Hegemony, Institutionalism and US Foreign Policy: theory and practice in comparative historical perspective

This paper explores the theoretical and policy implications of contemporary American hegemony. A key argument is that the development of US hegemony generally, and the distinctive turn in US foreign policy that has occurred in the wake of 11 September in particular, can best be understood by placing recent events in a comparative and historical framework. The immediate post-World War II order laid the foundations of a highly institutionalised multilateral system that provided key benefits for a number of countries while simultaneously constraining and enhancing US power. An historical reading of US hegemony suggests that its recent unilateralism is undermining the foundations of its power and influence.

Asset Price Instability and Policy Responses: The Legacy of Liberalization

The problem of asset price bubbles, and more generally of instability in the financial system, has been a matter of concern since the 1980s but has only recently moved to the center of the macroeconomic policy debate. The main concern with bubbles arises when they burst, imposing losses on investors holding the bubble assets and potentially on the financial institutions that have extended credit to them. Asset price volatility is an inevitable consequence of financial market liberalization and, in extreme cases, generates asset price bubbles, the bursting of which can impose substantial economic and social costs. Policy responses within the existing liberalized financial system face daunting levels of uncertainty and risk. Given the pattern of increasing asset market volatility over recent decades and the policy issues highlighted in this paper, the future looks uncertain. Another significant cycle of asset price movements, especially in one of the major economies, could see a fundamental revision of thinking about the costs and benefits of liberalized financial systems.

Issues in Australian Foreign Policy : January to June 2005

No abstract

E-Government, targeting and data profiling: Policy and ethical issues of differential treatment

Networked information and communication technologies are rapidly advancing the capacities of governments to target and separately manage specific sub-populations, groups and individuals. Targeting uses data profiling to calculate the differential probabilities of outcomes associated with various personal characteristics. This knowledge is used to classify and sort people for differentiated levels of treatment. Targeting is often used to efficiently and effectively target government resources to the most disadvantaged. Although having many benefits, targeting raises several policy and ethical issues. This paper discusses these issues and the policy responses governments may take to maximise the benefits of targeting while ameliorating the negative aspects.

Diplomatic divergence in the antipodes: Globalisation, foreign policy and state identity in Australia and New Zealand

This article compares the constitutive relationship between foreign policy and globalisation in Australia and New Zealand. Drawing upon insights from constructivist international relations theory we argue that foreign policy instantiates a state's social identity, its self-understanding of its role and moral purpose by projecting a distinctive image onto the global stage. We explore the differences and the similarities between Australia and New Zealand by examining how each country views international order, global trade, global governance and human rights and international security. Although both countries appear to be transforming themselves into more 'globalised' states, there are significant differences in the way each seeks to balance the competing strategic and normative demands. This diplomatic divergence, we argue, stems from different conceptions of state identity.

Optimal periodic preventive maintenance policy for leased equipment

For leased equipment the lessor incurs penalty costs for failures occurring over the lease period and for not rectifying such failures within a specified time limit. Through preventive maintenance actions the penalty costs can be reduced but this is achieved at the expense of increased maintenance costs. The paper looks at a periodic preventive maintenance policy which achieves a tradeoff between the penalty and maintenance costs. (c) 2005 Elsevier Ltd. All rights reserved.

No more free beer tomorrow? Economic policy and outcomes in Australia and New Zealand since 1984

There are no controlled experiments in macroeconomic policy, nor in systematic programs of microeconomic reform, but a comparison between New Zealand and Australia over the period since 1984 provides as close an approach to such an experiment as is ever likely to be possible. From quite similar starting points the two countries pursued liberal reform programs that differed sharply, mainly as a result of exogenous differences in constitutional structures and the personal styles of the central actors. Australia followed a more cautious, piecemeal, consensus-based approach, whereas New Zealand, in contrast, adopted a radical, rapid, 'purist' platform. The NZ reform package was generally seen by contemporary commentators as representing a 'textbook' model for best practice reform. However, Australia since 1984 has performed much better than New Zealand, whose per capita GDP growth indeed ranked at or near the bottom of the OECD. In this paper, we assess a variety of explanations for the divergences in policies and outcomes.