Restraining regulatory capture? Anglo‐America,crisis politics and trajectories of change in global financial governance

A growing number of respected commentators now argue that regulatory capture of public agencies and public policy by leading banks was one of the main causal factors behind the financial crisis of 2007–2009, resulting in a permissive regulatory environment. This regulatory environment placed a faith in banks own internal risk models, contributed to pro‐cyclical behaviour and turned a blind eye to excessive risk taking. The article argues that a form of ‘multi‐level regulatory capture’ characterized the global financial architecture prior to the crisis. Simultaneously, regulatory capture fed off, but also nourished the financial boom, in a fashion that mirrored the life cycle of the boom itself. Minimizing future financial booms and crises will require continuous, conscious and explicit efforts to restrain financial regulatory capture now and into the future. The article assesses the extent to which this has been achieved in current global financial governance reform efforts and highlights some of the persistent difficulties that will continue to hamper efforts to restrain regulatory capture. The evidence concerning the extent to which regulatory capture is being effectively restrained is somewhat mixed, and where it is happening it is largely unintentional and accidental. Recent reforms have overlooked the political causes of the crisis and have failed to focus explicitly or systematically on regulatory capture.     

The Design and Development of a Closed Chamber for the in‐situ Quantification of Dryland Soil Carbon Dioxide Fluxes

This paper describes the design features and capabilities of a portable automated in‐situ closed chamber (ISCC) for the quantification of CO₂ fluxes in dryland soils where both photosynthetic and respiratory components may be associated with a cyanobacterial crust. The processes of CO₂ flux in dryland soils are briefly described in order to clarify the conditions that make quantification of these fluxes problematic. The instrumentation currently available for in‐situ soil CO₂ flux measurements is then reviewed demonstrating their inadequacies for the dryland environment. The ISCC described here is a member of the closed or enrichment class of soil respiration chambers. The ISCC, however, features an optical window possessing high (>90%) transmission in the photosynthetic active region (PAR) of the solar irradiance spectrum, permitting observations of photosynthesis. The ISCC possesses automatic venting and purging so that gaseous concentrations inside the chamber do not change from ambient sufficiently to significantly affect diffusion. The ISCC features both active and passive cooling employing internal solid‐state Peltier coolers and external aluminised Mylar respectively. This avoids severe disturbance of the microclimate within the chamber due to admission of high fluxes of PAR and permits in‐situ operation under a wide range of ambient field temperatures (~ ?5 to 40°C). Sensors internal to the chamber monitor temperature, relative humidity, irradiance and pressure. In this implementation the ISCC is coupled to a portable gas chromatograph (Agilent GC‐3000) to sample the chamber atmosphere. Indicative data for Kalahari Sand soils of Botswana are presented as an illustration of the general performance characteristics.     

Temporal Patterns and Effects of Surface‐Water Diversions on Daily Flows and Aquatic Habitats: Bega‐Bemboka River,New South Wales,Australia

An understanding of the nature and magnitude of hydrological, physical habitat and physico‐chemical effects resulting from surface‐water diversions in river systems is essential for effective management of water resources. For most coastal‐draining rivers in New South Wales, however, there are few data available on irrigation diversions, their hydrological impacts and environmental effects. This paper therefore presents an analysis of mean daily surface‐water diversions for pasture irrigation from approximately three years of metered data and the resultant effects on daily flows and aquatic habitats in the Bega‐Bemboka River. The period of analysis of the hydrological effects of irrigation diversions is extended to the full length of record (approximately five years) for gauging stations most affected by irrigation diversions, using Maintenance of Variance Extension Type 1 (MOVE.1) modelling techniques. The annual mean, median and peak daily rates of water diversion by metered surface‐water licences used to irrigate 925 ha of dairy pasture are 10.5 Ml d^?1, 7.3 Ml d^?1 and 41.5 Ml d^?1, respectively. Diversion effects on flow duration statistics are such that the measured 90th and 95th daily flow duration percentiles at the gauging station most affected by upstream irrigation diversions are equivalent to the 97th and 99th flow duration percentiles, respectively, under MOVE.1 modelled natural flow conditions. While diversions for irrigation over the three‐year data period account for only 6.6% of total flow volumes, diversions as a proportion of daily surface‐water inflows increase exponentially under decreasing flow rates. Median and maximum daily diversion rates attain 91% and 118%, respectively, of total surface‐water inflows to the diversion‐affected reach when upstream inflows range from 15 to 20 Ml d^?1. This exponentially‐increasing relationship between daily diversion rates and declining surface‐water inflows suggests that ‘rule of thumb’ guidelines on sustainable diversion limits based on mean or median annual percentage diversion volumes need to be applied cautiously to river systems with no or limited capacity to manipulate flows to meet downstream consumptive demands.     

Getting the best of both worlds? Britain,the EU and migration policy

In perhaps unexpected ways Britain has become quite closely linked to key aspects of EU migration and asylum policy. This could be a rather surprising outcome given that the UK is outside Schengen, opted out of the free movement, asylum and migration provisions of the Amsterdam Treaty and remains fixed on the maintenance of border controls at ports of entry to the UK. However, the differential and conditional engagement that has developed with EU migration and asylum policy has been described by Tony Blair as ‘getting the best of both worlds’. What could it mean to get the best of both worlds? Can the ‘two worlds’ of Britain and Europe be so neatly distinguished? To answer these questions the article surveys the extent of British engagement with EU migration and asylum policy and explains when, how and why the UK has opted into key aspects of it, particularly the more coercive components concerned with asylum and border controls.     

Planning post‐conflict reconstruction in Iraq: what can we learn?

Efforts to improve national and international capabilities to plan and manage post-conflict reconstruction operations are underway in many countries and are high on the agenda of several multilateral institutions. The international community has learned lessons from the numerous post-conflict reconstruction and nation-building operations that it has engaged in since the end of the Cold War but Iraq represented the most difficult and ambitious operation undertaken to date. Although the coalition effort in Iraq had many unique features, we can nonetheless draw lessons from the tenure of the Coalition Provisional Authority (CPA) both for the ongoing effort in Iraq and more broadly for future post-conflict reconstruction operations.
This article discusses the challenges of post-conflict reconstruction planning and mission management and assesses what happened under the CPA. It draws lessons for the future international effort in Iraq and for the international community as it considers how to plan and organize future such missions.     

Courtroom to Classroom: Justice Harlan's Lectures at George Washington University Law School

John Marshall Harlan had a singularly successful legal career as an Associate Justice of the Supreme Court that spanned thirty-three years, from 1877 to 1911, one of the longest terms in history. For twenty-one of those years on the Court he also distinguished himself as a professor of constitutional law at George Washington University. Along with his colleague on the Bench and on the faculty, Associate Justice David J. Brewer, Harlan carried a full course load, teaching just about every subject: evidence, torts, property law, corporation law, commercial law, international law, and his specialty, constitutional law.     

Ethnoscaping Canada's boreal forest: liberal whiteness and its disaffiliation from colonial space

This essay examines the construction of Canada's boreal forest from the point of view of critical whiteness studies. Through an evaluation of two texts—a film and a book—produced in conjunction with a 2003–2004 environmental campaign, it argues that the boreal forest is constructed as a white ethnoscape and that, as a result, boreal forest conservation comes to be associated with ‘white’ identity, although by no means exclusively so, and certainly not without significant contradictions. The essay deploys Robyn Wiegman's notion of liberal whiteness to argue that liberal white subjectivity is cultivated in these texts by its self‐conscious distancing, or disaffiliation, from colonial spatial practices. It is argued that this distancing is achieved through the active inclusion of First Nations peoples in the texts such that the boreal forest is constructed as a socio‐natural working landscape. Liberal white disaffiliation is explored through three specific tropes: inclusion, inverted racial historicism and economic partnership.     

Blair's wars and Brown's budgets: from Strategic Defence Review to strategic decay in less than a decade

The Labour government's 1998 Strategic Defence Review (SDR) marked the end of almost twenty years during which Labour had been little more than a bystander in British defence policy-making. The 'foreign policy-led' SDR marked an impressive and authoritative debut, emulated by other national governments. Ten years later, however, the SDR is a fading memory. British defence is out of balance and facing immense stress, and calls are mounting for a new strategic defence review. This article examines the difficult choices which a defence review would have to make. But a defence review also requires the governmental machinery with which to analyse and understand defence, and with which those difficult choices can be made. The article argues that this machinery is wearing out. Defence policy, planning and analysis in the United Kingdom have reached a state of organizational, bureaucratic and intellectual decay which may be irrecoverable.