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Antimicrobials form the backbone of modern medicine and represent a foundational pillar of economic productivity. Overuse and misuse have led to a rising trend of antimicrobial resistance (AMR), depleting the efficacy of existing antimicrobials, necessitating conservation through stewardship and renewal through innovation. Poor global access exacerbates these challenges. We introduce the concept of antimicrobial effectiveness (AME) as a system in which antimicrobials are clinically and microbiologically efficacious against infectious pathogens and accessible for appropriate use. We frame AME as a global economic infrastructure, demonstrating its role as a key input to health, social, and economic outcomes and driver of positive spillovers. We investigate the balance between capacity constraints imposed by AMR and the benefits of maximizing non-discriminatory sharing of AME, exploring how a sustainable management approach comprised of infection prevention, universal access, stewardship, surveillance, and innovation can conserve AME. We explore economic mechanisms such as internalized healthcare overheads and hypothecated taxes to align contributions with benefits, ensuring that patients, hospitals, and businesses who rely on AME help to conserve it. Through identifying social value, patterns of payoffs, and downstream beneficiaries of AME, infrastructure framing provides a coherent axis to structure action, align incentives, and mobilize investment across sectors and scales.
This comprehensive yet accessible guide to enterprise risk management for financial institutions contains all the tools needed to build and maintain an ERM framework. It discusses the internal and external contexts within which risk management must be carried out, and it covers a range of qualitative and quantitative techniques that can be used to identify, model and measure risks. This third edition has been thoroughly revised and updated to reflect new regulations and legislation. It includes additional detail on machine learning, a new section on vine copulas, and significantly expanded information on sustainability. A range of new case studies include Theranos and FTX. Suitable as a course book or for self-study, this book forms part of the core reading for the Institute and Faculty of Actuaries' examination in enterprise risk management.
Does a unified law of interpretation exist? Can it be applied to all legal rules, regardless of their source, interpreter, or subject matter? This volume offers a comprehensive exploration of how interpretation is practiced across the diverse landscape of international law. Drawing on contributions from leading scholars and practitioners, the book examines interpretation through the lenses of multiple actors, sources, and regimes, revealing three core themes. Unity emerges in shared interpretative methods, rooted in the Vienna Convention on the Law of Treaties and its customary counterparts. Diversity appears in the distinctive approaches found within specialised legal regimes. Evolution is seen in the growing range of materials considered during interpretation. Rich in comparative insights, this volume will be an essential reference for researchers, practitioners, and anyone interested in the dynamic processes that shape meaning in international law. This title is also available as open access on Cambridge Core.
The chapter provides an introduction to the sociocultural analysis of second language (L2) acquisition as a process of socialization by and through the learning of an additional language. It offers a discussion of socio-cultural institutions and communities involved in L2 learning as well as a description of the development of language repertoire in additional language learning as a social accomplishment. The chapter opens on a summary of the controversy that arose in the early 2000s between the cognitive and the socially-oriented Second Language Acquisition (SLA) paradigms. Bypassing this divisive debate, the chapter focusses on the diversity of approaches to additional language learning within the sociocultural paradigm. Key concepts of sociocultural SLA research such as social integration, agency, identity and power relations as well as affordance and language repertoire are defined. A framework of analysis for the learner’s language repertoire is presented. Finally, the chapter recalls issues in the study of naturalistic SLA as a privileged area of research in light of the sociocultural paradigm. Longitudinal data from one migrant worker are analysed to illustrate the social and linguistic development of his language repertoire. In conclusion, the chapter charts some pending issues for the sociocultural analysis of L2 socialization.
In various organizational settings, a team member is given the authority to make an investment decision that influences the value of the jointly produced surplus. We experimentally investigate the effect of asymmetric status, investment decisions, and the outcome of these decisions on bargaining behavior and outcomes. Agents’ initial contributions to the surplus are determined by their relative performances in a real-effort task. Three treatments vary in how the final surplus value is determined. We observe that when low-contributors take a risk, they are punished (rewarded) for failure (success), whereas high-contributors receive a fixed share independent of the outcome. Analysis of bargaining process variables, subjects’ communication during bargaining, and third parties’ normative judgments provides further insights into the possible mechanism behind this observation.
Literary and archaeological evidence suggests that the Roman world was profoundly unequal. What did this mean in material terms for people at the bottom of the social hierarchy? Astrid Van Oyen here investigates the lived experiences of non-elite people in the Roman world through qualitative analysis of archaeological data. Supported by theoretical insights from the material turn, development economics, and feminist studies, her study of precarity cuts across the experiences of workers, the enslaved, women, and conquered populations. Van Oyen considers how precarity shaped these people's relation to production, consumption, time, place, and community. Drawing on empirically rich archaeological data from Roman Italy, Britain, Gaul, and the Iberian Peninsula, Van Oyen challenges long-held assumptions and generates new insights into the lives of the non-elite population. Her novel approaches will inspire future studies, enabling archaeologists, historians, and anthropologists to retrieve the unheard voices of the past.
This chapter details the vital role of Indigenous trade and investment in promoting sustainable development. Firstly, it discusses the prerequisite for Indigenous trade, emphasizing a nation-building approach centred on the significance of robust tribal infrastructure. The chapter then addresses the barriers hindering Indigenous inter-tribal trade, including state, or provincial interference in tribal jurisdiction, poor tribal governance, Canada’s failure to honour its Jay Treaty obligations, the lack of Indigenous foreign trade zones, the exclusion of Indigenous traditional knowledge (TK) from intellectual property (IP) regimes, and historical challenges in trade financing. Additionally, the chapter explores Indigenous trade and commerce engagements with non-Indigenous enterprises, both with and without federal permission, highlighting the implications, challenges, and opportunities involved. By examining these aspects, the chapter advocates for empowering Indigenous nations through trade and investment, fostering economic opportunities while preserving cultural heritage, and working towards sustainable development by creating a strong economic baseline.
This chapter explores the structure–culture–agency interplay in the English language learning context of Cancun, Mexico. The body of empirical data is analysed through CR-grounded linguistic ethnography. Of specific interest are three Mexican students’ reflexive deliberations and strategies to position themselves in relation to the English language, its symbolic and economic value, and to broader structural and cultural forces, in the fulfilment of their goals. Analysis of the findings reveals the powerful influence of social class distribution partly based on ethnicity, and the role of language learner reflexivity in the adoption of diverse approaches to English language learning. The study of reflexivity in this chapter shows how agentive processes lead to different degrees of investment and successes, including resistance to and acceptance of the necessity for English in relation to Cancun’s social and economic context. Analysis also reveals English as the language of the dominant yet not fully accepted North American culture, and how it is seen a paramount tool in the fulfilment of personal and communal projects in the context of Cancun.
This chapter explores the emergence of Inter-Asian Law (IAL) through the lens of multilayered investment agreements. It argues that the Association of Southeast Asian Nations (ASEAN)-centered regime has driven the normative evolution of IAL, which has diverged from Western approaches rooted in the Washington Consensus. The study examines how Asian countries are developing their own legal models, reducing dependence on American and European rules, and strengthening Asia’s influence in shaping international law. Focusing on investment law, the chapter highlights the pragmatic incrementalism of ASEAN and the Regional Comprehensive Economic Partnership in legal approaches. It analyzes the development of investment issues across three waves of global regionalism, as well as the evolving investment frameworks of the Asia-Pacific. Hence, the research demonstrates how IAL reflects Asian approaches to global governance and offers alternatives to conventional Western-dominated models for developing countries.
The proponents of the ‘convenient solution’ discussed in Chapter 3 see the cost of climate action as one of government investment in new infrastructure. However, as there is not time for this to scale sufficiently, we must think differently about cost. Voluntarily restraining ourselves from emitting activities may save us money, but in most cases at present, purchasing equipment compatible with zero emissions costs more than the emitting alternative. Eventually, governments will legislate to ban emissions, by which time we will only compare the costs of different emissions-free alternatives. On the journey to that point, governments can aim to help us change by subsidising zero-emissions projects or taxing emitting activities. Carbon pricing has proved to be politically impossible, due to competition in trade and the high costs it would place on householders. Instead, we can all re-think the timescale of our purchasing decisions and recognise that paying for the higher costs of emissions-free options today is in reality an investment in the future, like a pension or savings account, aiming to avoid the far worse costs of a global war over food.
In an age where change accelerates at an exponential pace, the world is grappling with a unique and volatile set of challenges. Mohamed El-Erian, the foreword author of our first publication (Reimagining Philanthropy in the Global South: From Analysis to Action in a Post-COVID World), uses the term “permacrisis” to describe the compounding issues of climate change, geopolitical instability, and technological disruption that now dominate the global landscape. These crises have revealed the fragility of systems once deemed resilient, highlighting the urgent need for transformative financing approaches to support sustainable development and achieve lasting systemic change in an ever-evolving world. This book explores the promise of catalytic capital and the emerging dynamics of development finance in this new global landscape.
We study two continuous-time, time-inconsistent problems for an individual who purchases life annuities and invests her wealth in a risky asset under the mean-variance criterion. In the first problem, the buyer may only purchase life annuities at a bounded, continuous rate, while in the second problem, the buyer may purchase any amount of life annuity income at any time, which results in a singular control problem. We find the individual’s time-consistent equilibrium control strategies explicitly for the two life-annuity problems by solving the corresponding extended Hamilton–Jacobi–Bellman systems of equations. We also discuss the effects of parameters on the equilibrium strategies of the two life-annuity problems.
This chapter offers a comprehensive overview of China’s economic transformation over the past four decades. It traces the dramatic growth in China’s GDP – from a modest base in 1990 to a global powerhouse in 2023 – and examines the contributions of capital, labor, and productivity. The chapter juxtaposes optimistic and cautious expert forecasts, highlighting challenges such as a structural slowdown, decelerating productivity, and the risks of excessive investment in real estate. It also explores the evolving dynamics of state control, the impact of global trade shifts, and the role of innovation and industrial policy in shaping future growth. Additionally, the analysis delves into demographic trends, particularly the implications of the “demographic dividend” turning into a deficit and the complexities of forecasting in a rapidly changing economic environment. Overall, the chapter sets the stage for a broader discussion on the policy reforms and strategic shifts necessary for sustaining China’s long-term economic progress.
This article contributes new knowledge on the insertion of Spain into the European integration project and shows how European Investment Bank (EIB) policy, in the form of loans, helped boost the Spanish economy. EIB loans to Spain promoted both the Trans-European Networks (TENs) and the funding of enterprises. We argue that the funding of TENs encouraged the integration of Spain into the European space, whilst the funding of enterprises helped consolidate their competitive position, facilitating their expansion abroad.
This chapter investigates the strategic investments by Saudi Arabia, Qatar, and the UAE toward non-hydrocarbon-based energy sources. This move marks a critical juncture in the region’s energy policy landscape. Driven by a multifaceted agenda – reducing reliance on hydrocarbons, mitigating carbon emissions, and fostering a more diversified and industrially productive economy – the Gulf states are actively pursuing renewable and nuclear energy solutions. Their path, however, is fraught with obstacles, and this chapter critically examines the institutional barriers with the potential to significantly impede their progress.
This final chapter ties together the lessons gleaned from the preceding analyses of statutory and contractual reversion models to present broad principles for lawmakers to apply when considering implementing reversion mechanisms in their jurisdictions. These principles are pitched at a suitably abstract level, cognisant of the different issues faced across different creative markets and jurisdictions. They cover elements like protecting reversion mechanisms against subversion by rightsholders and ensuring reversion mechanisms are industry specific. We close the chapter, and the book, with a provocation as to what an effective reversion system might look like, drawn from Giblin’s prior work in ‘A New Copyright Bargain’ (2018).
Research in political science, economics, and public policy has primarily examined two types of government housing programs. The first involves low-income public housing in advanced industrialized nations like the United States, United Kingdom, and Japan, where beneficiaries receive subsidized rental housing or housing benefits without property rights. In contrast, research from cities in Latin America, sub-Saharan Africa, and South Asia has focused on policies that grant land titles to residents of slums and informal settlements, providing property rights without additional housing benefits. I focus on a third type of program, understudied yet prevalent in low- and middle-income countries, including India: subsidized homeownership. It is theoretically distinct from rental programs or those accommodating informal settlements because it involves a large in-kind transfer and property rights. I argue that these initiatives uniquely influence how citizens invest in the future, escape poverty, develop agency (or what I call dignity) in social relationships, and wield power in local politics. To support this theory, I outline a multi-method study across three different programs.
This chapter explores housing as a foundation for wealth accumulation, emphasizing its dual role as both a consumable resource and an investment. My theoretical contributions are twofold: First, I argue that property rights can transform in-kind transfers into flexible, reliable wealth transfers, enabling recipients to invest in themselves and their children, regardless of the housing’s location. Second, I demonstrate how housing transfers reduce uncertainty and encourage future-oriented investments, thereby driving long-term wealth accumulation. Using three housing programs as case studies, I show that beneficiaries invest in human or physical capital, improving their employment prospects and income. I also examine mechanisms such as relocation, borrowing capacity, and time horizons, finding strong evidence for the latter two. Overall, the large changes to beneficiaries' economic behavior and outcomes suggest the possibility for important psychological, social, and political effects, which I explore in Chapters 4 and 5.
Recognizing the distributed nature of agency in human–AI interactions, this article proposes a framework for examining the power dynamics that undergird the use of generative AI (GenAI) for language learning. Drawing on Darvin and Norton’s model of investment, it adopts a critical sociomaterial lens to cast a light on the entanglement of bodies, objects and discourse in these interactions, while highlighting how issues of positioning, access to resources, and ideological reproduction emerge from this perspective. Human agency both interacts with and is constrained or amplified by the functionalities of GenAI. To invest in agentive GenAI practices that enable meaningful learning and the achievement of their own intentions, learners must not only recognize the power of GenAI to steer interactions and promote specific ways of thinking, but also resist fully delegating the production of meaning and texts to technology. Cultivating critical digital literacies that recognize how power operates in human-AI interactions is integral to fostering reflexive, inclusive and equitable language learning and teaching in the age of GenAI.
Chapter 5 builds on the observational findings from the previous chapter to test the hypotheses using two survey experiments performed on a sample of British Labour voters. The first experiment manipulates the selective incentives available to members by changing the cost of joining. Not surprisingly, people are more interested in joining when fees are low. The second experiment manipulates the party’s instrumental incentives by stating members can (or cannot) select party leaders and parliamentary candidates, as well as attend events where they may formally participate in determining the party’s future policy direction. The findings support the hypotheses generated by Chapter 2’s formal model: decentralization increases membership, conditional on voter-party alignment.