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The purpose of this paper is to examine the degree to which central bank policy errors made the credit crisis inevitable.

The paper did this by first observing the increasing tolerance shown by policymakers over time towards major structural imbalances. It then discussed three distinct behaviours or policy errors, describing their form and impact.

The first error is to hold short‐term interest rates at excessively low levels for sustained periods of time. The second is the unintended consequence of long‐term borrowing costs being kept artificially low as current account surplus countries purchased dollar‐denominated bonds with their surplus funds. The final error related to the skewed regulatory incentives which heavily favoured debt finance over equity funding, thereby encouraging excessive leverage. The paper concludes that central bank behaviour does indeed make a credit crisis inevitable, although clearly the central banks cannot be held directly responsible for policy errors outside of their remit. Nevertheless, where central banks combined a regulatory role with the conduct of monetary policy, they clearly should have been more pro‐active in their oversight of the commercial banks.

The implications of the findings are serious inasmuch as there is little evidence that senior central bankers have altered their behaviour as a result of the crisis. There remains an elevated tolerance of structural imbalances and there has been no acknowledgement by central bank heads of their culpability, despite more junior central bankers being increasingly vocal on the subject. Clearly commercial bankers played an important part in the crisis, but the paper questions how realistic it is to expect them to modify their behaviour without suitable regulatory incentives.

The paper adds insight into the credit crisis and the role of the behaviour of central banks.

Wonders whether companies actually have employees best interests at heart across physical, mental and spiritual spheres. Posits that most organizations ignore their workforce – not even, in many cases, describing workers as assets! Describes many studies to back up this claim in theis work based on the 2002 Employment Research Unit Annual Conference, in Cardiff, Wales.

THE parliamentary White Paper issued on May 2nd by the Minister of Local Government has not yet been debated by the House. It may have repercussions on public library control, although specific proposals on most of the matters involved, including this, have Still to be made. Our readers will know that its purport is to intensify the local side of local government; that is, to take certain powers that are exclusively the business of county councils and to place them in the hands of the non‐county borough, urban district, and other councils. Public libraries are to be considered by a committee to be appointed; they are probably unique in that they are a nationally universal service, or almost that, which has no specified Ministerial department concerned in their direction except in a few matters. A number of questions are therefore left in the air ; for example, the future of the county library system would differ considerably from the present set‐up if every local authority became independent in library matters. Complete independence would mean a locally‐raised and controlled rate, not one raised locally to the amount prescribed for county purposes by the county. Such independence is probably not expected as it would seem that the county is to exercise supervision; and those who are supervised can rarely be free agents, if ever. The Committee, if and when formed, might have many matters to debate, such as the desirability of an adequate local Standard of service which conformed to a reasonable national level, in book provision, the training and payment of librarians—the latter in scandalous need of settlement as advertisements of posts every week demonstrate—and in satisfactory accommodation. With these matters the whole national service should be considered ; the relations of the regional systems and their solvency and their workings with the National Central Library and, when founded, the National Science and Technology Library. Moreover, the interrelations of public libraries with the libraries of Schools, Colleges of all kinds, including Technical Colleges and the accessibility and liaison of all state libraries and others receiving public money with the whole system should be surveyed. Thus it might seem that a unique opportunity for great advance may be offered. On the other hand, unless those who know have access to and are heard by the prospective committee, many things that bitter experience shows to be evil may be done and what is almost as bad, many things may be left undone which ought to be done. We are sure the Library Association will be vigilant.

The purpose of this paper is to identify the circumstances that gave rise to an adverse audit opinion by a New Zealand (Christchurch) accounting firm, Hicks and Ainger, on the annual financial report of the local firm, T.J. Edmonds Ltd, in 1976. In so doing, this study revealed not only previously undocumented issues surrounding major asset purchases but also the impact of key personalities before and after the adverse opinion decision.

The study is located within the Cultural Theory of History, to theorize the narratives within the wider contextual perspective. The issues surrounding the use of memory from such interviews are also considered. The key material offered in this study is sourced from a 2015 interview with the two key audit partners in this audit engagement.

The accounting standard on depreciation at that time, SSAP 3, had not been applied properly to the accounting treatment of four helicopters for wild deer operations, purchased a week before balance date. Neither the artificial suppression of profits by this purchase decision and accounting choice nor the fall in profits nor the adverse opinion, influenced share prices or shareholder perceptions long term.

The significance of this project is that it informs the appreciation of the importance of contextual understanding of a singular adverse audit opinion.

My discussion has assumptions and a tone which I should delineate at the outset. My first assumption is that all education is at least indirectly moral education and that while moral development should not be the explicit focus of our teaching, it is certainly a byproduct of what and how we teach. My second assumption is that the conceptual structures and methodologies of the social sciences embody a “value slant” and they do this inevitably. Broady (1974, p. 62) makes good sense when he suggests that the sociologist does best not by striving to be neutral but to be fair and impartial. This involves a difficult and ever maturing “detachment‐in‐commitment” which I think is an appropriate meaning for what Max Weber called the vocation of the social scientist. My third assumption is that the student expectation that the social sciences critically illuminate their world is legitimate. Sociological concepts devoid of historical specificity are also devoid of significant meaning, for they then become, at best, purely formal, and, at worst, pretentious abstractions. The question “Knowledge for what?” is not anti‐intellectual but rooted in the deepest and most responsible respect for truth. Even the academic search for truth does not entail a privileged indifference to the human process as a whole (Williams, 1977, p. 156).

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

This article demonstrates the implementation and efficacy of Problem-Based Learning (PBL) in an undergraduate entrepreneurship business planning course. Throughout the course, ill-structured problems arise that require independent thinking and ongoing problem solving with students taking responsibility for their own learning. The course incorporates the latest classroom technology and how that technology is utilized to deliver self-directed learning. The PBL methodology is then evaluated in light of anonymous student survey results. The objective is to create a framework for future assessment in evaluating PBL in the business planning course.

THIS number will appear at the beginning of the Leeds Conference. Although there is no evidence that the attendance will surpass the record attendance registered at the Birmingham Conference, there is every reason to believe that the attendance at Leeds will be very large. The year is one of importance in the history of the city, for it has marked the 300th anniversary of its charter. We hope that some of the festival spirit will survive into the week of the Conference. As a contributor has suggested on another page, we hope that all librarians who attend will do so with the determination to make the Conference one of the friendliest possible character. It has occasionally been pointed out that as the Association grows older it is liable to become more stilted and formal; that institutions and people become standardized and less dynamic. This, if it were true, would be a great pity.

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.