Interlocking directorates and conflicts of interest: The Rotterdamsche Bankvereeniging, Müller & Co. and the Dutch financial crisis of the 1920s

How can interlocking directorates cause financial instability for universal banks? A detailed history of the Rotterdamsche Bankvereeninging in the 1920s answers this question in a case study. This large commercial bank adopted a new German-style universal banking business model from the early 1910s, sharing directors with the firms it financed as a means of controlling its interests. Then, in 1924, it required assistance from the Dutch state in order to survive a bank run brought on by public concerns over its close ties with Müller & Co., a trading conglomerate that suffered badly in the economic downturn of the early 1920s. Using a new narrative history combined with an interpretive model, this article shows how the interlocking directorates between the bank and this major client, and in particular the direction of influence of these interlocks, resulted in a conflict of interest that could not be easily overcome.

Keep calm and don't mention class:Popular culture and the crisis of neoliberalism

This article explores recent developments in cultural studies debates regarding the representation of class in British and Irish life.

Thanking the Greeks: The Crisis of the Rule of Law in EU Enlargement Regulation

This paper showcases the weaknesses of EU enlargement law and demonstrates how one Member State – namely, Greece – is notable for abusing this weakness, for harming the candidate countries, the EU, and the institutions alike, for stripping the EU position of its predictability, and for undermining the EU Commission’s efforts. Accordingly, Greece has severely incapacitated the key procedural rule of law component of the EU’s enlargement regulation, turning it into a randomised political game and ignoring any long-term goals of stability, prosperity, and peace that the process is to stand for. Following a walk through Greece’s engagement throughout a number of enlargement rounds, the paper concludes that the duty of loyalty – which is presumably able to discipline Member States that undermine the common effort – should find a new meaning in the context of EU enlargement.

Restraing 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.

Banking in Crisis: The Rise and Fall of British Banking Stability, 1800 to the Present

Can the lessons of the past help us to prevent another banking collapse in the future? This is the first book to tell the story of the rise and fall of British banking stability in the past two centuries, and it sheds new light on why banking systems crash and the factors underpinning banking stability. John Turner shows that there were only two major banking crises in Britain during this time: the crisis of 1825–6 and the Great Crash of 2007–8. Although there were episodic bouts of instability in the interim, the banking system was crisis-free. Why was the British banking system stable for such a long time and why did the British banking system implode in 2008? In answering these questions, the book explores the long-run evolution of bank regulation, the role of the Bank of England, bank rescues and the need to hold shareholders to account.

The importance of stakeholder engagement in invasive species management: A cross-jurisdictional perspective in Ireland

The management of invasive non-native species is a frequent cause of conflict in the field of biodiversity conservation because perceptions of their costs and benefits differ among stakeholder groups. A lack of cohesion between scientific researchers, the commercial sector and policy makers lies at the root of a widespread failure to develop and implement sustainable management practices for invasive species. The crisis of this situation is intensified by drivers stemming from international conventions and directives to address invasive species issues. There are further direct conflicts between legislative instruments promoting biodiversity conservation on the one hand while liberalizing trade at the national, European and global level on the other. The island of Ireland provides graphic illustration of the importance of cross-jurisdictional approaches to biological invasions. Using primarily Irish examples in this review, we emphasize the importance of approaching risk assessment, risk reduction and control or eradication policies from a cost-efficient, highly flexible perspective, incorporating linkages between environmental, economic and social objectives. The need for consolidated policies between Northern Ireland and the Republic of Ireland is particularly acute, though few model cross-border mechanisms for such consolidation are available. The importance of engaging affected stakeholders through positive interactions is discussed with regard to reducing the currently fragmented nature of invasive species management between the two jurisdictions.

Irish social thought and the relief of poverty, 1847-1880

This paper investigates the way in which the ‘problem of poverty’ in Ireland was encountered, constructed and debated by members of the Irish intellectual and political elite in the decades between the Great Famine and the outbreak of the land war in the late 1870s. This period witnessed acute social upheavals in Ireland, from the catastrophic nadir of the Famine, through the much-vaunted economic recovery of the 1850s–1860s, to the near-famine panic of the late 1870s (itself prefigured by a lesser agricultural crisis in 1859–63). The paper focuses on how a particular elite group – the ‘Dublin School’ of political economists and their circle, and most prominently William Neilson Hancock and John Kells Ingram – sought to define and investigate the changing ‘problem’, shape public attitudes towards the legitimacy of welfare interventions and lobby state officials in the making of poor law policy in this period. It suggests that the crisis of 1859–63 played a disproportionate role in the reevaluation of Irish poor relief and in promoting a campaign for an ‘anglicisation’ of poor law measures and practice in Ireland.