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The use of technology by firms is changing the way insurance and lending markets function. I study the financial technology, or "fin-tech'', industry, which is characterized by a growing number of online lenders who use data on educational, employment, and financial outcomes to quickly assess the risk of prospective borrowers and offer individualized loan terms. In many ways, their financial "innovations'' can be thought of as movements towards more personalized products: interest rates that better reflect individuals' risk, payment plans that are tailored to individuals' monthly income and expenditures, and user-friendly interfaces that make financial decisions more intuitive and uncomplicated. On an individual level, as firms expand and customize product offerings, there is the potential for large efficiency gains. These innovations could also have wider implications for market structure; for example, if more accurate risk-based pricing creates clear winners and losers, it will change the distribution of consumer surplus.Advances in data-driven underwriting have both efficiency and equity implications for consumer lending markets where private and public credit options coexist. In the $1 trillion student loan market, private lenders now offer a growing distribution of risk-based interest rates, while the federally-run loan program sets a break-even, uniform interest rate. In my first chapter, I measure the overall gains in consumer surplus from such risk-based pricing and quantify the redistributional consequences of low-risk types refinancing out of the government pool into the private market. The empirical analysis is based on a unique applicant-level dataset from an online refinancing firm that contains information on loan terms, household balance sheets, and risk-based interest rates. I first leverage a series of firm-conducted interest rate experiments to estimate the sensitivity of borrowers' maturity and refinancing choices to interest rates. Using the maturity response, I then estimate a structural model of borrowers' repayment preferences. Using the estimated model, I show that comprehensive risk-based pricing generates large absolute gains in welfare of $480 per borrower relative to a break-even uniform price, and $400 relative to a coarser method of FICO-based pricing. If the federal pool conducts breakeven pricing, these efficiency gains come at a direct equity cost -- low risk surplus will increase on average by $2,300, while high risk surplus will fall by $2,100. In order to maintain access to the current uniform rate, the government would have to transition from break-even pricing to an average net subsidy of $2,080 per borrower.In the second chapter, I empirically analyze the fixed and variable rate decisions of borrowers who are financing large personal loans, and are given the option to switch rate types at any point. Many online lending firms now offer financial products that are more flexible and personalized than traditional loans; however, little is known about how consumers will interact with these more complete, but also more complex, contracts. Over my sample time period, the market index interest rate for the fixed and variable rate loans changed considerably. I first present reduced form evidence on the determinants of borrowers' initial rate decisions and the presence of switching costs, and then estimate a structural model that maps these findings to the coefficient of absolute risk aversion and a switching cost parameter. I compare the active and inactive rate choices of borrowers in different interest rate environments to separately identify switching costs from risk preferences.I show that while initial rate choices are very responsive to the prevailing interest rate environment, very few borrowers ever take advantage of the option to switch rate types even when interest rates increase. Specifically, I estimate a risk aversion parameter of .0564, which implies that borrowers are very risk averse, and lower and upper bounds on switching costs from $166 to $1,185. I also show that both the initial probability of choosing a variable rate loan and the probability of never switching are positively correlated with borrower liquidity constraints, which suggests that these borrowers are more focused on current monthly payments than future interest rate risk.

Despite the claims made for it, neo-corporatism has not led to any significantly new insights into how policy is made or implemented. It is not clear that the policy process it is said to describe is in any way unique to modern advanced industrial states or contemporary historical periods. Using corporatism in this way has contributed to the systematic confusion which now surrounds the concept and which threatens to render the concept, not only essentially contested but meaningless as an aid to academic research and understanding. (DCL)

This paper outlines the way in which governments often face immense problems in the successful implementation of their policies owing to unforeseen and unintended consequences. The case study is based on the Conservative Government's attempt to restructure the property market in Britain between 1970 and 1974. The paper argues that policy was initiated in ignorance of the environment in which it was to be implemented and created the conditions for an unintended boom in property prices. This unintended consequence forced the Government to react, but, it is argued, in so doing, it once again failed to appreciate how its policy 'U'-turn would cause a crisis for the financial sector. Ultimately the Government was constrained by this problem and forced to change its policy for a third time. The conclusion which is drawn from this is that in a largely privately owned market economy there are limits beyond which governments cannot go in policy initiation without incurring unacceptable economic or political costs.

AbstractSocieties once could choose between changing direction or dealing with climatic disaster; now it is necessary to do both at once. The best‐laid plans for mitigation would be hard enough to fulfill in a stable climate, but they will be vastly harder in the climate chaos ahead. If simultaneous mitigation and adaptation are still achievable, such a difficult balance cannot also take on the burden of supporting unrestrained economic growth. The failing efforts so far have been dominated by a search for synergistic ways to mitigate, adapt, and grow economies at the same time, while wishing away the predictable trade‐offs between these goals. Wealthy polluting countries have enforced this optimistic spirit in international climate debates, in part to counter the language of loss and damage, which they have seen as a direct challenge. Key to their effort has been a reframing of adaptation that flips the focus from the vulnerability of exposed populations to their resilience. However, the reality of implementing plans for resilience is running into problems, and those populations are instead taking up the banner of climate justice. Debt‐ and disaster‐plagued Puerto Rico illustrates the failure of both adaptation and mitigation through growth and the promise of climate justice as a means to articulate other forms of balance.

Gary Cox explores Sartre's infamous maxim 'Hell is other people!' in this in-depth existential account of the human condition, the nature of the self, and the intricate ways in which that nature shapes the interpersonal dynamics of our relationships with others.

The full-scale invasion of Ukraine by Russia in 2022 has not only caused immense suffering inside the country, and among its people, it has shifted the political landscape in Russia for the worse, altered the strategic map of Europe, and created division and economic pain in the rest of the world.
In this volume, a group of internationally acclaimed academics – many originally from Ukraine or Russia – examine the deep causes of Putin's war, the role played by other actors such as China and the United States, the severe consequences for the many millions of Ukrainians displaced from their home and country, the impact on the West and the Global South and the challenges confronting Ukraine when the war finally comes to an end.
Part of the LSE Public Policy Review Series, Ukraine: Russia's War and the Future of the Global Order offers a rigorous intellectual response to this extreme humanitarian crisis and considers the implications for the future of Ukraine and the transformed global order.

"As two of the fundamental social forces that shape human life - war posing the greatest existential threat to communities, and justice being the principle that makes complex communal life possible in the first place - the relationship between war and justice is crucial to understanding the development of Western civilization. The central argument of this book is that theories of justified violence were not created ex nihilo as exercises in abstract ethical reasoning, but rather emerged as a result of communities responding to the reality of war. Communities developed concepts of normative warfare from a desire to legitimate and to control armed conflicts in which they consistently engaged. Scholars have repeatedly overlooked the very simple fact that war predates just war doctrine, and that early archaeological and textual evidence indicates that ancient societies were more inclined to glorify warfare than to condemn it. It is the contention of this study, therefore, that the presumption of war is the essential characteristic and common denominator of the just war tradition. Underscored by this compelling thesis, the book will demonstrate that, over the course of three millennia, Western societies displayed a remarkable degree of affinity in their attitudes to the relationship between war and justice"--