Financing Public Schools moves beyond the basics of financing public elementary and secondary education to explore the historical, philosophical, and legal underpinnings of a viable public school system. Coverage includes the operational aspects of school finance, including issues regarding teacher salaries and pensions, budgeting for instructional programs, school transportation, and risk management. Diving deeper than other school finance books, the authors explore the political framework within which the schools must function, discuss the privatization of education and its (...) effects on public schools, offer perspectives regarding education as an investment in human capital, and expertly explain complex financial and economic issues. This comprehensive text provides the tools to apply the many and varied fiscal concepts and practices that are essential for aspiring public school administrators who aim to provide responsible stewardship for their students. (shrink)

Public parks play important roles in conserving biodiversity, promoting environmental sustainability, fostering community engagement, and enhancing the overall well-being of residents in urban areas. Nevertheless, finance is needed to maintain and expand the greenspaces in the parks. The current study aims to examine how perceptions of biodiversity loss consequences and park visitation frequency influence the residents’ willingness to contribute financially to tree-planting projects in public parks. Employing the Bayesian Mindsponge Framework analytics on a dataset of 535 Vietnamese urban (...) residents, we discovered that perceived health loss and knowledge erosion as consequences of biodiversity loss and park visitation frequency are directly positively associated with financial donation willingness. Meanwhile, the perceived economic growth loss was found to be indirectly positively associated with donation willingness through park visitation frequency, whereas the perceived loss of nature-based recreation opportunities exhibits the opposite indirect association. Based on these results, communication strategies focusing on the multifaceted benefits of biodiversity preservation and investments in public parks are recommended to improve urban residents’ financial support to park panting initiatives, accessibility to greenspaces, and connections with nature. These are crucial for promoting an eco-surplus culture that enhances biodiversity conservation and human well-being. (shrink)

The United States, unlike all other industrialized nations, does not have a comprehensive public system for financing health care. Nevertheless, the magnitude of America's public health care financing effort is remarkable. Of the one trillion dollars the United States spent on health care in 1996, almost half, $483.1 billion, was spent by public programs. In 1995, Medicare—our social insurance program for persons over sixty-five and the long-term disabled—overed 37.5 million Americans; Medicaid—our program for indigent elderly and disabled (...) persons and indigent children and their families—covered 36.3 million. In 1996, Medicare and Medicaid spent $203.1 and $147.7 billion, respectively. The payment policies of these massive public health care programs have a profound effect on the provision of health care.Many of the recipients of Medicare and Medicaid suffer pain. In 1994, 376,200 Americans over age sixty-five died of cancer. Virtually all of these would have been Medicare recipients, and as many as 70 percent of them died in unrelieved pain. Nearly four million Americans over sixty-five endured the pain of inpatient surgery in 1995, again nearly all of whom were Medicare recipients. (shrink)

Goal – The aim of the article is to identify dysfunctional phenomena (implementation of specific mechanisms/solutions and actions taken), generating increased opacity and limit the responsibility/accountability of public finance in Poland, exacerbated by the COVID-19 crisis. Methods – descriptive analysis, comparative analysis and financial analysis methods were used. Results – fiscal transparency and accountability in Poland is limited by: the marginalisation of the role of the state budget, the loosening of the stabilising expenditure rule, the creation of financial mechanisms (...) based on special funds fed by repayable financing sources for the implementation of state tasks, inter alia, in the fight against the effects of the COVID-19 crisis, the use of national and EU methodologies for calculating the deficit and debt of the public sector in order to conceal part of them, the lack of a consolidated financial statement of the public finance sector. (shrink)

Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a government (...) is just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action. (shrink)

In Mexico, the management of public resources has been questioned by the State, and mainly the results that the public administration at its three levels (federal, state and municipal), by the lack of transparency in the application and verification of public resources. The experience that gives us the operation of different emerging programs that focused on reducing social and economic inequality in the country, we can locate them as the first attempts in the search for a solution (...) that is complex. Moving from the role of the benefactor and welfare state to the promoter of the regions and in the recognition of the focalization of priority attention areas, the path that has been taken is not only the beginning. Recognizing the public nature of public finances as a promoter of social development, we must understand it as the one assumed by the State through social, political and economic co-responsibility to solve poverty and marginalization of its own public policy orientation and vision of solution has been made since the eighties. From the above, we can point out some preliminary conclusions including the study of the indigenous language-speaking population with a high level of social exclusion in the methodology for the definition of multidimensional poverty in Mexico, will allow the allocation of public resources in the fight against poverty to be effective since it will make it possible to identify to the target population that is subject to social exclusion and marginalization. This invites us to a final reflection: What to do to address the just social demands of the indigenous population that is immersed in poverty, marginalization and exclusion? What to do so that they do not leave their communities, and if they have already done so, how to attend to the needs of family groups that are due to the expense of a remittance that may never arrive? (shrink)

This study examines whether Canadian governments have adapted budgets for the ageing population in accordance with norms of intergenerational justice. Public finance data in 2016 are analysed compared to 1976 in light of three constructs: the elderly/non-elderly ratio of social spending change, intergenerational reciprocity, and ability to pay. Findings include that governments increased per capita spending for seniors 4.2 times faster than for those under the age of 45; public finance requires younger Canadians to contribute 22%-62% more in (...) income taxes for the elderly now by comparison with 1976; and the contemporary ageing population has a greater ability to pay than cohorts immediately before and after them. (shrink)

An investigation of public support for coastal adaptation options and public finance options in Florida evaluated stakeholder judgments and how they changed through a participatory engagement process. The study found that public finance mechanisms that imposed fiscal burdens on those who directly benefit from hazard reduction were rated as more acceptable than others. Significantly, visualisations and data on local economic damage and return on investment of potential adaptation options further increased acceptability ratings. The question of whether a (...) development fee for adaptation or any other public purpose supported by private funds is a legal issue that depends on a test called the rational nexus. One concern of this article is to explore options for such fees to cover adaptation to climate change. This raises issues about the potential conflict with the community-wide and intergenerational nature of long-term adaptation. We also explore the relevance of environmental attitudes using the ‘new environmental paradigm’ (NEP) scale and political party affiliation. Results have implications for infrastructure improvements that require public approval for financing. (shrink)

Buchanan highlighted the inconsistencies that arise when public services are financed by general taxation. Citizens increase their demand for services, even though citizens are reticent to increase taxation. Buchanan invited readers to explore the impact of different assumptions of politicians’ behaviour. In this chapter, attention focuses on the way that vote maximising governments are likely to respond to the divorce between receipt and payment for services. Buchanan illustrated his analysis with reference to the National Health Service in the UK. (...) Predictions are tested with reference to the pattern of excess demand in the National Health Service between 1970 and 2012. (shrink)

There is great diversity in in vitro fertilization (IVF) funding and reimbursement policies and practice throughout Europe and the rest of the world. While many existing reimbursement and regulatory frameworks address safety and legal concerns, economic factors also assume a central role. However, there are several problems with the evidence that is available on the economics of IVF. This suggests there is a need for more robust cost-effectiveness studies. It also indicates the need for alternative rationales to justify the reimbursement (...) of IVF, which might more fully account for the social, political, ethical, and philosophical considerations embedded in notions of infertility and technology-driven reproductive treatments. The merits and limitations of five alternative rationales are discussed. The review suggests that while no existing single rationale provides a complete framework with which to support funding decisions, taken together they provide guideposts which signal important issues for consideration and highlight where further research, action, and debate are needed. (shrink)

The central question of this book is whether the assignment of government functions to the individual jurisdictions in a federal state can ensure an optimal allocation of resources and a fair income distribution. The analysis thereby gives a new answer to the old question about the optimal degree of fiscal decentralization in a federal state. It shows that fiscal decentralization is a method to disclose the preferences of currently living and future generations for local public goods, to limit the (...) size of the government, and to avoid excessive public debt finance. While the allocative branch of the government benefits from fiscal decentralization, it is difficult to obtain a distribution of incomes that differs from the outcome that the market brings along. (shrink)

Introduction. The relevance of the research topic is determined by the necessity to study financial phenomena and processes in order to understand the economic essence of public finance in the life of society. The strategic imperative for the formation of public finance is the development of an appropriate provision for its implementation, adequate to the complex and changeable circumstances of the territory development. The main purpose of the study is to identify the features of performing the functions of (...) public finance for regions with a specific mode of operating. Methods. When solving the tasks, the author uses general logical methods: analysis, synthesis, induction, deduction, analogy; empirical level methods: observation, description, measurement, modeling, as well as private and special methods of scientific research: comparative analysis, system approach, the Robinsonade model (Crusoe model). Scientific novelty of the research. The scientific novelty of the results lies in solving an important scientific problem - identifying the features of implementing the allocative function of public finance in the regions with a specific mode of operating (as exemplified by the Donetsk People’s Republic, where there is a special military and political situation, a mobilization type of economy, a transitional period due to the integration of the Republic into the system of the Russian Federation federal relations) in order to improve the system of public finance management in such regions. Results. The main results of the study consist in characterizing the process of implementing the allocation function of public finance, which makes it possible to determine the maximum effect of economic actions of the subjects in the current conditions, as well as to lay the foundations for analyzing the following distribution function of public finance. Conclusions. The author makes a conclusion that in the context of strengthening the role of public finance, not only in ensuring the economic development of the Donetsk People’s Republic, but also in the post-crisis recovery and stabilization of business activity, the implementation of the allocation function of public finance becomes important. (shrink)

There is a wide variety of ethical arguments for public financing of health care that share a common structure built on a series of four logically related propositions regarding: the ultimate purpose of a human life or human society; the role of health and its distribution in society in advancing this ultimate purpose; the role of access to or utilisation of health care in maintaining or improving the desired level and distribution of health among members of society, and the (...) role of public financing in ensuring the ethically justified access to and utilisation of health care by members of society. This paper argues that economics has much to contribute to the development of the ethical foundations for publicly financed health care. It focuses in particular on recent economic work to clarify the concepts of access and need and their role in analyses of the just distribution of health care resources, and on the importance of economic analysis of health care and health care insurance markets in demonstrating why public financing is necessary to achieve broad access to and utilisation of health care services. (shrink)

Finance is grease to the economy. Therefore, we assume that it may affect corporate social responsibility (CSR) and the sustainability of economic development too. This paper discusses the transmission mechanisms between finance and sustainability. We find that there is no simple one-to-one relationship between financial development and sustainable development but there are various – often indirect – linkages. It appears that most of the literature concentrates on the role of public shareholders when it comes to changing corporate policy and (...) performance in a more sustainable direction. However, this focus neglects the potential impact of the credit channel and private equity on a firm’s non-financial policies and performance. These very powerful mechanisms can govern business policies and practices. Therefore, there appears to be much more scope for finance to promote socially and environmentally desirable activities and to discourage detrimental activities than has been acknowledged in the academic literature so far. (shrink)

The aim of the article is to analyse the provisions regulating the organisation and principles of financial management of the COVID-19 Counteracting Fund in the context of progressive debudgetisation of public finances. The first part presents the concept, sources and effects of debudgetisation of public finances, with emphasis on earmarked funds as the basic example of this process. The second part assesses the regulations concerning the organisation and tasks of the COVID-19 Counteracting Fund, and presents the sources of (...) financing and the principles of financial management. Using methods according to contemporary legal, economic and financial principles (in particular, a critical review of the literature on the subject, legal acts, and analysis of statistical data), basic features determining the actual nature and role of the COVID-19 Counteracting Fund in the collection and spending of public money were verified. The hypothesis that this institution (despite not having the status of a state earmarked fund in the normative sense) is a kind of para-budget with typical functions of public finances was confirmed. The creation of the COVID-19 Counteracting Fund resulted in the exclusion of some finances of a public nature from the general pool, intended primarily for tasks related to health care during the COVID-19 pandemic. The adoption of such a solution is part of a trend of increasing deviations from the principle of completeness of the state budget noticeable in recent years, which has led to excessive debudgetisation of the state budget. This, in turn, is not conducive to maintaining transparency and rationality in the collection and spending of public funds, which are prescribed by the doctrine. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The Diseased Body Politic, Athenian Public Finance, and the Massacre at Mykalessos (Thucydides 7.27–29)Lisa KalletIn the midst of his account of the Sicilian expedition Thucydides pauses to describe the economic and financial effects of the Spartan fortification of Dekeleia in Attica in 413 (7.27–28); one result of signal importance for the empire was Athens' decision to abolish tribute, and in its place to levy a harbor tax, the (...) eikostē. Following this digression the historian relates an episode emblematic of the atrocity of war, the wholesale slaughter of the inhabitants of the defenseless Boiotian town of Mykalessos by 1,300 Thracian mercenaries. Most scholars would not adhere to Eduard Schwartz's view that the financial/economic digression has nothing to do with the representation of the Thracians' savagery;1 nevertheless, the two sections have tended to be examined separately, the former by historians of the Athenian empire and finance2 or by Thucydidean scholars looking at the passage historiographically but as distinct from 7.29,3 and the latter by Thucydidean scholars exploring its function in the History.4 There are, however, strong grounds for reading them together: in particular, a degree of detail in each not otherwise warranted by the narrative, a framing device, and the shared use of language common to the description of disease, all suggest that Thucydides was intentionally linking the two sections. By this linkage, I propose, Thucydides not only draws a connection between Athenian public finance and human suffering, but also develops themes central to the work as a whole, namely, those of moral responsibility, human nature, [End Page 223] the conflict between reason and passion, and the nexus of finances, leadership, and military power.First, the detail in both the fiscal digression and the episode at Mykalessos immediately stands out, given their placement within the Sicilian account, the most self–contained and focused part of the History.5 Much of the substance of 7.27–28 concerns a gradual process of fiscal and economic deterioration, yet Thucydides is prompted to embed a diachronic, thematic account in the context of an event utterly trivial to the expedition and the entire course of the war, namely, the tardy arrival of Thracian mercenaries in Athens and the decision to send them home. Moreover, shocking atrocity that the massacre at Mykalessos was, it was peripheral to the war, a minor event that could have been easily omitted, or relegated to a sentence. It is relevant to note in this connection the differing treatments of Skione and Melos. What happened in those places, in 422 and 416 respectively, was identical—a siege and subsequent massacre of the males and enslavement of the women and children—yet Thucydides relates the information about Skione as a passing mention in one sentence (5.32.1), whereas he devotes pages to Melos (5.84–116).The prominence given to the fiscal digression and to what happened at Mykalessos, through such detailed narrative and especially the juxtaposition of the two sections, is in itself a sign that Thucydides intended a larger significance—through their interrelation—to be accorded to these events. The comparative example of Melos is again relevant, for its significance lies partly in its juxtaposition to the Sicilian books (which would explain why Thucydides chose to highlight it, rather than the identical case of Skione's treatment), as is similarly the case with the juxtaposition of the Funeral Oration and the plague (and Perikles' last speech).Thucydides constructs a second link between the two sections by using the subject of the Thracian mercenaries as a framing device for his digression on the economic effects of Dekeleia: in 27.1–2, the Thracians arrive in Athens too late for the expedition for which they had been intended, that of reinforcing the army in Sicily. The Athenians, Thucydides continues, decided to send them home, because "to keep them for the Dekeleian War seemed very costly; for each received a drachma a day" ( [End Page 224] ).6 Yet rather than immediately return to Sicilian events, or continue with the Thracian narrative, he instead undertakes a lengthy analysis of what was a gradual process of fiscal deterioration that could have... (shrink)

Academic integrity determines the trust that society has in the quality of education and the results of scientific research. More broadly, it influences honesty, respect for ethical principles, and the fair behaviour of society members. Accordingly, higher education institutions should have clear, transparent and well-communicated policies to defend academic integrity among all stakeholders. Taking into account the worldwide dependence on digital technologies, online communication channels should be also used for this purpose. Using qualitative content analysis, this paper aims to investigate (...) how academic integrity is framed by Latvian and Lithuanian state-financed universities in online public spaces in relation to the criteria of an exemplary academic integrity policy. Given the limited content of publicly available university documents, the research findings indicated a poor correspondence to the mentioned criteria. (shrink)

The challenges of adapting to this new world require universities to establish new actions that strengthen the preparation of their students. The objective of the research is to identify the degree of burnout that students of the Bachelor of Public Accounting (BPA) and Bachelor of Economics and Finance (BEF) programs of the Technological Institute of Sonora are experiencing. The research methodology is quantitative, non-experimental, with a cross-sectional design and descriptive scope. To collect the information, the Burnout Inventory-Student Survey (MBISS) (...) was used, developed by Schaufeli, Martínez, Salanova, GonzálezRomá and Bakker in 2002 in its Colombian adaptation and validation developed by Hederich and Caballero in 2016. The contribution is to determine the situation of the students of these academic programs in three major aspects: Exhaustion, Cynicism and Academic Efficiency, in such a way that interventions are established that support the academic transition of the student. (shrink)

This paper assesses James M. Buchanan's claim of following a positive approach in stark contrast to the normative approach to public finance of Richard A. Musgrave. The goal of this paper is to shed light on the foundations of modern American public finance by analysing one aspect of the methodology of its two most prominent fathers. I show (1) that it is difficult to distinguish Musgrave's and Buchanan's theories of public goods along the positive/normative dividing line and (...) (2) that Buchanan's theory can also be considered normative. In the first three parts, I follow the Weberian methodological tradition in looking for value judgements in the theories, and by reflecting on the nature of ideal types. In the last part, I propose a broader interpretation of Buchanan's methodological stance within the academic context of the 1960s. (shrink)

In recent years, the debate about the role of the Public Institutions in the fields of corporate social responsibility and sustainable development has gained momentum. Nevertheless, the ambiguity of the latter concepts makes it difficult both to measure them and to estimate the impact that the different public initiatives may have on them. In this sense, the present research has the aim to design a fuzzy logic-based methodology applied to the evaluation of the above-mentioned processes in relation to (...) the state-aid policies for the European industry. Regarding the study contour, the European Union state aids seems not to have introduced important changes leading to socially responsible results and, therefore, favourable for the sustainable development generated by the European manufacturing industry. (shrink)

Virtually all Americans are part of the health care system. They may be patients, health professionals, employers providing benefits, insurers, medical manufacturers, regulators, innovators, or investors. Each has a stake in this burgeoning sector of the United States economy, and each may be critically affected, in multiple and diverse ways, by changes to the system under health reform. As health care expenditures continue to rise, it is increasingly important to understand where these expenditures go and the factors that drive these (...) cost increases. This article examines health care expenditure patterns, considering both the “usual suspects” that frequently are cited as spending drivers, as well as certain significant dynamics that may be the main contributors to rising costs. We conclude that in order to successfully contain costs, health reform will need to address these underlying factors. (shrink)

Finance orthodoxy views finance capital as privately supplied, inherently scarce, and limited to assets accumulated by rentiers and held in financial institutions to be “intermediated” between virtuous savers and needful end users. But this “intermediated scarce private capital” orthodoxy is false and profoundly antagonistic to both democracy and productive investment. This article offers a more accurate portrayal that captures the critical role the public plays in generating and allocating its own full faith and credit in monetized form. The financial (...) system then looks like a franchise arrangement in which the public is franchiser and the institutions dispensing its full faith and credit are its franchisees. A post-capital-scarcity account of publicly underwritten finance explicitly recognizes both the propriety and the necessity of the public’s taking an active role in modulating and allocating its credit aggregates across the economy it constitutes. (shrink)

Following publication of the original article [1], the author reported that the values for LV1, LV2, LV3 and LV4 in row “Website section” of Table 2 should be corrected as follows.

In recent years social financiers have been increasingly investing in alternative food systems to improve sustainability outcomes. However, social finance for alternative food systems remains small and marginalized. This article seeks to understand why this approach is not yet making a larger impact towards food system transformation. It does so by investigating a specific application of social finance through the case of Slow Money to get answers as to why social finance occupies a niche role in food system transformation. These (...) answers provide helpful lessons for Alternative Food Networks (AFNs) seeking to transform food systems towards greater sustainability. This study tracks the intended impacts of these initiatives and provides insights about the potential role of social finance for promoting AFNs. Key themes emerged regarding the ability of social financing initiatives to support AFNs and transform the food system for greater sustainability. These themes resonate with the literature on AFNs in meaningful ways, but also highlight an important contradiction between systemic change and individual action. The findings show that the Slow Money model contains some useful elements for radical transformation but is ultimately limited in its ability to support deeper, transformative change. The conclusion advances recommendations for ways of enhancing the transformative potential of community financing initiatives in light of the findings, emphasizing the role of public investments. (shrink)

The complexity and inefficiency of the U.S. health care system complicates the distribution of life-saving medical technologies. When the public health is at stake, however, there are alternatives. The proposal for a national PrEP program published in this issue of the Journal applies some of the lessons of the national COVID vaccine campaign to HIV prevention. In doing so, it draws on other examples of public health approaches to the financing of medical technology, from vaccines for children to (...) hepatitis C treatment. (shrink)

The "Ibercorp affair" was front-page news in Spain at various times between 1992 and 1995. In itself, there was nothing particularly new about it: a newly formed financial group engaged in legally and ethically reprehensible behaviour that eventually came to light in the media, ruining the company (and the careers of those involved). What aroused public interest at the time was the fact that it involved individuals connected with Spanish public and political life, the media and certain business (...) circles. Above all, it demonstrated the personal, economic, social and political consequences of a business culture based on the pursuit of easy profits at any price (what came to be known as the cultura del pelotazo or "culture of the fast buck"). Again, this is all too familiar in business ethics. But it served to goad Spanish society into a rejection of such behaviour. This article describes the facts and their ethical implications. (shrink)

Dans cet article, nous analysons comment et dans quelle mesure les changements dans les modalités d’allocation des financements publics génèrent des transformations dans les pratiques, les temporalités et l’organisation de la recherche en histoire. Face aux deux thèses qui s’affrontent autour de cette problématique, l’une soutenant l’hypothèse de la déprofessionnalisation et de la perte d’autonomie des chercheurs, et l’autre celle d’une recomposition de la profession académique, le travail d’enquête réalisé dans trois laboratoires d’histoire en France montre qu’il n’y a pas (...) de modèle unique d’adaptation des équipes et des chercheurs par rapport à la montée en puissance des financements sur projet (FSP). La prise en compte du niveau organisationnel, avec ses spécificités contextuelles, se révèle essentielle pour saisir les modalités d’ajustement des laboratoires et des chercheurs face au renforcement des mécanismes de contractualisation. Par ailleurs, contrairement aux disciplines nécessitant des dispositifs expérimentaux coûteux, le niveau plus modeste des ressources mobilisées pour la conduite des recherches en histoire permet plus facilement aux historiens d’adopter une position de repli face aux FSP. Cette posture est également renforcée par le système de reconnaissance de la qualité académique propre au champ historiographique qui accorde une importance particulière au travail individuel et à l’investissement de longue durée. (shrink)

Competitive Governments, explores in a systematic way the hypothesis that governments are internally competitive, that they are competitive in their relations with each other and in their relations with other institutions in society which, like them, supply consuming households with goods and services. Breton contends that competition not only serves to bring the political system to an equilibrium, but it also leads to a revelation of the households' true demand functions for publicly provided goods and services and to the molding (...) of a link between the quantities and the qualities demanded and supplied and the tax prices paid for these goods and services. In the real world where information is costly, the links may not be first-best, but they will be efficient if competition is vigorous. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The Diseased Body Politic, Athenian Public Finance, and the Massacre at Mykalessos (Thucydides 7.27–29)Lisa KalletIn the midst of his account of the Sicilian expedition Thucydides pauses to describe the economic and financial effects of the Spartan fortification of Dekeleia in Attica in 413 (7.27–28); one result of signal importance for the empire was Athens' decision to abolish tribute, and in its place to levy a harbor tax, the (...) eikostē. Following this digression the historian relates an episode emblematic of the atrocity of war, the wholesale slaughter of the inhabitants of the defenseless Boiotian town of Mykalessos by 1,300 Thracian mercenaries. Most scholars would not adhere to Eduard Schwartz's view that the financial/economic digression has nothing to do with the representation of the Thracians' savagery;1 nevertheless, the two sections have tended to be examined separately, the former by historians of the Athenian empire and finance2 or by Thucydidean scholars looking at the passage historiographically but as distinct from 7.29,3 and the latter by Thucydidean scholars exploring its function in the History.4 There are, however, strong grounds for reading them together: in particular, a degree of detail in each not otherwise warranted by the narrative, a framing device, and the shared use of language common to the description of disease, all suggest that Thucydides was intentionally linking the two sections. By this linkage, I propose, Thucydides not only draws a connection between Athenian public finance and human suffering, but also develops themes central to the work as a whole, namely, those of moral responsibility, human nature, [End Page 223] the conflict between reason and passion, and the nexus of finances, leadership, and military power.First, the detail in both the fiscal digression and the episode at Mykalessos immediately stands out, given their placement within the Sicilian account, the most self–contained and focused part of the History.5 Much of the substance of 7.27–28 concerns a gradual process of fiscal and economic deterioration, yet Thucydides is prompted to embed a diachronic, thematic account in the context of an event utterly trivial to the expedition and the entire course of the war, namely, the tardy arrival of Thracian mercenaries in Athens and the decision to send them home. Moreover, shocking atrocity that the massacre at Mykalessos was, it was peripheral to the war, a minor event that could have been easily omitted, or relegated to a sentence. It is relevant to note in this connection the differing treatments of Skione and Melos. What happened in those places, in 422 and 416 respectively, was identical—a siege and subsequent massacre of the males and enslavement of the women and children—yet Thucydides relates the information about Skione as a passing mention in one sentence (5.32.1), whereas he devotes pages to Melos (5.84–116).The prominence given to the fiscal digression and to what happened at Mykalessos, through such detailed narrative and especially the juxtaposition of the two sections, is in itself a sign that Thucydides intended a larger significance—through their interrelation—to be accorded to these events. The comparative example of Melos is again relevant, for its significance lies partly in its juxtaposition to the Sicilian books (which would explain why Thucydides chose to highlight it, rather than the identical case of Skione's treatment), as is similarly the case with the juxtaposition of the Funeral Oration and the plague (and Perikles' last speech).Thucydides constructs a second link between the two sections by using the subject of the Thracian mercenaries as a framing device for his digression on the economic effects of Dekeleia: in 27.1–2, the Thracians arrive in Athens too late for the expedition for which they had been intended, that of reinforcing the army in Sicily. The Athenians, Thucydides continues, decided to send them home, because "to keep them for the Dekeleian War seemed very costly; for each received a drachma a day" ( [End Page 224] ).6 Yet rather than immediately return to Sicilian events, or continue with the Thracian narrative, he instead undertakes a lengthy analysis of what was a gradual process of fiscal deterioration that could have... (shrink)

Built environments, and social and legal interactions through them, are powerfully shaped by the arrangements by which their making and remaking are financed. There is a rich literature analysing shifts towards private and/or offshore financing of infrastructure in broad terms and their implications for governmental accountability and so-called public interest values. At the level of mundane regulatory decision and technique, however, the ways in which governance may be affected by such financing arrangements have not been well mapped. The article (...) considers some governance implications of the practice of funding urban infrastructure projects by recourse to global financial markets. It focuses, in particular, upon how regulatory decision-making may be shaped by technical practices of financial deal-making, financial modelling and related re-configurations of institutional or jurisdictional space. These implications are explored by reference to some recent examples of urban toll-road financing in Sydney, Australia and decision-making and analysis surrounding those examples. As such, it joins with other recent scholarship in probing political dimensions of technical forms of knowledge and practice that have frequently fallen between the cracks of legal scholarship's interdisciplinary inquiries to date. (shrink)

Transitioning to sustainable agricultural systems is imperative to meet the global Sustainable Development Goals. Achieving more sustainable agricultural production systems will require significant additional capital, however this cannot be covered by the current financial market setup, which dissociates public and private funders. Blended finance, where concessionary development-oriented funding is used to mobilize additional private capital, is essential. To ensure that the limited pool of concessionary funding is used efficiently and effectively, a shared understanding of the roles and limitations of (...) public and private funders is necessary. In this paper, we describe the high-level funding gap for sustainable agriculture, the general landscape of agricultural finance, and the concept and potential roles of blended finance in this context. This paper introduces the conditions under which different financing mechanisms can contribute to addressing barriers related to sustainable agriculture investments. It highlights that multiple funding modalities must be utilized in order to achieve agricultural investment at a meaningful level and encourages greater exploration of the range of blended financing structures to increase SDG-related agriculture investments. (shrink)

Universal Basic Income (UBI) can serve as a beneficial public policy to reduce poverty and inequality, yet a great challenge is how to fund it. This article offers a roadmap for fully funding UBI in a manner that: eliminates poverty; bolsters the middle-class; eliminates the stigma and government bureaucracy of social welfare programs; reduces ever-expanding inequality; initiates a path to meeting climate change goals; reduces speculation; and increases fairness and opportunity in the tax code. As stand-alone policies, these revenue (...) proposals are valuable correctives in their own right. If the entire package of UBI and funding sources were in effect, society (and American capitalism) would be on a more stable, equitable, and environmentally sustainable footing. (shrink)

Presents a collection of essays on fiscal policies, economic policies, and tax reforms in the context of financial reforms as a separate discipline of economics. Edited by Ameresh Bagchi, these essays are authored by reputed academicians in this field, such as James Buchanan, Joseph Stiglitz, Raja Chelliah, and Richard Musgrave.

University finance curricula have been criticized in the financial press in the wake of the GFC for ignoring the ethical dimensions of financial decision-making in practice. Many practitioners experience moral dilemmas about whether the broader “public interest” objectives of legal or accounting regulation, for example, should at times be sacrificed in favour of fulfilling an inconsistent upper management objective. Moreover, many propositions in finance are both positive and normative. For example, financial maxima and optima can be discussed only for (...) a given distribution of wealth between relevant parties: shareholder wealth can be maximized, but only subject to a “given” constraint determined by the ethical norms of the society in which the firm operates. Assuming students’ sensitivity to ethical issues can be enhanced, ethics should be embedded within finance curricula, together with a final year, capstone course on “Ethical Investing” in the degree. (shrink)