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Policy Area Papers on Law and justice



The EMU Versus the EPU The EMU Versus the EPU: A historical perspective on trade, payments and the European financial crisis
Juan Carlos Martinez Oliva, World Economics, June 2013
This article draws upon the analogy between the current European institutional setting, in the face of the current European crisis, and the rules and institutions that were established in the post-war years to achieve trade liberalisation and a multilateral payments sys ... More


The Diseconomies of Terrorism The Diseconomies of Terrorism
Peter J. Phillips, World Economics, December 2011
The Global Terrorism Database (GTD) contains many active and inactive terrorist groups. The defining characteristic of the terrorist groups contained in the GTD is smallness. Unlike the modern business enterprise, for example, there appears to be no trend towards ‘bigne ... More


Endangering the War on Terror by the War on Drugs Endangering the War on Terror by the War on Drugs
Deepak Lal, World Economics, September 2008
The century-old US War on Drugs based on supply control measures is endangering its War on Terror in Afghanistan. With opium poppy cultivation the most profitable crop available to Afghan farmers, the Taliban has been able to use the illegal profits from the trade to bu ... More


The Opium Economy: A Possible Approach to Reform The Opium Economy: A Possible Approach to Reform
Jeremy Berkoff, World Economics, December 2007
This paper reviews options for reform of the opium economy within a holistic world context, emphasising the economic forces at work at each stage of the marketing chain. Rather than choosing between prohibition and legalisation, the paper proposes an incremental approac ... More


Ethics of the Discount Rate in the Stern Review on the Economics of Climate Change Ethics of the Discount Rate in the Stern Review on the Economics of Climate Change
Wilfred Beckerman & Cameron Hepburn, World Economics, March 2007
Any comparison of the costs and benefits of climate change is dominated by the chosen discount rate. But, although the Stern Review emphasises the ethical nature of the parameters entering into its choice of a relatively low discount rate, its discussion of the ‘pure ti ... More


A Review of the Stern Review A Review of the Stern Review
Richard S. J. Tol & Gary W. Yohe, World Economics, December 2006
The Stern Review on the Economics of Climate Change was published on 30 October 2006. In this article Richard Tol and Gary Yohe, while agreeing with some of the Review’s conclusions, disagree with some other points raised in the Review and they address six issues in par ... More


To What Extent Should Less-Developed Countries Enforce Intellectual Property Rights? To What Extent Should Less-Developed Countries Enforce Intellectual Property Rights?
Gilles Saint-Paul, World Economics, September 2005
This paper discusses a number of issues in the context of the debate on intellectual property in less developed countries (LDCs). It starts by discussing the consequences of IP enforcement in LDCs for global innovation and welfare in poorer countries. It then considers ... More


The Economics of Copyright The Economics of Copyright
Ray Corrigan & Mark Rogers, World Economics, September 2005
The copyright industries—such as music, film, software and publishing—occupy a significant and growing share of economic activity. Current copyright law protects the creator for up to 70 years after their death, significantly longer than patent protection (20 years afte ... More


The Costs of Violent Crime The Costs of Violent Crime
Giles Atkinson, Susana Mourato & Andrew Healey, World Economics, December 2003
This paper reviews a number of studies that have sought to estimate the economic costs of criminal offending and, more specifically, violent crime. Firstly, it discusses those approaches that have sought to describe the ‘big picture’ by calculating the aggregate burd ... More


An Economic Analysis of the Mafia An Economic Analysis of the Mafia
David Maddison & Marilena Pollicino, World Economics, June 2003
This paper reviews the current economic thinking on the Mafia phenomenon. It distinguishes the Mafia from ordinary criminal gangs by the desire of the former for the exclusive right to commit criminal acts. The existence of the Mafia in particular locations at partic ... More


Valuing the Future Valuing the Future: Recent advances in social discounting
David Pearce, Ben Groom, Cameron Hepburn & Phoebe Koundouri, World Economics, June 2003
One of the most controversial areas of economics is the practice of discounting: attaching a lower weight to future costs and benefits than present costs and benefits. Discounting appears to offend notions of sustainable development and the interests of future genera ... More


Cartels Cartels: Where is the case for criminal sanctions?
Jennifer Skilbeck, World Economics, June 2003
Imprisonment of directors and employees for taking part in cartel activity is becoming an increasingly common penalty in western jurisdictions. Generally it is the only competition law offence that attracts a criminal sanction either as a matter of law or practice. T ... More