The Pre-1980 Roots of Neoliberal Financial Deregulation

U.S. financial deregulation is often popularly presented as a fundamental attack on financial regulation that began with neoliberalism's Big Bang in 1980. This paper argues this position is wrong in two ways. First, it is a process that stretches back decades before 1980. Textbook mentions of 1970s precursor "financial innovations" fall far short of presenting the breadth and duration of the pre-1980 attack on the system of regulation. Second, it has not been an across-the-board attack on financial regulation in the name of market efficiency as required by its ideology and claimed by its advocates, but rather a focused attack on only one of the five pillars of the system of regulation. This paper develops both of these assertions through a presentation of the five central pillars of the pre-1980 system of financial regulation, and the four major attacks on the three different aspects of the restrictions on financial competition.

Things Fall Apart: Dictatorships, Development, and Democracy in Africa

Recent events in Africa provide evidence of the failure of dictatorships to meet the needs of citizens and serve to debunk a number of development theory assumptions: that democratization is culturally determined, that democratization will follow economic development, and that dictatorships tend to produce durable, stable development. Therefore, the attempt to achieve development without democratization is risky and potentially very costly. We argue that dictatorship in Africa serves a function akin to Myrdal's backwash effects, thwarting economic progress in a cumulative and circular way, and that democratization must become a necessary criterion of engagement with African countries.

Excellence in business teaching: A quick start guide. Book Review

The article reviews the book "Excellence in Business Teaching: A Quick Start Guide," by Ellen Auster, Tina Grant, and Krista Wylie.