THE DEREGULATION of COMMERCIAL TELEVISION Heidi R
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The Decline of Broadcasters' Public Interest Obligations*
SPECTRUM POLICY PROGRAM POLICY BACKGROUNDER March 29, 2004 The Decline of Broadcasters’ Public Interest Obligations* The Communications Act of 1934 and its predecessor, the interest obligations, but they didn’t necessarily object to Radio Act of 1927, mandates that the Federal their codification because it provided them with more Communications Commission regulate broadcasting in the certainty about the standard by which they would be judged “public interest, convenience, or necessity.” This at renewal time. And, of course, they continued to use continues to be the mandate of the FCC, and the “public prime broadcast frequencies free of charge. interest” part of the phrase appears 40 times in the Telecommunications Act of 1996. What broadcasters really hated, however, was the prospect that they might lose their licenses. Licenses to use the The “public interest” mandate is notoriously vague. airwaves were hugely valuable. In one famous phrase, they Contentious debate over its meaning has been almost were described as a “license to print money.” Thus, continuous since passage of the Communications Act 70 incumbent broadcasters did everything they could to reduce years ago. the threat that at the end of their license term they might lose their license. In other words, they attacked the essence For purposes of this historical account of the public interest of the public interest standard, which was fundamentally mandate, we give it the meaning: “compensation to the procedural rather than substantive in nature. public for the use of the public airwaves.” This interpretation provides a simple framework to explain how Their lobbying was highly successful. Over time, the the public interest mandate has evolved since it was first duration of broadcast licenses was increased from 3 to 5 to embedded as the foundation of broadcast law. -
Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America∗
Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America∗ Yifei Mao Jessie Jiaxu Wang SC Johnson College of Business W. P. Carey School of Business Cornell University Arizona State University March 9, 2018 Abstract This paper establishes labor scarcity as an important economic channel through which access to finance shapes technological innovation. We exploit antebellum America, a unique setting with (1) staggered passage of free banking laws across states and (2) sharp differences in labor scarcity between slave and free states. We find that greater access to finance spurred technological innovation as measured by patenting activities, especially in free states where labor was relatively scarce. Inter- estingly, in slave states where slave labor was prevalent, access to finance encouraged technological innovation that substituted for free labor, but discouraged technologi- cal innovation that substituted for slave labor. Keywords: antebellum America, free banking laws, finance and innovation, labor scarcity ∗We thank conference participants at WAPFIN@Stern, and brownbag participants at Arizona State Uni- versity and Cornell University for helpful comments. Contact information, Mao: [email protected]; Wang: [email protected]. 1 Introduction While technological innovation is important for economic growth (Solow, 1957) and firms’ competitive advantage (Porter, 1992), it is difficult to achieve. Pioneered by Schumpeter, a large literature has established a well-functioning financial market as a driver of technological innovation (King and Levine, 1993; Brown, Fazzari, and Petersen, 2009; Hall, 2010; Hsu, Tian, and Xu, 2014; Kerr and Nanda, 2015). However, the role of finance is rarely examined in connection with the fundamental incentive of innovation|reducing production costs. -
Regulation and Deregulation After 25 Years: Lessons Learned for Research in Industrial Organization
Regulation and Deregulation After 25 Years: Lessons Learned for Research in Industrial Organization PAUL L. JOSKOW Elizabeth and James Killian Professor of Economics, MIT, Cambridge, MA 02139 USA. E-mail: [email protected] Abstract. This paper is based on a keynote address given at the 2004 International Industrial Organization Conference in Chicago, April 2004. I draw selectively on the literature from the past 25 years on regulation/deregulation to provide important lessons about the attributes of good research in empirical industrial organization. I. Introduction When I first began doing research on issues related to government regulation of industry in the early 1970s, a significant slice of the economy was subject to some form of government price and/or entry regulation. The affected industries included (a) airlines, (b) trucking, (c) railroads, (d) electric power, (e) natural gas production, (f) pipeline transportation and distribution of natural gas, (g) crude oil and refined petroleum products, (h) cable television, (i) automobile insurance, (j) hospital services, and others. The share of these industries in GDP, while substantial, understates their potential impact on overall economic performance of the economy since they generally supplied important intermediate goods and services to downstream commercial and industrial users. Beginning about 25 years ago legislative and regulatory actions began a process of deregulation, vertical and horizontal industry restructuring and regulatory reform that has now affected, to varying degrees, all of these industries. Many of these industries have been completely transformed during this period of time (e.g. airlines, trucking, and telecommunications). Others are in the midst of more lengthy transitions that involve 2 restructuring and deregulation of major industry segments and the application of new regulatory mechanisms to those segments that continue to be regulated (e.g. -
A Short History of Financial Deregulation in the United States I
A Short History of Financial Deregulation in the United States Matthew Sherman July 2009 Center for Economic and Policy Research 1611 Connecticut Avenue, NW, Suite 400 Washington, D.C. 20009 202-293-5380 www.cepr.net CEPR A Short History of Financial Deregulation in the United States i Contents Timeline of Key Events....................................................................................................................................1 Introduction........................................................................................................................................................3 Background.........................................................................................................................................................3 Usury Laws .........................................................................................................................................................5 Removing Interest Rate Ceilings .....................................................................................................................6 Repealing Glass-Steagall....................................................................................................................................8 Hands-Off Regulation.....................................................................................................................................10 Inflating the Bubble.........................................................................................................................................12 -
Unemployment and Labor Market Institutions: the Failure of the Empirical Case for Deregulation
September, 2004 Unemployment and Labor Market Institutions: The Failure of the Empirical Case for Deregulation Dean Baker, Andrew Glyn, David Howell, and John Schmitt We thank the International Labor Organization and the Centre for Economic Policy Analysis at the New School University for their financial support for the project 1 I. Introduction It has become widely accepted that poor employment performance can only be effectively addressed with fundamental reforms of national labor market institutions. Prominent economists and leading international organizations have argued that these institutions have produced rigidities that account for the relatively slow employment growth and persistent high unemployment experienced by much of the developed world over the last two decades. In particular, wages for the less-skilled must be made more flexible, reflecting the interplay of demand and supply in local labor markets. This rigidity account has long been a central tenet of orthodox economics, but has attained increasing prominence with the rise in unemployment since 1973. But there is an equally long, if less influential, dissenting position, most famously illustrated by Keynes’ attack on economic orthodoxy during the Great Depression. A great deal of research effort has been devoted to providing empirical support for the orthodox rigidity explanation. Leading multi-national institutions began to aggressively promote the need for large-scale labor market deregulation in the early 1990s, most notably in the OECD’s massive Jobs Study (1994). The OECD’s subsequent Implementation of the Jobs Strategy reports (OECD 1997, 1999) took, if anything, an even stronger position. The same call for deregulation appears in the very title of the IMF’s Unemployment and Labor Market Institutions: Why Reforms Pay Off (2003). -
73 on Feminist Economics J
Indira mva/ Art No. ppl_fr_9400065 1^17 73 j on feminist economics Wilfred Dolfsma and Hella Hoppe abstract Feminist economics rightfully draws increasing attention from professional, mainstream economists. In this paper, we argue that one of the reasons for this is its increasingly coherent perspective on economic phenomena, challenging what is often perceived to be the staid mainstream of economic thought. We discuss methodological issues, some theoretical developments – notably on the household – and issues of economic policy. Feminist economics is argued to make important contributions, not least in the potential to provide suggestions for policy. We point to parallels between feminist economics and institutional economics, and argue that these relations might be strengthened to the benefit of both. keywords feminist economics; review; institutional economics; methodology; economic policy; economics of the household; institutions of the labour market feminist review 73 2003 1 (00–00) c 2003 Feminist Review. 0141-7789/03 $15 www.feminist-review.com introduction Over one and a half centuries ago, Charles Fourier ventured the view that the position of women in a society is an indicator of the general quality of its social system (Fourier, 1846: 132). He seems to have been somebody with insight, or at least foresight. Over the last few decades, according to Fourier’s index, many Western societies have progressed substantially. The progress has not been uni- directional, however. In more recent times, however, some deterioration can perhaps be observed. This article looks at the recent development of feminist economic thought and the extent to which government policy seems to have paid heed. -
Deregulation--Facets of a New Trend in Politics
DEREGULATION-FACETS OF A NEW TREND IN POLITICS ULRICH KARPEN I. THE END OF NEO-LIBERALISM AND SOCIALISM: THE SOCIAL MARKET ECONOMY AT A CROSSROADS It seems that the neo-liberal project failed in many countries with the United States being an exception. The socialist experiment, however, failed completely except in North Korea and Cuba. The social market economy, the liberal model with a social basis, seems to be the model which has succeeded world-wide. Open markets, chances for competition for everybody, participation of the individual: that is what people wanted in Warsaw, in the Baltic States, in Prague and in Moscow! The point which has to be stressed in the following text is, that one has overstretched the social basis of the social market economy. The social state has put on too much weight. People have become used to social security, public services, subsidies, health care, old age care, and so on. One might not go as far as some people do by saying that the politics of our states is bankrupt, but there is no doubt that the social services cannot be afforded any longer. Some economies have almost collapsed: Sweden in recent years took a sharp turn, Great Britain did so before Margaret Thatcher, the United States Reaganomics. The social budget of the Federal Republic of Germany is at the moment more than 30 per cent of its GNP and still increasing. Following reunification, Germany faced the need to bring a quarter of its territory up to the same level of development as the remaining three- quarters, which is a major reason why it seems to be at a financial crossroads. -
Broadcast License Renewal and the Telecommunications Act of 1996 Lili Levi University of Miami School of Law, [email protected]
University of Miami Law School University of Miami School of Law Institutional Repository Articles Faculty and Deans 1996 Not With a Bang But a Whimper: Broadcast License Renewal and the Telecommunications Act of 1996 Lili Levi University of Miami School of Law, [email protected] Follow this and additional works at: https://repository.law.miami.edu/fac_articles Part of the Communications Law Commons Recommended Citation Lili Levi, Not With a Bang But a Whimper: Broadcast License Renewal and the Telecommunications Act of 1996, 29 Conn. L. Rev. 243 (1996). This Article is brought to you for free and open access by the Faculty and Deans at University of Miami School of Law Institutional Repository. It has been accepted for inclusion in Articles by an authorized administrator of University of Miami School of Law Institutional Repository. For more information, please contact [email protected]. Not With a Bang But a Whimper: Broadcast License Renewal and the Telecommunications Act of 1996 Liu LEvi In 1969, public outrage derailed a bill providing that the Federal Communications Commission ("FCC" or "Commission") could not con- sider competing applications for broadcast licenses unless it first found that renewal of the incumbent's license would not be in the public interest.' Citizen groups claimed that eliminating comparative challenges to incumbent broadcasters was "back-door racism" and reinforced the under-representation of minorities in broadcasting.2 They decried the bill as a "vicious ... attempt to limit the efforts of the black community to challenge the prevailing racist practices of the vast majority of TV stations."3 When the FCC thereupon issued a policy statement adopting a similar reform of the comparative renewal process, it was reversed by * Professor of Law, University of Miami School of Law. -
Restoring Historical Understandings of the “Public Interest” Standard of American Broadcasting: an Exploration of the Fairness Doctrine
International Journal of Communication 7 (2013), 89–109 1932–8036/20130005 Restoring Historical Understandings of the “Public Interest” Standard of American Broadcasting: An Exploration of the Fairness Doctrine CHRISTINA LEFEVRE–GONZALEZ University of Colorado, Boulder The “public interest” standard is a phrase that American broadcast regulation has not clearly defined throughout its history. Media scholars have attempted to locate the “true” meaning of the public interest standard by historicizing its use through broad analyses of broadcast regulation, but this approach has provided inadequate frameworks for understanding how the public interest standard has informed broadcast policy. By centering its historical analysis on the Fairness Doctrine, this article uncovers four dominant definitions for the public interest standard: first, as an enforcer of structure and efficiency of the spectrum; second, as part of the trusteeship of licensed broadcasters; third, for social justice and reform; and fourth, for the tastes and preferences of the public. The “public interest” is a phrase that, in the words of Richard Weaver (1953), possesses a “charismatic” quality. Political scientist Frank Sorauf (1957) described the concept as reflecting “the highest standard of governmental action, the measure of the greatest wisdom or morality in government” (p. 616). Some scholars believe that this idyllic phrase, an important rhetorical feature of American broadcast policy, possesses an indiscernible meaning that is susceptible to political will. Legal scholars Krattenmaker and Powe (1994) describe the standard as “either an empty concept or one that is infinitely manipulable” (p. 143). Zlotlow (2004) argues that the poorly defined standard “was both an empty concept and infinitely manipulable” (p. -
Accountability in Public Service Broadcasting: the Evolution of Promises and Assessments
Accountability in Public Service Broadcasting: The Evolution of Promises and Assessments NAKAMURA Yoshiko Today, the world’s public service broadcasters, including NHK in Japan, are increasingly called upon to define their remits and make them public, and to present the assessments as to whether they are indeed being carried out. Since public service broadcasters throughout the world operate with funds collected through license fees (receiving fees in Japan) or public funds such as govern- ment subsidies, they are obliged to be accountable to the audiences and citi- zens paying for the service. Until now, public service broadcasters have sought to ensure accountability by meeting institutional requirements such as publication of mandatory annual reports and accounts, handling of audience complaints, and responses to audience needs through broadcasting commit- tees. Public service broadcasters obviously need to be accountable in order to maintain trust with their audiences. This basic assumption is shared by European media scholars and researchers. Cultural Dilemmas in Public Service Broadcasting, by Gregory Ferrell Lowe and Per Jauert (Lowe and Jauert, 2005), which not only focuses on public service broadcasting quality, performance assessment, and the need for accountability but also suggests possible strategies for public service broadcasters in the face of a changing media environment, offers valuable thought on these issues. This paper will present case studies of the initiatives taken by public broadcasters in Sweden, Denmark, the U.K., and Japan regarding accountability and discuss mainly institutional reforms for strengthening accountability. REASONS FOR STRENGTHENING ACCOUNTABILITY Since the 1990s, advances in cable television technology and the availability of satellite broadcasting have made it possible for broadcasters across the world to provide multiple channels. -
Gender and the New Economy: Regulation Or Deregulation? Sylvia Walby Presented to ESRC Seminar
On-Line Papers – Copyright This online paper may be cited or briefly quoted in line with the usual academic conventions. You may also download them for your own personal use. This paper must not be published elsewhere (e.g. to mailing lists, bulletin boards etc.) without the author's explicit permission. Please note that if you copy this paper you must: • include this copyright note • not use the paper for commercial purposes or gain in any way • you should observe the conventions of academic citation in a version of the following form: ***,***, published by the Department of Sociology, Lancaster University, at http://www.comp.lancs.ac.uk/sociology/papers/***.pdf Publication Details This web page was last revised on 26th September 2003; the paper was previously published at http://comp.lancs.ac.uk/sociology/soc****** Department of Sociology, Lancaster University, Lancaster LA1 4YL Gender and the New Economy: Regulation or deregulation? Sylvia Walby Presented to ESRC seminar ‘Work, life and time in the new economy’ LSE October 2002. Department of Sociology at Lancaster University 2 Gender and the New Economy: Regulation or Deregulation? Introduction Globalisation has been implicated in two divergent processes. On the one hand, there is concern about the detrimental effect of globalisation on employment, which has been focused on the impact of de-regulation of working conditions (Crouch and Streeck, 1997; Standing, 1999). On the other hand, there has been enthusiasm for the development of a new knowledge based economy, which might have the potential to provide higher skilled jobs that are co-ordinated through flatter hierarchies and networks. -
Do Ends Justify Means? Feminist Economics Perspectives on the Business Case for Gender Equality in the UK Labour Market
e-cadernos CES 05 | 2009 As fundações institucionais da economia Do Ends Justify Means? Feminist Economics Perspectives on the Business Case for Gender Equality in the UK Labour Market Emily Thomson Electronic version URL: http://journals.openedition.org/eces/298 DOI: 10.4000/eces.298 ISSN: 1647-0737 Publisher Centro de Estudos Sociais da Universidade de Coimbra Electronic reference Emily Thomson, « Do Ends Justify Means? Feminist Economics Perspectives on the Business Case for Gender Equality in the UK Labour Market », e-cadernos CES [Online], 05 | 2009, Online since 01 September 2009, connection on 30 April 2019. URL : http://journals.openedition.org/eces/298 ; DOI : 10.4000/eces.298 DO ENDS JUSTIFY MEANS? FEMINIST ECONOMICS PERSPECTIVES ON THE BUSINESS CASE FOR GENDER EQUALITY IN THE UK LABOUR MARKET EMILY THOMSON DIVISION OF PUBLIC POLICY GLASGOW CALEDONIAN UNIVERSITY Abstract: This paper intends to explore a feminist economics perspective on business case arguments for gender equality in the UK labour market, where there are significant inequalities between men and women. Policy discourse on gender equality has moved from one which emphasises ‘equal opportunities’ and notions of fairness and equal treatment to one which focuses on increasing economic efficiency in the wider economy and viewing female employees as a competitive advantage for individual firms. Developments in the policy discourse of gender equality in the labour market have been heavily influenced by mainstream, neoclassical economics. An example of this is the current UK government aim to encourage private sector employers to take action on gender equality voluntarily on the basis of ‘business case’ arguments. The business case itself has been critiqued by many authors but has yet to be considered from an explicitly feminist economics perspective.