Blockchain Papers

Tzong‐Chen Wu, Tzong‐Sun Wu

No abstract is available for this record.

Denise DiPasquale, William C. Wheaton

I. INTRODUCTION TO REAL ESTATE MARKETS. 1. The Property and Capital Markets. 2. The Operation of Property Markets: A Micro and Macro Approach. II. MICROECONOMIC ANALYSIS OF PROPERTY MARKETS. Residential Real Estate. 3. The Urban Land Market: Rents and Prices. 4. The Urban Housing Market: Structural Attributes and Density.Non-Residential Property Markets. 5. Firm Site Selection, Employment Decentralization and Multi-Centered Cities. 6. Retail Location and Market Competition. III. MACROECONOMIC ANALYSIS OF PROPERTY MARKETS. 7. Economic Growth and Metropolitan Real Estate Markets. Residential Real Estate. 8. The Market for Housing Units: Households, Prices, and Financing. 9. The Market for Housing Services: Moving, Sales and Vacancy.10. The Cyclical Behavior of Metropolitan Housing Markets.Nonresidential Property Markets. 11. The Operation of Non-Residential Property Markets.12. Econometric Analysis of Metropolitan Office and Industrial Markets. IV. THE IMPACT OF LOCAL GOVERNMENTS ON REAL ESTATE MARKETS. 13. Local Governments, Property Taxes and Real Estate Markets. 14. Public Goods, Externalities and Development Regulation. Index.

Swaminathan Parker Aiyar

During the 1980s, Colombia embarked on an ambitious program to decentralize responsibilities for planning, financing, and delivering public goods and services. Despite concerns that municipal governments did not have the capacity to undertake these functions, initial findings suggest that municipal governments had substantial latent capacity. In many cases, they were able to improve significantly the volume and quality of services delivered.

Eric E. Cohen

Accountants, take note! information highway and more specifically, the Internet--or the Net, as Internet aficionados call it--is vital to the health of the profession and your future income. This article will tell you why the Internet is important to you and how to use it to your advantage. Internet is one of the major arteries of the information highway. But before most people can maneuver onto the highway's entrance ramp, they'll have to endure some sizable potholes and detours. (They'll also have to learn some new words and phrases. See the glossary on page 61.) Right now the Internet is three things: * A nearly free communications channel. For example, a Net user in New York can dash off an electronic letter (e-mail) to a business associate in Australia. In fact, with the right software, he or she can even conduct a voice conversation with that person half way around the world. only charge is the price of a local phone call. In addition, some groups, such as the American Institute of CPAs, have arranged places on the Net where users can dialog--ask questions and share information and opinions (for more on this see the sidebar The AICPA Online, page 62, and Answers to Some Frequently Asked Questions about the Accountants Forum, page 80). * A vast storehouse of information--from the history of abacuses to the physiology of zebras--including accounting and financial information. However, the Net's utility often is obscured by the way the data are stored--tucked away in electronic libraries all around the world. Many users see the Internet as a giant library that never closes, lacks a card catalog, has all its books shelved helter-skelter and often classifies titles in an esoteric code. However, those in the know, able and willing to decipher codes such as http://www.servtech.com/re/acct.html, find the Internet the single greatest source of data available today. * An electronic storefront. Businesses as diverse as flower shops and airlines are setting up virtual shops on the Net, and their cash registers are beginning to ring. Marketing-savvy CPAs and consultants also are setting up shop on the Net--offering both free services as loss leaders and advertisements for their consulting expertise. Slowly the barriers to accessing the Net, uncovering data hidden in its libraries and setting up shop, are coming down. One of the Internet's most powerful utilities, the World Wide Web (WWW), can now be accessed and navigated relatively easily with a mouse. key point is that the Internet is becoming both user friendly and user vital. And unless accounting professionals recognize that the future of their business is information--finding it, creating it, formatting it, using it and distributing it--and become involved in this emerging technology, they may find themselves fending off fierce new competitors. THE CPA MARKET For accountants, the Net represents yet another opportunity--or challenge, depending on one's point of view: Although it's only a trickle right now, in the near future a considerable amount of business information will be transmitted by online systems. For example, clients can e-mail their general ledger transactions to their accountants' bookkeeping systems. Net-wise CPAs today download marketing information, prospectuses and newsletters. They also view instantly Standard & Poor's data, Securities and Exchange Commission filings, analysts' reports, financial statement data and earnings data on various industries. In addition, for those businesses that sell merchandise or services on the Net, the virtual cash register data also will be transmitted via the Net. In fact, one accounting software publisher, SBT Accounting Systems, just introduced a module called the Web Trader that handles such data. These are just some of the resources and business opportunities available now on the Internet. There's no telling what it will be able to offer in the future. …

Johannes T.A. Bressers

No abstract is available for this record.

Stanley Zarowin

What will the corporate finance department look like in the twenty-first century? Will it be staffed by CPAs, MBAs, computer information specialists? Will it even exist--absorbed instead by other departments? These were some of the tough questions 40 senior financial executives (from companies such as General Motors and Control Data), accounting educators (from schools such as Vanderbilt University, New York University and Senshu University in Japan) and CPAs (from accounting and consulting firms such as KPMG Peat Marwick, Price Waterhouse and Arthur Andersen & Co.) wrestled with for two days last April at a workshop in New York sponsored by the American Institute of CPAs management accounting executive committee. The goal of the workshop, mapping the future of financial management, was to help the committee envision the future of the finance function in businesses and thus help the Institute prepare its members for that future. As an opener, participants shared their views on the future of finance management by voting on various business management scenarios. Those with similar views were grouped in panels that constituted the management of a fictitious company; each panel member assumed a leading management role in the organization. Then each panel was asked to focus on its unique scenario, or endstate, and to develop a business plan for that endstate: the economic and business conditions that created and support it, the problems and opportunities it faces as it strives to survive, the tools it needs to prosper and the role of the finance department in this enterprise. Each panel then had to rationalize its end-state to the others in the workshop, defend its positions from challenges and report the weaknesses uncovered by working through the exercise. The five endstates were 1. Shareholder advocate--a back-to-basics focus on costs designed to boost shareholder wealth in the short run--even at the expense of future growth. The major role of the finance department is to root out activities that fail to produce immediate returns. 2. Business team--the management style is team oriented and the corporate goal is gaining market leadership by responding to market demand and customer needs. The role of finance is to dismantle excessive controls that paralyze meaningful analysis. 3. Managing risk--management recognizes it must confront multiple risks, including swiftly changing technology and severe business cycle and financial market swings. The principal role of finance is to act as a combination of internal hedge- and venture-fund managers. 4. Outsourcing--many of the corporation's finance functions--from payroll to general ledger and tax--are handled by outside organizations. The role of the finance department is no longer routine processing; it now is focused on control and standard-setting. 5. Decentralization--core business units are run relatively independently. Finance provides high-level analytical support. When the exercise was over, some of the participants came away with more than their original vision. In developing strategies and then being forced to defend them, some participants found their finance management views had changed somewhat. Some recognized advantages in endstates they had dismissed before. Others felt their original views were bolstered. And still others said they were considering shifting their allegiances or seeking to combine some endstate features with others. The bottom line: For some participants, the two-day exercise forced them to lay down some long-held views, recognizing that the future often is not a straight-line extension of the past. COMING TO CONSENSUS As a final exercise, participants were reassigned to different panels so they had to work with new colleagues--most of whom supported different endstates. Their new assignment was to search for common ground and create accommodations for their divergent views so they could agree on a new endstate. …

C. Sakai

The autonomous decentralized systems (ADS) concept has been expanded to handle subsystem configuration on distributed computing environments effectively. The concept introduces the "group" as a logical set of subsystems based on application software or an organization. Subsystems on a "group" have an equal influence on the entire "group" and are hidden from the other subsystems. The "group" provides a simplified view of the system resource by hiding unrelated information from the users. Application management, monitoring and controlling services are provided on the basis of the "group". The expansion concept and a prototype tool ACP/EM are presented.>

Jau-Liang Chen, Tzonelih Hwang

No abstract is available for this record.

David Platten, Malcolm Cook

Part 1 The arts: literature, Rachel Edwards literature engagee the Hussards the mode retro criticism the Nouveau Roman women writers a return to myth beur fiction poetry the theatre, Martin Sorrell from thelate 19th to the mid-20th century the theatre of the absurd - and the example of Rene de Obaldia Jean Genet - Anton Artaud Bertolt Brecht decentralization total theatre - Jean-Louse Barrault collective creation Jerome Savary and le grand magic circus Ariane Mnouchkine and le theatre du soleil the dominance of the director Peter Brook the re-emergence of the playwright French cinema since 1945, Keith Reader the beginnings the old and the new the new wave Godard and others women directors the return of quality Forum des Halles cinema conserving the cultural heritage of historic buildings and towns in France since 1945. Part 2 Popular culture: sport in France, A Greaves preamble - sports, games and pastimes administration participation - the gout de spectacle, media influence recent trends physical education in schoos and the Associations sportives physical education teachers - training, equipment status the media, Alan Pedley the decline of the Parisian daily press finance, production and distribution the Paris dailies radio television from state monopoly to privatization the rise of Frenc television advertizing and quotas from TFI to culture cable and satellite television - monster or panacea food and wine, Stephen Mennell the historical sociology of French haute cuisine nouvelle cuisine gastronomes and the gastronomic public domestic cookery conclusion popular music, G.Poulet. Part 3 Cultural debates: Paris versus the provinces - cultural decentralization since 1945 gender issues historical and social landmarks femmes, vous lui devez tout! women and language - the quest for a language autre conclusion the French language since 1945, D.A.Trotter.

Charlotte Villiers, Fidelma White

ConclusionsIn Spring, negligence again presents itself as the avenue through which judges reform private law.The emphasis throughout was on negligence, although the speeches of Lords Woolf and Slynn demonstrate that contract could have provided a remedy.It is somewhat surprising that the contractual analysis did not dominate the speeches, especially since Scally indicates that the contractual analysis should be preferred in cases involving harm arising from e m p l ~y m e n t .~~ Yet only Lord Woolf held that the 'primary source of any liability is contractual rather than tortious,' since the relationship with the defendants arose from the previous engagement;55 the other Law Lords did not address the point.We might also ask what would have happened if the plaintiff had brought the action in defamation.Would their Lordships have found a remedy by reforming the law of defamation?For example, would they have held that qualified privilege should not be available to employers or, if available, it should be rebuttable by proof of carelessness rather than malice?Certainly, Derbyshire County Council v Times Newspaperss6 suggests that the House of Lords is willing to take a fresh look at the rules of defamation where political values are at stake; would it do so where more personal or commercial values are at stake?It seems doubtfuls7; perhaps the employer's qualified privilege has stood too long in a tort 'beyond the redemption of the courts'58 for the judiciary to re-examine it.59And perhaps the return of a more liberal view of negligence makes it unnecessary. Agitating for Part-Time Workers' Rights Charlotte Villiers and Fidelma White"In 1994, progress was made for part-timers in the pursuit of their rights at work.In Equal Opportunities Commission v Secretary of State for Employment,' the House of Lords, having recognised the standing of the Equal Opportunities Commission (EOC), granted a declaration that provisions of the Employment Protection (Consolidation) Act 1978 (EPCA) indirectly discriminate against women and therefore are incompatible with European Community law.This involved reversing the decisions of the Divisional Court and the Court of Appeal.This case is significant for a number of reasons.First, while the case recognises the need to protect part-time workers, the EOC was successful because it was held ~ 54 supra n 48, at pp 302-304 (per Lord Bridge).55 supra n 1, at p 390. Cf South Pacific Manufacturing Co Lid v New Zealand Security Consultants & Investigations Ltd, supra n 18, at p 297 (per Cooke P). 56 [1993] AC 534.57 But see Lord Woolf, supra n 1, at p 400: 'it by no means follows that so far as references are concerned the same view should be taken of public policy as was taken when Whiteley v A d a m was decided.' 58 Slim v Daily Telegraph Lid [1968] 2 QB 157 (per Diplock LJ).59 cf White v Jones, supra n 3, at p 216 (per Lord Mustill), and Hedley, 'Recovering Lost Legacies: White v Jones in the Lords' [1995] 1 Web JCLI: 'if we are truly convinced that the will admitted to probate does not reflect [the testator's] wishes at the time of his death, why admit it to probate at all?'

Levent Köker

Local government and politics in Turkey have been under the tutelary control of the central state. Contrary to the Western republican tradition of autonomous local self-government, local politics in Turkey were created by and for the central state. More recently, however, a municipal movement with a social democratic coloring emerged to put an end to central governmental tutelage. This movement was followed by the rise of a new conservative perspective in the 1980s. A peculiar synthesis of technical reason and traditional nationalism was the main characteristic of Turkish new conservatism, which identified local political problems with technical problems of urban management. This approach has been adopted by the party of political Islam, now controlling major metropolitan areas and most smaller towns in central and eastern Turkey; this party tries to resynthesize technical reason and Islamic traditions. Whether Turkey will walk on the path toward more decentralized and participatory political organization or jump into a new and stronger authoritarianism depends on the respective political capabilities of these three trends.

Alec Ian Gershberg

While decentralization is on the forefront of the reform agenda of many developing countries, few studies have performed empirical analysis to provide a holistic picture of the important fiscal, efficiency, and equity issues. Specifically, decentralization nearly always involves fiscal and administrative decisions by both national and sub‐national governments, as well as intricate intergovernmental relations. Here, two empirical models are presented for the Mexican primary and secondary education sector. The first analyzes the efficiency‐equity trade‐off implicit the Mexican Federal Government's educational fiscal transfers to states. Unlike most similar analyses, this model analyzes the distribution of outcomes not simply expenditures. The second model analyzes the relative productivity of separate expenditures by the Federal and state governments before Mexico's recent educational decentralization legislation. The findings show that before the decentralization, the Federal Government exhibited some concern for equity, but that in doing so also treated states unequally according to criteria that have little to do with either efficiency or equity. In addition, the results show that the Federal Government may indeed have been the more efficient provider of primary and secondary education, raising concern for the fiscal and administrative relationship set up by the decentralization legislation: the Federal Government will continue to pay, while the states have gained relative autonomy over expenditures.

Lex Renda

Richard P. McCormick and The Second American Party System Lex Renda (bio) In his American history survey lectures at Rutgers University, Richard P. McCormick often placed politicians at the center of history while irreverently poking fun at their inability to control long-term events. On the one hand, he argued that partisanship in the Jacksonian era originated in the contest for the presidency and politicians’ manipulation of the electoral system, not in doctrinal disputes or social cleavages. On the other hand, politicians were at the mercy of fate. Neither the Whigs’ issueless, hoopla-dominated campaigns, replete with military hero candidates and absent of party platforms, nor the Democrats’ “Jacksonian Strategy” of laissez-faire government could withstand the sectional tensions that eventually sundered the parties as well as American society as a whole. The incredulity of Whigs toward one delegate at their 1840 national convention who daringly proposed a platform, the explosion on the U.S.S. Princeton, which took the life of John Tyler’s secretary of state and permitted his replacement, John C. Calhoun, to breach the hitherto stifled Texas annexation issue, the insulting rant of Michigan’s Charles Stuart at the 1860 Democratic convention, which precipitated the bolt of southern delegates and the subsequent break-up of the Democratic party — all figured prominently in McCormick’s humorous anecdotes about antebellum politics. Leaders created events, yet when structural changes and transcendent sectional animosities are factored in, their influence appears enigmatic, akin to that of the broker in a stock market that ultimately crashes. This role is most visible in McCormick’s The Second American Party System: Party Formation in the Jacksonian Era (1966), 1 a book which remains equally enigmatic in its seminal importance and ambiguous legacy. McCormick received his graduate training at the University of Pennsylvania under the tutelage of Roy F. Nichols, the preeminent “politician’s political historian” of his day. Nichols’s account of the disruption of the Democratic party in the late 1850s provided an organizational interpretation of political history that challenged the “irrepressible conflict” school of Civil [End Page 378] War causation. 2 Although McCormick would implicitly reject Civil War revisionism, Nichols’s assumptions about the impact of politicians, especially their ability to exploit voter impulses, would permeate The Second American Party System. Nichols fostered in McCormick an enduring appreciation of the autonomous nature of political parties and the propensity of politicians to act with personal goals in mind. The genesis of McCormick’s interest in the development of the second party system lay in his own earlier study of voting patterns in New Jersey, as well as in his reading of Maurice Duverger’s comparative analysis of the world’s party systems. 3 Duverger concluded that the American political system deviated markedly from every model. American political parties were, in essence, electoral machines — institutions more adept at electing candidates than in articulating convictions, educating voters, or fulfilling policy goals. For McCormick, the proximate cause of American exceptionalism in this regard was structural. The decentralized system of government and the various constitutional provisions which by design frustrated majority rule ensured the creation of parties more capable of winning elections than of governing. Americans’ persistent ambivalence toward both, power and the legitimacy of political parties, undergirded these structural impediments. Of all the party systems in American history, the second was most clearly an electoral machine system, McCormick implied, for not only did its component parties abdicate their responsibility to govern, but they had to exist in defiance of the most divisive issue in American history: black slavery. 4 The complexity of the federal system of politics led McCormick to write The Second Party System in an unconventional manner. His account of political development was based on neither national nor local events exclusively. Instead, he traced party development in every state which entered the Union prior to 1824, excluding only South Carolina, where no state-wide elections were held before the Civil War. This comparative approach allowed McCormick to ask the same analytic questions and to deduce with reasonable accuracy the timing of party formation everywhere. 5 Indeed, the timing of party development was McCormick’s principal concern, and that too distinguished his book from others...

Binh Tran‐Nam, Công Nghê Truong, Pierre N. V. Tu

No abstract is available for this record.

Dror Lapidot, Adi Shamir

No abstract is available for this record.

Bai Yan

The Caiden and Wildavsky work of 1974 postulates a model of poverty-uncertainty: the governments of poor countries face disappearing and decremental budgets in financing public programs because of a lack of economic growth or poverty. The core argument is that economic development, as a critical variable, determines increments in budgeting practices. In other words, budgeting is incremental, and incremental budgeting results from the growth of GNP. This model has since become a set of principles with identifiable attributes to explain the budgetary processes in poor nations.
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\nThis study is about application of that model in China's budgeting. China has a unitary budget system. The central government used to draw most of its revenues from provinces and its budget includes those of 31 provinces. Provinces thus play a dual role of collecting revenues from within and remitting them to the center in the name of revenue sharing. In 1978 China decided to open to the world, reform its economy, and decentralize budget to provinces. But the original intent of decentralization was to give incentives so that provinces accumulate more resources for further central extraction. The decentralization, however, has led to fiscal decline not anticipated by the reformers.

Christian Bühler, Ralf Hoelper, Helmut Hoyer, Wolfram Humann

No abstract is available for this record.

Yiannis Gabriel

This paper argues that within every organization there is a terrain which is not and cannot be managed, in which people, both individually and in groups, can engage in unsupervised, spontaneous activity. This is referred to as the unmanaged organization, a kind of organizational dreamworld in which desires, anxieties and emotions find expressions in highly irrational construc tions. The chief force in this terrain is fantasy and its landmarks include stories, myths, jokes, gossip, nicknames, graffiti and cartoons. In the organizational dreamworld, emotions prevail over rationality and pleasure over reality. The paper argues that fantasy offers a third possibility to organizational members, which amounts to neither conformity nor rebellion, but to a grudging material acceptance accompanied by a symbolic refashioning of events and official stor ies. Far from being a marginal terrain, it is suggested that the unmanaged organisation is rich, multidimensional and the natural habitat of subjectivity. Four different modes of subjectivity are identified and discussed in connection with different types of organizational narratives: (1) the subject as hero; (2) the subject as heroic survivor; (3) the subject as victim; (4) the subject as object of love.

William J. Ledger

No abstract is available for this record.

William J. Ledger

No abstract is available for this record.

Martin Parker, David Jary

This paper uses elements of Weberian and Foucauldian social theory to speculate on the consequences of recent higher education change in the UK. We argue that changes in the political, institutional and funding environment have produced forms of HE organization that increase the power of management and diminish the autonomy of professional academics. These new forms of organization, which are increasingly bureaucratic and utilize sophisticated systems of surveillance, will make academics increasingly instrumental in their attitudes and behaviour. We conclude that the rationalization of HE should be resisted, but that nostalgia for a previous order should not be part of that resistance. `Mass' higher education organizations are not simply good or bad, but their rationale and consequences need to be clearly thought through if their negative aspects are to be addressed.

Lucy Gilson, Steven J. Russell, Kent Buse

Abstract Since the 1980s user fees for government services have become an accepted financing option for the health and social sectors in developing countries. Even countries which had a tradition of providing health services free of charge have now introduced fees and the focus of debate has shifted from whether or not to introduce them, to when and how they should be introduced. Proponents of user fees stress that equity and efficiency gains can be achieved through the implementation of a cost‐recovery policy package. Within this package user fees are complemented by decentralization and combined with two targeting mechanisms favouring low income groups: exemptions, and the use of fee revenue to improve the services offered to them. The extension and improvement of primary health care, for example, will disproportionately benefit low income groups by addressing their health needs in a cost‐effective way. However, targeting mechanisms, and exemptions in particular, have received little attention in theoretical debates within the health sector and current practices have rarely been reviewed. Relatively little is known about their effectiveness or about the conditions required to ensure and enhance it. This paper seeks to contribute to health financing policy debates by reviewing targeting options and assessing the available evidence concerning these issues. Success in protecting the poor appears to be limited and there are considerable informational, administrative, resource and socio‐political constraints undermining the development of effective targeting mechanisms. The paper, therefore, urges‐caution in developing health care financing policy and identifies a relevant research agenda.

Charles R. Doering, John Gibbon

Introduction In this chapter we show how the dimension of the global attractor ℕ can be estimated for the Navier-Stokes equations. The approach is an extension of that developed in Chapter 4 for ordinary differential equations where it was shown that if N -dimensional volume elements in the system phase space contract to zero, then the attractor dimension d L (ℕ) must be bounded by N . For partial differential equations the technical chore remains the same; namely, to derive estimates on the spectrum of the linearized evolution operator, linearized around solutions on the attractor, and to perform this operation in some function space instead of an a priori finite dimensional phase space. As we saw in Chapter 4 in the context of the Lorenz equations, this requires some knowledge of the location of the attractor, i.e., a priori estimates on the solutions. This approach is pursued in section 9.2 which deals with the 2 d Navier-Stokes equations. It was shown in Chapter 7 that a global attractor si exists in this case, and we have good control of the solutions on the attractor. It turns out that the result for periodic boundary conditions is quite sharp, within logarithms of both the conventional heuristic estimate for the number of degrees of freedom in a 2 d turbulent flow and rigorous lower bounds. The 3 d Navier-Stokes equations on a periodic domain are the concern of section 9.3. The lack of a regularity proof for this case results in some uncertainty concerning the very existence of a compact attractor. To achieve any formal estimate of the attractor dimension it is necessary to assume that H 1 remains bounded for all t .

Ron Martin, Richard Minns

MARTIN R. and MINNS R. (1995) Undermining the financial basis of regions: the spatial structure and implications of the UK pension fund system, Reg. Studies 29, 125–144. Regional growth theory and regional policy traditionally focus on the process of industrial development. Relatively little is known about the flows of money and financial capital that shape that development. This paper examines the spatial organization and implications of the UK pension fund system, one of the principal circuits of financial capital in the national economy. It is shown how the great bulk of pension fund contributions that originate right across the various regions of the UK are channelled into and controlled by financial institutions in the South East of the country. Moreover, those funds are then invested primarily back into companies and organizations located or headquartered in the South East. This spatially centralized system pursues liquidity rather than productive investment, and little of the money trickles down to the regions in the form of finance for capital investment or business expansion. The UK pension fund system thus undermines regions by extracting savings from all over the country and centralizing their management, administration and investment in one region. A key task for regional policy, therefore, should be to promote the decentralization of financial power and financial market structures to the regions so that a greater proportion of money funds remain in and benefit the areas where they originate. MARTIN R. et MINNS R. (1995) L'ébranlement de la base financière des régions: la structure gèographique et les retombées du système de fonds d'assurance-vieillesse du Royaume-Uni, Reg. Studies 29, 125–144. La théorie de croissance régionale et la politique d'aménagement du territoire portent sur le processus de développement industriel. Rares sont les preuves sur les flux d'argent et de capital qui influencent ce développement. Cet article cherche à examiner l'organisation géographique et les retombées du système de fonds d'assurance-vieillesse, l'un des principaux circuits de capital dans l'économie nationale. On démontre comment la masse des cotisations auprès des fonds d'assurance-vieillesse, qui proviennent de toutes les régions du Royaume-Uni, sont affectées aux organismes financiers qui sont situés dans le Sud-Est du pays et qui les gèrent. De surcroît, ces fonds-là sont réinvestis dans une large mesure dans des sociétés et des organismes dont les locaux ou les sièges se trouvent dans le Sud-Est. Ce système centralise du point de vue géographique, porte plutôt sur la liquidité que sur l'investissement productif, et peu d'argent s'infiltre alors dans les régions sous forme de finance désignée pour les dépenses d'investissement ou le développement des entreprises. De cette façon le système de fonds d'assurance-vieillesse du Royaume-Uni ébranle des régions en soutirant des économies dans tout le pays et en centralisant la gestion, l'administration et l'investissement dans une seule région. Par la suite, une tâche primordiale de la politique régionale devrait être alors la promotion de la décentralisation aux régions du pouvoir financier et des structures du des fonds en numeraire reste au sein et au profit des régions d'o[ugrave] ils proviennent. MARTIN R. und MINNS R. (1994) Die Untergrabung der finanziellen Basis der Regionen: die räumliche Struktur des und Implikationen für das britische Rentengeldersystem, Reg. Studies 29, 125–144. Regionalpolitik wie Theorie regionalen Wachstums haben sich immer schon auf den Prozeß industrieller Entwicklung konzentriert. Vergleichsweise wenig weiß man über die Finanzkapital- und Geld-ströme, die diese Entwicklung bestimmen. Der Aufsatz untersucht die räumliche Organisation und Implikationen des britischen Rentengeldersystems, eine der wichtigsten Runden des Finanzkapitals in der Wirtschaft des Landes. Es wird aufgezeigt, wie der Großteil der Rentengelder-beiträge, die aus verschiedenen Regionen des UK zusam-menkommen, Finanzinstituten im Südosten des Landes zugeführt und von ihnen kontrolliert werden. Diese Gelder werden überdies dann vorzugsweise wieder in Gesellschaften und Organisationen investiert, die ihren Standort oder Hauptgeschäftsstelle im Südosten haben. Dieses räumlich zentralisierte System verfolgt statt produktiver Investierung vorzugsweise Liquidität, und den Provinzen fließt nur wenig in Form von Finanzierung von Kapital-investierung oder Geschäftserweiterung zu. Das britische Rentengeldersystem untergräbt somit die Regionen, indem es aus dem ganzen Lande Esparnisse herausholt, und dann Management, Verwaltung und Investierung in einer Region zusammenfaßt. Es sollte deshalb eine Hauptaufgabe der Regionalpolitik sein, die Dezentralisation der Finanzmacht und der Finanzmarkstrukuren auf die Regionen zu betreiben, so daß ein gröberer Anteil der Gelder in den Herkunftsgebieten bleibt und ihnen nützt.