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Corporate governance reform is a global phenomenon sweeping through the US, Europe, China, Korea, India, Latin America and many other places. These reforms have been accompanied by a surge in corporate governance scholarship focused on emerging markets. This research suggests, although not uniformly, that "better" corporate law and governance tend to be correlated with better stock market development, more dispersed ownership structures, and higher firm profitability, amongst other things. These findings have sparked debate and thought on why these correlations exist and whether there are particular features of corporate law and governance that matter more than others to these economic measures. Indeed, recent research in developed markets has begun to focus on enforcement of corporate and securities laws.

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This paper summarizes and extends my earlier critique (Bhattacharjea, 2006) of the empirical literature on labour regulation and industrial performance in India. I now focus only on the impact of legal restrictions on temporary layoff, permanent retrenchment and plant closures. After summarizing my earlier paper, I describe in detail the variability of employment protection regimes across Indian states attributable to court judgments, a key factor which other authors have ignored.

I hypothesize that firms may adapt to restrictions on labour flexibility thru fragmentation and outsourcing, a phenomenon that has not been recognized in the literature. I then draw attention to features of the official industrial statistics which undermine many of the conclusions of earlier studies, and propose an alternative methodology to test the new hypotheses while avoiding these pitfalls. The results of this empirical exercise are inconclusive, but reinforce my skepticism about the literature that tries to relate legal restrictions on labour flexibility to industrial outcomes.

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This paper considers the links between the extent of economic security and subjective work satisfaction. Special attention is paid to the effects of individually and collectively traumatizing events as well as relative gains and losses. These are aspects of “well-being” that have attracted relatively little empirical research in developing countries. Individually traumatizing events depress work satisfaction more strongly than collective catastrophes. The data also suggests that the predominant focus on income in developing countries is too narrow. While both absolute and relative income constitute strong predictors, especially for men, there are many less costly ways to increase work satisfaction. Across the gender divide, the ability to perform work in accordance with one’s skills and to develop those skills (skill security) strongly increases work satisfaction. Occupational health and safety (work security) as well as participative measures (voice security) further significantly increases subjective work satisfaction.

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Miriam Abu Sharkh
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Asia’s economies have been hard hit by the current global financial crisis, despite in most cases enjoying strong macroeconomic fundamentals and stable financial systems.  Early hopes were that the region might be “decoupled” from the Western world’s financial woes and even able to lend the West a hand through high growth and the investment of large foreign exchange reserves.  But that optimism has been dashed by slumping exports, plunging commodity prices, and capital outflows.  The region’s most open, advanced and globally-integrated economies—Hong Kong, Singapore, and Taiwan—are already in severe recession, with Japan, Korea and Malaysia not far behind, and dramatic slowdowns are underway in China, India, Indonesia, Thailand and Vietnam.  What role did Asian countries play in the genesis of the global crisis, and why have they been so severely impacted?  How is their recovery likely to be shaped by market developments and institutional changes in the West, and in Asia itself in response to the crisis?  Will the region’s embrace of accelerated globalization and marketization following the 1997-98 Asian financial crisis now be retarded or reversed?

Linda Lim is a leading authority on Asian economies, Asian business, and the impacts of the current global financial crisis on Asia, and she has published widely on these topics. Her current research is on the ASEAN countries’ growing economic linkages with China.

Forthcoming in 2009 are Globalizing State, Disappearing Nation: The Impact of Foreign Participation in the Singapore Economy (with Lee Soo Ann) and Rethinking Singapore’s Economic Growth Model. She serves on the executive committees of the Center for Chinese Studies and the Center for International Business Education at the University of Michigan, where formerly she headed the Center for Southeast Asian Studies. Before coming to Michigan, she taught economic development and political economy at Swarthmore. A native of Singapore, she obtained her degrees in economics from Cambridge (BA), Yale (MA), and Michigan (PhD).

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Linda Yuen-Ching Lim Professor of Strategy, Stephen M. Ross School of Business Speaker University of Michigan
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The wars in Afghanistan and Iraq. Dependence on expensive foreign oil. Challenging diplomacy with nuclear-armed countries. America's next president needs a strong vision and stronger will to tackle these formidable tasks and those that lie ahead. Which candidate is best equipped to meet these challenges? Our panel of top advisors to the Republican and Democratic presidential nominees will address each candidate's plan to improve our international security. Join us to listen and ask questions of these experts.

Sponsored by The Commonwealth Club of California.

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Hon. James Woolsey Annenberg Distinguished Visiting Fellow at the Hoover Institution, Stanford University; Former Director of Central Intelligence and the Central Intelligence Agency (1993-1995); Advisor to Senator McCain Speaker

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Senior Fellow, Freeman Spogli Institute for International Studies
Ken Olivier and Angela Nomellini Professor of International Studies, Department of Political Science
Peter and Helen Bing Senior Fellow, Hoover Institution
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Michael McFaul is the Ken Olivier and Angela Nomellini Professor of International Studies in Political Science, Senior Fellow at the Freeman Spogli Institute for International Studies, and the Peter and Helen Bing Senior Fellow at the Hoover Institution, all at Stanford University. He joined the Stanford faculty in 1995 and served as FSI Director from 2015 to 2025. He is also an international affairs analyst for MSNOW.

McFaul served for five years in the Obama administration, first as Special Assistant to the President and Senior Director for Russian and Eurasian Affairs at the National Security Council at the White House (2009-2012), and then as U.S. Ambassador to the Russian Federation (2012-2014).

McFaul has authored ten books and edited several others, including, most recently, Autocrats vs. Democrats: China, Russia, America, and the New Global Disorder, as well as From Cold War to Hot Peace: An American Ambassador in Putin’s Russia, (a New York Times bestseller) Advancing Democracy Abroad: Why We Should, How We Can; and Russia’s Unfinished Revolution: Political Change from Gorbachev to Putin.

He is a recipient of numerous awards, including an honorary PhD from Montana State University; the Order for Merits to Lithuania from President Gitanas Nausea of Lithuania; Order of Merit of Third Degree from President Volodymyr Zelenskyy of Ukraine, and the Dean’s Award for Distinguished Teaching at Stanford University. In 2015, he was the Distinguished Mingde Faculty Fellow at the Stanford Center at Peking University.

McFaul was born and raised in Montana. He received his B.A. in International Relations and Slavic Languages and his M.A. in Soviet and East European Studies from Stanford University in 1986. As a Rhodes Scholar, he completed his D. Phil. in International Relations at Oxford University in 1991. 

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Michael A. McFaul Deputy Director, Freeman Spogli Institute For International Studies and Professor of Political Science, Stanford University; Senior Fellow, Hoover Institution; Advisor to Senator Obama Speaker
Dr. Gloria C. Duffy President and CEO, The Commonwealth Club of California; Deputy Assistant Secretary of Defense under President Bill Clinton Moderator
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Madhu Kishwar is Senior Fellow at the Centre for the Study of Developing Societies (CSDS) in Delhi; founder-president of Manushi Sangathan, an organization committed to strengthening democratic rights and women's rights in India; and founder editor of Manushi - A Journal About Women and Society, which has been published continuously since 1978. Her work on issues relating to "Laws, Liberty and Livelihoods" is aimed at evolving a pro-poor agenda of economic reforms in India. Kishwar, the author of numerous books and articles, has lectured extensively in India and abroad, and received many awards for her work. Her two most recent books are Zealous Reformers, Deadly Laws, New Delhi, Sage Publications, 2008; and Deepening Democracy: Challenges of Governance and Globalization in India, New Delhi, Oxford University Press, 2005.

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Madhu Kishwar Senior Fellow Speaker The Center for the Study of Developing Societies (CSDS) in Delhi, co-sponsored by the Stanford Center for South Asia
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James Traub is a contributing writer for The New York Times Magazine, where he has worked since 1998. From 1994 to 1997, he was a staff writer for The New Yorker. He has also written for The New York Review of Books, Foreign Affairs, The Atlantic Monthly, The New Republic and elsewhere. His articles have been widely reprinted and anthologized. He has written extensively about international affairs and especially the United Nations. In recent years, he has reported from Iran, Iraq, Sierra Leone, East Timor, Vietnam, India, Kosovo and Haiti. He has also written often about national politics and urban affairs, including education, immigration, race, poverty and crime.

Most recently, Traub authored the critically acclaimed book, The Best Intentions: Kofi Annan and the UN in the Era of American World Power. His previous books include, The Devil's Playground: A Century of Pleasure and Profit in Times Square, which was published in 2004, and City On A Hill, a book on open admissions at City College that was published in 1994 and won the Sidney Hillman Award for nonfiction. He is a member of the Council on Foreign Relations.

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The Center on Democracy, Development, and the Rule of Law (CDDRL) at Stanford University is pleased to announce its new class of %fellowship1%. This year’s fellows – 26 outstanding civic, political, and economic leaders from 23 countries in transition – have been selected from more than 800 applications. They will be on the Stanford campus for three weeks, from July 28 to August 15, 2008.

Since its inception, the Summer Fellows Program has created a network of more than 90 emerging leaders from 30 transitioning countries including Iraq, Afghanistan, Iran, Pakistan, China, Russia, Nigeria, Kenya, and Rwanda. Draper Hills Summer Fellows are former prime ministers and presidential advisors, senators and attorneys general, journalists and civic activists, academics and members of the international development community. They are united in their dedication to improving or establishing democratic governance, economic growth, and the rule of law in their countries.

The three-week program is led by an interdisciplinary (and all-volunteer) team of leading Stanford University faculty associated with the center. Class sessions, however, are not only led by CDDRL-affiliated faculty and researchers but also by the fellows themselves, who focus discussions on the concrete challenges they face in their ongoing development work. In this way, fellows have the opportunity to learn from one another’s rich experiences in the field of international political and economic development.

One of the selected fellows, an opposition politician from Singapore, was prevented from leaving her home country shortly before the program began.

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The Environmental Ethics Working Group has embarked on two distinct and experimental approaches to environmental ethical research. One approach explores the normative dimensions of quantitative environmental research. The other approach seeks either to integrate scientific data into normative arguments or to examine the real world quantitative implications of such arguments. The combination of quantitative and normative work is an exciting new interdisciplinary adventure.

Last quarter's environmental ethics working group kicked off with Marilyn Cornelius (1st year PhD student in the Interdisciplinary Program in Environment and Resources -- IPER) presenting a paper on global identity and climate justice. Last quarter's presentations were made by graduate students and post-docs in Education, Public Policy, Global Justice, Ethics and Society, Philosophy, and IPER on topics including national savings and sustainability, national obligations to prevent catastrophic climate change, how moral and political values affect research, the security impacts of climate change, who should bear the costs of Indian energy policy changes and what drinking water standards are appropriate for rural areas.

The group meets once a week to discuss a member's research and is funded through Woods Institute Environmental Venture Project and the Program on Global Justice Program. Debra Satz, Joshua Cohen and Kenneth J. Arrow serve as faculty advisors. Aside from eventually publishing the papers, the group is organizing a workshop for Winter 2009.

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Since the first gulf war, most authoritarian regimes In the Arab world have been able to maintain structures of governance that have endured since the post-World War II process of decolonization. We have not seen the emergence of agents of change capable of mounting effective political challenges. Regimes that often seemed to be losing international and domestic credibility have been able to remake themselves in ways that worked to maintain power and control.

The new movements and agents of change that did appear have not had the hoped-for transformative results, and regimes were able to accommodate most new challenges. Over the last 20 years in the region and the world — in the socioeconomic, political, ideological, and international dimensions — the results have ended up disappointing expectations. Neo-liberal economic policies did not transform the economies of the region in a way that led to new solutions to social problems. New middle classes did not achieve the political independence necessary to overcome old structures of patronage and transform regimes. The middle class, rather, became disengaged from local politics, and many social groups came to look for hope outside the national context. Furthermore, different social classes, as well as secular and Islamic elements, had divergent perspectives regarding democracy. Secular groups seek a rights-based order, based on modern political principles, while Islamist voices want a doctrines-based political order founded on traditional scriptural precepts. These divergences make a unified, forceful challenge to authoritarianism more difficult.

In fact, regimes have been able to adapt to different demands and manipulate the tensions among different social actors, to reconfigure the apparatus of authoritarianism. Regimes learned to pose as protectors of moderation against extremism and to adopt limited reforms, which absorbed and deflected demands for democratization. In this way, regimes have constructed simulacra of civil society and upgraded the accoutrements of authoritarianism.

Meanwhile, behind the historical mythologies of nationalism and unity, currents of social and ideological tension remain and are now embedded in an international context of fear and crisis. After 2001, many regimes feared that the Bush Administration’s proclaimed fervor for democracy promotion would upend the implicit 60-year old pact of stability between the states in our region and the West. The Arab public and later the regimes were quick to interpret the fervor for democracy as a cover for the neocon agenda of military intervention. Local regimes quickly learned to read the subtext of the mixed messages from the West. A facade of democracy would suffice, as long as there was cooperation in the “war on terror.”

From Iraq to Pakistan, then, the international context of violence and intervention poses new challenges to democratization. The distortions introduced by the war on terror, including the internationalization of l’état sécuritaire (heightened security state) and the parallel internationalization of jihadi militancy, have provided more excuses for authoritarian regimes and have reinforced the most retrograde aspects of governance.

Finally, there is no perfect mechanism of accommodation or cooptation. Social and political tensions persist. Change remains possible, most likely from lateral as opposed to frontal actions and from surprising new actors like the jurists in Egypt and Pakistan and new theologians throughout the Islamic world. Because the language of democratization itself has now been largely discredited in Arab public opinion, seen as a hypocritical cover for an agenda of preemptive military attack, opportunistic regime change, and foreign interference in general, we must reestablish new fundamentals for a discourse of change. In this new context, for any kind of democratization to occur, it is crucial that we “re-indigenize” the message of progressive change in the countries of the regions. We must create a renewed sense of shared purpose that includes the nation and Islam but is not confined by them and that speaks to people’s local concerns while it connects them to wider projects of peace and democracy in the region and the world.

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