Irresponsible Lending?: A Case Study of a U.K. Credit Industry Reform Initiative

There are major concerns about the level of personal borrowing, particularly sourced from credit cards. This paper charts the progress of an initiative to create a Responsible Lending Index (RLI) for the credit industry. The RLI proposed to voluntarily benchmark lending standards and promote best practice within the credit industry by involving suppliers of credit, customer representatives and regulators. However, despite initial support from some banks, consumer bodies and the Chair of the Treasury Select Committee, it failed to gain sufficient support from financial institutions in its original format. The primary reasons for this were related to the complexity of building such a robust index and the banks trade body’s fear of exposing its members to public scrutiny. A revised alternative, the Responsible Lending Initiative, was proposed which took into account these concerns. However, the Association of Payment Clearing Service (APACS), the trade body of the credit industry, then effectively destroyed the proposal. This article describes an attempt to address the challenges in the credit card industry with the initiation of the RLI, reflected in stakeholder discourse and in the context of a wider concern expressed by the involved stakeholders in terms of the need for greater responsibility in the banking industry’s lending practices.

An integrated wideband multifunctional antenna using a microstrip patch with two U-slots

In this paper a multifunctional microstrip antenna is designed, fabricated and experimentally verified for operation in AWS, GSM, WiMAX and WLAN bands. This microstrip patch antenna has two U-shaped slots to achieve the dual wideband operation required to meet these specifications. The dimensions and locations of the U-slots are designed appropriately. The thick substrate used here helps in integrating the antenna with the existing aircraft panel material while achieving wide bandwidths. Experimental results of this single feed antenna indicate that it meets all current requirements for in-cabin wireless communication needs.

A double U-slot patch antenna with dual wideband characteristics

Microstrip patch antennas are strong candidates for use in many wireless communications applications. This paper proposes the use of a patch antenna with two U-shaped slots to achieve dual band operation. A thick substrate helps broaden the individual bandwidths. The antenna is designed based on extensive IE3D simulation studies. A prototype antenna is fabricated and experimentally verified for the required performance.

Law, Politics and Financial Development: The Great Reversal of the U.K. Corporate Debt Market

This article examines the role of creditor protection in the development of the U.K. corporate bond market. This market grew rapidly in the late nineteenth century, but in the twentieth century it experienced a reversal, albeit with a short-lived post-1945 renaissance. Such was the extent of the reversal that the market from the 1970s onwards was smaller than it had been in 1870. We find that law does not explain the variation in the size of this market over time. Alternatively, our evidence suggests that inflation and taxation policies were major drivers of this market in the post-1945 era. Copyright © The Economic History Association 2013

Making a Constitution in a Globalized World

This piece argues that constitutions must be documents which meet the needs and demands of the nation's people and that, as a nation's relationship with the world beyond its borders has increased in complexity in recent years, so individuals' expectations of their nation's constitutions have also increased considerably compared with the past. Using Northern Ireland as an exemplar, the chapter argues that Turkey has the potential to re-make itself through the adoption of a more modern, pluralistic and outward-looking constitution.

A Microscopic Study of Iron and Manganese Oxide Distribution in Soils from East Tennessee (U.S.A.)

Soils and saprolites developed from interbedded shales and limestones of the Conasauga Group are widespread in the Valley and Ridge Province of East Tennessee. Thin sections from four soil profiles were examined by petrographic and scanning electron microscopy including backscatter electron and energy-dispersive X-ray analyses. Iron and manganese released by weathering had migrated differentially downward and precipitated as crystalline and noncrystalline oxides. Oxides were observed as nodules, granular particulates, pore fillings, and coatings on other minerals, packing voids, vesicles, channels, and chambers. Iron oxides formed predominantly as coatings on packing-void walls and on laminated clays in vesicles and channels. Manganese oxides occurred as an early replacement phase of packing voids and of fracture-filling carbonate minerals. Iron oxides were dominant in moderately well-drained and oxidized horizons of the soil solum, whereas manganese oxides were abundant in the oxidized and moderately leached saprolite zone where the water table fluctuates seasonally. Therefore, a manganese enrichment zone, on a bulk soil basis, occurred generally below the iron oxide zone in the soil profile. Such differential migration and accumulation of iron and manganese have been controlled by localized soil microenvironments. Micromorphologic features observed in this study are important in land-use evaluation for hazardous waste disposal. © 1990.

Re-embedding economic and social constitutionalism: Normative Perspectives for the E

This chapter proposes a social re-embedding of European constitutionalism by offering a coherent interpretation of EU constitutional principles as contained in the initial articles of the Treaties and the EU’s economic and social constitution as developed by the Court of Justice. It starts from the assumption that European integration is not merely an inter-state endeavour, but also a process that affects social and economic actors, in other words societies all over Europe. It may well ultimately engender a European society – if we are prepared to conceive of a poly-centric society, consisting of diverse components from a wide range of regions, social actors and cultures. Proceeding from the assumption that constitutionalism can be a relevant notion for such a holistic approach to European integration, the chapter develops elements of European constitutionalism relating to socio-economic reality. As national constitutional law, European constitutional law is presented as necessarily incomplete. European constitutionalism will thus have to offer modes of adapting open norms to an ever changing and developing societal reality. The chapter outlines a framework for such constitutionalism which, at the same time, offers opportunities for reconciling the social and economic dimensions in the European integration project through a re-configured notion of constitutionalism.

The EU Constitution of Social Governance in an Economic Crisis: in Defence of a Transnational Dimension to Social Europe

Conventional wisdom has it that the EU is unable to promote viable social integration, which contrasts with its commitments to improving working and living conditions and to social values and goals such as solidarity, social protection and social inclusion. This
article challenges two diff erent standpoints: on the one hand, competitive neoliberalism demands that the EU focuses on economic integration through legally binding internal market and competition rules even if Member States can only maintain a limited commitment to social inclusion, while authors defending the social models unique to the continent of Europe demand that the EU rescinds some of its established legal principles in order to make breathing space for Member States to maintain market correcting social policies. Both positions convene that there should be no genuine social policy at EU level.
This article uses scenarios of widely discussed rulings by the Court of Justice to illustrate that legally enforceable economic integration would prevent most Member States from achieving sustainable health services, labour relations and free university education on the basis of national closure. Since the EU has limited legislative competences to create EU level institutions to balance inequalities, it derives a Constitution of Social Governance from the EU’s values, proposing that the Court of Justice develops its urisprudence into an instrument for challenging European disunion induced by new EU economic governance