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Book part
Publication date: 14 March 2023

Rita Trivedi

The National Labor Relations Act (NLRA) creates rights for covered employees, defines conduct that violates those rights, and deems that conduct an unfair labor practice. But…

Abstract

The National Labor Relations Act (NLRA) creates rights for covered employees, defines conduct that violates those rights, and deems that conduct an unfair labor practice. But while given broad remedial powers under the Act, the Board's options were curtailed by the Supreme Court's limit on the use of deterrence as an express remedial justification. The Board was left with a strongly make-whole, i.e., ex-post, focus to undo the consequences of a violation.

Put differently, the current NLRA remedies reflect a pay-or-play philosophy. The goal is restoration after the fact, using ex-post remedies to give parties the benefit or status quo that they expected. An actor willing to pay may use a cost–benefit analysis and strategically choose to violate the Act, accepting the make-whole remedies later. But the Act created ex-ante statutory rights, not agreed-upon contractual terms. By statutory enactment, employees are given something of value deemed worthy of protection. Assigning value to compliance with the law in the first instance not only prevents sometimes irreparable harm but also reaffirms the inherent value of the right itself.

The impact of the Board's limited remedies is therefore a broad value-driven one. Without ex-ante deterrence, the available ex-post make-whole remedial options make a normative statement about individuals' rights under the Act: those rights may not be inherently worth enough to incentivize legal compliance. The make-whole focus can imply that financial compensation for the portion of harm that can be calculated and “undoing” some nonfinancial effects is sufficient. There is little drive to deter infringement before the fact. By examining the remedial philosophy behind contrasting approaches in the common law of torts and contract, this Article asserts that the current remedial strictures and framework undermine both the Act and the worth of its rights in the eyes of the public and the employees who hold them.

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Advances in Industrial and Labor Relations
Type: Book
ISBN: 978-1-80455-922-2

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Book part
Publication date: 17 August 2011

Biswa Nath Bhattacharyay

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s that resulted in severe economic, social, and political problems…

Abstract

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s that resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994–1995 Mexican crises, the 1997–1998 Asian financial crisis, the 1998 Russian crisis, and the ongoing financial crisis of 2008–2009 suggests that maintaining financial sector stability through reduction in vulnerability is highly crucial. The world is now witnessing an unprecedented systemic financial crisis originated from the USA in September 2008 together with a deep worldwide economic recession, particularly in developed countries of Europe and North America. This calls for devising and using on a regular basis an appropriate and effective monitoring and policy formulation system for detecting and addressing vulnerabilities leading to crisis. This chapter proposes a macroprudential/financial soundness monitoring, analysis, and remedial policy formulation system that can be used by most developing countries with or without crisis experience as well as with limited data. It also discusses a process for identifying and compiling a set of leading macroprudential/financial soundness indicators. An empirical illustration using Philippines data is presented. There is an urgent need for increased coordination, collaboration, and partnership among central banks, banking and financial market supervision agencies, and ministries of finance, economic, and planning for proper macroprudential monitoring. A high-level national financial stability committee under the auspices of the head of the state as well as a ‘‘regional financial stability board’’ needs to be established to complement and support the activities of an “international stability board.”

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The Political Economy of Antitrust
Type: Book
ISBN: 978-0-44453-093-6

Book part
Publication date: 2 March 2011

Carlo Gola and Francesco Spadafora

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the International Monetary Fund's activities. This chapter surveys the various steps…

Abstract

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the International Monetary Fund's activities. This chapter surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterised by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund's research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first ‘official’ phase of the Fund's involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues ‘up-to-par’ with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund's analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries' financial systems, the international community's response to the global crisis may mark the beginning of a new phase of FSS. The Fund's financial sector surveillance, particularly on advanced economies, is of paramount importance for emerging market and developing countries, as they are vulnerable to spillover effects from crises originated in advanced economies. Emerging market and developing economies, which constitute the majority of the Fund's 187 members, are currently the recipients of over 50 programmes of financial support from the Fund (including those of a precautionary nature), totalling over $250 billion.

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The Impact of the Global Financial Crisis on Emerging Financial Markets
Type: Book
ISBN: 978-0-85724-754-4

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Book part
Publication date: 25 July 2023

Jo-Ellen Pozner, Aharon Mohliver and Celia Moore

We investigate how firms’ responses to misconduct change when the institutional environment becomes more stringent. Organizational theory offers conflicting perspectives on…

Abstract

We investigate how firms’ responses to misconduct change when the institutional environment becomes more stringent. Organizational theory offers conflicting perspectives on whether new legislation will increase or decrease pressure on firms to take remedial action following misconduct. The dominant perspective posits that new legislation increases expectations of firm behavior, amplifying pressure on them to take remedial action after misconduct. A more recent perspective, however, suggests that the mere necessity to meet more stringent regulatory requirements certifies firms as legitimate to relevant audiences. This certification effect buffers firms, reducing the pressure for them to take remedial action after misconduct. Using a temporary, largely arbitrary exemption from a key provision of the Sarbanes-Oxley Act, we show that firms that were not required to meet all the regulatory standards of good governance it required became 45% more likely to replace their CEOs following the announcement of an earnings restatement after Sarbanes-Oxley. On the other hand, those that were required to meet all of Sarbanes-Oxley’s provisions became 26% less likely to replace their CEOs following a restatement announcement. Ironically, CEOs at firms with a legislative mandate intended to increase accountability for corporate misconduct shoulder less blame than do CEOs at firms without such legislative demands.

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Organizational Wrongdoing as the “Foundational” Grand Challenge: Consequences and Impact
Type: Book
ISBN: 978-1-83753-282-7

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Book part
Publication date: 27 November 2015

Andrés Bernasconi

Access and inclusion in higher education present different problems to highly selective universities, and to unselective, demand-absorbing colleges. Also, the public policy…

Abstract

Access and inclusion in higher education present different problems to highly selective universities, and to unselective, demand-absorbing colleges. Also, the public policy perspective of the government has its own goals and concerns. This paper examines these differences in the case of Chile. Elite institutions face a problem they interpret as a loss of diversity due to the increasing gentrification of their student body. In the other segment of universities, students ready to work at a college level without support are a minority, and institutions attempt to change the profile of their student body through remedial courses and other palliative measures.

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Mitigating Inequality: Higher Education Research, Policy, and Practice in an Era of Massification and Stratification
Type: Book
ISBN: 978-1-78560-291-7

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Book part
Publication date: 16 December 2017

Masazumi Wakatabe

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt that the…

Abstract

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt that the Great Depression exerted an enormous influence on economic thought, but the exact nature of its impact should be examined more carefully. In this chapter, I examine the transformation from a perspective which emphasizes the interaction between economic ideas and economic events, and the interaction between theory and policy rather than the development of economic theory. More specifically, I examine the evolution of what became known as macroeconomics after the Depression in terms of an ongoing debate among the “stabilizers” and their critics. I further suggest using four perspectives, or schools of thought, as measures to locate the evolution and transformation; the gold standard mentality, liquidationism, the Treasury view, and the real-bills doctrine. By highlighting these four economic ideas, I argue that what happened during the Great Depression was the retreat of the gold standard mentality, the complete demise of liquidationism and the Treasury view, and the strange survival of the real-bills doctrine. Each of those transformations happened not in response to internal debates in the discipline, but in response to government policies and real-world events.

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Including a Symposium on New Directions in Sraffa Scholarship
Type: Book
ISBN: 978-1-78714-539-9

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Tools and Techniques for Financial Stability Analysis
Type: Book
ISBN: 978-1-78756-846-4

Book part
Publication date: 16 September 2014

Girma Berhanu

This chapter provides a comprehensive presentation and discussion of special education in Sweden. The presentation and discussion are tied deeply to the country’s general…

Abstract

This chapter provides a comprehensive presentation and discussion of special education in Sweden. The presentation and discussion are tied deeply to the country’s general education system which incorporates social and political aspects as well as beliefs in equity for all.

The municipalities in Sweden have a large degree of independence as such special education can be organized in different ways. Yet, within each municipality’s educational structure is the common theme that students are different therefore teaching cannot be the same for everyone. The following chapter sections provide the reader with a better understanding of Sweden’s general special education system today: legislative acts that ensure equal access to education; the special education context; the history of special education and service in Sweden; the expansion of special education starting in the 1960s and early 1970s; current prevalence data; a clarification of differentiation, inclusion and categorization; teacher preparation advances; problems in schools and student’s difficulties; a description of inclusive education; and current challenges to inclusive education.

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Special Education International Perspectives: Practices Across the Globe
Type: Book
ISBN: 978-1-78441-096-4

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Executive Burnout
Type: Book
ISBN: 978-1-78635-285-9

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