Resources for security and stability? The politics of regional cooperation on the Mekong, 1957-2001

This article tells about the relationship between resource politics and security in international relations. Using the Mekong River Basin as its case study, the article examines the place of resource and development issues in attempts to develop regional institutions. The question of whether a resource development regime with apparently low productivity in terms of technical output, but high levels of resilience and longevity, should be considered a failure or not, is considered. This question is examined within the broader context of Southeast Asian politics during the First, Second, and Third Indochina conflicts as well as the post-cold war era. The article argues that survival and a capacity to change to meet the challenges of extreme broader events are clear evidence of regime success. From this standpoint, the article explores ways in which the Mekong resource regime is linked to more general concerns for political security and stability and may in fact reflect political concerns for subregional neighborhood maintenance.

'The utility of human security': Which humans? What security? A reply to Thomas & Tow

Thomas & Tow's evaluation of the utility of human security is an important contribution to an ongoing debate about what security is and for whom security should be provided. In particular, the authors' engagement with the human security agenda is important given the centrality of this approach to recent attempts to rethink security. This article argues, however, that Thomas & Tow's approach to the human security agenda is problematic for two central reasons. First, their attempt to narrow security to make this approach amenable to state policymakers risks reifying the sources of insecurity for individuals everywhere. Second, the conception of human security they put forward appears largely inconsistent with the normative concerns inherent in the human security agenda.

Nuclear weapons as obstacles to international security

This article argues that nuclear weapons serve no useful purpose in military calculations; moreover, their continued retention invites the dangers of further proliferation and of accidental use. They are thus defined here as obstacles to, rather than as facilitators of, international security. Seven reasons are presented to support this contention, including an assessment of the moral implications and the strategic limitations of nuclear weapons. Despite these limitations, and the recent commitments made by the nuclear weapon states to eliminate their arsenals, nuclear weapons remain central to the strategic doctrines of these states. Several reasons are put forward to explain why this retention continues, including the unchanging nature of strategic mindsets, the presence of vested interests, and now, in the case of the USA at least, a renewed reliance on nuclear weapons, regardless of how appropriate and effective such a strategy might be against emerging terrorist or `rogue state' threats.

Stock splits: Implications for investor trading costs

Stock splits are known to have a negative effect on market quality—while stock prices adjust consistently with the split's scale, the bid/ask spread and market depth do not. Two possible explanations for the relative increase in spread are that (i) splits cause an increase in market maker costs that are passed along to investors or (ii) splits provide a mechanism for market makers to increase excess profits. Using a robust econometric methodology, we find evidence of the latter, which raises questions about the motivation of the splitting practice. We also document that while NASDAQ spreads appear to adjust more fully than those of NYSE/AMEX stocks, NASDAQ spreads are higher in general.

The Utility of the Human Security Agenda for Policy-makers

The idea of “human security” is gaining attention among policy-makers and security analysts. Little scholarly attention has been given to the questions of why states accept (or reject) a human security agenda or how such an agenda is incorporated into policy practices. The article suggests that a human security approach is most likely to be applied when both humanitarian and national interests combine. Yet when states or organisations adopt a human security approach, they often misjudge the complex and long-term commitment required of such an approach. There is also the potential for such an agenda to be manipulated to justify questionable courses of action. These issues frame an analysis of six recent case studies.