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Dubnick, Fixing Financial Markets, 17 April 2010

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1 Economists and other analysts were similarly perplexed during the initial stages of the Great Depression. Keynes drew so much

attention because his perspective seemed to fill a void created by the failure of extant theories and models (Minsky 1976).

2 On the nature and dynamics of problem definition, see Dery 1984; Hoppe 2002; Rochefort & Cobb 1994.

3 For example, see Hood 2002; Weimer 2006; Ellis 1994; McGraw 1990 and 1991.

4 Studies of the blame game and similar concepts (e.g., hindsight causal analysis, attribution, issue responsibility) include Iyengar

1991; Strange and Leung 1999; Knobloch-Westerwick and Taylor 2008. Also see Kysar and McGarity 2006.




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342/#+08(

Consequences:

9+2'+,',( :+/+2'+,',(

Unguided

Mechanical cause

intervening agentmachines

trained animalsbrainwashed people

Accidental cause

natureweather

earthquakesmachines run amok

Purposeful

Intentional cause

assaultoppression

conspiracies that workprograms that work

Inadvertent cause

intervening conditionsunforeseen side effects

neglectcarelessness

omission

(Stone 1997, p. 285)

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5 By the spring of 2009, the main discussion among economists had moved from the academic journals to editorial op-ed pages, the

Internet and comments made on podcasts and mass media business news shows. Despite criticisms of government proposals that

emerge from the blame game, many of the same experts have contributed to cacophony that generated many and varied proposals.




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-5!:1!:-5"!#6!4..6'$<-5"!+;!)1.<47-,8!6*7!)15-71!>67!'671!4..6*,#4+-<-#;0!

b67!'4,;!5#*)1,#5!6>!#"1!$*+<-.!$6<-.;'4/-,8!$76.155C!#"1!$7151,#!5-#*4#-6,!.6,>-7'5!#"1!71<1=4,.1!4,)!

A'4/-,80!S7-8-,4<<;!47#-.*<4#1)!45!

f!IN[!"45!+11,!

#74,5>67'1)!-,#6!4!:-)1<;!*51)!'6)1<!6>!#"1!.6'$<19!$6<-.;A'4/-,8!$76.155!-,!#"1!LM!:"-."!"45!

>14#*715!7151'+<-,8!4,47."-.4<!4774,81'1,#50!c17"4$5!#"1!+15#!/,6:!6>!#"151!IN[5!:45!)1=1<6$1)!+;!

g6",!h-,8)6,!@2^KZ`!511![*..-476,-!2^KDF!:"6!)15.7-+1)!#"1!$76.155!45!-,=6<=-,8!#"711!-,)1$1,)1,#!

C!71$7151,#-,8!#"1!.*771,#!><6:!6>!-55*15!6>!$6#1,#-4<!-,#1715#!#6!

15!=47;!6=17!#-'10!b67!h-,8)6,!4,)!6#"175!

:"6!*51!#"-5!'6)1<C!#"1!4)6$#-6,!6>!4!$6<-.;!-,=6<=15!4!>67#*-#6*5!.6,=1781,.1!6>!#"151!#"711!5#714'5!

!

!'*<#-$<1!

5#714'5!'6)1<!"1<$5!'4/1!51,51!6>!#"1!.*771,#!5-#*4#-6,!:"171!#"1!6,86-,8!+<4'1!84'1!81,174#15!

75!

715$6,)-,8!+;!#"76:-,8!=47-6*5!4..6*,#4+-<-#;A+451)!56<*#-6,5!4#!#"651!5-#*4#-6,5!#"4#!511'!#6!+1!#"1!

'65#!54<-1,#!4#!4!8-=1,!'6'1,#0!!!

3,!#"1!'-)5#!6>!

A71<4#1)!."4<<1,815FC!#"1!$7-'47;!$6<-.;!

4.#675!"4)!#6!.6,#1,)!:-#"!4!'1)-4A>1)!$*+<-.!6*#7481!+;!

'4,;!$17.1-=1)!45!4!=-6<4#-6,!6>!#"1!$*+<-.!#7*5#!4,)!#7145*710!\91.*#-=1!.6'$1,54#-6,!715#7-.#-6,5!"4)C!

-,!>4.#C!+11,!$47#!6>!#"1!6,86-,8!)1<-+174#-6,!6>!"6:!#6!)15-8,!#"1!HBJc!$76874'!>76'!#"1!6*#51#C!+*#!

#"1!-55*1!:45!$<*./1)!>76'!4!$76+<1'!5#714'!>-<<1)!:-#"!'4,;!'671!@4,)!<155F!5-8,->-.4,#!-55*15C!4,)!#"1!

A>-9!715$6,51!>76'!4'6,8!#"651!>6*,)!-,!#"1!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

6 For the original version of the model, see Cohen, March and Olsen 1972; also March and Olsen 1976 and Cohen and March

1986,




f!

5#714'!6>!$6<-.;!-,5#7*'1,#5!#"4#!:6*<)!54#-5>;!#"1!:"-7<:-,)!#"4#!+76*8"#!#*7+*<1,.1!#6!#"1!$6<-#-.4<!

5#714'!@P1+1<!DEE^`!H"4#."17!DEE^F0!

H"1!B3I!1$-56)1!#*7,1)!6*#!#6!+1!#"1!>-75#!6>!'4,;!5-'-<47!><45"!$6-,#5!#"4#!"4=1!1'1781)!-,#17'-##1,#<;!

!!V*#!:-#"!#"-5!4,)!6#"17!-55*15C!#"171!-5!

,6#"-,8!-,!#"1!$*+<-.!71.67)!#6!-,)-.4#1!#"4#!4!'671!71456,1)!@,6,AIN[A<-/1F!$76.155!-5!+1-,8!4$$<-1)!-,!715$6,510!b4.1)!:-#"!5$1.->-.!-55*15!71<4#1)!#6!4!$47#-.*<47!45$1.#!6>!#"1!>-,4,.-4<!.7-5-5C!$6<-.;'4/175!:-<<!

715$6,)!:-#"!4..6*,#4+-<-#;!'1."4,-5'5!$*<<1)!>76'!#"1!$6<-.;!5#714'!#"4#!511'5!#"1!+15#!>-#!#6!)14<!

:-#"!#"1!,4776:<;!)1>-,1)!$76+<1'0!

#"1!19$1.#1)!715$6,51!@4#!<145#!*,)17!#"1!IN[F%!4,!4)!"6.!$76<->174#-6,!6>!$6<-.;!$76$654<5!#"4#!471!

-,.6"171,#!4,)!-,.6,5-5#1,#!4#!+15#0!3,!56'1!-,5#4,.15!:1!"4=1!71>67'5!)15-8,1)!@-,#1,#-6,4<<;!67!,6#F!

#6!5#71,8#"1,!6=175-8"#!4,)!.6,#76<!AA!6>!+6#"!#"1!718*<4#1)!4,)!#"1!718*<4#675i!B#!#"1!54'1!#-'1C!

>-,)!4..6*,#4+-<-#;!'1."4,-5'5!4-'1)!4#!455*7-,8!#"4#!#"1!-,#17,4<!)1.-5-6,!$76.15515!@484-,C!6>!+6#"!

#"1!718*<4#1)!+4,/-,8!.6''*,-#;!4,)!#"1!718*<4#675F!>6<<6:!4!.17#4-,!$4##17,!4,)!#"4#!#"1!#4781#1)!

=47-6*5!481,#5!4,)!

481,.-15!-,=6<=1)0!!

\4."!6>!#"151!$6<-.;!715$6,515!'4/1!51,51!.6,5-)17-,8!#"1!,4776:!4,)!5$1.->-.!,4#*71!6>!#"1!$76+<1'5!

)74:,!>76'!#"1!5#714'!4#!4!8-=1,!#-'10!H"1!'671!81,174<!R*15#-6,!-5!:"1#"17C!:"1,!#4/1,!#681#"17!4,)!

4551551)!-,!#"1

!

."*-/+%(21'(;'0/%+(!"#5$'-(

3>!:1!471!#6!)1=1<6$!56<*#-6,5!#6!#"1!.*771,#!>-,4,.-4<!.7-5-5C!:1!,11)!#6!+18-,!+;!47#-.*<4#-,8!4,)!

@71F>74'-,8!#"1!$76+<1'C!4,)!"171!:1!.4,!5#47#!:-#"!4!+45-.!455*'$#-6,!4+6*#!#"1!.67$674#-G1)!'47/1#!

#"4#!"45!+11,!4..1$#1)!+;!+6#"!$6<-#-.4<!5.-1,#-5#5!4,)!1.6,6'-5#5!5-,.1!4#!<145#!#"1!2^YE5%!#"1!.1,#74<!

$76+<1'5!471!#"651!6>!.714#-,8!4,)!5*5#4a!

B5!:-#"!4<<!#17'5!#"4#!471!$47#!6>!#"1!.6''6,!$47<4,.1!6>!$6<-#-.4<!)-4<68*1!@1080C!$6:17C!56=171-8,#;C!

1#.0FC!71>171,.1!#6!#"1!.6,.1$#!6>!86=17,4,.1!71R*-715!56'1!4,4<;#-.!.<47-#;0!B'6,8!#"651!1,8481)!-,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

7

-xample, see

Finkelstein 1995 de Alcántara 1998, Weiss 2000, Doornbos 2001, Aguilera and Cuervo-Cazurra 2004, and Bourdieu 2005, pp. 10-

12. In the analytic exercise that follows I attempt to circumvent both the normative and ideological implications of the concept.




a!

#"1!4,4<;5-5!6>!86=17,'1,#C!"6:1=17C!#"1!>6.*5!6>!4##1,#-6,!-5!56!:-)1!74,8-,8!#"4#!4,;!5#*);!'*5#!

AA!#"1!#45/5!4,)!>*,.#-6,5!#"1;!.477;!6*#!45!#"1!<18-#-'4#1!.6,#76<<175!6>!#"1!'4."-,17;!

A

A

:-#"-,!4,)!4'6,8!4<<!>67'5!6>!6784,-51)!<->1!AA!>76'!#"1!>4'-<;!*,-#!#6!#"1!'6)17,!5#4#1!4,)!8<6+4<!

,1#:67/5!@J"6)15!2^^f`!M#6/17!2^^KF0!H4/-,8!4!56'1:"4#!'-))<1!.6*751!471!4,4<;5#5!5*."!45!S<-=17!\0!

P-<<-4'56,!@2^^ZC!2^^KF!:"6!#74.15!#"1!5#*);!6>!86=17,4,.1!#6!#"1!:67/!6>!g6",!N6''6,5!@2^YDF!4,)!

J6,4<)!N6451!@2^YaFC!4,)!)1>-,15!-#!45!#"1!194'-,4#-6,!X6>!866)!67)17!4,)!:67/4+<1!4774,81'1,#50X!

$6<-.;!)15-8,!#45/!-5!#6!47#-.*<4#1!71>67'5!#"4#!.4

!

86=17,4,.1!:"1#"17!#"1;!471!>6.*5-,8!6,!5#4#15C!,1#:67/5!67!>67'4<!6784,-54#-6,50!!3,!.6,=1,#-6,4<!

)-5.*55-6,5!4+6*#!$6<-#-.5C!#"1!#17'!X718-'1X!-5!<6651<;!4$$<-1)!#6!#;$15!6>!$6<-#-.4<!5;5#1'5!67!5#;<15!6>!

86=17,4,.1!@1080C!)1'6.74#-.!718-'15C!4*#"67-#47-4,!718-'15C!M#4<-,-5#!718-'15F!67!#"1!86=17,'1,#!6>!4!

.6*,#7;!#"4#!"45!+11,!7*<1)!+;!56'1!$1756,!67!$47#;!>67!4,!19#1,)1)!$17-6)!@1080C!#"1!N45#76!718-'1C!

#"1!N6''*,-5#!718-'1F0K!

B'6,8!5."6<475!:"6!5#*);!86=17,4,.1C!#"1!#17'!X718-'1X!-5!#;$-.4<<;!455-8,1)!#6!#"651!$6<-#-.4<<;!

71<1=4,#!56.-4<!4,)!1.6,6'-.!4774,81'1,#5!#"4#!1,)*71!6=17#-'1!#6!>67'!#"1!51##-,8!:-#"-,!:"-."!

86=17,'1,#5!@4,)!$6<-#-.4<!5;5#1'5!-,!81,174<F!6$174#10![671!5$1.->-.-#;C!:"4#!#"1!#17'!X718-'1X!'14,5!

4,4<;#-.4<<;!)1$1,)5!6,!#"1!5.6$1C!+714)#"!4,)!)1$#"!6>!#"1!)6'4-,!6>!86=17,4,.1!4.#-6,!#6!:"-."!-#!-5!

+1-,8!4$$<-1)0!b67!56'1C!718-'15!.6,5#-#*#1!#"1!+45-.!'674<!67)17!67!@-,!N"47<15!H4;<67d5!$"7451F!56.-4<!

-'48-,47;!@DEEZF!#"4#!-,><*1,.15!#"1!>67'C!)-71.#-6,!4,)!>67.1!6>!86=17,4,.10!3,!H4;<67d5!5:11$-,8!

"-5#67-.4<!4,4<;5-5!4,)!.7-#-R*1!6>!#"1!'6)17,!X51.*<47X!481!@DEEaFC!>67!194'$<1C!#"1!#17'!718-'1!-5!

5;,6,;'6*5!:-#"!#"1!*,)17<;-,8!X'674<!67)17X!6>!4!56.-1#;C!4,)!"1!71847)5!."4,815!4,)!5"->#!-,!718-'15!

@-010C!56.-4<!-'48-,47-15F!#6!+1!7471!4,)!71=6<*#-6,47;0!

b67!6#"175C!718-'15!471!71><1.#1)!-,!#"1!$4##17,5!6>!86=17,4,.1!#"4#!1'1781!:-#"-,!51##-,85!:"171!#"1!

#74)-#-6,4<!5#7*.#*715!4,)!'1."4,-5'5!6>!86=17,'1,#!471!,6#!4=4-<4+<10!M#*)1,#5!6>!:67<)!$6<-#-.5!"4=1!

$4-)!876:-,8!4##1,#-6,!#6!#"1!76<1!#"4#!+6#"!>67'4<!4,)!-,>67'4<!-,#17,4#-6,4<!718-'15!"4=1!$<4;1)!@4,)!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

8 There is notably a negative, judgmental sense implied in the popular use of the word "regime" evidenced by the fact that the

concept is rarely applied to US regimes (typically labelled "administrations") or many parliamentary regimes (which are noted as

"governments" in the media).




^!

P-#"-,!#"1!86=17,4,.1!51##-,8!#"171!-5!4!51.6,)!4,)!R*-#1!,1.15547;!.6'$<1'1,#!#6!#"1!718*<4#67;!

718-'1!#"4#!>65#175!4!51,51!6>!715$6,5-+-<-#;!4,)!6+<-84#-6,!4'6,8!4.#675!-,!#"1!)6'4-,0!H"-5!

.//,0-*.1232*4$+(526($!@M4551,!DEEKC!$0!f2F!6>!-,5#-#*#-6,5C!

,67'5!=4<*15!4,)!71<4#-6,5"-$5!71<4#1)!#6!#"1!>4.#!#"4#!86=17,4,.1!-,=6<=15!'671!#"4,!4!:1+!6>!.6,#76<!

.6'$6,1,#5!4,)!4556.-4#1)!'1."4,-5'5`!86=17,4,.1!-5!+451)!45!'*."!6,!56'1!,67'4#-=1!67)17!AA!4!

4.#675F!,1.15547-<;!6$174#150!3#!-5!:-#"-,!#"4#!,67'4#-=1!718-'1!5$4.1!#"4#!5#4,)47)5!6>!4$$76$7-4#1!4,)!

1#"-.4<!+1"4=-6*7!AA!-,!=17;!81,174<!#17'C!!"#!$%&%'()*+(,+-!*#()*'./!+.!0&1'(- !AA!471!15#4+<-5"1)!4,)!

5*5#4-,1)C!4,)!:"171!#7*5#!.4,!+1!,*7#*71)0!

!

( <#+2"#$(4#-=#+'+208(

( Information gathering Standard setting Behaviourmodification

Context: e.g., type

and level of risk being

tackled, nature of public

media attitudes,

configuration of lobbies

and organized interests

Example: risks

individuals can assess at

low cost vs risks

assessable only by

professionals or at high

cost

Example: risks involving

high stakes for organized

groups vs risks with no

lobby groups

Example: risks where

mass public opinion resist

state control vs regulation

Content:

e.g., regulatory stance,

organizational structure,

operating conventions

and regulator attitudes

Example: active vs

passive information-

seeking by regulators

Example: cost-benefit vs

technical feasibility

approaches to goal

setting

Example: price signals vs

command approaches to

control

d Context

!

M11,!>76'!4!)6'4-,!$175$1.#-=1C!86=17,4,.1!$7-'47-<;!@+*#!,6#!19.<*5-=1<;F!22

!-,=6<=15!.(%0+%0!+$()%-(/+

(,+-'*2+&)3+%0!+4&)&5!4!)%+(,+!"#!$%&%'()*0!B!86=17,4,.1!1>>67#!-,=6<=15!+6#"C!4,)!4,!1>>1.#-=1!

'1)!864<!6>!$6<-.;!71>67'F!-5!6,1!#"4#!#714#5!#"1!718-'15!

#"4#!4))7155!#"151!#:6!>*,.#-6,5!45!.6'$<1'1,#47;0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

11 Governance, of course, serves many other purposes. For example, see Rose 1973, 1978; Peters 1996; Peters & Pierre 1998.




2E!

B$$<;-,8!#"-5!#:6A718-'1!$175$1.#-=1!#6!#"1!.*771,#!1>>67#5!#6!71>67'!#"1!>-,4,.-4<!517=-.15!'47/1#C!-#!

.4,!+1!478*1)!#"4#!'65#!.*771,#!71>67'!1>>67#5!"4=1!+11,!>6.*51)!6,!#"1!718*<4#67;!45$1.#5!6>!#"1!

)6'-,4#1)!19$<4,4#-6,5!6>!:"4#!:1,#!:76,8!-,!#"1!>-,4,.-4<!51.#67`!-,!#"1!4>#17'4#"!6>!4!.7-5-5C!:"1,!4<<!

67!'65#!5;5#1'5!"4=1!>4-<1)!67!511'!-,!)-54774;C!#"1!718*<4#67;!'1."4,-5'5!@4,)!718*<4#675F!$76=-)1!

145;!#4781#5!>67!+<4'1!84'1750!3,!4))-#-6,C!#"1!.6,.1,#74#-6,!6,!718*<4#67;!718-'1!71>67'5!71><1.#5!#"1!

>4.#!#"4#!@71F)15-8,-,8!.6,#76<!718-'15!511'5!<155!."4<<1,8-,8!#"4,!)15-8,-,8!4..6*,#4+-<-#;!718-'150!

B!'671!>*,)4'1,#4<!=-1:!6>!#"1!$76+<1'!-5!.6,.1$#*4<0!H"1!)->>-.*<#;!:-#"!)15-8,-,8!71>67'5!>67!#"1!

4..6*,#4+-<-#;!718-'15!6>!86=17,4,.1!-5!#74.14+<1!#6!6*7!-,4+-<-#;!#6!*,)175#4,)!4,)!4$$71.-4#1!:"4#!

#"-5!-'$67#4,#!4714!6>!86=17,4,.1!1,#4-<50!3,!#"1!71'4-,)17!6>!#"-5!$4$17C!3!19$<671!#"1!,4#*71!6>!#"1!

4..6*,#4+-<-#;!718-'1!:-#"!#"1!-,#1,#!6>!.6,5#7*.#-,8!4!$71<-'-,47;!>74'1:67/!>67!#"1!)15-8,!6>!71>67'!

$6<-.-15!#"4#!.4,!6>>17!4!'671!1>>1.#-=1!4$$764."!#6!56<=-,8!#"1!86=17,4,.1!-55*15!#"4#!$<48*1!#"4#!

471,40!P"-<1!#"1!864<!-5!#6!)1=1<6$!4,!4,4<;#-.!>74'1!6>!1R*4<!*#-<-#;!4,)!$6:17!45!#"1!UJV!5."1'1C!

:"4#!>6<<6:5!5"6*<)!+1!71847)1)!45!$71<-'-,47;!4#!+15#0!!

>'41*+/0-0(*+,(>#"*$(72*+,*",0(

O15$-#1!#"1!)74:+4./5!6>!>6<<6:-,8!.6,=1,#-6,4<!+<4'1!84'-,8!4$$764."15!#6!)1#17'-,-,8!#"1!

$76+<1'5!6>!4!$6<-.;!)6'4-,!-,!.7-5-5C!#"171!471!56'1!-,5-8"#5!#6!+1!84-,1)!+;!194'-,-,8!#"1!715*<#-,8!

$6<-#-.4<!7"1#67-.!4,)!$6<-.;!715$6,515!AA!15$1.-4<<;!#"1-7!.6''6,!>6.*5!6,!#"1!,11)!

!

3,!#"1!81,174<!

.6,=1754#-6,50!3,!6,1!.6,=1754#-6,C!4..6*,#4+-<-#;!@67!#"1!<4./!#"1716>F!-5!+1-,8!)-5.*551)!45!4!/1;!>4.#67!

-,!+7-,8-,8!4+6*#!A><;-,8!>-,4,.-4<!517=-.15!-,)*5#7;0!!B..6*,#4+-<-#;C!-,!56'1!>67'!67!4,6#"17C!-5!=-1:1)!+;!#"1!$47#-.-$4,#5!45!4!$76+<1'!AA!

$17"4$5!HU\!$76+<1'!AA!#"4#!,11)5!4))7155-,80!!

H"1!6#"17!.6,=1754#-6,!@6..*77-,8!4<'65#!5-'*<#4,16*5<;F!-5!>6.*51)!6,!56<*#-6,5!74#"17!#"4,!$76+<1'50!

H"1!'4(67!71>74-,!"171!AA!71$14#1)!.6,5#4,#<;!-,!'671!7"1#67-.4<!51##-,85!AA!

7-5-50!

H"-5!5-'$<1!6+517=4#-6,!4+6*#!#"1!76<1!6>!4..6*,#4+-<-#;!45!+6#"!$76+<1'!4,)!56<*#-6,!AA!.4*51!4,)!.*71!A

A!

86=17,4,.10!P"4#!)615!4..6*,#4+-<-#;!'14,!#6!#"651!1,8481)!-,!#"151!5147."15!>67!.4*515!4,)!.*715C!

4,)!-,!:"4#!:4;@5F!)6!=47-6*5!=-1:5!6>!4..6*,#4+-<-#;!-'$4.#!6,!6*7!*,)175#4,)-,8!6>!#"1!>-,4,.-4<!.7-5-5!

4,)&67!6*7!715$6,515!#6!-#e!

3,#1715#-,8<;C!#"1!';6$-.!6+5155-6,!:-#"!!"#$%&'(!)*.6,#76<!.6'15!-,#6!$<4;!4#!#"-5!(*,.#*710!3,!




22!

4..6*,#4+-<-#;!-5!#;$-.4<<;!@->!,6#!4<:4;5F!47#-.*<4#1)!-,!#17'5!6>!56'1!5$1.->-.!-,5#-#*#-6,4<!'1."4,-5'!67!

$6<-.;!-,5#7*'1,#!>4-<*710!H"1!<-5#!6>!5*5$1.#1)!.*<$7-#5!74,815!>76'!#"1!-,5*>>-.-1,.;!6>!+45-.!'4,4817-4<!

.6,#76<5!4,)!-,#17,4<!.67$674#1!86=17,4,.1!'1."4,-5'5C!#6!#"1!<4./!6>!#74,5$471,.;!4,)!)*1!)-<-81,.1C!

#6!<49!1,>67.1'1,#!6>!+4,/-,8!4,)!51.*7-#-15!718*<4#-6,5!4,)!#"1!4+51,.1!6>!1>>1.#-=1!6=175-8"#!6>!

718*<4#675!+;!191.*#-=1C!<18-5<4#-=1!67!(*)-.-4<!6>>-.-4<50!M"67#.6'-,85!4+6*,)!-,!4<<!#"151!455155'1,#5!6>!

#"1!$76+<1'5!AA!5"67#.6'-,85!-,!#"1!51,51!#"4#!#"1!718*<4#67!67!718*<4#1)!$47#;!-5! 1$2'*0('*%+3+0#*$4*'(*

"54"/'&'+(020!J18*<4#67;!718-'1!.6,#76<!.6'$6,1,#5!6=17<4$!:-#"!AA!$17"4$5!471!4.#*4<<;!1'+1))1)!-,!

@I74,6=1##17!2^K_C!2^^D`!4<56!V6*7)-1*!DEE_F!AA!#"1!4..6*,#4+-<-#;!718-'10!\4."!4,)!4<<!471!71847)1)!45!

$47#!6>!4,!4..6*,#4+-<-#;!-,>745#7*.#*71!.6'$651)!6>!=47-6*5!#66<5!@1080C!6=175-8"#C!4*)-#5C!-,5$1.#-6,5C!

-,=15#-84#-6,5C!."4-,5!6>!.6''4,)C!1#.0F!#"4#!5"471!4!)1>-,-,8!."474.#17-5#-.!#"4#!)-5#-,8*-5"1)!#"1'!

>76'!6#"17!.6,#76<!.6'$6,1,#5%!14."!6$174#15!+;!15#4+<-5"-,8!4..6*,#A8-=-,8!71<4#-6,5"-$5!4'6,8!4#!

<145#!#:6!$47#-15!-,!4,!6784,-G1)!1>>67#!#"4#!!""#$%%$%&'($&)$$"&'*&"$!+&,-'(&.)!""#$%%$"&*#&.)/.+/-++$"&

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j-1:1)!,4776:<;!45!4..6*,#A8-=-,8!'1."4,-5'5!67!-,5#7*'1,#5C!4..6*,#4+-<-#;!-5!4!'14,5!>67!#"1!

'4,481'1,#!6>!19$1.#4#-6,5!4,)!#4/15!6,!#"1!."474.#17-5#-.5!6>!4!#1.",-.4<!>14#*71!6>!#"1!>-,4,.-4<!'47/1#$<4.1C!4!>*,.#-6,4<!@6>#1,!-,5#-#*#-6,4<-G1)F!$47#!6>!#"1!1.6,6'-.C!$6<-#-.4<!4,)!56.-4<!71<4#-6,5"-$5!

#"4#!.6'$7-51!#"-5!51.#670!3#!>6<<6:5!#"4#!:"1,!#"1!>6.*5!#*7,5!#6!>4-<*715!6>!4..6*,#4+-<-#;!@-010C!#"151!

19$7155-6,!-,!$76$654<5!#6!71$4-7!67!71$<4.1!#"1!>4-<1)!67!)4'481)!'1."4,-5'50!

V*#!5*."!'1."4,-5'5!'*5#!+1!71847)1)!45!6,<;!$47#!6>!#"1!4..6*,#4+-<-#;!718-'1!.6,5#7*.#0!!B,!

4<#17,4#-=1!)-'1,5-6,5!6>!4..6*,#4+-<-#;!-5!4<56!4#!:67/!-,!#"1!.4*51&.*71!)-5.*55-6,5C!6,1!#"4#!71847)5!

4..6*,#4+-<-#;!45!$<4;-,8!'671!6>!4!,67'4#-=1!76<1!#"4,!4!#1.",-.4<!6,10!U171!#"1!#4</!-5!,6#!4+6*#!#"1!

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

12 - juncture in regard to four points. The first is to

highlight that we are dealing with social relationships, and therefore these have to be understood as fundamentally ),/2.3

mechanisms despite the fact that we often perceive them too narrowly in strictly formal or legalistic terms.

Second, although frequently associated with the logic of principal-agent relations (especially when operationalized in academic

models), such relationships do not necessarily involve hierarchical or super/sub-ordinate arrangements. At least in theory (and more

often than is often acknowledged, in practice), account-giving relations can be horizontal as well as vertical, bottom-up as well as

top-down --

Third, these relationships are based as much (if not more) on expectations as they are in actions. Often it is the anticipation of

-giving capacity that determines the effectiveness of an accountability mechanism. Anxiety about who mightseek an account, what action one might be held to account for, and when one might called to account -- all play major roles in

shaping the relevant relationships. For more on this point, see Darwall 2006).

Finally, these account-giving relationships cannot be viewed in isolation from other social relations, including other account-giving

claims. The existence of multiple, diverse and potentially conflicting expectations is itself to be expected in the world of

accountability mechanisms.




2D!

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Perspective: Cause Cure

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$//$2'-6$&)*#3%C%'!)"!#"%&

Figure 3: Accountability as Cause/Cure

(

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B5!

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

13 The major work in this area is attributable to James Guthrie and his colleagues at the University of Sydney. See English &

Guthrie 1991; Guthrie 1992, 1993; Parker & Guthrie 1993. Also see Broadbent & Guthrie 1992.

14 See the work of Alnoor Ebrahim and his colleagues: Ebrahim 2003, 2003a, 2006, 2009; Ebrahim & Heerz 2008; Ebrahim &

Weisband 2007 (esp. Weisband & Ebrahim 2007).. Also see Jordan & Tuijl 2006.




2_!

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( ( 7='4/@/4/26(#@(*44#&+2*5$'(*42/A/26((

B/C'CD('E='42*2/#+0F(

Low High

3&2#+#-6(#@(

*44#&+2*5$'(

*%'+2(

High

Constitutive Accountabilitydevelopment and operation of

internalized norms and standards (i.e.expectations)

Managerial Accountability

(objective or standard), allow agent to

Low

Regulative AccountabilityCreation/externalized oversight of(expected) actions of agent within

Performative Accountability

to meet thoseexpectations

!

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

15 Berle and Means (1932) first described the logic of this approach in the corporate world when they presented their classic

managements this group of powers, not only in law but in ideology. No better principle in carrying on business has yet been worked

out than to find able men and give them the completest latitude possible in handling the enterprise (p. 60). Also see Mason 1958;

Preston & Post

16 Although this assumption originated in the private sector, it has been most often critically examined with public sector contexts.

On the history of private sector managerialism, the classics are Burnham 1960 and$Chandler 1977. The classic expression of a

positive view of public sector managerialism was found in Friedrich 1940. The recent New Public Management reforms that took

root in New Zealand, Australia, the UK and Canada had a strong managerial accountability component; see Pollitt 1993; Pollitt &

Bouckaert 2000; Cochrane 1993; Campbell; and Hood 2001).

17 Berle 1932, pp. 1366-

of a time when corporate administration will be held to a high degree of required responsibility -- a responsibility conceived not

merely in terms of stockholders' rights, but in terms of economic government satisfying the respective needs of investors, workers,

customers, and the aggregated community. Indications, indeed, are not wanting that without such readjustment the corporate

system will involve itself in successive cataclysms perhaps leading to its ultimate downfall.




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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

18 Perhaps the most relevant and useful approaches for analyzing these types of reform is found in the work of Elinor Ostrom and

her colleagues whose research has focused on solutions to common pool resource problem. See Ostrom 1990, 2005; Dietz, Ostrom

& Stern 2003.

19 For an examination of the role of accountability in provisions of Sarbanes-Oxley, see Dubnick 2007.




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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

20 See Fisse & Braithwaite 1993. There is a sense of collective indignation and retribution also associated with those efforts.

21 significant role in the further development of this scheme; see

March & Olsen 1995; 2004.




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( G6='0(#@(*44#&+2*5/$/26(

( !'"@#"-*2/A'((>*+*%'"/*$( )'%&$*2/A'( <#+02/2&2/A'((

Content e.g., actions that assert,

clarify or remind actors ofwhat is normatively

expected or appropriate

Meaningfulnarratives; requiredsymbolic gestures;

mandated rituals, e.g.quarterly reports

Mission, goals,direction; e.g.,

granting of limiteddiscretionary

authority

Rules, standards,oversight,

sanctions; e.g.,fiduciary

responsibility

Institutionalparameters, norms;e.g., assumed due

diligence

Contexte.g., setting or medium

for carrying out expectedactions

Publicity, media Organizational Laws, oversightMarkets, assumedintegrity of actors

Conditionse.g.,circumstances,

triggering situation orevent

e.g., scandal, poorreputation,

misfeasance,malfeasance

(Sarbanes-Oxleyprovisions)

e.g., low or poorperformance,

productivity,etc.Ineffectiveness

e.g., misfeasance,malfeasance;

noncompliance(SEC suit againstGoldman Sachs)

e.g., market failure,government failure

(threat of majormarket reform; threats

from politicalmovements)

Figure 5: Framing the Accountability Regime

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H"171!471!4!,*'+17!6>!71<1=4,#!4,4<;#-.!4$$764."15!#6!#"1!81,174<!.6,#19#!6>!4..6*,#4+-<-#;!718-'15!

#"4#!.4,!+1!4$$<-1)!>67!#"-5!>74'-,8!$76(1.#0!A8

[47;!O6*8<45!4,)!B476,!P-<)4=5/;DD

!"-8"<-8"#5!#"1!=47-4#-6,!-,!19$1.#4#-6,5!#"4#!1'1781!>76'!>-=1!

.*<#*74<!67-1,#4#-6,5!#"4#!1'1781!>76'!)->>171,.15!4<6,8!#:6!)-'1,5-6,5%!#"1!19#1,#!#6!:"-."!6,1!

$17.1-=15!#"1!:67<)!>76'!4!=4,#481!$6-,#!#"4#!5#715515!.6<<1.#-=1!@"-8"!876*$F!67!-,)-=-)*4<!@<6:!876*$F!

4$$764."!#6!$76+<1'5C!4,)!#"1!19#1,#!#6!:"-."!6,1!71847)5!6,151<>!45!.6,5#74-,1)!@"-8"!87-)F!67!4<<6:1)!

)-5.71#-6,!#6!4.#!@<6:!87-)F!+;!#"1!)1'4,)5!6>!56.-1#;0!H"1!>6*7!'4(67!#;$15!6>!4.#675!#"4#!1'1781!>76'!

#"-5!>74'1:67/!71<4#1!#6!19$1.#4#-6,5!)->>171,#<;C!74,8-,8!>76'!#"1!184<-#47-4,!:"651!19$1.#4#-6,5!471!

5"4$1)!+;!4!5#76,8!-)1,#-#;!:-#"!876*$!=4<*15!4,)!4!"-8"!51,51!6>!1>>-.4.;!#6!#"1!>4#4<-5#!:"651!

19$1.#4#-6,5!471!,1-#"17!.6"171,#<;!6784,-G1)!,67!4.#-=1<;!$*75*1)0!V1#:11,!#"1!#:6!19#71'15!471!#"1!

.*<#*715!6>!#"1!'47/1#!@-,)-=-)*4<-5#F!4,)!#"1!6784,-G4#-6,!@"-1747."-5#F0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

22 See Douglas & Wildavsky 1982; Wildavsky 1987, 1988, 1989; Douglas 1992, 1999; Thomspon, Ellis & Wildavsky 1990; Ellis &

Thompson 1997. Also see Hood 1998. For an overview, see Mamadouh 1999.




D2!

4,!

$76=-)1!5-8,->-.4,#!-,5-8"#5!-,#6!#"1!>4.#675!#"4#!5"4$1!19$1.#4#-6,5!4,)!5"4$1&)7-=1!#"1!4..6*,#4+-<-#;!

718-'10!3,!"-5!194'-,4#-6,!6>!1.6,6'-.!'47/1#5C!>67!194'$<1C!"1!4##7-+*#15!#"1!)1.-5-6,5!6>!=47-6*5!

!

+*#!:"-."!.4,!+1!#714#1)!45!19$1.#4#-6,5F!71<4#1)!#6!#"1!."6-.15!4,)!6$#-6,5!+1>671!#"1'!@V6*7)-1*!

2^aaC!2^K_C!2K^KC!2^^EC!DEE_F0 !

P"-."!6>!#"151!@67!6#"17FDY

!'6)1<5!6>!.6,#19#!=47-4#-6,5!.4,!$76=1!'65#!*51>*<!:-#"-,!#"-5!718-'1!

>74'1:67/!4:4-#5!>*7#"17!19$<674#-6,0!3,!b-8*71!_!56'1!71<1=4,#!.6,#19#5!>67!>-,4,.-4<!'47/1#5!471!

6>>171)!>67!14."!6>!#"1!4..6*,#4+-<-#;!718-'1!#;$1C!4,)!4#!#"-5!$6-,#!#"151!471!'171<;!4,4<;#-.4<<;!

5$1.*<4#-=10!P"4#!,11)5!#6!+1!1'$"45-G1)!-5!#"4#!4,;!>74'1:67/!>67!)15-8,-,8!>-,4,.-4<!'47/1#!71>67'5!

'*5#!#4/1!-,#6!4..6*,#!#"1!=47-4+-<-#;!6>!4..6*,#4+-<-#;!718-'15!4.7655!)->>171,#!.6,#19#5!4,)!.*<#*715!

+764)<;!)1>-,1)0!

AA!#"1!'671!-''1)-4#1!$6<-#-.4<C!1.6,6'-.!4,)!56.-4<!

.-7.*'5#4,.15!AA!-,!:"-."!71>67'5!:6*<)!+1!-'$<1'1,#1)0!H"1!UJV!>74'-,8!6>!718*<4#67;!718-'1!

.6,#19#!-5!71<1=4,#!"1710!

:-#"-,!7-5/!718*<4#-6,!718-'15%!'47/1#A>4-<*71!$7155*715!#"4#!81,174#1!)1'4,)5!>67!$711'$#-=1!67!

.6771.#-=1!$6<-.-15`!6$-,-6,A715$6,51!$7155*715!1'4,4#-,8!>76'!#"1!81,174<!$*+<-.`!4,)!-,#1715#A)7-=1,!

$7155*715!#"4#!71><1.#!5#4/1"6<)17!)1'4,)5!@UJVC!$$0!f2AfaF0!3,!4))-#-6,C!#"1!.*771,#!>67'5!4,)!5#;<15!6>!

$6<-.;'4/-,8!5#;<15!-,!)->>171,#!.6*,#7-15!471!4,!1551,#-4<!51#!6>!>4.#675!#"4#!71R*-71!4##1,#-6,!@Qk>5#1)#!

1#!4<!DEE2F

84'1!7"1#67-.!6>!#"1!.*771,#!>-,4,.-4<!.7-5-5C!4,)!-,!1551,.1!.4,!+1!.4#1867-G1)!4,)!4,4<;#-.4<<;!

4$$764."1)!*5-,8!#"1!UJV!>74'-,80!

S>!.6*751C!:"4#!-5!$76=-)1)!"171!-5!'171<;!4!$71<-'-,47;!>74'-,8!6>!#"1!#"4#!71R*-715!>*7#"17!1<4+674#-6,!

4,)!4$$<-.4#-6,!#6!.*771,#!4..6*,#4+-<-#;!718-'150!S,<;!#"76*8"!1,"4,.-,8!6*7!.4$4.-#;!#6!)15.7-+1!#"1!

1<1'1,#5!6>!4..6*,#4+-<-#;!718-'1!.4,!#"1!)15-8,!6>!1>>1.#-=1!71>67'5!$7687155!#6!#"1!,19#!5#4810!

H#"I/+%(#+(;'0/%+(!"/+4/=$'0 5"1)!#"1!.6,.1$#*4<!>6*,)4#-6,5!>67!*,)175#4,)-,8!

#"1!)15-8,!6>!86=17,4,.1!4,)!-#5!4556.-4#1)!718-'15C!:1!:-<<!>4.1!#"1!#45/!6>!47#-.*<4#-,8!)15-8,!

$7-,.-$<15!#"4#!.4,!8*-)1!#"1!$6<-.;!71>67'!1>>67#0!M6'1!6>!#"651!$7-,.-$<15!471!4<714);!-'$<-1)!-,!#"1!

86=17,4,.1!4$$764."!4,)!718-'1!>74'1:67/5!#"1'51<=15C!+*#!6#"175!71R*-71!>*7#"17!47#-.*<4#-6,!4,)!

#15#-,8!+1>671!#"1;!.4,!$76=1!*51>*<0!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

23 E.g., Hofstede 1983, 1993, 1998; Wiener 1988; Dubnick 1996.




DD!

4!$76.155!,6#!*,<-/1!#"4#!*,)17#4/1,!+;!)15-8,175!-,!4!,*'+17!6>!>-1<)5!AA!>76'!#"1!47#-5#!4,)!

.74>#5$1756,!#6!#"1!47."-#1.#!4,)!1,8-,1170!b67!#"1'C!45!>67!*5C!#"1!#45/!-5!#6!)1=1<6$!4!$<4,!>67!$*##-,8!

#"1!'4#17-4<!4,)!,6,'4#17-4<!1<1'1,#5!4#!6*7!)-5$654<!#6!:67/!#6!4."-1=1!

-,!#"1!>67'!6>!4!5.*<$#*71C!$76)*.#C!"6*51!67!+7-)810!S*7!,6#-6,5!#4/1!#"1!>67'!6>!$*+<-.!$6<-.-150!!

g4,#5."0!#"1;!471!#"1!5$-7-#*4<!481,#5!6>!."4,81!AA!."4,81!,6#!6,<;!-,!#"1!:4;5!4,)!

'14,5!+;!:"-."!+*714*.74.-15!4,)!#1.",6.74.-15!6$174#1C!+*#!."4,81!-,!#"1!=17;!-,5#-#*#-6,5!4,)!,67'5!

:"-."!>67'!#"1-7!"6'15!4,)!.45#<15!@g4,#5."!2âEC!$0!YDF0!3,!#"4#!51,51C!)15-8,!-5!4,!4$$76$7-4#1!

'1#4$"67!>67!#"1!.714#-=1!4.#!AA!AA!#"4#!#"1!$76.155!

,.1!@Q455:1<<!2âE`!4<56!

O767!2â2F!:"-."!511'5!69;'676,-.!4#!>-75#0!P"4#!+7-)815!#"1!47#!4,)!5.-1,.1!471!#"651!$7-,.-$<15!#"4#!

8*-)1!#"1!)15-8,!$76(1.#0!

b67!$7151,#!$*7$6515C!)15-8,!$7-,.-$<15!471!6>!#"711!#;$15%!<68-.4<C!.6,.1$#*4<!4,)!5#74#18-.0!!3,!#"-5!

$4$17C!#"1!$7-,.-$<15!71<4#1)!#6!#"1!<68-.!6>!$6<-.;!71>67'!471!71><1.#1)!-,!#"1!86=17,4,.1!$175$1.#-=1!

6>>171)!147<-170!J1>67'!6>!4!$6<-.;!)6'4-,!5*."!45!#"1!>-,4,.-4<!'47/1#5!.4,!+1!4$$764."1)!#"76*8"!4!

=47-1#;!6>!<68-.5C!14."!71><1.#-,8!4!81,174<!#"1671#-.4<!$175$1.#-=1!#"4#!'-8"#!+1!71847)1)!45!<-##<1!'671!

#"4,!4!$47#-.*<47!@4<+1-#!'671!5#7*.#*71)!4,)!>67'4<-G1)F!=-1:!6>!56'1!$47#-.-$4,#5!-,!#"1!+<4'1!84'1!

@+, !Q-8"#!2^âF0!b76'!1.6,6'-5#5!:1!"4=1!4!$<1#"674!6>!5*."!<68-.5!T1080C!)74:,!>76'!+45-.!'47/1#!>4-<*71!

@V4#67!2^_K`!O4=-5!]!U*<1##!2âaFDZ

!4,)!74#-6,4<!19$1.#4#-6,!#"167-15!@[*#"!2^f2`!N6751##-C!c51,#-!]!

J6*+-,-!2^^^FC!!@B/17<6>>!]!M"-<<17!

DEE^F!4,)!-774#-6,4<!19*+174,.1!@M"-<<17!DEE_FW0!b76'!#"1!:67<)!6>!$6<-#-.4<!5.-1,.1!1'17815!#"1!<68-.!6>!

@511![-#,-./!2^KEF!!@H*<<6./C!

M1<)6,!]!V74);!DEEDF0!H"1!$175$1.#-=1!6>>171)!"171!>6.*515!6,!#"1!,6#-6,5!6>!86=17,4,.1!@'65#<;!)74:,!>76'!#"1!5#*);!6>!$*+<-.!'4,481'1,#!71>67'F!4,)!718-'15!@>76'!#"1!5#*);!6>!-,#17,4#-6,4<!

6784,-G4#-6,5FC!+*#!4<56!71<-15!6,!#"1!:67/!6>!1.6,6'-.!56.-6<68-5#5!4,)!.7-#-.4<!#"167-5#5!:"6!1'$"45-G1!

#"1!-'$67#4,.1!6>!86=17,'1,#4<-#;!@>76'!#"1!:67/!6>![-."1<!b6*.4*<#F@V*7."1<<C!I67)6,!]![-<<17!2^^2`!

V1=-7!2^^^`!M1,)-,8!]!?1*'4,,!DEEfF!4,)!1'+1))1),1550D_!

B<#"6*8"!#"1!<68-.!6>!86=17,4,.1!71>67'!:45!81,174<<;!#6*."1)!*$6,!"171C!'*."!6>!#"-5!$4$17!"45!+11,!

718-'150!V;!$65-#-,8!4,!4<#17,4#-=1!.6,.1$#*4<-G4#-6,!6>!4..6*,#4+-<-#;!45!4!718-'1C!3!4'!@+;!-'$<-.4#-6,F!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

24; However, see Zerbe & McCurdy 1999, 2000.

25 The concept was initially articulated by Karl Polanyi 1944, but today is most often associated with the work of Granovetter 1985,

1992; also see Knippner 2004.




DY!

6>>17-,8!4!,67'4#-=1!7167)17-,8!6>!:"4#!.6,5#-#*#15!#"1!6$174#-6,5!6>!86=17,4,.1!6>!@4,)!#"76*8"F!

715$6,5-+<1!4.#-6,!:-#"-,!#"1!$6<-.;!)6'4-,0!!

O15$-#1!511'-,8!'671!<-/1!>-7'!)-71.#-=15C!#"1!5#74#18-.!45$1.#!6>!$6<-.;!)15-8,!$7-,.-$<15!471!$17"4$5!

+15#!71847)1)!45!:67/-,8!";$6#"1515!AA!-)14<<;!-,!#"1!>67'!6>!#15#4+<1!455*'$#-6,5!AA!#"4#!4##1'$#!#6!

4$$<;!#"1!<68-.!4,)!.6,.1$#*4<!1<1'1,#5!6>!#"1!71>67'!1>>67#!#6!#"1!$76+<1'4#-.!)6'4-,0!!!

O15-8,!$7-,.-$<15!4$$<-.4+<1!#6!19.<*5-=1<;!#6!#"1!718*<4#67;!718-'1!"4=1!+11,!$7151,#1)!-,!4!=47-1#;!6>!

>67'5!)1$1,)-,8!6,!#"1!864<!6>!#"1!$7151,#170!b67!56'1!-#!-5!4!'4##17!6>!)15-8,-,8!$6<-.-15!#"4#!471!'671!

<-/1<;!#6!$455!'*5#17!:-#"!$6<-.;'4/1750!H"1!8*-)4,.1!#"1;!6>>17!-5!4))71551)!#6!#"1!7*<1A)15-8,-,8!5#4>>!

6>!718*<4#67;!481,.-15!4,)!471!#;$-.4<<;!'671!67-1,#1)!#6!'11#-,8!$6<-#-.4<!71R*-71'1,#5!#"4,!#6!

)1=1<6$-,8!1>>1.#-=1!56<*#-6,5!#6!86=17,4,.1!$76+<1'50!b67!#"1'!#"1!)15-8,!$7-,.-$<15!-,.<*)1!

.<47-#;!4,)!$71.-5-6,!6>!<18-5<4#-6,C!!

4)"171,.1!#6!#"1!81,174<!6+(1.#5!4,)!5$-7-#!6>!#"1!1'$6:17-,8!

<18-5<4#-6,C!

,6#!*,)*<;!#715$455-,8!6,!$1756,4<!7-8"#5!4,)!<-+17#-15C!

,6#!71=175-,8!#"1!6,*5!6>!$766>!-,!.7-'-,4<!$76.11)-,85C!4,)!

1,5*7-,8!$76#1.#-6,!>76'!51<>A-,.7-'-,4#-6,!@N68"<4,!DEEYC!$0!2fF0!

c6<-.;!4,4<;5#5!:"6!#4/1!4!<155!$6<-#-.4<<;!51,5-#-=1!4$$764."!#6!718*<4#67;!)15-8,!#;$-.4<<;!:67/!:-#"-,!

56'1!=47-4#-6,!6>!#"1!>6<<6:-,8!$7-,.-$<15%!

51##-,8!)6:,!)->>171,#!#;$15!6>!d!718*<4#-6,dC!

.6,5-)17-,8!->C!4,)!:"1,C!86=17,'1,#5!5"6*<)!718*<4#1C!

)1.-)-,8!:"4#!>67'5!6>!86=17,'1,#!4.#-6,!'-8"#!+15#!+1!4)6$#1)C!4,)!

194'-,-,8!>14#*715!#"4#!."474.#17-51!$667!67!-,1>>1.#-=1!718*<4#-6,!@N68"<4,!DEEYC!$0!2fF0!

[671!.6''6,!4'6,8!1.6,6'-5#5!:"6!4$$764."!#"1!)15-8,!$76+<1'!45!$6<-.;!4,4<;5-5!+*#!:-#"!4!>6.*5!

6,!:"4#!:-<<!:67/!>67!#"1!718*<4#1)!@45!6$$651)!#6!#"1!$6<-#-.65F!471!$7-,.-$<15!5-'-<47!#6!#"1!>6<<6:-,8!

A+451)!718*<4#-6,5%!

20!L51!-,.1,#-=1!718*<4#-6,!#6!+1##17!1'$<6;!#"1!>-7'd5!5*$17-67!-,>67'4#-6,0!!

D0!c7-67-#-G1!718*<4#67;!864<5!4,)!)15-8,!-,.1,#-=1!718*<4#-6,!#6!4."-1=1!5#4#1)!864<50!!

Y0!Q-,/!#"1!>-7'd5!.6'$1,54#-6,!#6!51,5-#-=1!'145*715!6>!-#5!*,6+517=1)!4.#-=-#-150!!

Z0!B=6-)!+45-,8!#"1!>-7'd5!.6'$1,54#-6,!6,!$17>67'4,.1!'145*715!:-#"!19.155-=1!=47-4+-<-#;0!!




DZ!

_0!Q-'-#!#"1!>-7'd5!>-,4,.-4<!715$6,5-+-<-#;!>67!>4.#675!+1;6,)!-#5!.6,#76<0!!

f0!B)6$#!+764)A+451)!$17>67'4,.1!'145*715!:"171!$655-+<1C!*,<155!#"1-7!=47-4+-<-#;!-5!

19.155-=10!!

a0!N"6651!19681,6*5!$17>67'4,.1!+1,."'47/50!!

K0!B<<6:!#"1!>-7,!#6!."6651!4'6,8!718*<4#67;!6$#-6,5C!:"-<1!71.68,-G-,8!!

#"1!-,#17)1$1,)1,.-15!4'6,8!#"1!718*<4#67;!6$#-6,5!#"4#!471!6>>171)!#6!#"1!>-7'0!!

^0!c76'-51!6,<;!:"4#!.4,!+1!)1<-=171)C!4,)!)1<-=17!:"4#1=17!-5!$76'-51)0!!

2E0!c<4,!>67!#"1!7471C!*,>671511,!1=1,#C!+*#!'-,-'-G1!4>#17A#"1A>4.#!4)(*5#'1,#5!#6!#"1!

4,,6*,.1)!718*<4#67;!$6<-.;!@M4$$-,8#6,!2^^ZC!$0!Df^F0!!

c76>>171)!45!4)=-.1!#6!$6<-.;'4/175C!#"151!)15-8,!$7-,.-$<15!471!5#4#1)!-,!5-'$<1!#17'5!+*#!*,)17<;-,8!

#"1'!471!)->>-.*<#!."4<<1,815!71><1.#-,8!#"1!.6'$<19!.6'+-,4#-6,!6>!<68-.5C!.6,.1$#5!4,)!5#74#18-.!,67'50!

M6'1!6>!#"151!$7-,.-$<15!.4,!+1!#74,5<4#1)!4,)!#74,5$651)!#6!#"1!#45/!6>!>67'*<4#-,8!$6<-.;!6$#-6,5!#6!."4,81!#"1!4..6*,#4+-<-#;!718-'1C!+*#!,6#!:-#"6*#!56'1!.6,.1$#*4<!4,)!#"1671#-.4<!.65#50!N471!'*5#!+1!

#4/1,!-,!)1=1<6$-,8!)15-8,!$7-,.-$<15!71<1=4,#!#6!#"1!71>67'!6>!4..6*,#4+-<-#;0!

P"-<1!#"-5!$76(1.#!-5!,6#!4#!#"1!5#481!:"171!)15-8,!$7-,.-$<15!.4,!+;!$-#"-<;!5*''47-G1)!-,!5"67#!+*<<1#!

$6-,#!5#4#1'1,#5!67!51,#1,.15C!56'1!+45-.!$6-,#5!"4=1!1'1781)!#"4#!471!-,)-.4#-=1!6>!#"1!/-,)5!6>!

$7-,.-$<15!:"-."!471!<-/1<;!#6!1'17810!U171!471!6>>171)!#"711!194'$<15%!

!!

-.&/0%"*12*3",(!/4*(,*#%(5&%*,67&7+6&%*/&!8"'4*/$4'*&99!"44*0!(5%"/4*(,*#(:"!7&7+"*;6'<67*&79*&+!(44*

!"%":&7'*0(%6+)*9(/&674=**

H"-5!$7-,.-$<1!.4,!145-<;!+1!#74,5>67'1)!-,#6!4!R*15#-6,%!)615!#"1!$76$651)!$6<-.;!4))7155!86=17,4,.1!

$76+<1'5!4556.-4#1)!:-#"!#"1!."4<<1,815!6>!.6,#76<!4,)!715$6,5-+-<-#;e!H"1!-'$67#4,.1!4,)!,1.155-#;!6>!

#"-5!$7-,.-$<1!+1.6'15!6+=-6*5!4#!4!,*'+17!6>!$6-,#50!3#!-5!,6#!*,.6''6,!>67!#"651!1,8481)!-,!#"1!

$6<-.;!)15-8,!$76.155!#6!>-,)!#"1'51<=15!1,#"74<<1)!:-#"!4!$47#-.*<47!$6<-.;!4$$764."!67!-,5#7*'1,#C!#6!

#"1!$6-,#!#"4#!"1!67!5"1!'-8"#!<651!5-8"#!6>!#"1!$6<-.;!6+(1.#-=10!3#!-5!4<56!:-#"-,!#"1!,4#*71!6>!#"1!$6<-.;A

'4/-,8!4,)!$6<-.;!<18-#-'4#-6,!$76.15515!#"4#!.6'$76'-515!-,#1,)1)!#6!8*474,#11!$455481!.4,!

1>>1.#-=1<;!)-=17#!67!71$<4.1!/1;!1<1'1,#5!6>!#"1!71>67'!$76$654<0!B!)1'4,)!>67!8714#17!)-5.71#-6,!+;!

#"1!#4781#!$6$*<4#-6,!'-8"#!+1!,1.15547;!>67!81##-,8!#"1!$6<-.;!4)6$#1)C!+*#!#"1!$6<-.;!5"6*<)!+1!

)15-8,1)!#6!$71=1,#!#"4#!$76=-5-6,!>76'!1'45.*<4#-,8!#"1!71>67'!1>>67#0!N7-#-.5!6>!+6#"!#"1!71.1,#!+4,/!

+4-<6*#5!4,)!#"1!1.6,6'-.!5#-'*<*5!$4./4815!"4=1!,6#1)!#"1!.6,><-.#5!4,)!><4:5!#"4#!1'1781)!6=17#-'1!

:-#"!+6#"!$6<-.-15C!+*#!#"4#!-5!#6!+1!19$1.#1)!6>!5*."!1'1781,.;!'145*7150!V*#!-,!4!"-8"<;!>748'1,#1)!

$6<-.;A'4/-,8!5;5#1'!5*."!45!#"1!LM!:"171!$47#-54,!)-=-)15!71'4-,!5#76,8C!4)"17-,8!#6!#"-5!)15-8,!

$7-,.-$<1!-5!<-/1<;!#6!$76=1!)->>-.*<#!4#!+15#0!




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!

-.&/0%"*>2*?(:"!7&7+"*67:(%:"4*';(*67'"!!"%&'"9*,$7+'6(742*"4'&5%64<67#*+(7'!(%*&79*,&+6%6'&'67#*

!"40(7465%"*&+'6(7*;6'<67*'<"*0(%6+)*9(/&67=*@<"*",,(!'4*/&9"*'(*,$%,6%%*5('<*,$7+'6(74*&!"*/&76,"4'*67*

#(:"!7&7+"*!"#6/"4=*@<"*(0"!&'6(74*(,*'<"*';(*!"#6/"4*4<($%9*5"*!"#&!9"9*&4*+(/0%"/"7'&!)=**

.6'$<1'1,#47-#;!6>!#"1!#:6!718-'150!H"-5!$6-,#!1'17815!>76'!#"1!<1556,5!6>!'671!';6$-.!86=17,4,.1!

71>67'5!-,!>-,4,.-4<!'47/1#5!6=17!#"1!$45#!#"711!)1.4)15!:"-."!.4,!+1C!-,!#*7,C!71<4#1)!#6!#"1!.*771,#!

.7-5-50!b76'!#"1!147<;!2^KE5C!+4,/-,8!71>67'5!-,!#"1!LM!4,)!4+764)!"4=1!+11,!."474.#17-51)!45!

4#-6,!718-'1!5-)1!6>!86=17,4,.10!

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!>67!:"4#!6..*771)!:45!4!71>67'!6>!#"1!86=17,4,.1!

4774,81'1,#5!*,)17!:"-."!+4,/5!6$174#1)0!P"4#!#66/!$<4.1!"45!+11,!'671!4$$76$7-4#1<;!#17'1)!4!

-54#-6,!6>!#"1!718*<4#67;!718-'1!#"4#!86=17,1)!#"1!>-,4,.-4<!51.#670Da!H"1!

715*<#5!:171!4!5<6:!+*#!#"676*8"!<6651,-,8!6>!#"1!.6,#76<!>14#*715!6>!)6'15#-.C!#74,5<4#-6,!4,)!

-,#17,4#-6,4<!718*<4#67;!718-'150!!

!

L,)17!#"1!86=17,4,.1!$175$1.#-=1!6>>171)!"171C!6,1!.4,!478*1!#"4#!#"1!<4./!6>!.6'$<1'1,#47;!

4)(*5#'1,#5!-,!71<1=4,#!4..6*,#4+-<-#;!718-'15!"45!$76=1,!.1,#74<!#6!.714#-,8!#"1!.*771,#!71$7155-6,0!

I66)!86=17,4,.1!)615!,6#!,1.15547-<;!71R*-71!4,!6$#-'4<!+4<4,.1!+1#:11,!.6,#76<!4,)!715$6,5-+-<-#;C!

+*#!#66!8714#!4!84$!+1#:11,!#"1!#:6!718-'15!.714#1)!+;!-<<!4)=-51)!71>67'5!.4,!.17#4-,<;!81,174#1!

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674'!$/"7'&%*:&%$"C*'<"*,&+6%6'&'6(7*(,*!"40(74656%6')*,(4'"!"9*5)*'<"*&++($7'&56%6')*!"#6/"*+&7*<&:"*5('<*

674'!$/"7'&%*&79*67'!6746+*:&%$"=**

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.6,#76<!455*'1)!#6!"6<)!56'1!-,#7-,5-.!=4<*10!\9$76$7-4#-6,!6>!+4,/5!>67!#"1!$*7$651!6>!>*<>-<<-,8!4,!

-)16<68-.4<!67!,4#-6,4<-5#-.!$76874'!@H76#5/;!2^YK`!Q1:-5!2^K_F!!,6#:-#"5#4,)-,8C!718*<4#67;!718-'1!

4.#-6,5!5"6*<)!+1!)15.7-+1)!4,)!4551551)!4..67)-,8!#6!#"1-7!-,5#7*'1,#4<!=4<*10!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

26 -

27 Majone 2009; Underhill 1991; Claessens, Underhill & Zhang 2008; Underhill & Zhang 2008; Simmons 2001; Pan 2003; Abiad &

Mody 2005; Giannetti 2007.




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!

3,!.6,#745#C!:"-<1!4..6*,#4+-<-#;!718-'15!517=1!-,5#7*'1,#4<!$*7$6515C!#"1-7!76<1!-,!86=17,4,.1!'4;!+1!

67!-,#7-,5-.!=4<*10!H"*5C!4!$6<-.;!#"4#!511'-,8<;!"45!,6!5*+5#4,#-4<!-,5#7*'1,#4<!=4<*1!4#!4<<!5*."!45!#"1!

71R*-71)!715#7-.#-6,5!6,!191.*#-=1!$4;C!)615!$<4;!4!76<1!-,!1,"4,.-,8!#"1!$*+<-.!$17.1$#-6,!6>!4!'671!

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:"-."C!6,!#"1!6,1!"4,)C!$<4;!4,!-,5#7*'1,#4<!76<1!-,!#"1!718*<4#67;!718-'1!45!4!'14,5!>67!455*7-,8!+4,/!

56<=1,.;C!:"-<1!6,!#"1!6#"17!"4,)!+1-,8!=4<*1!>67!1,"4,.-,8!4..6*,#4+-<-#;!4,)!4,!4..6'$4,;-,8!51,51!

6>!+4,/!51.*7-#;!4,)!-,#187-#;0!P"-<1!.7-#-.5!6>!#"1!$6<-.;!,6#1!'674<!"4G47)5!.714#1)!+;!#"1!-,5*74,.1!

@4,)!#"*5!!R*15#-6,!-#5!-,5#7*'1,#4<!=4<*1`!511!P"11<6./!]!h*'+"4/47!2^^_`!4<56!SdO7-5.6<<!2^KKFC!#"1-7!

.6,.17,5!471!)1#17'-,1)!#6!+1!'671!#"4,!6>>51#!+;!#"1!+1,1>-#5!81,174#1)!+;!#"1!455*'1)!

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<#+4$&,/+%(4#--'+20(

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#"1!R*15#-6,!6>!#"1!"6*7C!4,)!'65#!715$6,515!"4=1!*,>67#*,4#1<;!71<-1)!6,!#"1!*5*4<!+48!6>!$6<-.;!#7-./5!

#"4#!'4,;!71847)!45!'171<;!5$6#!71$4-75!#"4#!:-<<!/11$!#"1!5;5#1'!86-,8!>67!<6,8!1,6*8"!#6!81#!#6!#"1!

$76+<1'5C!$6<-.;!56<*#-6,5!4,)!$6<-#-.4<!)1'4,)5!.6,=1781!4#!56'1!$6-,#!4,)!56'1!>67'!6>!$6<-.;!

1'17815!>76'!#"1!'-90!B#!#-'15!:1!81#!<*./;!4,)!#"1!$76.155!:67/5!AA!$76)*.-,8!$6<-.-15!#"4#!54#-5>;!6*7!

,11)5!>67!4#!<145#!4!5"67#!#17'!7156<*#-6,0!3>!:1!471!714<<;!>67#*,4#1C!#"4#!56<*#-6,!5#-./5!>67!4,!19#1,)1)!

$17-6)0!!

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'47/1#0!B#!$7151,#C!$6<-.;'4/175!471!71<;-,8!6,!#"1!4)=-.1!8-=1,!+;!4,4<;5#5!:"6!5$1.-4<-51!-,!$6<-.;!

71$4-75!4,)!R*-./!>-915!74#"17!#"4,!$6<-.;!)15-8,0!H"1!71456,5!471!'4,;C!+*#!#"1;!.17#4-,<;!-,.<*)1!

5-8,->-.4,#!#-'1!$7155*715!45!:1<<!45!#"1!);,4'-.5!6>!#"1!+<4'1!84'1!:"-."!6>>175!*$!4<<!567#5!6>!#4781#5!

>67!56A.4<<1)!71>67'!$6<-.-150!

H6!1,8481!-,!4!'671!5*+5#4,#-4<!$6<-.;!)15-8,!1>>67#!*,)17!.7-5-5!.6,)-#-6,5!'-8"#!+1!71847)1)!45!4!:45#1!

6>!#-'1!4,)!1,178;0!M-8,->-.4,#!$6<-.;!)15-8,!71R*-715!4!.7-#-.4<!71#"-,/-,8!6>!"6:!:1!4$$764."!#"1!

.6<<4$51!6>!#"1!>-,4,.-4<!'47/1#5!4,)!#"1!5*+51R*1,#!)4'481!-#!.4*51)!#6!1.6,6'-.!5#4+-<-#;!4,)!#"1!

$655-+-<-#;!6>!1.6,6'-.!876:#"0!B#!#"1!147<-15#!5#4815!6>!#"1!)15-8,!1>>67#C!)15.7-$#-6,!4,)!#"167-5-,8!4+6*#!#"1!$76+<1'!#4/1!$7-67-#;!6=17!:"1,!#"1!$7-'47;!864<!-5!#6!15#4+<-5"!4,!*,)175#4,)-,8!6>!#"1!

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1.6,6';0!U1!-5C!-,!#"4#!51,51C!#"1!'6)1<!$6<-.;!)15-8,170!

3!4$$764."!#"1!$7151,#!$76(1.#!:-#"!4!5-'-<47!$175$1.#-=1C!1,848-,8!-,!4!.7-#-.4<!@4,)!#-'1!.6,5*'-,8F!71#"-,/-,8!6>!#"1!:4;!:1!4$$764."!#"1!$76+<1'5!6>!#"1!>-,4,.-4<!'47/1#5!4,)!4##1'$#-,8!#6!.6,5#7*.#!4!

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"4=1!$76=-)1)!"171!-5!4!$175$1.#-=1!1'$"45-5-,8!#"1!.1,#74<!76<1!#"4#!86=17,4,.1!$<4;5!-,!#"-5!$6<-.;!

)6'4-,C!4,)!4,!4##1'$#!#6!'4/1!#"1!.451!>67!4!'671!+4<4,.1)!4$$764."!#6!86=17,4,.1!#"4#!

1,.6'$45515!#"1!,11)!>67!8714#17!4..6*,#4+-<-#;!45!:1<<!45!'671!718*<4#67;!.6,#76<0!\'*<4#-,8!#"1!:67/!

6>!U66)C!J6#"5#1-,!4,)!V4<):-,!6,!718*<4#67;!718-'15C!3!"4=1!$7151,#1)!#"1!+45-.!>74'-,8!>67!

*,)175#4,)-,8!4..6*,#4+-<-#;!718-'150!B,)!4<#"6*8"!#"4#!$47#!6>!#"1!$76(1.#!71'4-,5!#6!+1!.6'$<1#1)C!3!

"4=1!4<56!4))71551)!#"1!,11)!>67!$6<-.;!)15-8,!$7-,.-$<15!#"4#!71><1.#!#"1!.6'$<19!,4#*71!6>!#"1!

86=17,4,.1!4774,81'1,#5!#"4#!471!-,!,11)!6>!'4(67!71>67'0!

[671!:67/!71'4-,5!#6!+1!)6,10!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

28 The blog was located at http://correspondents.theatlantic.com/richard_posner/




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