This volume contains the papers, along with the discussant's re marks, presented at a conference on 'Federal Fiscal Responsibility', held at The Homestead, Hot Springs, Virginia, on 26-27 March 1976. Additionally, we, the editors, have included an introductory essay which sets forth some of our background thoughts that in formed our organization of the conference and which also de scribes some of our reactions to the conference. This conference was sponsored by the Liberty Fund, Inc. of Indianapolis, Indiana, which incorporated this conference into its overall program directed toward the study of the ideals of a free society of responsible individuals. Related to this effort, the Liberty Fund also assisted in supporting research on Democracy in Deficit: The Political Legacy of Lord Keynes, by James M. Buchanan and Richard E. Wagner (New York: Academic Press, 1977). Both Democracy in Deficit and the conference were de signed to examine one important aspect of the Liberty Fund's general set of concerns, namely the' way in which political con siderations influence the macroeconomic aspects of budgetary policy, thereby, in turn, influencing the future of American liberty and prosperity. We are most grateful to the Liberty Fund for their efforts, and we are pleased that Enid Goodrich, William Fletcher, Neil McLeod, and Helen Schultz of the Liberty Fund were able to attend the conference.
This timely book reveals that the budget deficits and accumulating debts that plague modern democracies reflect a clash between two rationalities of governance: one of private property and one of common property. The clashing of these rationalities at various places in society creates forms of societal tectonics that play out through budgeting. The book demonstrates that while this clash is an inherent feature of democratic political economy, it can nonetheless be limited through embracing once again a constitution of liberty. Not all commons settings have tragic outcomes, of course, but tragic outcomes loom large in democratic processes because they entail conflict between two very different forms of substantive rationality; the political and market rationalities. These are both orders that contain interactions among participants, but the institutional frameworks that govern those interactions differ, generating democratic budgetary tragedies. Those tragedies, moreover, are inherent in the conflict between the different rationalities and so cannot be eliminated. They can, as this book argues, be reduced by restoring a constitution of liberty in place of the constitution of control that has taken shape throughout the west over the past century. Economists interested in public finance, public policy and political economy along with scholars of political science, public administration, law and political philosophy will find this book intriguing.
In this monograph, Professors Wagner and Tollison examine the important question of whether the United States should adopt a constitutional amendment requiring the government to balance its budget. Arguing that the government should be explicit and responsible about how much it spends and how it spends it, they determine that the balanced budget idea is fiscally sound and democratically necessary.
India's fiscal problem has deep roots in its federal fiscal system, where multiple players find it difficult to coordinate adjustment. The size and closed nature of the Indian economy, aided by its deep domestic capital market and large captive pool of domestic savings, has disguised the cost of fiscal laxity and complicated the building of a consensus on reform. The new fiscal responsibility act establishes a new rules-based system to overcome this coordination failure. To strengthen the framework, we recommend an autonomous scorekeeper and the extension of similar rules to the state governments as part of a comprehensive reform of the federal system.
Schweizerische Vereinigung für Rechts- und Sozialphilosophie. Tagung
Author: Schweizerische Vereinigung für Rechts- und Sozialphilosophie. Tagung
Publisher: Franz Steiner Verlag
Category: Social Science
Inhalt Philippe Mastronardi / Denis Taubert: Einleitung Philosophie der Verfassung: Jorg Paul Mueller: Rechtsphilosophie und Verfassungsphilosophie in der Demokratie Ada Neschke-Hentschke: Fuenf Thesen zu einer Philosophie der Verfassung Politische Philosophie: Francis Cheneval: Constitutionalizing Multilateral Democratic Integration Martino Mona: Der Multikulturalismus als staatstheoretische und kriminalpolitische Herausforderung Urs Marti: Konstitution als Zustand und als Akt Politische Okonomie: Gebhard Kirchgassner: Okonomische Theorie der Verfassung Rechtswissenschaft: Anne Peters: Privatisierung, Globalisierung und die Resistenz des Verfassungsstaates Samantha Besson: The Many European Constitutions and the Future of European Constitutional Theory Carlo Regazzoni: Die menschliche Individualitat im Spannungsfeld von Herrschaft und Recht Politikwissenschaft: Hanspeter Kriesi: Staatsentwicklung, Nationenbildung und Demokratisierung Erich Zalten: Staatslehre und Verfassungstheorie im Licht der Soziologie Klaus Thomalla: Der entzauberte Staat: Zur systemtheoretischen Perspektive Niklas Luhmanns.
Democratic capitalism in developed countries has been facing an unprecedented crisis since 2008. Its political manageability is declining sharply. Both democracy and capitalism now involve crucial risks that are significantly more serious than those observed in earlier periods. The notion of policy regimes has gained new significance in analysing the possibilities for a post-neoliberal alternative. Policy innovations directed towards an economic breakthrough require both political leadership and a new economic theory. The processes of political decision making have become quite distant from the public realm, and a limited number of economic and political elites exert influence on public policy. This book examines, from a policy regime perspective, how developed countries attempt to achieve such a breakthrough at critical junctures triggered by economic crises. It initially assesses the nature of the present crisis and identifies the actors involved. Thereafter, it provides an analytical definition of a crisis, stressing that most crises contain within them the potential to be turned into an opportunity. Finally, it presents a new analytical design in which we can incorporate today’s more globalized and fluid context.
Philosophical and Institutional Implications of Fiscal Imbalance
Author: James Odom
Category: Political Science
The American national debt stands at $20.49 trillion as of January 2018, or roughly $63,000 for every person in the United States. The national debt has grown six-fold in the past 25 years, and borrowing only has accelerated in recent administrations. What are the factors driving such unrestrained borrowing? Is American fiscal policy different now than in an earlier era? Is there a moral dimension to public debt and, if so, how can that dimension be measured? Public Debt and the Common Good addresses these and other questions by looking to the fiscal policy of the American states. Drawing on classical themes and the longest quantitative review of state debt in the literature, James Odom expertly integrates institutional analysis with dimensions of culture to define the parameters of political freedom in a theoretically coherent way. In doing so, Odom argues that centralization and injustice, or the incapacity for the common good, can help explain state indebtedness. Contributing to ongoing scholarly debates on public debt theory, this book will be of interest to students, scholars, and practitioners who work at the intersection of political philosophy and economics, as well as those who specialize in state public policy, state politics, and federalism more generally.
This is a timely, common-sense and revolutionary overhaul of the U.S. Constitution, one which establishes, among a full slate of overdue reforms, a fully-functional direct democracy in lieu of our ineffectual, hyperpartisan Congress. In addressing the apparent decline of American society--runaway debt, over-crowded prisons, a failing drug war, kids in crisis--it shifts the burden of moral and fiscal responsibility onto those imposing the greatest costs upon society, linking together liberties we now take for granted with the duties that must attend them. While in some cases substantially enhancing our constitutional rights, it nevertheless reserves the protective function of regulation to the state. The document empowers the People to tailor their respective communities to their unique, individual values. In effect it recalibrates the American system of representation in order to reflect societal and technological advances undreamed of by the Founding Fathers, advances which permit us to personally customize our local laws in much the same manner as we now do our computers. Libertarians, liberals, moderates--all marginalized, thoughtful people will find here a common ground left uncharted, even undiscovered, by our current polity. If you're interested in exploring new territory for a wiser, open-minded majority, your trailmap awaits.
This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.
Contributors provide a fascinating account of how federal countries are confronting the traditional challenges of conflicts over division of fiscal powers while also coping with emerging challenges of globalization and citizen empowerment arising from the information revolution. They analyze how relationships and roles in different orders of government are being reshaped and show how local solutions inspired by global principles help strengthen government accountability and improve the quality of life for citizens.
The focus of this volume is on the European context of public budget policy and a variety of different approaches are used - theoretical modelling, econometrics and applied general equilibrium modelling. Empirical evidence and case studies of European countries are contained in all the papers. The papers cover the four general themes of public budget policy: * economic stabilization, in view of the Economic and Monetary Union in the European Community * reinforcing structural change, involved in market liberalization and harmonization of economic structures * its distributional effects and implications for social equity * endogenous economic growth.
Hearings Before the Subcommittee on Monopolies and Commercial Law of the Committee on the Judiciary, House of Representatives, One Hundredth Congress, First Session ... October 15, November 17, and November 18, 1987
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Monopolies and Commercial Law
The Reform of the European Economic Union and Perspectives of Fiscal Integration
Author: Luca Lionello
Publisher: Springer Nature
This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.
A Sociological Critique of the Economic Theory of Politics
Author: Lars Udehn
Category: Business & Economics
Public choice has been one of the most important developments in the social sciences in the last twenty years. However there are many people who are frustrated by the uncritical importing of ideas from economics into political science. Public Choice uses both empirical evidence and theoretical analysis to argue that the economic theory of politics is limited in scope and fertility. In order to arrive at a more comprehensive understanding of political life, political scientists must learn from both economists and sociologists.