The present paper is part of unpublished book divided into three interrelated manuscripts that analyze the collapse of the Sudan. The theory introduced here is that the regime was built on kleptocratic framework. That enhanced a rapid transformation of the values' system of the country and...

Why did limited government and 'constitutionalism' (the rule of law, constitutional rules, and political representation) evolve in some societies but not others? Guided by history, this paper examines why this evolution reflects dependence on administrators to implement policy choices including...

Contrary to the conventional wisdom among economists and legal scholars, command-and-control (CAC) environmental regulations are not inherently inefficient or invariably less efficient than alternative "economic" instruments (EI). In fact, CAC regimes can be and have been efficient (producing...

This paper examines the alternative views of fixed versus floating exchange rates presented in Gottfried Haberler's Prosperity and Depression (1937) and Ragnar Nurkse's Interwar Currency Experience (1944). It shows how Haberler presented a model of exchange rates that is an anticipation of the...

At present, there is no generally accepted accounting of the institutional strengths and weaknesses of the transition economies. The first goal of the paper is to fill this gap by assessing current levels of institutional development. The second is to examine which types of institutional...

Following the financial crisis, the view became widespread that IFRS, because it is based on a so-called incurred-loss approach, led to significant overstatements of financial assets by placing tight restrictions on the recognition of loan losses. As a result, the IASB undertook a project to...

When the beach patrol raises the alarm that a shark has been sighted we know what to do, but how should we respond to an alarm that is based on predictions of what will happen 100 years from now and the person raising the alarm tells us we must make great sacrifices now to avoid the predicted...

This Article is written as two discrete, independently accessible topical sections. The first topical section, presented in Part I of this Article, is a case study of Bank of America's acquisition of Merrill Lynch and the impact of a flawed merger execution on the board's subsequent decisions....

The paper inquires why in some countries traditionally ruled by absolute monarchs the monarchy survived in the form of constitutional monarchy but not in others. It considers constitutional monarchy as a negotiated settlement between the king and a liberal opposition to share office rents, while...

Conventional wisdom explains tax competition as an external constraint on lawmaking that can only be curbed through multinational cooperative efforts to eliminate beggar-thy-neighbor tax policies. But the international tax reform plan recently introduced by Senator Baucus squarely confronts this...