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Policy Shock
Recalibrating Risk and Regulation after Oil Spills, Nuclear Accidents and Financial Crises

$135.00 (C)

Edward J. Balleisen, Lori S. Bennear, Kimberly D. Krawiec, Jonathan B. Wiener, Carolyn Kousky, Elke U. Weber, Thomas A. Birkland, Megan K. Warnement, Frederick W. Mayer, Marc Allen Eisner, Ole Andreas Engen, Preben H. Lindøe, Christopher Carrigan, Elisabeth Paté-Cornell, Kristian Krieger, Ortwin Renn, M. Brooke Rogers, Ragnar Löfstedt, Atsuo Kishimoto, Youssef Cassis, Bruce G. Carruthers, Barry Eichengreen, Stijn Claessens, Laura Kodres, David Cheang, Jonathon Free, Megan Hayes, Emily Pechar, A. Catherine Preston
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  • Date Published: November 2017
  • availability: In stock
  • format: Hardback
  • isbn: 9781107140219

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  • Policy Shock examines how policy-makers in industrialized democracies respond to major crises. After the immediate challenges of disaster management, crises often reveal new evidence or frame new normative perspectives that drive reforms designed to prevent future events of a similar magnitude. Such responses vary widely - from cosmetically masking inaction, to creating stronger incentive systems, requiring greater transparency, reorganizing government institutions and tightening regulatory standards. This book situates post-crisis regulatory policy-making through a set of conceptual essays written by leading scholars from economics, psychology and political science, which probe the latest thinking about risk analysis, risk perceptions, focusing events and narrative politics. It then presents ten historically-rich case studies that engage with crisis events in three policy domains: offshore oil, nuclear power and finance. It considers how governments can prepare to learn from crisis events - by creating standing expert investigative agencies to identify crisis causes and frame policy recommendations.

    • Provides accessible syntheses of broad literatures for decision-makers and scholars across the social sciences
    • Access to digestible policy contexts are provided so that teachers can sustain vigorous classroom discussions about policy dilemmas
    • A set of detailed case studies take account of both similarities in policy challenges, and differences in political institutions, economic structures and societal cultures
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    Product details

    • Date Published: November 2017
    • format: Hardback
    • isbn: 9781107140219
    • length: 590 pages
    • dimensions: 235 x 160 x 37 mm
    • weight: 0.96kg
    • contains: 43 b/w illus.
    • availability: In stock
  • Table of Contents

    1. Introduction Edward J. Balleisen, Lori S. Bennear, Kimberly D. Krawiec and Jonathan B. Wiener
    Part I. The Conceptual Terrain of Crises and Risk Perceptions:
    2. Economic analysis, risk regulation and the dynamics of policy regret Lori S. Bennear
    3. Revised risk assessments and the insurance industry Carolyn Kousky
    4. Understanding public risk perception and responses to changes in perceived risk Elke U. Weber
    5. Focusing events, risk and regulation Thomas A. Birkland and Megan K. Warnement
    6. The story of risk: how narratives shape risk communication, perception and policy Frederick W. Mayer
    Part II. Case Studies on Offshore Oil Spills:
    7. From Santa Barbara to the Exxon-Valdez: policy learning and the emergence of a new regime for managing oil spill risk Marc Allen Eisner
    8. The Nordic model of offshore oil regulation: managing crises through a proactive regulator Ole Andreas Engen and Preben H. Lindøe
    9. Reform in real time: evaluating reorganization as a response to the Gulf oil spill Christopher Carrigan
    Part III. Case Studies on Nuclear Accidents:
    10. Recalibrating risks of nuclear power: reactions to Three-Mile Island, Chernobyl and Fukushima Elisabeth Paté-Cornell
    11. Nuclear accidents and policy responses in Europe: comparing the cases of France and Germany Kristian Krieger, Ortwin Renn, M. Brooke Rogers and Ragnar Löfstedt
    12. Public attitudes and institutional changes in Japan following nuclear accidents Atsuo Kishimoto
    Part IV. Case Studies of Financial Crises:
    13. Regulatory responses to the financial crises of the Great Depression: Britain, France and the United States Youssef Cassis
    14. Financial decommodification: risk and the politics of valuation in US banks Bruce G. Carruthers
    15. Euro are risk (mis)management Barry Eichengreen
    16. The regulatory responses to the global financial crisis: some uncomfortable questions Stijn Claessens and Laura Kodres
    Part V. Conclusions:
    17. Institutional mechanisms for investigating the regulatory implications of a major crisis: the commission of inquiry and the safety board Edward J. Balleisen, Lori Bennear, David Cheang, Jonathon Free, Megan Hayes, Emily Pechar and A. Catherine Preston
    18. Recalibrating risk: crises, learning and regulatory change Edward Balleisen, Lori Bennear, Kimberly Krawiec and Jonathan Wiener.

  • Editors

    Edward J. Balleisen, Duke University, North Carolina
    Edward J. Balleisen is Vice Provost for Interdisciplinary Studies and Associate Professor of History at Duke University, North Carolina. A historian of regulatory governance in the United States, his latest book is Fraud: An American History from Barnum to Madoff (2017). He received his Ph.D. from Yale University, Connecticut.

    Lori S. Bennear, Duke University, North Carolina
    Lori S. Bennear is an Associate Professor of Environmental Economics and Policy at Duke University, North Caroline where she is also the Co-Director of the Rethinking Regulation Program at the Kenan Institute for Ethics and the Faculty Lead in Energy Education at the Energy Initiative. Her research focuses on evaluating the effectiveness of flexible environmental policies including information disclosure regulations, management-based regulations, liability regimes and demand-side management programs. Her works spans environmental domains including toxics, drinking water and energy. She received her Ph.D. from Harvard University, Massachusetts.

    Kimberly D. Krawiec, Duke University, North Carolina
    Kimberly D. Krawiec is the Kathrine Robinson Everett Professor of Law at Duke University, North Carolina where she teaches courses on corporate law and financial regulation. Her research centers on the regulation of financial markets, 'taboo' or contested markets and business organizations. Current work examines boards of directors, organ donation and allocation systems, and the administrative process surrounding the Volcker Rule, a provision of Dodd-Frank. She has served as a commentator for the Central European and Eurasian Law Initiative (CEELI) of the American Bar Association and on the faculty of the National Association of Securities Dealers Institute for Professional Development at the Wharton School of Business, University of Pennsylvania.

    Jonathan B. Wiener, Duke University, North Carolina
    Jonathan B. Wiener is the Perkins Professor of Law and Professor of Environmental Policy and Public Policy at Duke University, North Carolina. He co-directs the program on Rethinking Regulation at Duke. He is a University Fellow of Resources for the Future (RFF). He served as President of the Society for Risk Analysis (SRA) in 2008, and co-chair of the World Congress on Risk in 2012. His books include Risk vs Risk (1995), Reconstructing Climate Policy (2003) and The Reality of Precaution: Comparing Risk Regulation in the United States and Europe (2011). Previously he served at the US Department of Justice, the White House Office of Science and Technology Policy (OSTP) and the White House Council of Economic Advisers (CEA). He helped negotiate the Framework Convention on Climate Change (FCCC) between 1990 and 1992, and helped draft Executive Order 12866 on regulatory review (1993). He clerked for federal judges Stephen G. Breyer (1988–89) and Jack B. Weinstein (1987–88). He received his J.D. (1987) and A.B. (1984, economics) from Harvard University, Massachusetts.

    Contributors

    Edward J. Balleisen, Lori S. Bennear, Kimberly D. Krawiec, Jonathan B. Wiener, Carolyn Kousky, Elke U. Weber, Thomas A. Birkland, Megan K. Warnement, Frederick W. Mayer, Marc Allen Eisner, Ole Andreas Engen, Preben H. Lindøe, Christopher Carrigan, Elisabeth Paté-Cornell, Kristian Krieger, Ortwin Renn, M. Brooke Rogers, Ragnar Löfstedt, Atsuo Kishimoto, Youssef Cassis, Bruce G. Carruthers, Barry Eichengreen, Stijn Claessens, Laura Kodres, David Cheang, Jonathon Free, Megan Hayes, Emily Pechar, A. Catherine Preston

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