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This article combines two sources of data to shed light on the nature of transactional legal work. The first consists of stories about contracts that circulate among elite transactional lawyers. The stories portray lawyers as ineffective market actors who are uninterested in designing superior contracts, who follow rather than lead industry standards, and who depend on governments and other outside actors to spur innovation and correct mistakes. We juxtapose these stories against a dataset of sovereign bond contracts produced by these same lawyers. While the stories suggest that lawyers do not compete or design innovative contracts, their contracts suggest the contrary. The contracts, in fact, are consistent with a market narrative in which lawyers engage in substantial innovation despite constraints inherent in sovereign debt legal work. Why would lawyers favor stories that paint them in a negative light and deny them a potent role as market actors? We conclude with some conjectures as to why this might be so.

The social protests on the streets of indebted sovereigns in crises across the Eurozone have made debt restructuring an imperative. Further delay in achieving this expeditiously and equitably significantly exacerbates the social costs of crises from which current and future generations will struggle to recover. This article examines the feasibility of the drastic and widespread debt restructuring needed to resolve the problem in the face of existing private law sanctions that protect individual creditor rights. It relies on an analysis of US policy in the transition to a securitized market and of key sovereign debt cases to reveal the historical contingency of private law protections. It concludes by showing that the effectiveness of private law protections have always been constrained by the overriding imperative to achieve debt sustainability with negotiated and consensual workouts. This can be achieved in the Eurozone with statutory constraints on enforcement action pending the settlement of debt workouts as suggested in a recent proposal.

This introduction unpacks the key question that informs the articles in this special issue. How does a social sphere inform regulation and, more specifically, how can the regulatory capacity of a social sphere be harnessed, as an alternative or significant complementary force to state regulation and reliance on the self-regulatory capacity of markets? This question is salient and topical also in light of the search for new regulatory strategies and perspectives in the aftermath of the 2007 financial and subsequent EU sovereign debt crises, which have led to a major realignment of economy and society in a number of countries.

This introduction argues that economic sociology is a crucial reference point for understanding more about the social practices that constitute business behavior. It enables to explore the scope and significance of often interlinked social and legal norms for regulating various transnational risks that economic activity can give rise to. The introduction therefore locates the quest for understanding more about the regulatory capacity of a social sphere in debates that draw on Karl Polanyi’s analysis of the embedding, disembedding, and re-embedding of economic activity into social norms. The introduction highlights one of the key themes developed in this special issue, the idea of society within economy which questions an assumed conceptual distinction between economy and society.

This introduction concludes by specifying how the accounts of risk regulation developed in this special issue chart a path that is different from recent explorations of the role of a social sphere in regulation, which were conducted under the banner of “the sociological citizen,” “regulatory sociability,” and “collaborative governance.”

When faced with a financial crisis, debtor countries rarely choose to default on their international financial obligations. Instead, they typically choose to renegotiate their debt service obligations. According to a number of economists, the main motivating factor behind borrowers' and creditors' willingness to restructure is the benefit associated with preserving international trade ties. This raises an interesting question: is the benefit associated with maintaining international trade ties shared equally between the borrower and creditor banks? Or is the outcome dependent on a so-called ‘bargaining game’ between the borrower and creditor banks, and if so, can we identify these variables? According to our analysis, as a borrower's trade ties with developed countries strengthen, the borrower's (and/or creditor's) bargaining power diminishes (strengthens) and it thereafter agrees to restructure at less favourable terms. However, even after controlling for trade ties, we found that major borrowers were able to extract more concessions from the lenders.

If ethical or legal mandates have failed to compel organizations to manage diversity in meaningful ways, competition has emerged as the new impetus to do so. A recent cover story in Nation's Business by Sharon Nelton, “Winning with Diversity,” outlines successful business experiences with a diverse workforce that responds more effectively to developments in the marketplace. Nelton reports that a 1992 survey of 578 companies indicated that over one‐third of the organizations polled felt that employees with multicultural communication skills were necessary for doing business in other nations and communicating with a diverse workforce.

This chapter discusses the findings of a study at a public university in Malaysia, which reflect the country’s evolving situation regarding sustainability education. The study aimed to explore the knowledge of and attitudes to sustainability of the academic staff at the university, and the pedagogical approaches they used in curricula. Through a mixed method approach, primary data were collected through an online quantitative survey containing 90 statements related to Education for Sustainable Development Goals, knowledge, attitudes, pedagogical techniques, and learning objectives. Following the survey, a focus group discussion was conducted involving several academic staff from the university to explore their perspectives on current sustainability teaching practices and to identify emerging issues. Findings revealed that there were generally positive levels of understandings and attitudes among the academic staff toward education on sustainability development (ESD). Furthermore, the staff agreed highly with ESD learning objectives, and various pedagogical approaches were in use. These are important findings as the levels of awareness and attitudes among academics play a key role in shaping successful implementation of a range of pedagogical techniques for ESD goals. As well as the challenges identified in the study, the chapter puts forward useful insights and key aspects to enhance ESD practices at all levels in the country. Options for policy and practice to move beyond sustainable development as a goal or aspiration for teaching and learning to a practical and pedagogical reality of ESD practices in Malaysian higher education institutions are also discussed.