French king Charles VIII was the signal event that revealed the weakness of Italian military institutions and more generally the strength of the rising nation state over its evolutionary predecessor, the city-state.
This chapter explains the further development throughout the twentieth century of public finance law and its impact on the distribution of financial authority between parliaments, executives and judiciaries. It accounts for the delegation of ever-greater financial authority to executive governments as a result of a number of major events: the world wars, the growth of the welfare state, the development of central banking and the influence of private-sector managerial philosophies on public administration. Taking a broad sample of Australia, Canadian, New Zealand and UK legislation and judicial doctrine, the chapter describes how and why sovereign borrowing was severed from parliamentary processes, the preponderance of public expenditure came to be authorised by standing (rather than annual) appropriation legislation, central banks acquired independent authority to provide monetary finance to treasuries and how public auditing functions became more concerned with the efficient (rather than lawful) use of public money. The manner in which judiciaries' jettisoned their private-property protecting attitude to taxation legislation is also explained.
This chapter describes the export of the model of parliamentary public finance developed in the UK to the colonies, dominions and independent states which emerged from the British Empire. It opens by surveying the critical similarities and differences between public finance in the British and US constitutional traditions, before moving to explain how finance was treated in Canadian and Australasian colonial constitutions. Thereafter, the chapter explains how finance provisions became a form of 'constitutional boilerplate', adopted by independent dominions and republics in the twentieth century. By the conclusion of that constitutional itinerary, it is observed that the distribution of financial authority between Parliament and the executive government in nineteenth century Britain became the norm prevailing in the parliamentary constitutional world. Close attention is paid to the drafting history and provisions of constitutional documents from a number of parliamentary jurisdictions (including Australia, Canada, Indian, Malaysia, Nepal and Nigeria), as well as judicial decisions on public finance throughout the Commonwealth of Nations.
This chapter evaluates the limited function of common law judiciaries in public finance by reference to UK and Australian case studies. It opens by observing and explaining the asymmetrical involvement of judiciaries in public finance law: why disputes concerning tax legislation are more justiciable than disputes concerning appropriation, debt and monetary finance. The chapter then analyses the only modern attempt by a common law judiciary to expand its involvement in disputes concerning public expenditure, Williams v The Commonwealth of Australia, and its aftermath. That Australian case study neatly illustrates the judiciary's inability to effect a meaningful re-distribution of financial authority away from treasury departments and towards parliaments. The chapter then examines the problems with understanding common law courts as systemically reliable mechanisms to enforce parliamentary authority over taxation by reference to the UK judiciary's tax law and tax agency practice. The chapter concludes that the presence of judicial power does not substantially impact the distribution of financial authority between executive governments and parliaments.
This final chapter raises a number of normative research questions for future discussion. How much financial power should be concentrated in representative assemblies? Does law govern the state if not enforced by the judiciary? Should an analytical wall be constructed between 'public' and 'private' finance in constitutional thinking? The promises and limitations of applying some analytical political theories to the design of constitutional institutions are observed, and importance of engaging with data concerning the deliberative capacities and resource constraints incumbent on politicians and public sector employees is emphasised. The conflict between Diceyan models of parliamentary control and modern welfare states is broached, as are the book's points of engagement with the work US constitutional theorists, particularly Scheuerman, Posner and Vermeule. Finally, the position of private financial markets vis-ˆ-vis the state is identified as an important topic in future examinations of finance and constitutionalism.
This chapter introduces the central questions broached in the book. How does law distribute authority over public finance between constitutional institutions? How did that law develop? What role do economic, financial and administrative conditions have on the distribution of financial authority between parliaments and executive governments? Do judiciaries play a meaningful role in supervising public finance? Does it make sense to understand parliaments to 'control' public finance in the parliamentary tradition of government? The chapter opens by explaining AV Dicey's understanding of parliamentary control of public finance and his influence on later academic and practical engagements with the financial aspect of constitutionalism. Critical financial concepts are then explained, particularly the different functions performed by fiscal activities (taxing and spending), debt finance and monetary finance. The dominant position of 'central' government finance to the modern constitutional state is introduced and the distinction between 'parliamentary' and 'congressional' constitutional systems is clarified. The chapter closes by summarising the book's major claims.
This chapter provides a case study analysis of the operation of public finance law concerning sovereign debt and monetary finance in the UK and Australia between 2005 and 2016. The legal and financial mechanics of sovereign borrowing and monetary finance are closely examined by reference to the authority of central banks and treasuries to finance the state beyond the point of fiscal deficit. The very broad powers delegated to treasuries over sovereign debt are scrutinised in the context of vastly different economic conditions, and their capacity to shrink the financial authority held by parliaments is observed. Special attention is then given to the monetary financing powers of central banks, particularly the Bank of England. The emergency monetary finance provided by the Bank of England during the financial crisis is surveyed, and the public financing aspect of 'unconventional' monetary policy, particularly quantitative easing, is examined. The chapter closes by observing the absence of meaningful legislative governance of debt and monetary finance in the context of financial or economic emergencies.
Drawing together the book's analyses of public finance law and parliamentary constitutionalism, this chapter argues against the descriptive validity of the idea of parliamentary control of public money and observes the implications of that argument for democratic control of public finance. It begins by settling on an analytical framework for assessing whether parliament does indeed 'control' public finance built upon an idea of 'financial self-rule'. That framework is then applied to the legal and institutional practices which were observed in earlier chapters: concluding that parliaments cannot be said to have control of public finance in any studied jurisdiction. After discussing how broadly that conclusion can be generalised, the chapter evaluates different descriptive models of public finance in parliamentary constitutions: executive control, financial interdependence and parliamentary ratification. The chapter concludes that the latter 'ratification' model is most compelling and explains why that model secures a low level of financial self-rule.
Many past institutions were supported by forms of direct production, that is, by producing the resources that they required, instead of drawing resources from the individuals they were intended to serve. The way that systems of direct production were structured varied from society to society. Examples for direct production are examined from Sumeria, China, the Inka, Aztec Mexico, medieval Europe, Persia, and the 19th-century religious community of Zoar, Ohio.
By virtually every measure, American politics are more polarized today along political party lines than they have been in decades. In Congress, Republicans and Democrats are more sharply differentiated and internally homogeneous than they have been since the late-nineteenth century. This polarization has occurred in both houses of Congress and mirrors similar trends at the state level and among executive officers throughout American politics. The presidential nomination process is no exception. We live in a time of “hyperpolarization.”
Campaign finance may be partly to blame for modern hyperpolarization. Although today’s levels of partisan polarization began building long ago, the deregulation of campaign finance under the Roberts Court has likely accelerated the ongoing process of polarization even further. Deregulation of campaign finance permitted wealthy donors to channel more money into presidential elections and gave them greater influence over the political process.
This article examines the roles digital technologies have played in propelling the shifts in modes of financial governance which have been led by the Chinese Communist Party and enacted by a wide spectrum of regulative actors. Based on analyses of the laws, policies and regulations surrounding digital financial technologies, or so-called fintechs, as well as in-depth interviews with government officials and fintech business executives, I argue that the proliferation of fintechs challenged the existing regulatory schemes defined by the Central Bank and the State Council. This forced a reconsideration of the Chinese government's hegemonic strategies in governing the rapidly changing financial industries. While digital technologies have been promoted to accomplish the goals set by the Party for financial marketization and modernization, a set of institutions including regulatory, organizational and normative rules have been developed to strengthen the Party's control over the digitization of finance. This contradiction is pivotal to understanding the Party's financial policymaking in the digital age.
This article rethinks the relationship between trade and industry in the development of Indian capitalism, focusing on Tata, pioneers in textile and steel production. It shows how two little-known affiliated trading companies, R.D. Tata & Co. in Shanghai, Hong Kong, and Kobe, and Tata Limited in London, played a crucial intermediary role in securing financing and market access for the parent firm in Bombay while simultaneously increasing its exposure to the effects of global crises. Tata's ultimately dominant position in a protected national economy was due to the contingent failure of these trading companies rather than a foregone conclusion.
If Xenophon employs Socrates’ conversations with elite Athenians as a vehicle for communicating with his reading audience concerning their responsibilities within the democracy, he adopts a more direct approach to this in his Hipparchicus and his Poroi, where he addresses his readers in his own voice as an expert who can help them succeed in specific leadership roles. Xenophon’s advice in Hipparchicus concerns how a cavalry commander can best carry out this important elected office. His ideal cavalry commander is an astute political actor who carefully and self-consciously manages his relations with individuals, the Council, and the public at large; and while he seeks to carry out his duties in keeping with existing democratic institutions and rules, he also works to modify these when this will benefit the city. The chapter then turns to the Poroi, written soon after Athens’ disastrous Social War (357–355 BC) in which Xenophon outlines an ambitious program of financial reform for the city and in so doing models for his elite reader how a public speaker could go about persuading the Athenian Assembly to embrace changes to improve the situation of Athenians at home and abroad.
This chapter reviews the data that scholars have started to assemble on the volume, content, targeting, and effect of paid online advertising in the United States. It discusses how online advertising is regulated through formal rules and shaped informally by content negotiations between advertisers and platforms. It also explains how the decentralized methods of purchasing digital ads make systematic research challenging. That said, this review (at best) provides tentative conclusions, which will be tested in earnest over the next few years. In many ways, then, we are at a precipice awaiting the flood of more systematic analyses yet to come as scholars dig into the newly available data. With that in mind, it reviews what is known at present and evaluates the information that is available through the platform archives.
This chapter provides an overview of international economics and economic globalization. It considers current trends in international trade, international finance, and international production, the latter including foreign direct investment and migration. It introduces key concepts and terms, setting the stage for subsequent chapters.
It is argued in this chapter that stochastic structures constitute a versatile tool that has many practical applications. Some of these applications have already been worked out, and some others are still to be worked out. In this chapter we provide a survey of existing applications of stochastic structures, and we also suggest some new potential applications.
This chapter examines the psychology of women in entrepreneurship and reviews research from western and non-western perspectives. As more women are attracted to engaging in entrepreneurship worldwide, understanding this phenomenon would be of academic and practical relevance. In particular, we focus on discussing some of the stereotypes and characteristics associated with entrepreneurs, entrepreneurial intentions and motivations, and the challenges of gathering financial resources. In the final part of the chapter, we propose several future research directions. There are numerous opportunities to increase our knowledge on women’s entrepreneurship from a psychological and cross-cultural perspective.
This chapter examines the psychology of women in entrepreneurship and reviews research from Western and non-Western perspectives. As more women are attracted to engaging in entrepreneurship worldwide, understanding this phenomenon would be of academic and practical relevance. In particular, we focus on discussing some of the stereotypes and characteristics associated with entrepreneurs, entrepreneurial intentions and motivations, and the challenges of gathering financial resources. In the final part of the chapter, we propose several future research directions. There are numerous opportunities to increase our knowledge on women’s entrepreneurship from a psychological and cross-cultural perspective.
This is a review essay of Markets without Limits by Jason Brennan and Peter M. Jaworski and of The Invisible Hand? by Bas van Bavel. From different perspectives, both books focus on the moral or practical limits to markets in modern society. While both works make major contributions, there are theoretical flaws. Brennan and Jarworski powerfully countered some criticisms of commodification. But they downplayed the possibility that the transition from gift to contract or market exchange may raise moral issues that are additional to those intrinsic to the goods or services being traded. Van Bavel investigated cycles of growth, inequality and decline in several market economies over the last 1,500 years. But his argument is built on a confusion between finance and capital goods. Nevertheless, much that is positive remains in both books after their flaws are corrected.
In a bid to improve financial inclusion and access to affordable debt finance by micro, small and medium enterprises (MSMEs), Nigeria's Secured Transactions in Movable Assets Act (STMA) was enacted on 31 May 2017 to regulate the creation, perfection and realization of security interests in movable assets. This article critically examines certain provisions of the STMA, including the potential issues that may arise due to the dual registration system now available under the act and that hitherto existing under the Companies and Allied Matters Act, as well as the implications of the STMA on traditional pledge transactions. It concludes that, while the STMA is an impressive attempt at enabling MSMEs to leverage their assets into capital for investment and expansion, it fails to procure a harmonized legal framework for secured transactions in personal property or to facilitate their effective use as collateral to improve access to credit by businesses in Nigeria.