The Relevance of Globalization and Notions of Transition

2018 ◽  
Author(s):  
Ralph Henham
Keyword(s):  
Social Justice ◽  
Financial Crisis ◽  
Transitional Justice ◽  
Positive Relationship ◽  
Global Financial Crisis ◽  
Policy Transfer ◽  
Social Value ◽  
Financial Crime ◽  
England And Wales ◽  
Sentencing Policy

This chapter considers the global and comparative dimensions of sentencing and explains their significance for developing a more positive relationship between sentencing policy and social justice. It assesses the influence of globalization on the formulation of sentencing policy in England and Wales, before focusing on the wider problems of drawing comparisons and policy transfer. It then reflects on sentencing as a transitional concept, arguing that notions of transitional justice offer some valuable insights in conceptualizing sentencing policy’s relationship to social justice, particularly in situations where the state lacks a coherent moral mandate for criminalizing and punishing offenders. Finally, the chapter considers whether the 2008 global financial crisis has influenced the approach taken to the sentencing of financial crime in the domestic context, explaining why and how the proposed changes to ideology and practice are more likely to enhance the moral credibility and social value of sentencing in this area.

Bridging the Gap between Political and Penal Legitimacy

2018 ◽  
Author(s):  
Ralph Henham
Keyword(s):  
Political Economy ◽  
Social Exclusion ◽  
Social Value ◽  
The Political ◽  
Institutional Reforms ◽  
Social Morality ◽  
Penal Policy ◽  
England And Wales ◽  
Sentencing Policy ◽  
The Relationship

This chapter argues that the relationship between penal policy and the political economy provides important insights into the political and institutional reforms required to minimize harsh and discriminatory penal policies. However, the capacity of sentencing policy to engage with this social reality in a meaningful way necessitates a recasting of penal ideology. To realize this objective requires a profound understanding of sentencing’s social value and significance for citizens. The greatest challenge then lies in establishing coherent links between penal ideology and practice to encourage forms of sentencing that are sensitive to changes in social value. The chapter concludes by explaining how the present approach taken by the courts of England and Wales to the sentencing of women exacerbates social exclusion and reinforces existing divisions in social morality. It urges fundamental changes in ideology and practice so that policy reflects a socially valued rationale for the criminalization and punishment of women.

Sentencing Policy and Social Justice

2018 ◽  
Author(s):  
Ralph Henham
Keyword(s):  
Social Justice ◽  
Social Exclusion ◽  
Moral Values ◽  
Social Utility ◽  
Financial Crime ◽  
Moral Foundations ◽  
Irregular Migrants ◽  
The Social ◽  
Sentencing Policy ◽  
Public Disorder

The book argues that the promotion of social justice should become a key objective of sentencing policy. It rejects the idea that current forms of justice delivery can respond adequately to the social realities of social exclusion, discrimination, and poverty and their impact on criminality and victimization. Rather, it argues that a deeper understanding of the moral values that underpin punishment by the state is necessary, one that engages more convincingly with the justice needs and expectations of citizens and communities. It concludes that meaningful normative change is only possible where the moral foundations that underpin penal ideology and inform the sentencing policies and practices of the courts reflect a ‘real’ sharing of values about the social utility of sentencing and its outcomes. This aspiration is not portrayed as some kind of vague utopian notion, but as a fundamental necessity for the future legitimacy of penal governance. The book explores how sentencing might contribute more effectively to the achievement of social justice by engaging with some controversial and difficult problems, such as the sentencing of irregular migrants, offences of serious public disorder, sentencing for financial crime, and the sentencing of women. It concludes by proposing some practical reforms to sentencing in England and Wales based on the arguments developed in the earlier chapters, including an expanded role for the Sentencing Council in the development of a more regional and community-focused sentencing policy.

scholarly journals The FSA, “credible deterrence”, and criminal enforcement – a “haphazard pursuit”?

2013 ◽  
Vol 21 (1) ◽  
pp. 4-28 ◽  
Author(s):  
Gary Wilson ◽  
Sarah Wilson
Keyword(s):  
Financial Crisis ◽  
Turning Point ◽  
Domestic Politics ◽  
Global Financial Crisis ◽  
Financial Crime ◽  
Content Type ◽  
Market Abuse ◽  
The Global Financial Crisis ◽  
The Uk ◽  
Changing Attitudes

Purpose– Located within growing scholarly interest in linking the global financial crisis with revelations of financial crime, this piece utilises Roman Tomasic's suggestion that the financial crisis has marked something of a turning point in regulatory responses to financial crime worldwide. Tomasic attributes this to changing attitudes towards light-touch regulation and risk assessment, and the demand for existing agencies to be replaced with new tougher authorities. In the UK, this can be illustrated by the imminent replacement of the FSA with the Financial Conduct Authority (FCA). The paper aims to discuss these issues.Design/methodology/approach– Discussion of the FSA's financial crime fighting activity is an important forecast for the likely directional focus of the FCA in this regard. A focus only on “market abuse” enforcement within this arises on account of the effects for financial systems widely attributed to this activity, with threats to systemic stability being a hallmark of the 2007-2008 financial crisis. This methodology also encourages coherence in focus and management of sources within the article. Market abuse enforcement provides a lens for exploring the FSA's adoption of the philosophy and ethos of “credible deterrence”, and FCA commitment to retain it, and ultimately for applying the hypothesis of the “haphazard pursuit of financial crime” to pre-crisis criminal enforcement relating to financial crime undertaken by the FSA.Findings– The FSA and FCA appear acutely aware that the financial crisis has marked something of a turning point for the enforcement of financial crime, and for signalling changes in approach, for the reasons explored by Tomasic. Tomasic correctly identifies factors encouraging a range of undesirable practices pre-crisis, and ones signalling tougher and more sustained attention being paid to financial crime henceforth. It is noted that, pre-crisis, the FSA's pursuit of criminal enforcement of market abuse was conscious, comprehensively resourced, well publicised, and actually extensive.Originality/value– This exploration of the FSA's criminal enforcement of market abuse given the Authority's own perceptions that it was not, and could never be, a “mainstream” criminal prosecutor considers the likely lasting legacy of this determined pursuit, when domestic politics and pan-European policies suggested against this. This is likely to be enormously valuable as the FCA undertakes this task in a domestic arena which is markedly in contrast from this, and where European agendas are pushing in favour of criminal enforcement, with the “more Europe, or less” debate providing a further dimension of interest.

scholarly journals The effects of government ownership and the global financial crisis on implicit taxes of Chinese companies

2021 ◽  
Vol 18 (2) ◽  
pp. 312-321
Author(s):  
Sung Man Yoon ◽  
Di Qu
Keyword(s):  
Financial Crisis ◽  
Positive Relationship ◽  
Global Financial Crisis ◽  
Negative Relationship ◽  
Policy Implications ◽  
Chinese Government ◽  
Government Ownership ◽  
Significant Positive Relationship ◽  
Chinese Companies ◽  
The Global Financial Crisis

The government has implemented various tax incentive policies to support the generation and growth of corporate profits, leading to what is known as an implicit tax. In actuality, there is no implicit tax phenomenon because this phenomenon occurs in a perfectly competitive market where there are no barriers to entry, transaction costs, or transaction friction. Since most Chinese companies are owned by the Chinese government and are not fully capitalist markets, the possibility of more implicit taxes is not expected to occur. Therefore, the purpose of this study is to investigate whether the Chinese government’s ownership of enterprises and the global financial crisis have had an effect on the realization of the implicit tax phenomena. The results of this study are as follows. First, the pre-tax return on equity (PTROE) of listed Chinese companies had a statistically significant positive relationship with the pre-tax subsidy on equity (PTSE). Second, for companies with a higher level of Chinese government-owned interest, PTROE had a statistically significant positive relationship with PTSE; so this result shows that Chinese companies receive tax benefits, but an implicit tax in the market is not realized. Third, during the global financial crisis, the PTROE of Chinese companies showed an insignificant negative relationship with PTSE. In addition, companies owned by the Chinese government showed an insignificant negative relationship between PTROE and PTSE during the global financial crisis. This study provides policy implications that government ownership equity and macroeconomic events influence the level of freedom in a market economy.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

Overcoming Stereotypes

2008 ◽  
pp. 110-120 ◽  
Author(s):  
A. Yakovlev
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Pragmatic Approach ◽  
Economic Problems ◽  
Conventional View ◽  
The Government ◽  
High Uncertainty

Using the data of SU-HSU enterprises surveys and internal statistics of KPMG company the paper provides a non-conventional view on three economic problems which have recently been in the center of expert discussions in Russia: competitiveness of firms, corruption in the government and level of taxation. The paper argues the necessity of pragmatic approach to economic phenomena, especially under conditions of high uncertainty caused by the increasing global financial crisis.

ASPEK ETIK DAN SISTEMIK DALAM EKONOMI DAN BISNIS ISLAM

ALQALAM ◽  
2014 ◽  
Vol 31 (1) ◽  
pp. 187
Author(s):  
Budi Harsanto
Keyword(s):  
Financial Crisis ◽  
Business Ethics ◽  
Moral Hazard ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Research Question ◽  
Academic Journals ◽  
Lehman Brothers ◽  
The World ◽  
The Global Financial Crisis

The fall of Enron, Lehman Brothers and other major financial institution in the world make researchers conduct various studies about crisis. The research question in this study is, from Islamic economics and business standpoint, why the global financial crisis can happen repeatedly. The purpose is to contribute ideas regarding Islamic viewpoint linked with the global financial crisis. The methodology used is a theoretical-reflective to various article published in academic journals and other intellectual resources with relevant themes. There are lots of analyses on the causes of the crisis. For discussion purposes, the causes divide into two big parts namely ethics and systemic. Ethics contributed to the crisis by greed and moral hazard as a theme that almost always arises in the study of the global financial crisis. Systemic means that the crisis can only be overcome with a major restructuring of the system. Islamic perspective on these two aspect is diametrically different. At ethics side, there is exist direction to obtain blessing in economics and business activities. At systemic side, there is rule of halal and haram and a set of mechanism of economics system such as the concept of ownership that will early prevent the seeds of crisis. Keywords: Islamic economics and business, business ethics, financial crisis 

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