This book analyzes the political economy of higher education finance across a range of OECD countries, exploring why some students pay extortionate tuition fees whilst for others their education is free. What are the redistributional consequences of these different tuition-subsidy systems? Analysing the variety of existing systems, Garritzmann shows that across the advanced democracies “Four Worlds of Student Finance” exist. Historically, however, all countries’ higher education systems looked very much alike in the 1940s. The book develops a theoretical model, the Time-Sensitive Partisan Theory, to explain why countries have evolved from a similar historical starting point to today’s very distinct Four Worlds. The empirical analyses combine a wide variety of qualitative and quantitative evidence, studying higher education policies in all advanced democracies from 1945-2015.

A study of major trends in public finance and fiscal justice in developed capitalist countries since the 1970s.

The second edition of Public Finance and Public Policy retains the first edition's themes of investigation of responsibilities and limitations of government. The present edition has been rewritten and restructured. Public choice and political economy concepts and political and bureaucratic principal-agent problems are introduced at the beginning for application to later topics. Fairness, envy, hyperbolic discounting, and other concepts of behavioral economics are integrated throughout. The consequences of asymmetric information and the tradeoff between efficiency and ex-post equality are recurring themes. Key themes investigated are markets and governments, institutions and governance, public goods, public finance for public goods, market corrections (externalities and paternalist public policies), voting, social justice, entitlements and equality of opportunity, choice of taxation, and the need for government. The purpose of the book is to provide an accessible introduction to the use of public finance and public policy to improve on market outcomes.

This book analyzes the political economy of higher education finance across a range of OECD countries, exploring why some students pay extortionate tuition fees whilst for others their education is free. What are the redistributional consequences of these different tuition-subsidy systems? Analysing the variety of existing systems, Garritzmann shows that across the advanced democracies “Four Worlds of Student Finance” exist. Historically, however, all countries’ higher education systems looked very much alike in the 1940s. The book develops a theoretical model, the Time-Sensitive Partisan Theory, to explain why countries have evolved from a similar historical starting point to today’s very distinct Four Worlds. The empirical analyses combine a wide variety of qualitative and quantitative evidence, studying higher education policies in all advanced democracies from 1945-2015.

With the exception of Sri Lanka, South Asian countries have not achieved quality basic education – an essential measure for escaping poverty, inequality, and social exclusion. In The Political Economy of Education in South Asia, John Richards, Manzoor Ahmed, and Shahidul Islam emphasize the importance of a dynamic system for education policy. The Political Economy of Education in South Asia documents the weak core competency (reading and math) outcomes in government primary schools in India, Pakistan, Bangladesh, and Nepal, and the consequent rapid growth of non-government schools over the last two decades. It compares the training, hiring, and management of teachers in South Asian schools to successful national systems ranging from Singapore to Finland. Discussing reform options, it makes the case public good and public priorities are better served when both public and non-government providers come under a strong public policy and accountability framework. The Political Economy of Education in South Asia draws on the authors' broad engagement in education research and practice in South Asia, as well as analysis by prominent professors of education and NGO leaders, to place basic education in a broad context and make the case that universal literacy and numeracy are necessary foundations for economic growth.

A theoretical framework for analyzing the complex relationship of education, growth, and income distribution. The dominant role played by the state in the financing, regulation, and provision of primary and secondary education reflects the widely-held belief that education is necessary for personal and societal well-being. The economic organization of education depends on political as well as market mechanisms to resolve issues that arise because of contrasting views on such matters as income inequality, social mobility, and diversity. This book provides the theoretical framework necessary for understanding the political economy of education—the complex relationship of education, economic growth, and income distribution—and for formulating effective policies to improve the financing and provision of education. The relatively simple models developed illustrate the use of analytical tools for understanding central policy issues. After offering a historical overview of the development of public education and a review of current econometric evidence on education, growth, and income distribution, the authors lay the theoretical groundwork for the main body of analysis. First they develop a basic static model of how political decisions determine education spending; then they extend this model dynamically. Applying this framework to a comparison of education financing under different regimes, the authors explore fiscal decentralization; individual choice between public and private schooling, including the use of education vouchers to combine public financing of education with private provision; and the social dimension of education—its role in state-building, the traditional "melting pot" that promotes cohesion in a culturally diverse society.

The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies. This Handbook describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises.

Understanding the politics of Higher Education is becoming more important as the sector is increasingly recognised as a vital source of innovation, skills, economic prosperity, and personal wellbeing. Yet key political differences remain over such issues as who should pay for higher education, how should it be accountable, and how we measure its quality and productivity. Particularly, are states or markets the key in helping to address such matters. The Handbook provides framing perspectives and perspectives, chapters on funding, governance and regulation, and pieces on the political economy of higher education and on the increased role of external stakeholders and indicators.

Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.