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Amakudari
In politics, a revolving door can refer to two distinct phenomena. Primarily, it denotes a situation wherein personnel move between roles as legislators or regulators in the public sector, and as employees or lobbyists of industries (affected by state legislation and regulations) in the private sector. It is analogous to the movement of people in a physical revolving door, hence its name. Critics assert that such a relationship between the government and private sector can lead to conflict of interest and regulatory capture, based on the granting of reciprocated privileges between them. The term has also been used to refer to the constant switching and ousting of political leaders from office, such as in Australia (which changed Prime Ministers 6 times from 2007 to 2018), interwar Yugoslavia, and Japan. Overview Previous work The revolving door phenomenon has become a public interest in the 2010s, with the writings of Andrew Baker, Simon Johnson and James Kwak. In the l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Capture
In politics, regulatory capture (also called agency capture) is a form of corruption of authority that occurs when a political entity, policymaker, or regulator is co-opted to serve the commercial, ideological, or political interests of a minor constituency, such as a particular geographic area, industry, profession, or ideological group. When regulatory capture occurs, a special interest is prioritized over the general interests of the public, leading to a net loss for society. The theory of '' client politics'' is related to that of rent-seeking and political failure; client politics "occurs when most or all of the benefits of a program go to some single, reasonably small interest (e.g., industry, profession, or locality) but most or all of the costs will be borne by a large number of people (for example, all taxpayers)". Theory For public choice theorists, regulatory capture occurs because groups or individuals with high-stakes interests in the outcome of policy or reg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Politics
Politics () is the set of activities that are associated with decision-making, making decisions in social group, groups, or other forms of power (social and political), power relations among individuals, such as the distribution of Social status, status or resources. The branch of social science that studies politics and government is referred to as political science. Politics may be used positively in the context of a "political solution" which is compromising and non-violent, or descriptively as "the art or science of government", but the word often also carries a negative connotation.. The concept has been defined in various ways, and different approaches have fundamentally differing views on whether it should be used extensively or in a limited way, empirically or normatively, and on whether conflict or co-operation is more essential to it. A variety of methods are deployed in politics, which include promoting one's own political views among people, negotiation with other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lobbying
Lobbying is a form of advocacy, which lawfully attempts to directly influence legislators or government officials, such as regulatory agency, regulatory agencies or judiciary. Lobbying involves direct, face-to-face contact and is carried out by various entities, including individuals acting as Voting, voters, constituents, or private citizens, corporations pursuing their business interests, nonprofits and Non-governmental organization, NGOs through advocacy groups to achieve their missions, and legislators or government officials influencing each other in legislative affairs. Lobbying or certain practices that share commonalities with lobbying are sometimes referred to as government relations, or government affairs and sometimes legislative relations, or legislative affairs. It is also an Industry (economics), industry known by many of the aforementioned names, and has a near-complete overlap with the public affairs industry. Lobbyists may fall into different categories: amateur lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Robb
Andrew John Robb (born 20 August 1951) is an Australian former politician. He was a member of the House of Representatives from 2004 to 2016, representing the Liberal Party. He served as Minister for Trade and Investment (2013–2016) in the Abbott and Turnbull governments, and also briefly as Minister for Vocational and Further Education in the Howard government in 2007. Before entering parliament, he was the federal director of the Liberal Party and oversaw the party's return to government at the 1996 federal election. While he was Minister for Trade and Investment, Robb approved Chinese company Shandong Landbridge Group to lease Port Darwin for 99 years. As soon as he left politics, Robb was hired by Shandong Landbridge on a $880,000 per year salary. In 2019, Robb left the position, shortly before a new foreign-interference law took effect. Background Robb, one of nine children, was born to Frank and Marie Robb, on a dairy farm in Epping which lies north of Melbourn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister For Trade And Investment
The Minister for Trade and Tourism is a portfolio in the Government of Australia, falling within the Department of Foreign Affairs and Trade (DFAT). The position is currently held by Senator Don Farrell, sworn in as part of the Albanese ministry on 1 June 2022, following the Australian federal election in 2022. The minister is assisted by the Assistant Minister for Foreign Affairs and Trade, held by Matt Thistlethwaite, and the Assistant Minister for Tourism, held by Nita Green. Portfolio In the Government of Australia, the minister and assistant minister(s) administer the portfolio through the Department of Foreign Affairs and Trade (DFAT) jointly with the Minister for Foreign Affairs. Other trade-related bodies for which the minister and assistant minister are responsible are: * Austrade * Export Finance Australia * Tourism Australia DFAT was created in 1987 through the merger of the Department of Foreign Affairs and the Department of Trade. In sequence, the trade por ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northern Territory
The Northern Territory (abbreviated as NT; known formally as the Northern Territory of Australia and informally as the Territory) is an states and territories of Australia, Australian internal territory in the central and central-northern regions of Australia. The Northern Territory shares its borders with Western Australia to the west (129th meridian east), South Australia to the south (26th parallel south), and Queensland to the east (138th meridian east). To the north, the Northern Territory looks out to the Timor Sea, the Arafura Sea, and the Gulf of Carpentaria, including Western New Guinea and various other islands of the Indonesian archipelago. The NT covers , making it the third-largest Australian federal division, and List of country subdivisions by area, the 11th-largest country subdivision in the world. It is sparsely populated, with a population of only 249,000 – fewer than half the population of Tasmania. The largest population centre is the capital city of Darw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Port Darwin
Port Darwin is the port in Darwin, Northern Territory, and is the most northerly port in Australia. The port has operated in a number of locations, including Stokes Hill Wharf, Cullen Bay, and East Arm Wharf. Since 2015, the port has been controlled by the Chinese-owned Landbridge Group, having been granted a 99-year lease by the federal and territory governments. The transaction has since ignited significant national security concerns and political controversy, with considerable bipartisan appetite to return the port to Australian ownership. Locations Stokes Hill Wharf operated as the main location of Port Darwin, and has had three wharves. East Arm Wharf opened in 2000. Panamax sized ships of a maximum length of 274 metres and a DWT of up to 80,000 tonnes are able to use the location. Privatisation Following the 2012 election of the Country Liberal party, the Territory sought to raise funds for unspecified purposes through the sale of public assets, including t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insider Trading
Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information are illegal. The rationale for this prohibition of insider trading differs between countries and regions. Some view it as unfair to other investors in the market who do not have access to the information, as the investor with inside information could potentially make larger profits than an investor without such information. However, insider trading is also prohibited to prevent the director of a company (the insider) from abusing a company's confidential information for the director's personal gain. The rules governing insider trading are complex and vary significantly from country to country as does the extent of enforcement. The definition of insider in one jurisdiction can be broad and may cover not only insiders themselves but also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of Bank regulation, regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure accounting liquidity, liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Too Big To Fail
"Too big to fail" (TBTF) is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected with an economy that their failure would be disastrous to the greater economic system, and therefore should be supported by government when they face potential failure. The colloquial term "too big to fail" was popularized by U.S. Congressman Stewart McKinney in a 1984 Congressional hearing, discussing the Federal Deposit Insurance Corporation's intervention with Continental Illinois. The term had previously been used occasionally in the press, and similar thinking had motivated earlier bank bailouts. The term emerged as prominent in public discourse following the 2008 financial crisis. Critics see the policy as counterproductive and that large banks or other institutions should be left to fail if their risk management is not effective. Some critics, such as economist Alan Greenspan, believe that such lar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Distortion
In neoclassical economics, a market distortion is any event in which a market reaches a market clearing price for an item that is substantially different from the price that a market would achieve while operating under conditions of perfect competition and state enforcement of legal contracts and the ownership of private property. A distortion is "any departure from the ideal of perfect competition that therefore interferes with economic agents maximizing social welfare when they maximize their own". A proportional wage-income tax, for instance, is distortionary, whereas a lump-sum tax is not. In a competitive equilibrium, a proportional wage income tax discourages work. In perfect competition with no externalities, there is zero distortion at market equilibrium of supply and demand where price equals marginal cost for each firm and product. More generally, a measure of distortion is the deviation between the market price of a good and its marginal social cost, that is, the diffe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
