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Impact of the Thatcher government on local authority; Great Britain. Some emphasis on the role of the Audit Commission.

The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? Banking on the Future provides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform. Supporte.

AbstractGlobal regulators agree there is a need to strengthen governance in financial firms. The failure of boards and senior management to consider the risks inherent in their pre‐crisis strategies is widely accepted as a crucial factor in the costly meltdown whose consequences continue to be felt. Regulators have tried to strengthen governance mechanisms and, in particular, have recommended a "three lines of defence" model to embed risk management throughout financial firms. Yet while this model is now in use across the financial sector in many countries, its origins are opaque, and its effectiveness untested. Some argue that diffusing the responsibility for risk management in this way in fact reduces accountability and effectiveness. And there is little external validation of the controls firms put in place. Does the three lines of defence system provide a false sense of security? Does it need to be rethought, or can it be enhanced?

A conceptual framework is developed, bringing together entry mode, the influence of state officials, and the adoption of a customer-driven orientation in order to explain the performance of foreign-invested firms in a transitional economy. The model is tested on a sample of firms in China across eight provinces and cities, spread across the relatively developed South Coast, the Central Belt formed by Shanghai and the Yangzi basin and the less-developed North and West. We find that the decision to enter through a joint venture reduces the customer focus of the enterprise. Contrary to expectation, however, we find no positive relationship between entry by joint venture and the degree of state influence exerted over the enterprise. It appears that whollyowned foreign enterprises experience just as much involvement by government officials in their activities as do the joint ventures. However, greater customer focus fosters innovativeness, which in turn, leads to higher performance. Managerial implications are discussed for executives responsible deciding on the mode-of-entry: wholly-owned foreign enterprise (WOFE) or foreign equity joint venture (FEJV).

"Cover" -- "Title Page" -- "Copyright" -- "Niklas Luhmann's Sociological Enlightenment and its Realization in Trust and Power: Christian Morgner and Michael King" -- "Sociological Enlightenment" -- "The Meaning of Systems" -- "The Historical and Sociological Context of Trust and Power" -- "Functional Analysis and its Semantics" -- "The Reception of Luhmann's Sociology in English-speaking Countries" -- "Notes" -- "References" -- "Editors' Note on the Revised Translation" -- "Part I: Trust" -- "Preface" -- "1 Defining the Problem: Social Complexity" -- "Notes" -- "2 Constancies and Events" -- "Notes" -- "3 Familiarity and Trust" -- "Notes" -- "4 Trust as a Reduction of Complexity" -- "Notes" -- "5 Exceeding Information and Possibilities for Sanctions" -- "Notes" -- "6 Personal Trust" -- "Notes" -- "7 Communications Media and System Trust" -- "Notes" -- "8 The Tactical Conception: Trust as Opportunity and as Constraint" -- "Notes" -- "9 Trust in Trust" -- "Notes" -- "10 Trust and Distrust" -- "Notes" -- "11 Readiness to Trust" -- "Notes" -- "12 The Rationality of Trust and Distrust" -- "Notes" -- "References" -- "Part II: Power" -- "Introduction" -- "Notes" -- "1 Power as a Communication Medium" -- "Notes" -- "2 The Action Framework" -- "Notes" -- "3 Code Functions" -- "Notes" -- "4 Power and Physical Force" -- "Notes" -- "5 Lifeworld and Technique" -- "Notes" -- "6 The Generalization of Influence" -- "Notes" -- "7 Risks of Power" -- "Notes" -- "8 Power's Relevance to Society" -- "Notes" -- "9 Organized Power" -- "Notes" -- "References" -- "Appendix: Relevant Articles by Luhmann in English