This article discusses the manipulation and measurement of levels of situational self-focus, which is generally labeled ''self-awareness.'' A new scale was developed to quantify levels of public and private self-awareness. Five studies were conducted to assess the psychometric properties, reliability, and validity of the Situational Self-Awareness Scale (SSAS). The SSAS was found to have a reliable factor structure, to detect differences in public and private self-awareness produced by laboratory manipulations, and to be sensitive to changes in self-awareness within individuals over (...) time and across situations. The SSAS can be used as a manipulation check of laboratory self-awareness manipulations and as a means of assessing naturally occurring fluctuations in public and private self-awareness in order to clarify the relation between self-awareness and other variables (e.g., mood and memory). (shrink)

ABSTRACTIt was only in the early twentieth century that China discovered that it had a population, at least if a population is understood not as a simple number of people but instead in terms of such features as variable levels of health, birth and death rates, age, sex, dependency ratios, and so on—as an object with a distinct rationality and intrinsic dynamics that can be made the target of a specific kind of direct intervention. In 1900, such a developmentalist conception (...) of the population simply did not exist in China; by the 1930s, it pervaded the entire social and political field from top to bottom. Through a reading of a series of foundational texts in population and family reformism in China, this paper argues that this birth of the Chinese population occurred as a result of a general transformation of practices of governing, one that necessarily also involved a reconceptualization of the family and a new logic of overall social rationalization; in short, the isolation of a population–family–economy nexus as a central field of modern governing. This process is captured by elaborating and extending Foucault's studies of the historical emergence of apparatuses into a notion of fields of governability. Finally, this paper argues that the one‐child policy, launched in the late 1970s, should be understood not in isolation from the imposition of the “family‐responsibility system” in agriculture and market reforms in exactly that period, but as part—mutatis mutandis—of a return to a form of governing that was developed in the first half of the twentieth century. (shrink)

One of the most common contemporary approaches for developing an ethics of artificial intelligence (AI) involves elaborating guiding principles. This essay explores the limitations of this approach, using the history of bioethics as a comparative case. The examples of bioethics and recent AI ethics suggest that principles are difficult to implement in everyday practice, fail to direct individual action, and can frequently result in a pure proceduralism. The essay encourages an additional attention to virtue, which forms the dispositions of actors, (...) directs them to valued ends, and encourages right action in particular situation to complement principles. Practices and professions like medicine or warfighting that already have rich traditions of reflection on virtue ethics will be especially fruitful fields for developing an AI ethics of virtue. (shrink)

This essay introduces this special issue on virtue ethics in relation to military AI. It describes the current situation of military AI ethics as following that of AI ethics in general, caught between consequentialism and deontology. Virtue ethics serves as an alternative that can address some of the weaknesses of these dominant forms of ethics. The essay describes how the articles in the issue exemplify the value of virtue-related approaches for these questions, before ending with thoughts for further research.

Open Government gilt vielfach als die universale Staatsdoktrin für das 21. Jahrhundert, ohne dass schon klar wäre, was sich im Einzelnen hinter diesem Schlagwort verbirgt und was daraus für die Praxis des Regierens und Verwaltens folgt. In diesem Band untersucht der Autor alle Bauteile dieser Konstruktion kritisch: das Paradigma der Offenheit, dem sich alles unterordnen soll, die drei Säulen Transparenz, Partizipation und Kollaboration, die das Ganze tragen sollen, aber auch die technischen und ideologischen Fundamente, auf denen das Modell ruht. Im (...) Zentrum steht dabei stets die Frage, was Open Government für Staat und Demokratie hierzulande bedeuten würde. Im Ergebnis zeigt sich, dass dieses Konstrukt technokratische Züge trägt und aus einer »kalifornischen Ideologie« hervorgeht, die es erst noch politisch zu bewerten gilt. Wenn sowohl die Giganten des Internets als auch emphatische Aktivisten Open Government massiv propagieren, darf kritische Reflexion nicht auf der Strecke bleiben. Wewer bezweifelt, dass Open Government als Leitbild für das digitale Zeitalter taugt, dem im Prinzip alle Länder dieser Welt nacheifern könnten. Auch für die Erneuerung von Staat und Demokratie in Deutschland wirft es mehr Fragen auf, als es Antworten bietet. (shrink)

Biobanks are proliferating rapidly worldwide because they are powerful tools and organisational structures for undertaking medical research. By linking samples to data on the health of individuals, it is anticipated that biobanks will be used to explore the relationship between genes, environment and lifestyle for many diseases, as well as the potential of individually-tailored drug treatments based on genetic predisposition. However, they also raise considerable challenges for existing legal frameworks and research governance structures. This book critically examines the current governance (...) structures in place for biobanks in England and Wales. It shows that the technologies, techniques and practices involved in biobanking do not always conform neatly to existing legal principles and frameworks that apply to other areas of medical research. Using a socio-legal approach, including interview data gathered from the scientific community, this book provides unique insights and makes recommendations about appropriate governance mechanisms for biobanking in the future. It also explores the issues around the secondary use of information, such as consent and how to protect privacy, when biobanks are accessed by a number of different third parties. These issues have relevance both within England and Wales and to a wide international audience, as well as for other areas where large datasets are used.--Back cover. (shrink)

This ground-breaking text offers a fresh perspective on the governance of science from the standpoint of social and political theory. Science has often been seen as the only institution that embodies the elusive democratic ideal of the 'open society'. Yet, science remains an elite activity that commands much more public trust than understanding, even though science has become increasingly entangled with larger political and economic issues.

While ethical norms for conducting academic research in the United Kingdom are relatively clear, there is little empirical understanding of how university research ethics committees (RECs) themselves operate and whether they are seen to operate well. In this article, we offer insights from a project focused on the Scottish university context. We deployed a three-sided qualitative approach: (i) document analysis; (ii) interviews with REC members, administrators, and managers; and (iii) direct observation of REC meetings. We found that RECs have diverse (...) operation and vary in terms of what members understand to be the remit of their REC and what should constitute the content of ethics review. Overall, though, most participants perceive university RECs as operating well. When asked what they consider to be areas for further improvement, most commented on: implementation of an online system; more experience with how to evaluate various kinds of research projects; best practice exchange and training opportunities; more accurate reflection of the REC role as part of the university’s workload allocation model; and greater recognition of the importance of research ethics governance in the university’s research environment, and, for the members themselves, their career advancement. Based on our findings and subsequent discussions during an end-of-project roundtable with stakeholders, we propose a model of collaboration that can address some of the identified areas that could benefit from further improvement. This model would facilitate a heightened awareness of the importance of supporting REC members in their own effort in assisting students and staff alike in undertaking as ethically robust research as possible. (shrink)

The recent prominence of corporate governance was sparked by a decline in trust in business that followed on some spectacular corporate scandals. There is an expectation that adherence to the standards of good corporate governance can restore trust in business. This article examines the link between corporate governance and trust and finds that at least theoretically there is a positive correlation between corporate governance and trust in business. It is however argued that not any form or model of corporate governance (...) will enhance trust in business. An appropriate balance needs to be struck between a number of polarities that exist in the corporate governance reform agenda. Three such polarities are explored and the nature of the balance that needs to be found with regard to each of these sets of polarities is outlined. (shrink)

Corporate governance is an issue of growing importance in developing economies, as many firms pass through significant transformations due to the combined forces of sociopolitical changes, technological progress and economic trends toward globalization. These elements, along with the structural characteristics of developing economies such as less developed capital markets and governmental interventionism, draw a picture for corporate governance practices that may, in some aspects, be fundamentally different from the practices found in European or North American contexts. In this paper we (...) review and discuss the state of corporate governance practices in Brazil, focusing on how the governance structure of Brazilian firms has been subjected to important changes in the recent past and how even more changes are expected to happen. (shrink)

A shift in the cultural conception of the firm as productionsystem to that as investment-system entrenches the institutional logic of agency theory in governance reform. Reform initiatives emphasize the separation between management and the board, forensic reporting requirements, and the primacy of shareholders' entitlement to control and residual gains. Problems associated with this agency logic render reform unable to deliver a broad-based ethical operating environment. The introduction of a version of stakeholder theory, augmented by Knightian uncertainty, places the development of (...) an alternative conception of the firm into discourse. Implications for governance reform are considered. (shrink)

Publication date: 2 May 2019 Source: Author: Rosemary O. Obasi This paper presents a number of research opportunities in corporate governance in Nigeria. Corporate governance has come along with changes in Nigeria regulatory framework for financial reporting and corporate governance code during the recent years. The researcher identified some important areas where research can help advance our knowledge and provide relevant information for policy makers. These research areas include audit firm governance, corporate level of compliance on corporate governance; Public sector (...) code of governance; adoption of Not-for-profit governance code by such organisations in Nigeria. The research questions that were raised are of global interest, but the Nigeria environment provides some distinctive natural experimental settings to address these questions. (shrink)

Among politicians and policy-makers it is almost universally assumed that more transparency in government is better. Until now, philosophers have almost completely ignored the topic of transparency, and when it is discussed there seems to be an assumption that increased transparency is a good thing, which results in no serious attempt to justify it. In this book Brian Kogelmann shows that the standard narrative is false and that many arguments in defence of transparency are weak. He offers a comprehensive philosophical (...) analysis of transparency in government, examining both abstract normative defences of transparency, and transparency's role in the theory of institutional design. His book shows that even when the arguments in favour of transparency are compelling, the costs associated with it are just as forceful as the original arguments themselves, and that strong arguments can be made in defence of more opaque institutions. (shrink)

Introduction -- The legal aspects -- Corporate governance and corporate performance -- Complexity and corporate governance -- Conclusion.

In the superannuation/pension industry, ordinary investors entrust their retirement savings to the trustees of the superannuation plan. Investors rely on the trustees to ensure that ethical business and risk management practices are implemented to protect their retirement savings. Governance practices ensure the monitoring of ethical risk management (Drennan, L. T.: 2004, Journal of Business Ethics 52, 257-266). The Australian superannuation industry presents a unique scenario. Legislation requires employers to contribute a minimum of 9% of the employees wage to retirement savings. (...) However, there are no legislated governance standards, although there are standards of recommended governance practices. In this article, we examine the level of voluntary adoption of governance practices by the trustees of Australian public sector and industry superannuation funds. We also assess whether superannuation governance practices are associated with performance and volatility /riskiness of returns. Survey results show that the majority of superannuation plans adopt recommended governance practices supporting the concept of ethical management of the member's retirement savings. The examination of governance principles that impact returns and risk shows that board size and regular review of conflicts are positively associated with return. Superannuation plans with higher volatility in returns meet more frequently. (shrink)

_"The Government of Poland_ is the only finished work in which Rousseau himself dons the mantle of legislator, applying the principles of the _Social Contract_ to the real world around him. _Poland_ teaches us much about the mysterious art of the _Social Contract's_ 'legislator,' how he transforms each individual into part of a larger whole. Only in... _Poland_ do we find what this crucial transformation entails and what it presupposes. But probably the greatest lesson to be learned from... Poland concerns (...) Rousseau's understanding of the proper relationship between theory and practice.... Time and again we see Rousseau advising the Poles to do things which are in gross violation of the strict principles of political right he had elaborated in the Social Contract." --Richard Myers in _Canadian Journal of Political Science_. (shrink)

Polycentric Governance and the Good Society is the first extended academic work to explore in depth what it means, not only from an economic and organizational standpoint but also from a broader ethical, sociological, and anthropological perspective, to live in a polycentric political system.

Hubris is a notion that has recently acquired special urgency, as it seems to express in the post-communist era the demands of justice during the tragic clash between governance and violence. This ethico-political notion deserves to be studied not only in ancient writings but in modern drama and thought as well. Nikos Kazantzakis' unduly neglected Capodistria (1944) dramatizes the dilemmas of civic action during the democratic constitution of a polity. A reading of this tragedy from the perspective of political theory (...) suggests ways in which the meaning of hubris in modernity may be better understood. (shrink)

Governing Animals explores the role of the liberal state in protecting animal welfare. Examining liberal concepts such as the social contract, property rights, and representation, Kimberly K. Smith argues that liberalism properly understood can recognize the moral status and social meaning of animals and provides guidance in fashioning animal policy.

Government intervention often gives rise to contests and the government can influence their outcome by choosing their type. We consider a contest with two interest groups: one that is governed by a central planner and one that is not. Rent dissipation is compared under two well-known contest success functions: the generalized logit and the all-pay auction. We also consider the case in which the government can limit the size of the non-governed interest group in order to determine the scope of (...) rent dissipation, with the goal of either increasing the rent obtained by the government or reducing the wasted resources invested in the contest. (shrink)

Government has come to mean governance. This article investigates this change, which, through an investigation of Foucault’s concept of governmentality, it will show to be a substantial modification of the concept of government.By the late 1970s, Foucault had begun to construct a political philosophy shorn of traditional power structures. He replaced these with the concept of governmentality, of which the “governmental rationality of liberalism” is one form. In this rationality, the government is no longer the final instance, but is rather (...) a process of structuring a field of action.Government ceases to be a specific method of organisation; the concept of governmentality is hence amorphous and is not limited to liberalism. But liberalism instituted a radical change: a hitherto unpracticed permeability between reasons of state and reasons of the market. Liberalism is characterised by frugal government. However, the check against excess in government does not emerge, as it did in other forms, through the rule of law or the balance of power of nations, both external to liberal rationality.Seeing the transactional economic model as the model of good governance, liberalism is frugal by its own nature. Unlimited economic productive power, necessary for the continuance of the liberal state, entails limited government, and anything that would limit economic transactions must limit from outside.Other rationalities, such as moral or judicial rationalities, are thus external to the nature of liberal rationality – they play no role in the only test liberalism uses to validate its actions: economic effect. This new rationality, which emerges in the middle of the 18th century as new concept of government, is the emergence of the political economy. (shrink)

Corporate governance has come to be recognised as a cornerstone of economic reforms seeking to promote stability and growth in developing countries. The Asian crisis of the 1997 was viewed as having roots in poor governance and hence national governments as well as international organisations have sought to promote a strengthening of governance mechanisms. This article investigates governance reforms in India over the last decade. The paper reviews changes in Indian governance codes that indicate a preference of adoption of Anglo-American (...) governance models. A survey of ownership structures of Indian listed companies reveals a mixture of governance mechanisms and a persistence of the "business house model" of governance. The paper concludes that despite external pressures towards an "Anglo-Americanisation" of governance practice, the outcomes thus far reveal the emergence of a diversity of governance mechanisms arising in a path-dependent fashion. (shrink)

Social purpose initiatives rarely take place in one sector or policy domain. They are likely to cross sector, community, local, national and indigenous boundaries and, in so doing, require alternative governance arrangements that are responsive and sustainable. This article focuses on the process of forging cross boundary governance processes drawing on a case study characterised by complex cross sector demands. The subject of the case study is a paradigm-breaking primary health and well-being initiative for a region of New Zealand with (...) longstanding healthcare challenges but contemporary possibilities. We were invited by the owners of this initiative to record and reflect on the challenges and successes, and from this to identify what might be possible for future innovations. In doing so we draw on the adaptive governance literature to frame the governance challenges and offer five paradoxes requiring collective navigation. We recognise the importance of our need to engage with Indigenous scholarship in future analyses and conclude with a series of recommendations on how such paradoxes are navigated for those needing to build governance practice in innovative social purpose initiatives. (shrink)

This chapter draws attention to the principles, governance, and coproduction of the creative ageing policy. It shows possibilities of using alternative solutions and interventions within the one policy concept. The chapter also underlines the opportunities related to experimentation in policy design.

Vito Tanzi offers a truly comprehensive treatment of the economic role of the state in the twentieth and twenty-first centuries from a historical and world perspective. The book addresses the fundamental question of what governments should do, or have attempted to do, in economic activities in past and recent periods. It also speculates on what they are likely or may be forced to do in future years. The investigation assembles a large set of statistical information that should prove useful to (...) policy-makers and scholars in the perennial discussion of government's optimal economic roles. It will become an essential reference work on the analytical borders between the market and the state, and on what a reasonable 'exit strategy' from the current fiscal crises should be. (shrink)

Book Information Self-Governance and Cooperation. By Robert H. Myers. Oxford University Press. Oxford. 1999. Pp. vi + 179. Hardback, £30.00.

The emergence of global governance in several key areas calls into question conventional understandings of world politics in terms of conflicts of interests between sovereign states under conditions of anarchy. At the same time the new phenomena of anti-globalisation demonstrations, transnational social movements and an emergent global civil society point to developments in international relations that are both of profound importance and analytically complex. This volume's starting point is the hypothesis that one way of thinking about these processes is in (...) terms of a dichotomy between the politics of governance and the politics of resistance. Leading scholars from several perspectives reflect on the usefulness of this dichotomy and consider its application to several crucial areas of international relations. (shrink)

Global Governance: Drawing Insights from the Environmental Experience, Oran R. Young (ed.). Cambridge, MA: MIT Press, 1997, 344 pp., paper, $22.50, ISBN 0?262?74020?6 The Implementation and Effectiveness of International Environmental Commitments: Theory and Practice, David G. Victor, Kal Raustiala and Eugene B. Skolnikoff (eds). Cambridge, MA: MIT Press, 1998, 686 pp., paper, $27.50, ISBN 0?262?72028?0.

_Pakistan gained independence on August 14, 1947. Its democratic system has deep historical roots dating back to ancient times. This study explores the growth and development of grassroots governance in Pakistan. A qualitative research approach was employed, incorporating an extensive review of books on the subject and relevant online materials. The research reveals that grassroots governance in Pakistan has undergone several evolutionary phases, supported by a strong legal and constitutional framework. These constitutional provisions have played a crucial role in reinforcing (...) local governance institutions. The study finds that the system of local governance has provided citizens with the opportunity to manage their affairs through elected representatives, thus empowering individuals across different social strata without discrimination based on caste or creed. This empowerment at the local level has been instrumental in fostering inclusive participation in the democratic process and enhancing the overall effectiveness of governance. The study concludes that grassroots governance in Pakistan not only has a rich historical foundation but also continues to be a vital component of the country’s democratic framework, promoting equity and inclusion._. (shrink)

After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory (...) work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences. (shrink)

In recent years, international economic pressures have induced Nigeria to adopt a program of economic liberalization and deregulation. Advocates of the reforms tout their potential not only for generating greater economic growth, but also for contributing to more responsible corporate governance. Sceptics abound. This paper provides an account of the nature of corporate governance in Nigeria and investigates the prospects for recent reforms contributing to more responsible governance and development.

The management of water is a topic of great concern. Inadequate management may lead to water scarcity and ecological destruction, but also to an increase of catastrophic floods. With climate change, both water scarcity and the risk of flooding are likely to increase even further in the coming decades. This makes water management currently a highly dynamic field, in which experiments are made with new forms of policy making. In the current paper, a case study is presented in which different (...) interest groups were invited for developing new water policy. The case was innovative in that stakeholders were invited to identify and frame the most urgent water issues, rather than asking them to reflect on possible solutions developed by the water authority itself. The case suggests that stakeholders can participate more effectively if their contribution is focused on underlying competing values rather than conflicting interests. (shrink)

There are various indications that corporations and their leaders are currently not perceived as trustworthy. This decline in trust is one of the factors that has contributed to the rise of interest in corporate governance. There is an explicit expectation that an adherence to the principles and practice of good corporate governance will bolster the trust of stakeholders in business. It is exactly this expectation that provides the focus for this article. The expectation that good corporate governance will result in (...) higher levels of trust will be critically examined. This will be done by first making some crucial distinctions regarding corporate governance in order to clarify what kind of corporate governance is at stake in the examination that is to follow. Also, with regard to the concept of 'trust', a number of important distinctions will be made to clarify what is meant by trust within the context of this paper. Against the backdrop of these distinctions regarding corporate governance and trust, the question will then be refined as to whether, specifically, internal corporate governance can bolster the perceptions of trustworthiness that stakeholders have of business. Principles and practices of internal corporate governance will then be critically examined to determine their potential for enhancing stakeholders' perceptions of the trustworthiness of corporations and their leaders. (shrink)

This paper discusses corporate governance issues from a compliance viewpoint. It makes a distinction between legal and ethical compliance mechanisms and shows that the former has clearly proven to be inadequate as it lacks the moral firepower to restore confidence and the ability to build trust. The concepts of freedom of indifference and freedom for excellence provide a theoretical basis for explaining why legal compliance mechanisms are insufficient in dealing with fraudulent practices and may not be addressing the real and (...) fundamental issues that inspire ethical behavior. The tendency to overemphasize legal compliance mechanisms may result in an attempt to substitute accountability for responsibility and may also result in an attempt to legislate morality which consequently leads to legal absolutism. The current environment of failures of corporate responsibility are not only failures of legal compliance, but more fundamentally failures to do the right (ethical) thing. (shrink)

How do we prevent the next pandemic? Will governments successfully tackle climate change? Will they find ways to close the gap between the haves and have-nots and to eliminate poverty? Which solution - democratic or authoritarian - will determine the global governance of a flawed nation-state system? This unique contribution to global studies advances a multidisciplinary theory that the governments of all human societies are the tenuous outcome of the competing solutions to the Imperatives of Order, Welfare, and Legitimacy (OWL). (...) The OWL paradigm provides a common framework to evaluate the contrasting responses of the liberal democratic, Chinese, and Russian solutions to global governance. Underscored is the volume's contention that global governance is the overriding issue confronting nation-states and the diverse and divided peoples of what is now a global society for the first time in the evolution of the species. The volume addresses a wide spectrum of audiences, united in their shared resolve that the democracies prevail in a projected century-long struggle between democratic and authoritarian regimes to determine global governance. Scholars, teachers, students, elected officials, policy analysts, media professionals, and engaged citizens who make self-government work will profit from this visionary and provocative study. (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)

Despite ample research on corporate governance (CG) and corporate social responsibility (CSR), there is a lack of consensus on the nature of the relationship between these two concepts and on how this relationship manifests across institutional contexts. Drawing on the national business systems approach, this article systematically reviews 218 research articles published over a 27-year period to map how CG–CSR research has evolved and progressed theoretically and methodologically across different institutional contexts. To shed light on the full gamut of the (...) CG–CSR relationship, we categorize and explore the nature of this relationship along two strands: (a) CSR as a function of CG and (b) CG as a function of CSR. Through this review, we identify key themes where CG–CSR research has lagged and account for under-explored contexts in this domain. Finally, we put forth a comprehensive agenda for progressing future research in the field. (shrink)

This book argues for the case that governments develop with inherent constraints. These constraints support the case for the normative political theoretical defense of moderate governing.

In this response to Johnson, Oh reaffirms the scholarly vision of Kelsay and Twiss, elaborates upon Muslim perspectives on human rights, and questions the emphasis on violent humanitarian interventions as part of the Responsibility to Protect mandate. Oh suggests that, in light of the historical relationship between Muslim and non-Muslim states and the aftermath of the second Iraq War, more consideration be given to the rebuilding of Muslim-majority societies. Oh also highlights the concept of duty as a religiously based ideal (...) to which governments of Muslim nations ought to be held. (shrink)

Media technologies are an integral and vital element of democratic governance. The political public of representative democratic régimes are mediated publics, in that they exist and are constituted as publics through the mediation of technologies of mass media. The public sphere of democratic politics is part of, and central to, the mediated sphere of popular culture. There is a structural and necessary relation between the popularization of culture and the democratization of politics. A governmentalist approach understands political media technologies not (...) as aberrations in the light of democratic theory but as the practices of “actually existing” representative democracy. Genuine popular democracy does not exist, fully formed, in the publics constituted by the media technologies but is most likely to flourish in popular culture and through media technologies. (shrink)

Governments in Europe and the United States have recently acquired significant stakes in a number of financial institutions, raising fears that they will use their investments to pursue interventionist goals. The comparative analysis of sixteen major bailouts in Belgium, Germany, France, Ireland, Switzerland, the United Kingdom and the United States provides evidence to the contrary. Fiscal and political considerations have prompted governments to generally avoid common stock investments, limit direct managerial involvement and favor early exits. While this investment strategy may (...) prove detrimental to other stakeholders, it resembles the approach distressed asset investors would adopt under the circumstances. (shrink)