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Three common misconceptions persist about federal regulations. The first misconception is that most new regulations concern the environment, but in fact, only a small minority of regulatory flows are environmental. The second misconception is that regulators offer reasonable justifications and quantitative evidence for the majority of regulations. However, quantitative estimates rarely appear in published rules, negating the impression given by executive orders and Office of Management and Budget guidance, which require cost-benefit analysis (CBA) and clearly articulate sound economic principles for conducting CBA. Environmental rules have relatively higher-quality CBAs, at least by the standards of other federal rules. The third misconception, which is particularly relevant to the historic regulations promulgated during the COVID-19 pandemic, is that regulatory costs are primarily clerical, rather than opportunity or resource costs.
This study explores the fragmented contemporary international legal instruments and practice relevant to sovereign defaults and has examined the question of whether and to what extent these instruments and practice can be reconceptualised as a regulatory framework for sovereign debt restructuring.
This study has pursued a balance between bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings. An appropriate balance inevitably depends on the context and circumstances of specific cases and cannot, by its nature, be articulated in a precise manner. Instead, the present study has pursued a framework within which an appropriate balance may be explored and attained in specific cases. Such a framework is constructed by applicable contract, statutory and treaty provisions to be interpreted in a manner that certain deference is paid to debtor sovereigns’ policy decision-making during debt restructuring and that the chance of checks and balances by courts or tribunals is ensured.
The relevance of broader public policy considerations in the sovereign debt discourse cannot be ignored given the rise of the perception of sovereign default as a global concern. Recent literature tries to introduce a public law or policy perspective into the sovereign debt discourse, such as the theory of international public authority, l’ordre public de la dette souveraine and an incremental approach. As a matter of judicial interpretation, however, public policy arguments as such cannot override the text of the contract or treaty provisions in force. A better approach will thus be to examine whether and to what extent the applicable contract, statutory and treaty provisions afford such public policy considerations through interpretation in such a manner that practical solutions to holdout problems are deduced without losing the balance between bondholder protection and respect for sovereign debt restructuring.
This chapter examines the rules that place limits on the negative externalities of international energy transactions. It begins with a discussion of certain rules which appear in the very instruments enabling and protecting the transaction (investment, trade and transit). The advantages and disadvantages of including these ‘special’ externality-relevant rules in such instruments are analysed in the light of some illustrations. Subsequently, it examines the ‘general’ externality-relevant rules, namely those laid down in instruments whose main purpose is not the organisation of international energy transactions but the regulation of their negative externalities. The discussion is organised in four steps based on whether the relevant rules focus on cost-internalisation, prevention, response or reparation.
The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.
In acknowledging that ethics should be regarded as the cornerstone of healthcare practice and the significance of professional regulation for healthcare practitioners providing patient care, it is vital to develop an understanding of how and why this is the case. This chapter has been written to support all perioperative practitioners in developing this knowledge in the context of the operating theatre. The chapter includes discussion of some of the key moral theories and frameworks that may be used to guide reflective, ethical decision making before moving on to consider the role of professional codes and regulation in prescribing and enforcing standards of professional conduct and directing ethical decision making.
This chapter examines the relationship between private ordering/self-regulation and national contract law rules. It assesses the impact that private ordering exerts upon national contract law, with particular reference to the legal response to the ISDA Master Agreement. The chapter also examines aspects of market-specific regulation in the United Kingdom. Many areas traditionally covered by common law rules, such as the control of unfair terms in contract, are now the preserve of regulators such as the Financial Conduct Authority (FCA) and the Competition and Markets Authority. In addition to the activities of regulators, enforcement of consumer contract law can be undertaken by a range of organisations and dispute resolution services provided by private entities or through various ADR schemes. There are often significant divergences between the regulatory approach to contract enforcement and the applicable contract law rules on the issue. To illustrate this, the FCA review of the mis-selling of interest rate hedging products to ‘unsophisticated’ customers is contrasted with case law on misrepresentation covering the corresponding scenario under the common law.
We offer twelve proposals to make tap water service in the United States more excellent, open, and equitable, following the framework outlined in Chapter 8. The first set of reforms relate to improving the excellence of tap water service in the United States. They include consolidation of America’s 50,000 water systems, improvement to drinking water regulation, improvement to tap water aesthetics, increased investment in infrastructure, and increased investment in human capital in the water industry. Our next set of proposals deal with making drinking water services more open. They include the development of water system report cards, increasing the visibility and public nature of water infrastructure, and improving outreach to citizen-consumers. Our final set of reforms deals with equity. These reforms include making water services universal in the United States, conducting distributional analyses when making and implementing environmental rules, expanding the regulatory role of public utilities commissions, and embedding equity in the administration of water services.
This chapter sets up the puzzle of how governments in weak institutionalized democracies regulate criminal markets and achieve relative order. While Latin America is the most violent region in the world, its criminal violence varies according to informal state responses to illicit markets. I collapse these responses into four types of informal regulatory arrangements: particularistic confrontations, particularistic negotiations, coordinated protection rackets and coordinated coexistence. A further intrigue is how elected politicians are able to contain drug-related violence with inefficient police departments prone to corruption and human rights abuses. I unpack the relationships between politicians and police, showing that different regulatory arrangements emerge from various combinations of political competition and police autonomy. This chapter then specifies the study’s research design and scope conditions (i.e., weakly institutionalized democracies) and lays out the plan for the book.
English contract law provides the invisible framework that underpins and enables much contracting activity in society, yet the role of the law in policing many of our contracts now approaches vanishing point. The methods by which contracts come into existence, and notionally create binding obligations, have transformed over the past forty years. Consumers now enter into contracts through remote and automated processes on standard terms over which they have little control. This book explores the substantive weakening of the institution of contract law in a society heavily dependent on contracts. It considers significant areas of contracting activity that affect many people, but that escape serious and sustained legal scrutiny. An accessibly written and succinct account of contract law's past, present and future, it assesses the implications of a diminished contract law, and the possibilities, if any, for its revival.
This chapter considers the practical and legislative challenges of and requirements for achieving an effective crypto-legal structure for DLT in the carbon trading economy. It also explores the roles of different stakeholders in this transitioning process to achieve an efficient carbon economy.
This book explains how states informally regulate drug markets in Latin America. It shows how and why state actors, specifically police and politicians, confront, negotiate with, or protect drug dealers to extract illicit rents or prevent criminal violence. The book highlights how, in countries with weak institutions, police act as interlocutors between criminals and politicians. It shows that whether and how politicians control their police forces explains the prevalence of different informal regulatory arrangements to control drug markets. Using detailed case studies built on 180 interviews in four cities in Argentina and Brazil, the book reconstructs how these informal regulatory arrangements emerged and changed over time.
This chapter discusses evolutionary theories in psychology (Ekman & Codaro, 2011; Levenson, 2011; Panksepp, 2012; Keltner, Tracy, et al., 2019), also known as motivational theories in philosophy. Building further on the bridging work of McDougall (1908), these theories propose the following causal-mechanistic explanation of emotion. Stimuli activate affect programs (another word for instincts specific to emotions), which in turn give rise to somatic and (subtle and coarse) motor responses and feelings. Some evolutionary theories are hybrids with stimulus evaluation theories in that they postulate that the affect programs is preceded by a stimulus evaluation process. The pure emotions caused by affect programs get mixed with learning and computation, which create flexibility on the input side (by elaborating the number of stimuli that can trigger affect programs) and on the output side (via emotion regulation and planning). Evolutionary theories account for the properties of ontogenetic and phylogenetic continuity, phenomenality, bodily aspect, heat, control precedence, and irrationality, but the non-hybrid version has difficulty accounting for the right kind of (world-directed) Intentionality. Evolutionary theories partition the set of emotions into discrete emotions. Empirical evidence pro and contra the existence of affect programs is discussed.
As a new member of a helping profession, advocacy is one of our most important responsibilities to society, the discipline of psychology, and ourselves. This chapter provides an overview of the motivations and methods of advocacy; identifies ways for students and early career professionals to integrate advocacy into core professional duties; and provides resources for increasing advocacy engagement.
This chapter maps the practical, conceptual, and normative gaps that this book seeks to fill. It does so, first, by exploring information subjects’ limited entitlements to access bioinformation about themselves on identity-related grounds, under existing laws and policies in the UK. It observes that while there are various provisions allowing subject access to bioinformation, those explicitly premised on identity interests are currently restricted to genetic information, particularly that concerning genetic parentage. This represents not only narrow protection of potential identity-related interests but also reflects an inadequate conception of these interests, one which risks being both unwarranted exceptionalist and promulgating a geneticised view of identity. Seeking ways to address these shortcomings, the discussion turns to assess whether existing theoretical framings of the relationship between personal bioinformation and identity might be capable of providing a satisfactory conception of identity-related interests in access. This review identifies a number of promising interpretations of this relationship, but it is argued that, taken on their own, many of these lack sufficient explanatory and normative foundations. This chapter concludes by proposing that a cluster of accounts that appeal to the concept of narrative identity offer a fruitful avenue for further investigation.
Maternal trauma has intergenerational implications, including worse birth outcomes, altered brain morphology, and poorer mental health. Research investigating intergenerational effects of maternal trauma on infant stress reactivity and regulation is limited. Maternal mental health during pregnancy may be a contributor: psychopathology is a sequela of trauma exposure and predictor of altered self-regulatory capacity in offspring of affected mothers. We assessed associations among maternal lifetime trauma and infant stress responsivity, mediated by psychological symptoms in pregnancy. Mothers reported lifetime trauma history and anxiety, depressive, and posttraumatic stress symptoms during pregnancy. At infant age 6 months, stress reactivity and regulation were assessed via maternal behavior ratings (Infant Behavior Questionnaire-Revised, IBQ-R) and behavioral (negative mood) and physiological (respiratory sinus arrhythmia, RSA) markers during a laboratory stressor (Still-Face Paradigm). Maternal trauma was directly associated with lower infant physiological regulation and indirectly associated with lower levels of both infant behavioral and physiological regulation via higher maternal anxiety during pregnancy. Maternal trauma was also indirectly associated with higher infant reactivity via higher maternal anxiety during pregnancy. Post hoc analyses indicated differential contributions of maternal prenatal versus postnatal anxiety to infant outcomes. Findings highlight potential contributory mechanisms toward maladaptive child stress response, which has been associated with poor behavioral, cognitive, and academic outcomes.
The pervasive stigma surrounding nonmedical substance use and substance use disorder relates to policy along multiple bidirectional pathways. To meaningfully reduce substance use stigma, we need members of the public to be able to readily identify positive examples of people benefiting from evidence-based substance use services and thriving in their daily lives. To saturate the public with these types of positive examples, public and institutional policies must shift to support widespread delivery of effective substance use interventions, including prevention, treatment, and harm reduction approaches. This chapter introduces a conceptual framework for delineating key ways in which stigma and policy relate to one another; synthesizes the evidence on what is known about the relationship between substance use stigma and policy; and discusses the evidence surrounding strategies to reduce stigma and increase support for policies benefiting people who use substances and/or experience substance use disorder.
Despite being sympathetic to the aim of Martijn Hesselink’s paper to explore how private law might be used to tackle gross inequalities, it is argued that private law is based fundamentally on the moral principles of interpersonal justice, which being a kind of partial justice as explained by Thomas Nagel are distinct and often opposed to the impartial standards of justice used in theories of social justice. European private law either has to abandon the principles of interpersonal justice in favour of a goal-oriented regulation or alternatively a richer conception of interpersonal justice may be developed that may assist to a limited extent the pursuit of greater equality.
The chapter begins by examining why the EU regulates, beginning with how the EU attempts to justify its regulatory power before exploring the main principles underlying EU regulation. We will then focus on who regulates in the EU, that is, the institutions, such as agencies and committees, that assist the EU in achieving its regulatory goals. The remaining sections will focus on the questions of how the EU regulates, distinguishing between the main legal and non-legal tools by which the EU regulates, and the judicial routes available to enforce or challenge the validity of such regulatory choices. Throughout, the focus will lie on the tension between efficiency and diversity that drives EU regulatory choices.